Coflexip Stena Offshore Closes Acquisition

Monday, January 08, 2001
Coflexip Stena Offshore has finalized, with Aker Maritime ASA, the acquisition of its deepwater operations, the "Deepwater Division" headquartered in Houston, for $513 million plus the assumption of net debt of $112 million. The two parties had announced on 29 October 2000 that they had entered into a conditional agreement whereby Coflexip Stena Offshore will acquire the shares of the companies making up the Deepwater Division of Aker Maritime ASA for a value of $513 million plus the assumption of debt of $112 million at December 31, 2000. The final price of the acquisition will be subject to various adjustment mechanisms on the basis of audited financial statements of the Deepwater Division at December 31, 2000. The transaction is financed with Coflexip Stena Offshore's own resources and by new credit lines. CSO's net indebtedness after the acquisition should represent roughly 30 percent of shareholder's equity. For the year ended December 31, 1999, pro forma revenues for the enlarged CSO Group would have been approximately $1.6 billion with the following regional split: 40% North Sea; 31% North America; 10% Brazil, 9% Africa; 8% Mid-East and Asia Pacific and 2% others; with a combined head count of 6,700.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Former Petrobras Exec Sentenced to 5 Years Jail

A Brazilian judge sentenced a former international director at state-run oil firm Petroleo Brasileiro SA to five years in prison for money laundering on Tuesday,

Kongsberg Technology for Johan Sverdrup Field

Kongsberg Maritime has been awarded a call-off order for delivery of the Safety and Automation System (SAS), Life Cycle Simulator and SAS Information Management

Kongsberg to Equip 2 New Jack-Up Vessels

Kongsberg has been selected to deliver a complete Electro, Instrument & Telecom (EIT), propulsion, safety, automation and dynamic positioning package for two new Gusto NG-2500X DP II design,

Tanker Trends

Stena Sonangol Suezmax Pool Rings in 10 Years

Stena Sonangol Suezmax Pool celebrates 10 years of collaboration and trading.   The 10th anniversary celebrations took place in London on May 20. Today on May 26 it is Houston’s turn and,

Bahri Inks Contracts with Hyundai to Build 5 VLCCs

The National Shipping Co. of Saudi Arabia (Bahri) signed contracts on Thursday with Hyundai Samho Heavy Industries (HSHI) to build five very large crude carriers (VLCCs),

Red Tape, Industrial Relations Could Stifle LNG Potential

Australia could develop the world’s most technologically advanced LNG industry, according to a report by Accenture. But if industry is to reach its potential

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1124 sec (9 req/sec)