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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Damen Delivers Custom-Made Offshore Winches to Fugro

Damen Maaskant Shipyards, part of Damen Shipyards Group, has delivered two dedicated offshore winches to Fugro. The Dutch shipyard was responsible for the design,

Shell: UK Should Reduce North Sea Oil Tax

The British government should review a supplementary tax charge on North Sea oil producers as it has made the operation of some fields unrealistic, Shell Chief

Shell Eyes Arctic Drilling this Summer

Oil major Shell wants to revive its Arctic oil drilling programme this year after a near two-year suspension, angering environmentalists who say the risk of an oil spill is too high.

Tanker Trends

Stolt-Nielsen Q4 Profit Misses Forecast

Shipping firm Stolt-Nielsen reported fourth quarter earnings below forecasts on Thursday and said it was concerned about the outlook for the chemical tanker market,

Wartsila Sees Low Oil Price Impacting Shipping

CEO cautious on 2015 outlook. Finnish ship engine and power plant maker Wartsila reported a smaller-than-expected quarterly profit and warned lower crude prices

Shipping Pollution Will Skyrocket -Study

International freight volumes will grow fourfold by 2050 while the average length of haul will increase by 12 percent over that time, trends that will cause a spike

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2195 sec (5 req/sec)