Dockwise Acquires Offshore Kinematics

Monday, July 23, 2007
Sealift Ltd, the parent company of the Dockwise group of companies has signed an agreement to acquire the entire share capital of Offshore Kinematics Inc (OKI) and Ocean Dynamics LLC (ODL). As consideration for the acquisition, the company has agreed to issue 6.9 million new shares, of which 3.2 million will be held in escrow and released in annual installments over 3 years, plus $15.7m in cash to the current principals of OKI and ODL.

The company expects revenue synergies and growth potential for the Dockwise Group from these acquisitions. This combination enhances the Dockwise Group position as a leading integrated transport and installation service provider for the Oil and Gas sector, in particular through float overs. OKI, ODL and the Dockwise Group have complementary strengths and expertise. The Dockwise Group's key existing assets, namely its large open stern semi submersible vessels, and its established engineering and project management capabilities, fit with OKI's and ODL's extensive experience in the design, engineering and installation of offshore modules specifically using the floatover method.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Offshore

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

When Will Deep Sea Mining Commence? The Robot is Ready

The world's first deep sea mining robot sits idle on a British factory floor, waiting to claw up high grade copper and gold from the seabed off Papua New Guinea

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Simulators Shipbuilding / Vessel Construction
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: 0.1191 sec (8 req/sec)