Stolt Offshore S.A. said that, further to the announcement on December 3, 2003, it had closed the sale of its ROV drill support business to Oceaneering International, Inc. for $48 million. This sale will realise approximately $43 million in cash to Stolt Offshore after
minority interests and transaction costs.
Tom Ehret, Chief Executive Officer of Stolt Offshore S.A., said, "The significance of the disposal of the ROV business goes beyond the cash resources it brings into the Group. Having re-designed and restructured Stolt Offshore in 2003, we have commenced re-orienting our asset base to fit our target markets and required operating cost profile."