Superior Energy Services, Inc. announced that it has entered into an Implementation Agreement with Hallin Marine Subsea International Plc (AIM: HMS), to acquire Hallin for a price of 233 pence in cash per Hallin share. The offer values Hallin's existing issued and to be issued fully diluted ordinary share capital at approximately 103.5 million pounds sterling (approximately $168.3m based upon an exchange rate of $1.626, at the close of business on December 10, 2009). Hallin is an international provider of integrated subsea services and engineering solutions, focused on installing, maintaining and extending subsea wells. Hallin operates in most international offshore oil and gas markets with major offices and facilities located in Singapore, Jakarta, Indonesia; Perth, Australia; Aberdeen, Scotland; and Houston, Texas.
Terence Hall, Chairman and CEO of Superior, stated, "In the short-run, this transaction will provide us with more international penetration and expanded entry into the subsea field development and installation market. Going forward, we believe the combination of Hallin's experienced management team, existing global infrastructure and Superior's well intervention experience and integrated solutions approach will serve as a strong platform for expansion into the growing subsea well intervention market worldwide."
The offer is to be effected by way of a scheme of arrangement under section 152 of the Isle of Man Companies Act 1931, as amended.