Coflexip Stena Offshore Closes Acquisition

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.