Hanøytangen Deal Reached – Again

 

Bergen Group has reached an agreement with Semco Maritime on sale of the rig service activity and with Hellik Teigen AS for sale of the real estate at Hanøytangen. The parties have agreed to uphold the sales price of NOK 245 million, as set out in the agreement which was terminated two weeks ago.

 

The transaction, expected to close by the end of today, will see Semco Maritime take over operational activities at Hanøytangen.

 

Bergen Group ASA announced the termination of the sale agreements on May 4, 2015, but the parties reestablished negotiations on Semco Maritime’s and Hellik Teigen’s initiative late last week. During the last few days, the parties have succeeded in a constructive resolving of the inconclusive elements that caused termination of the previous closing process, without any impact on the total value of the transaction of NOK 245 million.

 

The sale of Bergen Group’s operational rig service activity and real estate at Hanøytangen will therefore be completed as originally announced to the market on April 13, 2015. Thus, the transaction is based on the previously signed share purchase agreement between Bergen Group Offshore AS and Hellik Teigen AS for the real estate transaction, and the previously signed asset purchase agreement between Bergen Group Hanøytangen AS and Semco Maritime for the sale of the operational rig service activity.

 

Today, Chairman Magnus Stangeland of Bergen Group ASA, CEO Steen Brødbæk of Semco Maritime and CEO Ring Tore Teigen of Hellik Teigen AS, can conclude on a constructive ending and a final closing now taking place.

 

“We are happy to announce a positive outcome of a transaction process in which all three parties have had a dedicated focus to complete. When the closing finalizes today we have succeeded in establishing a strong ownership at Hanøytangen and thus enabling this unique industrial area the possibility to become the North Sea leading facility within projects, service and maintenance for the rig market,” the three company leaders states in a joint comment.

 

Steen Brødbæk, CEO of Semco Maritime, said, “We are pleased that all outstanding issues have been resolved, thus enabling the transaction. It is an important strategic step for Semco Maritime in pursuing our ambition to become the North Sea leader within projects, service and maintenance for the rig market. Hanøytangen has excellent yard facilities and is the deepest dry dock in Europe. It is a perfect match to our existing facilities in Esbjerg and Invergordon. Hanøytangen completes our set up in the North Sea triangle, thus enabling us to provide a very strong proposition to our clients with one of the largest and strongest rig upgrade and service facilities in Europe.”

 

Brødbæk added, “We look forward to working with Hellik Teigen, who is a strong local partner, on the future development of the Hanøytangen facilities, where we see major possibilities. We enter this engagement to establish a strong third leg in our North Sea rig upgrade and service business and we are confident that we can transfer know how, procedures and best practice from our other units and tap into the market potential to make Hanøytangen successful and profitable.”