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Syncrolift Deal Strengthens TTS Market Position

Maritime Activity Reports, Inc.

June 22, 2015

Through its subsidiary TTS Handling Systems AS, TTS Group ASA has signed an agreement with Rolls-Royce Marine North America Inc. for purchase of Syncrolift assets.


The asset deal gives TTS Handling Systems AS an exclusive and unlimited right to conduct future business based on Syncrolift products and relevant intellectual properties and includes takeover of drawings of 250 shiplifts, patents and brand (Syncrolift).

TTS successfully launched a strategic market initiative towards the shiplift market a few years ago, and has won the last seven contracts for shiplift newbuilds in the international market. Through the purchase of Syncrolift assets, TTS will be even better placed to offer a wide range of products and system solutions to meet any customer's demands, simplifying processes and increasing efficiency for shipyards, repair yards, naval bases and other marine clients around the world.

After more than half a century in the shiplift market, Syncrolift represents an installed global base of around 250 shiplifts, providing substantial opportunities for TTS to increase revenue from services, after-sales and upgrades.

The parties have agreed on a price in the range from MUSD 1 to MUSD 3 based on actual Syncrolift services turnover from closing to end of 2017. Partial payments are due in March 2016, 2017 and 2018. The transaction is subject to customary closing conditions and closing is expected within 45 days. The agreement includes a non-compete clause under which Rolls-Royce Group plc agrees not to enter into or establish similar business in competition with TTS' shiplift operations for a given period.

Following closing of the deal, TTS Handling Systems AS will change its name to TTS Syncrolift AS.

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