Nordic Business Report-September 4, 2006-DeepOcean ASA to acquire CTC Marine Projects Ltd
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The Norwegian subsea service provider DeepOcean ASA said on Monday (4 September) that it has entered into a preliminary agreement to acquire the United Kingdom based marine trenching contractor CTC Marine Projects Ltd.
The acquisition price amounts to GBP76m, including GBP15.5m of net interest bearing debt. A significant amount of the consideration is linked to CTC Marine Projects' future performance.
"CTC provides an immediate and substantial entry into the submarine trenching and trenching-dependent flexible product installation market," said Kare Johannes Lie, CEO of DeepOcean.
"CTC has a leading position in the subsea service market and will together with our own vessels, ROVs and survey services give us the opportunity to be a more attractive subsea service provider both to the main contractors as well as to the oil companies," Lie added.
The transaction is expected to be completed by the end of September.
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