Oceanteam signs LoI for expansion in Mexico

Fuente: Offshore

Oceanteam Power & Umbilical ASA has signed a Letter of Intent with Oceanteam Holding to further purchase its Joint Venture (JV) operations in Mexico.

Oceanteam Holding BV, a 19.58 per cent shareholder in Oceanteam Power & Umbilical ASA, owns a joint venture company with Grupo Diavaz -CONAT SA de CV - which operates from Cuidad del Carmen, Mexico.

The company currently owns and operates two new 33m Damen Axe Bow fast support vessels (FSV). The vessels are working on a long term charter for IMR support services in the Gulf of Mexico and the company is in the process of expanding its business further.

Oceanteam Holding BV, through a 100 per cent subsidiary named Oceanteam Mexico BV, owns 49 per cent of the shares in CONAT SA de CV.

Based on the Letter of Intent legal and financial due diligences will commence. Two independent valuations will form the basis for the acquisition price. The companies expect to close the transaction by August 2007.

The transaction is a related party transaction as Oceanteam Holding BV is controlled by the Halbesma family being the largest single shareholder of Oceanteam Power & Umbilical ASA.

Through this acquisition, Oceanteam Power & Umbilical ASA plans to grow its business into smaller size IMR vessel services market, and market its power and umbilical installation and repair services, trenching capabilities and vessels in Mexico.