Oceanteam ASA announced today that it has received approval from the Mexican Foreign Investments Commission to complete the purchase of 90% of the shares within Compania Naviera de Transporte Maritimo, SA de CV ('CONAT') based in Cuidad del Carmen, Mexico.
Since the Letter of Intent announcement of 5 July 2007, Oceanteam ASA has completed its legal - and financial due diligence and independent valuations have been performed.
The interest in CONAT, shall be purchased from Oceanteam Holding BV, a 19,58% shareholder in Oceanteam ASA, by Oceanteam Power & Umbilical II BV, a 100% subsidiary of Oceanteam ASA. The acquisition of the 90% interest in CONAT will occur through the acquisition of its intermediate holding company: Oceanteam Mexico BV.
In deviation of the Letter of Intent, Oceanteam Mexico BV will have increased its economic interest in CONAT from 49% to 90%. The remaining 10% of the shares is held by the management team in Mexico. After the transfer of the shares, CONAT will be renamed into Oceanteam Mexico SA de CV.
The company currently owns and operates two 33 meter Axe Bow fast support vessels built by Damen and will take delivery of two new built vessels later this year. The vessels are working on long term charter with Diavaz for IMR support in the Gulf of Mexico.
Oceanteam ASA plans to grow its business by deploying smaller size IMR vessels and plans to market its Subsea Services, Installation and Trenching Services in the Gulf of Mexico. CONAT will in addition support the new build CSV North Ocean 102 which will start a 5 year contract later this year for Mexican IMR and Offshore Construction Company CICSA based in Cuidad del Carmen, Mexico.
The transaction is a related party transaction. Oceanteam Holding BV is controlled by the Halbesma family being the largest single (34%) shareholder of Oceanteam ASA.
The commercial terms between the parties are confidential.