ROVworld Subsea Information

Heads of Agreement signed on sale of Oceanteam ASA 60pct share in Oceanteam Subs
Date: Tuesday, October 20, 2009 @ 13:00:00 EDT
Topic: GENERAL NEWS


Heads of Agreement signed on sale of Oceanteam ASA 60pct share in Oceanteam Subsea Services Ltd.Oceanteam ASA has signed Heads of Agreement with a company in the subsea industry for the sale of its 60pct share in Oceanteam Subsea Services Ltd, Aberdeen.



The commercial terms between the parties remain confidential and completion of the transaction is subject to due diligence, finalisation of the sale and purchase agreement and board approvals. The sale is expected to be completed within the next few weeks. Further information will be released upon completion.

The transaction is expected to have a positive net effect on Oceanteam's liquidity.







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