ROVworld Subsea Information

Subsea 7 S.A. obtains UK competition clearance
Date: Wednesday, September 21, 2011 @ 12:00:00 EDT

Subsea 7 S.A. obtains UK competition clearanceSubsea 7 S.A. today announces that the UK Office of Fair Trading (OFT) has decided not to refer the merger of Subsea 7 S.A. (formerly Acergy S.A.) and Subsea 7 Inc. to the UK Competition Commission for further investigation. The OFT considers that the divestiture of a rigid pipelay vessel competing in the UK sector of the North Sea, will remedy the possible competition concerns identified in the course of its first stage review.

Consequently, Subsea 7 has entered into a binding commitment to divest of Acergy Falcon, to Grup Servicii Petroliere SA (GSP), a suitable purchaser. The transfer of ownership to GSP is expected to be completed during September 2011, following completion of the vessel's current commitments. GSP has signed an exclusive 5 year deal with Bibby Offshore for the provision of diving and tie-in services in North West Europe.

Today's notification is further to Subsea 7's previous notification on December 22, 2010.

This article comes from ROVworld Subsea Information

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