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Trico acquires the DeepOcean shares held by DOF ASA

Posted on 24.06.2008 - 10:00 UTC in ACQUISITION/MERGER NEWS by Rons_ROV_Links

Trico acquires the DeepOcean shares held by DOF ASATrico Marine Services, Inc. announced today that it had entered into a share purchase agreement, through its subsidiary Trico Shipping, with DOF ASA for the purchase of all of DOF's 35,220,000 shares of DeepOcean ASA at NOK 32 per Share. In addition, Trico has acquired an additional 4,050,000 shares at NOK 32 in the open market.

Joseph S. Compofelice, Chairman and Chief Executive Officer of Trico, commented, "We are pleased to see that shareholders of DeepOcean recognize the value they are receiving for their shares and look forward to the completion of the tender offer later this month. Pursuant to this recent purchase of shares Trico now holds approximately 90.3% of Deep Ocean. We are pleased by DOF's decision to sell their DeepOcean shares to Trico and we believe that this sale further confirms that Trico's acquisition of DeepOcean has been in the best interest of all DeepOcean shareholders."

As of 12:00 hrs CET, 12 June 2008, Trico Shipping has received Acceptances representing an aggregate of 101,540 DeepOcean Shares, and a total of 46 Shareholders have accepted the Offer. These reported numbers might be subject to changes, as the registration of Acceptances with the VPS for practical reasons has not yet been completed.

Following the purchase from DOF, Trico Shipping owns 97,698,955 DeepOcean Shares and has received acceptances of the Offer with respect to 101,540 DeepOcean Shares, in aggregate, representing 90.4% of the voting rights and share capital in DeepOcean.

Summary of main terms of the Offer

Offer Price: NOK 32 for each Share payable in cash, reduced by any declared dividend. The annual shareholders meeting of DeepOcean held on 13 June 2008, declared to distribute dividend of NOK 0.50 per DeepOcean Share.
Offer Period: From and including 30 May 2008 to and including 30 June 2008 16.30 hrs CET.

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