Charles Tompkins, Chairman of the Board of Directors of CTC commented, "DeepOcean and CTC is a perfect match both strategically and culturally. This agreement will provide, in the short term, access to a larger vessel fleet, improved access to the important Norwegian and Mexican markets and the ability to offer bundled support services. In the medium term, this agreement will strengthen the combined company's global opportunities, and deliver both economies of scale and create value."
CTC will continue its business as a stand-alone subsidiary in the DeepOcean Group and will retain its name and brand. Charles Tompkins, will continue as Chairman of the Board of Directors of CTC and will become one of the main shareholders in DeepOcean, and join its Board of Directors. The management structure and team will remain unchanged, reporting will be through our board.
DeepOcean ASA is a leading subsea service provider operating a total of 10 subsea support, multipurpose DP vessels, 10 ROVs, module handling systems and related survey equipment. Its head office is located in Haugesund and the company's major markets are in the North Sea and the Gulf of Mexico.
The transaction is expected to be completed by the end of September.
September 4, 2006
CTC Marine Projects Ltd.