PROD - Letter of Intent to sell turret and swivel business
(Thomson Reuters ONE) -
Prosafe Production has entered into a Letter of Intent with National Oilwell
Varco (NOV) to sell the turret and swivel business for USD 165 million. In
addition there will be a deferred payment corresponding to 10% of the sold
business' third-party sales for a period of seven years.
In connection with the transaction, Prosafe Production will enter into a
seven-year supply agreement with NOV, which secures access to turret and swivel
solutions at competitive terms.
Closing of the transaction, which is expected Q2 2010, is amongst other subject
to completion of a customary due diligence, as well as approval by both
companies' board of directors.
About Prosafe Production
Prosafe Production is a leading owner and operator of Floating Production,
Storage and Offloading vessels (FPSOs). Prosafe Production has 25 years of
operational experience from several of the world's largest oil and gas
provinces. Prosafe Production operates globally and employs approximately 1,000
employees from more than 40 countries. Headquartered in Limassol, Cyprus,
Prosafe Production is listed on the Oslo Stock Exchange with ticker code PROD.
Please refer to www.prosafeproduction.com
for more details.
For further information please contact:
Bjørn Henriksen, President and CEO
Mobile: +31 6105 32543
E-mail:bjorn.henriksen(at)prosafeproduction.com
Sven Børre Larsen, Executive VP and CFO
DID: +65 6302 0321
E-mail:sven.larsen(at)prosafeproduction.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1395944]
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Datum: 22.03.2010 - 02:54 Uhr
Sprache: Deutsch
News-ID 1011664
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