Farstad takes control at BOSNews // July 18, 2011
Farstad Shipping has reached an agreement with Petroserv in Brazil, on certain conditions, to acquire Petroserv's 50 per cent share in BOS Navegação SA.
Farstad Shipping will, after the purchase, have 100 per cent ownership of BOS. The net purchase price for the 50 per cent share is US$56.5 million.
The acquisition is expected to be consolidated in Farstad Shipping's accounts as from 1 July 2011.
BOS was established in June 1999 as a joint venture between Farstad Shipping and Petroserv. Today the company owns three AHTS on contracts with Petrobras.
In addition BOS operates 10 Farstad vessels in Brazil. BOS' offices in Rio de Janeiro and Macaé employ 35 people onshore and 325 people offshore.
"To Farstad Shipping this agreement represents a strengthening of our position in Brazil, a market of considerable growth," said the company in a statement.