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    Stolt Offshore sells drill-support ROV business

    News // December 5, 2003
    Financially challenged Stolt Offshore has signed Heads of Agreement with Oceaneering International in the US for the sale of its ROV drill support business, consisting of a fleet of ROVs and their ancillaries, together with related contracts and employees.

    The transaction, which has a value of approximately $50 million before minority interests, is subject to due diligence.

    Tom Ehret, Chief Executive Officer of Stolt Offshore, said the sale was part of the company's programme of disposals of non-core assets and businesses.

    As reported elsewhere in this issue of OSO, Oceaneering is also acquiring the drill rig ROV support business of Subsea 7.

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