IHC Caland to acquire Atlantia OffshoreNews // March 23, 2001
The acquisition will be subject to due diligence which is expected to be completed around the beginning of May 2001.
For IHC Caland, the acquisition will bring access to proven tethered floating technology, particularly suitable for surface completion of deepwater wells and complementary to the Group's own Floating Production, Storage & Offloading (FPSO) technology.
It will also bring an all-important entry to the Gulf of Mexico market.From Atlantia's point of view, the transaction brings the financial support, which it requires to continue its recent fast track growth, and also the international network of IHC Caland's subsidiaries SBM and SBM-IMODCO that will bring real commercial opportunities in all the major oil provinces in the world.The purchase will be funded from IHC Caland's own resources.
Atlantia Offshore Limited, based in Houston, is a leading full service provider of offshore production platforms for the oil and gas industry.