Wijsmuller completes acquisition

Company News - March 6, 2000

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Following an announcement in mid-January by the Wijsmuller Group that a sale and purchase agreement had been agreed to enable the company to acquire Cory Towage, part of the Ocean Group plc, based in the UK, the company has announced that the transactionhas now been completed.

Shares in Cory Towage were transferred to Wijsmuller for £81.8 million. Cory Towage will now operate as a wholly owned subsidiary of Wijsmuller, and will be known as Wijsmuller Marine Ltd.

The acquisition of Cory Towage gives Wijsmuller the opportunity to expand rapidly in towage as well as offshore-related activities.

Cory Towage has a fleet of more than 60 tugs, and is active in the UK, Canada, Venezuela, Oman, Eire and Lithuania.

Wijsmuller has towage activities in 20 countries and is active worldwide in the marine services field and in salvage operations. It has a fleet of more than 145 tugs.

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