Stolt Offshore agrees sale of NAMEX IMR assetsNews // November 3, 2005
Stolt Offshore has announced the signing of an unconditional agreement for the sale of the Inspection, Maintenance and Repair (IMR) and conventional assets that form part of its North America and Mexico (NAMEX) business, to Cal Dive International, for US$123 million in cash.
The parties have agreed a sequenced closing for the sale of these assets to suit the completion of the Trinidad pipelay campaign conducted by Stolt Offshore without the need for chartering some of them back.
The first part of this sale includes the seven ships that work in the IMR segment and the shore support bases at the Port of Iberia and at Fourchon in Louisiana. This part of the transaction closed on November 1st 2005 at a sale price of US$42.5 million, with an associated gain on the sale after tax of US$24.7 million.
The sale of pipelay barge DLB 801 and Seaway Kestrel, a diving support and reel pipelay ship, will close on separate dates as each of these assets complete their respective work programmes on the Trinidad pipelay campaign, which is expected to be in the first quarter of 2006. The total sale price for these assets is US$80.4 million, with an associated gain on the sale after tax of US$28.9 million.
Tom Ehret, Chief Executive Officer said: "We are very pleased that agreement on the sale of these assets to Cal Dive is concluded. Our project management and engineering team in Houston will now be reinforced to concentrate on growing our position in the SURF market, both in the Gulf of Mexico and internationally. It also strengthens our balance sheet ahead of our plans to develop our own asset base."
The IMR ships being sold are: Seaway Defender, American Constitution, American Star, American Triumph, American Victory, American Diver and American Liberty.