Ulstein Group to acquire Sea of SolutionsNews // October 22, 2007
Ulstein Group in Norway has announced that it has signed a Letter of Intent regarding the acquisition of a majority stake in Sea of Solutions in The Netherlands, as of January 2008. The deal is subject to Due Diligence.
"We see many similarities between Sea of Solutions and the Ulstein Group. As innovators, both companies have spent time learning to think outside the box with regard to design and development. It will thus be exciting to see the outcome of two such innovative companies linking up,” said Tore Ulstein, managing director of Ulstein International.
Bob Rietveldt, commercial director of Sea of Solutions, said the company would be able to provide its customers with a broader scope of services.
Sea of Solutions specialises in vessels mainly designed for deepwater operations, be it drilling, pipelay or heavy lift vessels. "These are huge construction ships, and Sea of Solutions has built up a solid reputation in this segment,” said Mr Ulstein.
Mr Rietvedlt said the deal "boosts our competitive edge," and said that collaboration between the companies "will yield even greater benefits."
"We both operate in the offshore segment and have acquired major know-how in our respective fields of offshore expertise. Consequently, we can learn much from each other," he said.
Sea of Solutions was established in 2001 and now has 12 employees. If the deal happens, the name of the new company will be Ulstein Sea of Solutions.