Trico launches offer for Active SubseaNews // November 6, 2007
Active Subsea has several vessels on order in India.
Trico Marine Services and Active Subsea have announced that Trico intends to make a voluntary offer for all outstanding shares, options and warrants of Active Subsea. The offer price per share of Active Subsea will be NKr 22.50 paid in cash. The offer values Active Subsea's equity at approximately NKr 1.31 billion approximately US$242 million at exchange rates as of November 2, 2007).
In a statement issued by Trico, the company said: "The board of directors and management of Active Subsea believes that it is in the best interests of the company's shareholders to support the offer. All board members in Active Subsea have pre-accepted the offer for the shares they hold in Active Subsea, including options and warrants. The transaction is expected to be completed in the fourth quarter of 2007 and is subject to regulatory and other customary approvals, as well as to Trico receiving valid and unconditional acceptances of the offer from shareholders representing more than 90 per cent of the fully diluted shares of Active Subsea."
Active Subsea is based in Alesund, Norway with eight medium-sized VS 470 multi-purpose service vessels (MPSVs) on order for delivery beginning in the second quarter of 2008 through the first quarter of 2009.
Active Subsea's vessels are designed to support subsea services, including performing inspection, maintenance and repair work using ROVs, dive and seismic support and light construction activities.
Active Subsea has already secured three long-term contracts with customers.