Bergen Group finalises renegotiated purchase agreement for FosenNews // July 24, 2008
Bergen Group has announced that, together with the shareholders of Fosen Holding, it has finalized the purchase agreement for Bergen Group to acquire Fosen Holding,
including Fosen Yards.
The purchase price has been reduced from NKr 200 million to NKr 180 million.
The total consideration is a combination of NKr 90 million in shares in Bergen Group at price per share of NKr 26 and a cash consideration of NKr 90 million.
In parallel, Bergen Group has entered into an agreement with BOA Offshore AS, the buyer of newbuilding number 83-86 from Fosen Yards, which implies a reduction in the contract price for each of the four vessels by NKr 6.25 million.
Bergen Group will assist BOA Offshore in providing the necessary financing for the vessels. If such financing is not in place within agreed time, Bergen Group shall have the right to step in as part owner in the vessels.
"We are very pleased to have concluded the negotiations," said Bergen Group's Chairman, Magnus Stangeland. "With Fosen Yards as part of the group we get access to good facilities and highly competent personnel, as well as a long term contract portfolio. In addition we improve our coverage along the Norwegian coastline and we get a yard in Sweden with very competent personnel, which we plan to develop further as specialists in offshore modules."
"Fosen also has a dedicated design group, which offers exciting opportunities for development and design of offshore vessels for the future."