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PROD – Letter of Intent to sell turret and swivel business
Prosafe Production has entered into a Letter of Intent with National Oilwell Varco (NOV) to sell the turret and swivel business for USD 165 million. In addition there will be a deferred payment corresponding to 10% of the sold business’ third-party sales for a period of seven years. |
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In connection with the transaction, Prosafe Production will enter into a seven-year supply agreement with NOV, which secures access to turret and swivel solutions at competitive terms. Closing of the transaction, which is expected Q2 2010, is amongst other subject to completion of a customary due diligence, as well as approval by both companies’ board of directors. About Prosafe Production Prosafe Production is a leading owner and operator of Floating Production, Storage and Offloading vessels (FPSOs). Prosafe Production has 25 years of operational experience from several of the world’s largest oil and gas provinces. Prosafe Production operates globally and employs approximately 1,000 employees from more than 40 countries. Headquartered in Limassol, Cyprus, Prosafe Production is listed on the Oslo Stock Exchange with ticker code PROD. Please refer to www.prosafeproduction.com for more details. For further information please contact: Bjørn Henriksen, President and CEO Mobile: +31 6105 32543 E-mail:bjorn.henriksen@prosafeproduction.com Sven Børre Larsen, Executive VP and CFO DID: +65 6302 0321 E-mail:sven.larsen@prosafeproduction.com |