Middle East

Reach the ocean floor and buy iSURVEY

Undersea services company Reach Subsea said Thursday that it had agreed to acquire offshore surveying services company iSurvey for a transaction of SEK 135 million ($ 151 million).Announced separately Wilhelmsen has acquired a 21% stake in Reach Subsea.

Founded in 2004, based in Norway, iSURVEY offers undersea survey / IRM services, offshore cable installation, rig movement, mooring, and offshore construction. iSURVEY’s customers are global oil and gas, renewable energy and telecommunications companies.

Reach will acquire a 100% stake in iSURVEY Holdings AS for 135 million kroner on a neutral working capital and debt basis. iSURVEY Holding AS is 72% owned by Norvestor VI, LP, a fund managed by Norvestor Investment Management Sarl, and the remaining 28% is owned by the company’s management and current and former employees.

The transaction will be settled with the issuance of 33.8 million shares of Reach, SEK 3.25 per share and SEK 25 million in cash.

Consideration shares issued to iSURVEY Holding AS will be subject to lockup until December 10, 2022. When the transaction is completed and the private placement of SEK 150 million for Wilhelmsen New Energy AS is completed, the iSURVEY Holding AS will be 15%. Reach shareholders. The transaction will be presented for approval at an extraordinary General Assembly in Reach scheduled to take place around March 14, 2022. The transaction is expected to close in the first quarter of 2022, subject to the approval and performance of other customary completion conditions.

Jostein Alendal, Reach Subsea CEO said: Undersea projects will take place on a global scale, accelerating expansion into emerging new industrial areas such as offshore wind. ” Technology offerings and customer portfolio. “

https://www.oedigital.com/news/494423-reach-subsea-to-buy-isurvey Reach the ocean floor and buy iSURVEY

Back to top button