BW Offshore Acquires Remaining 76.12% Stake Of Prosafe Production

Published: Jun 21 2010
Deal Summary

BW Offshore Limited, a floating production, storage and offloading unit contractor, completed the acquisition of remaining 76.12% stake in Prosafe Production Public Ltd., an operator of floating production, storage and offloading vessels, for a purchase consideration of approximately NOK3,120.92m ($489.88m). Following the transaction, BW Offshore holds 100% of Prosafe.

The company financed the acquisition through issuance of shares. Under the terms, the company issued 1.2 shares of its common stock at a price of NOK 3 per share ($0.47 per share), representing a premium of 17% to the closing share price of Prosafe Production to the one month volume weighted average share price of Prosafe Production for the period ending on 18 June 2010.

Carnegie ASA and HSBC Bank Plc acted as financial advisors, while Advokatfirmaet Thommessen AS acted as legal advisor to BW Offshore in connection with the transaction.

Deal history

Completed: On November 25, 2010, BW Offshore completed the acquisition of remaining 76.12% stake of Prosafe Production.

Announced: On June 21, 2010, BW Offshore entered into an agreement to acquire remaining 76.12% stake of Prosafe Production.

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