Stolt Tankers And Terminals To Purchase Stolt-Nielsen Seaway

Stolt Tankers And Terminals (Holdings) S.A. recently announced that it will exercise its option to acquire all outstanding shares of Stolt-Nielsen Seaway A/S, a major North Sea marine and subsea contractor.

One Stolt Tankers and Terminals (STT) common share will be exchanged for each 0.75 Seaway shares, resulting in the issue of approximately 1.37 million new STT common shares. In addition, STT will assume about $60 million of Seaway's debt.

Stolt-Nielsen Seaway A/S specializes in performing work underwater for the offshore oil and gas industry in the North Sea. The company offers project management, engineering, diving, work by robots, marine survey and other specialized services in connection with the installation, repair and maintenance of underwater structures.

Stolt-Nielsen Seaway operates a fleet of four state-of-the-art dynamically positioned diving support ships, as well as 17 ROV systems (Remotely Operated Vehicles, or underwater robots) and has two ROV motherships on charter. Through a joint venture with a Russian partner, the company recently added to its fleet a heavy lift vessel with a 1,600-ton crane which significantly increases Stolt-Nielsen Seaway's ability to take on larger subsea construction contracts.

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