Gulf Oil and Gas accountACCOUNT

Combination of Acergy S.A. & Subsea 7 Inc. Completed

Source: www.gulfoilandgas.com 1/7/2011, Location: Europe

Subsea 7 S.A. announced that the combination between Acergy S.A. and Subsea 7 Inc was completed on January 7, 2011 following the closing of the Oslo Bors. As a result, the first day of trading in the shares and ADSs of Subsea 7 S.A. will be Monday January 10, 2011.

The Company's authorised share capital is $900 million comprising 450 million common shares with a nominal, or par, value of $2 each. As a consequence of the combination, Subsea 7 S.A. has issued 156,839,759 new shares in Subsea 7 S.A. based on 147,267,380 shares issued and outstanding in Subsea 7 Inc. at completion. As at January 10, 2011, the first day of trading as Subsea 7 S.A., the issued share capital of the Company will consist of 351,793,731 shares, of which, Subsea 7 S.A. has an indirect interest in 11,527,380 treasury shares representing 3.28% of total issued share capital of 351,793,731 shares. A further 583,000 shares are held indirectly in an employee benefit trust to support the 2009 Long-Term Incentive Plan.

Kristian Siem, Chairman, Subsea 7 S.A. said: "When we announced the intention to combine both organisations we said this was an excellent strategic fit, with industry fundamentals strongly supporting the logic of the combination. Now that we have closed I strongly believe that the logic behind the combination is correct. The new Subsea 7 is well positioned to deliver enhanced long-term value for our clients, our people and our shareholders."

Jean Cahuzac, Chief Executive Officer, Subsea 7 S.A. said: "This is a very exciting day for our shareholders, our clients and our people. The creation of a global leader in seabed-to-surface engineering, construction and services contractor to the offshore energy industry worldwide will allow us to secure and deliver offshore projects of the size and complexity that we expect will emerge in the coming decade.

Subsea 7 S.A. will benefit from the value created by the combination of our people, our expertise and our highly complementary fleet, supported by a larger capital base and the synergies expected to result from the combination. Our leadership position and global footprint will give us opportunities to grow faster than either Acergy S.A. or Subsea 7 Inc. could have achieved on their own."

Mergers and Acquisitions News in United Kingdom >>

Italy >>  7/18/2019 - IPCO has acquired the Italian company Extruwork SRL, a manufacturer of extruder lines for powder paint. Core capabilities are within design, productio...
Japan >>  7/17/2019 - Mitsubishi Heavy Industries (MHI) and Primetals Technologies will acquire ABP Induction Systems (ABP), a global manufacturer and servicer of induction...

Australia >>  7/15/2019 - Melbana Energy Limited (Melbana) announces its conditional intention to make a takeover offer (Offer) for 100% of the ordinary shares in Metgasco Limi...
United States >>  7/15/2019 - U.S. independent Callon Petroleum Company will acquire Houston-based Carrizo Oil & Gas, Inc. in an all-stock transaction valued at $3.2 billion, both ...

United States >>  7/12/2019 - Aspen Technology, Inc. (AZPN), a global leader in asset optimization software, has signed an agreement to acquire Mnubo Inc., a Montreal-based provide...
Japan >>  7/10/2019 - One of the largest providers of industrial drone solutions in the world, Tokyo-headquartered Terra Drone Corporation, has entered into an investment a...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 |

More News

Related Links

00 AL AT BE BG CH CY CZ DE DK ES FI FR GR HR HU IE IT NL NO PL PT RO SE SI TR UK
Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.