Australia: Neptune Receives Proposed Takeover Offer

Neptune Marine Services Limited, received after market yesterday a proposed takeover offer from Blossomvale Investments Pte Ltd (Blossomvale).

Blossomvale is a substantial shareholder of Neptune and a wholly owned subsidiary of MTQ Corporation Limited (MTQ) and its proposal is to acquire all the shares of Neptune it does not own, at a cash price of 3.2 cents per share. MTQ is listed on the Singapore Exchange. The proposed offer is conditional on MTQ shareholder approval and several other conditions.

As Mr Boon Wee Kuah is a director of both NMS and Blossomvale, an independent board committee will be established for the purposes of the proposed offer. This independent committee will meet to consider the proposed offer shortly. At this stage, Neptune shareholders are advised to take NO ACTION until they receive information from the independent committee of Neptune directors. Neptune will keep shareholders informed of developments as they occur.

Press Release, October 30, 2012

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UTC 2017

The subsea industry has, as all other parts of the oil & gas industry, been seriously rattled by the most severe downturn in the hydrocarbon energy era. However, the realization of what hit us and actions to be taken to sustain a healthy and profitable future is still on-going – unfortunately with thousands of colleagues paying the price by losing their job as one of the most severe consequences. At this time, there are signs that we have reached bottom in terms of most industry indicators, but few experts expect a sharp recovery. Many seem to believe that a slow recovery is what the industry needs in order to avoid an unsustainable capacity build-up, as seen in the period after the financial crisis. Considering the uncertainty of what the future will bring, this year’s UTC Program Committee have decided to challenge all of us to present ideas, experiences, technological innovations, business models and execution models for how to shape our subsea future and explain how and why subsea is the future.
UTC welcomes abstracts based on the topics listed below. If selected, please consider writing a paper in addition to the UTC presentation. From 2017, UTC papers will be published in an international database.

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