Reach Subsea Gets New Major Shareholder

North Energy Capital (NEC) has through a series of transactions become the new major shareholder of Reach Subsea controlling a strategic stake of approximately 30 percent.

NEC has reached an agreement with certain shareholders of Accello Partners I AS (Accello), the current 30 percent shareholder of Reach, to acquire their shares and shareholder loans. The purchase consideration will be settled with 10.8m Reach shares valued at NOK 1.75.

Simultaneously, NEC/Accello has subscribed for 14.3 million shares at NOK 1.75 per share in Reach’s contemplated private placement . A condition for the completion of the Accello acquisition is the successful completion of Reach’s contemplated private placement.

The management team of North Advisors, who are also shareholders of Accello, will not sell its shares and shareholder loans to NEC.

Post completion of the Accello acquisition and Reach private placement, selling shareholders of Accello will be direct shareholders of Reach, while Accello will own approximately 30 percent of Reach.

North’s CEO, Knut Sæberg, says: “This investment is in line with the new strategy adopted at last year’s EGM, which was to focus on strategic opportunities where substantial influence and control can be exercised in other energy related businesses. Reach is a company we know well, with a strong management team and a flexible and scalable business model. As a new major shareholder, we look forward to working closely with and supporting the Board and management in pursuing value creative opportunities at the bottom of the cycle.”

Share this article

Follow Subsea World News

Events>

<< Sep 2017 >>
MTWTFSS
28 29 30 31 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 1

SUBSEA POWER CABLES

2-day seminar covering best practice and emerging technologies for cost-efficient subsea cable projects from conception to installation…

read more >

EEMUA subsea engineering course: materials selection and corrosion control

This two and a half day training course is recommended for both discipline and project focused engineers from a variety of backgrounds…

read more >

FUTURE OIL & GAS

Join senior executives from oil and gas majors, service companies, technology suppliers and industry experts at this year’s premier event…

read more >

Kuwait Oil & Gas Show

Kuwait Oil & Gas Show is the Kuwait International Fair Ground in Kuwait City, Kuwait. This event showcases product from Chemicals & Dyes, Electronics & Electrical Goods, Hand, Machine & Garden Tools, Petroleum, Oil & Gas, Power & Renewable Energy industries. More info

read more >