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.”

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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