Hunter Group Buys IKM Subsea & Technology

Norway-based technical research and development company Hunter Group, formerly known as Badger Explorer, has reached an agreement to acquire all shares in IKM Subsea Holding, IKM Subsea, and IKM Technology – together referred to as the IKM Subsea & Technology.

IKM Gruppen owns all the shares in IKM Subsea Holding, which in its turn owns all the shares in IKM Subsea. IKM Technology is jointly owned by IKM Gruppen and IKM Subsea Holding, holding 17.53% and 82.47% of the shares in IKM Technology, respectively.

Prior to completion of the transaction, certain intra group debt of approximately NOK 330,000,000 owed by IKM Subsea to Hunter Group will be converted to equity. Following the debt conversion, IKM Subsea will be jointly owned by IKM Gruppen and IKM Subsea Holding.

Hunter Group has entered into an agreement with the Seller to directly and indirectly acquire 100% of the issued and outstanding shares in the IKM Subsea & Technology Group. Completion of the Transaction is subject to customary completion conditions, including inter alia the following:

The purchase price in the transaction will be settled by a cash payment of NOK 250 million, issuance of 23,901,412 new ordinary shares in the company to the seller, and by an interest free seller’s credit with a total amount of NOK 55,455,063 which will be converted to new ordinary shares in the company at the same subscription price as in the Private Placement (the “Conversion Shares”).

The purchase price in the Transaction as set out above is based on the consolidated balance sheet of 31 December 2017 for the IKM Subsea & Technology Group and is subject to customary adjustments for cash, debt and normalised working capital.

The transaction is expected to be completed during the first quarter of 2018.

Following completion of the transaction, IKM Gruppen will become a significant shareholder in Hunter Group and will focus its future subsea activities through Hunter Group.

Share this article

Follow Subsea World News

Events>

<< Nov 2019 >>
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

OTC ASIA 2020

The Offshore Technology Conference Asia (OTC Asia) is where energy professionals meet to exchange…

read more >

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.

More info

read more >

Underwater Intervention (UI) 2020

Underwater Intervention Conference is a conference where oil and gas industry professionals, senior decision…

read more >

Subsea Expo 2020

Subsea Expo is the world’s largest subsea exhibition and conference and is completely free to attend.

read more >