KB Dykk and AQS to Merge

Ola Krystad (right) becomes managing director, while Ove Løfsnæs becomes chairman; Photo: NTS

A letter of intent has been signed on the merger of two Norwegian contractors KB Dykk and AQS, with AQS as acquiring company and consideration shares issued by AQS Holding.

The deal was struck between NTS and shareholders in KB Dykk, and Fanøyskjæret, as a shareholder in AQS Holding.

It is expected that the merger will be completed during the first half of the year with accounting effect from May 1, 2018.

Both companies are operators in the service boat segment and offer mainly various services to the aquaculture industry, including mooring, unloading, ROV operations and diving.

Following the merger, the company will hold 20 service boats covering area from Trøndelag to Finnmark.

The exchange rate in the merger is currently agreed at 54% for AQS  and 46% for KB Dykk.

NTS ASA has a 50.1% stake in KB Dykk. After the merger between the companies, NTS will take stake in AQS Holding of approximately 23%, which will become an associated company in the group.

Subsea World News Staff

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