January 5, 2001

CSO finalizes Aker Maritime Deepwater take-over
Coflexip Stena Offshore has finalized acquisition of Aker Maritime ASA's Houston-headquartered Deepwater Division, for $513 million plus the assumption of net debt of $112 million.

The two parties had announced on October 29, 2000 that they had entered into a conditional agreement whereby Coflexip Stena Offshore would acquire the shares of the companies making up the Deepwater Division.

The final price will be subject to various adjustments on the basis of audited financial statements of the Deepwater Division at December 31, 2000. The transaction is being financed from Coflexip Stena Offshore's own resources and by new credit lines. CSO's net indebtedness after the acquisition should represent roughly 30% of shareholder's equity.

Greece to sell Hellenic Shipyards
Greece is launching an international tender to sell Hellenic Shipyards., Skaramanga, the largest shipyard in Greece.

The yard is currently owned 51% by a state agency, EVTA-the Hellenic Bank for Industrial development--and 49% by a cooperative owned by its workers.

The buyer will have to use two-thirds of the purchase price to increase the companys' capital with other third going to EVTA, and 1.5 billion drachmas going to the employee cooperative..

The new owner will also have to meet all the yard's contract obligations and guarantee the 1,400 jobs at the yard.

In the repair sector, the yard facilities include a 500,000 dwt capacity dry dock. Newbuilding orders include two German designed type 214 submarines and four gunboats for the Greek Navy, and two fast ferries for a Greek owner.

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