Sweden's Rederi AB TransAtlantic is to acquires all shares in the British offshore shipping company SBS Marine (Holdings) Ltd. from Kistefos AS for a preliminary consideration of approximately SEK 340 million. SBS Marine has a net debt of approximately SEK 480 million. TransAtlantic plans to raise SEK 550 million through a rights issue to finance the acquisition and to strengthen the company’s financial position in advance of a forthcoming division of the group.
Aberdeen-based SBS Marine operates a fleet of five modern and one older platform supply Vessexwith a current turnover of approximately SEK 220 M on an annual basis. SBS Marine was founded in 2000 and since 2006 has been an indirectly wholly owned subsidiary of Kistefos.
The acquisition of SBS Marine is a part of TransAtlantic’s focus on the business area Offshore/Icebreaking.
October 5, 2011