Dockwise Ltd : Fairstar Board unanimously recommends acceptance of NOK 10 per share;
(Thomson Reuters ONE) -
Dockwise and Fairstar reach final agreement
The Netherlands, 14 July 2012. Fairstar Heavy Transport N.V. ("Fairstar") and
Dockwise Ltd ("Dockwise") today announce their agreement on the recommended
acquisition by Dockwise of the remaining shares in Fairstar. The exit to be
realized through purchases on the Oslo Stock Exchange for an amount of NOK 10
per Share for a period of four weeks from today (the "Exit"). The Management
Board and the Supervisory Board of Fairstar unanimously recommend the remaining
shareholders to sell their Fairstar shares in the Exit.
Dockwise, through its wholly-owned subsidiary Dockwise White Marlin B.V. (the
"Company"), so far has acquired more than 95% of the shares of Fairstar.
The combination of Dockwise and Fairstar creates a global champion in the
transport and oil & gas service provider market. The combined business, will be
headquartered at Breda, with operating offices at Rotterdam, Houston and
Shanghai. The enlarged business represents a significant continuing presence for
the Netherlands' maritime industry in global oil and gas services.
Dockwise and Fairstar have reached an agreement that satisfies Fairstar's
concerns towards all Fairstar Stakeholders. An integration plan has been agreed
and all corporate governance matters have been resolved. Commitments have been
made between the Boards of Dockwise and Fairstar that will facilitate the
involvement of Fairstar senior management in the integration process. Fairstar
will convene an EGM to be held on 29 August 2012 to appoint three Dockwise
representatives to the Supervisory Board and two Dockwise representatives to the
Management Board. The current members of the supervisory board will resign
ultimately per the EGM. The current members of the Management Board Mr Adkins,
CEO, and Mr Out,COO, will step down from the Management Board today. Both Mr.
Adkins and Mr. Out have agreed to remain available until the end of 2012 to
provide support and assistance for the integration. Messrs Robert Jan van Acker
and Mr Erwin Hoogeveen will be appointed to the Management Board of Fairstar,
with full authority, as of today. Their appointment will be formalized at the
EGM.
After the Exit period, Dockwise and Fairstar will take the required steps to
delist Fairstar from the Oslo Stock Exchange and Dockwise will initiate Dutch
statutory buy-out proceedings to acquire the remaining Fairstar shares and
obtain full control.
Dockwise's Chief Executive Officer, André Goedée, said: "Dockwise is a proud
provider of the most innovative solutions for extraordinary scale transportation
and installation projects for the oil and gas upstream and downstream
industries. Joining forces with Fairstar brings Dockwise an accelerated market
position in valuable Logistics Management Services, a complementary set of
assets and a group of highly skilled employees. The integrated combination will
enable Dockwise a more enhanced basis from which its strategic goals can be
achieved. Our market place is competitive, with rapidly evolving customer
demand. The combination allows us to advance our leading position and to provide
our customers with timely, innovative and professional solutions."
Fairstar's Chief Executive Officer, Mr Philip Adkins, said: " I would like to
thank all of our Stakeholders for the support and trust they have invested in
Fairstar during the time it is been my privilege to serve them as a member of
the Fairstar Team. Our Team has built a valuable business in a remarkably short
period of time. We have established a reputation with our clients for
exceptional customer service. We have demonstrated on countless occasions that
our Team was steadfast in the face of challenges that could have easily
overwhelmed us. Our Team, including our Supervisory Board, has been resolute in
our commitment to all Stakeholders. We have reached an agreement with Dockwise
that we believe fulfils our commitments. I am proud of our Team and what they
represent. I wish Mr. Goedee every success and encourage him to inspire my
colleagues to achieve even higher standards of excellence in the years ahead."
Dockwise and Fairstar have both withdrawn all pending legal actions taken
towards each other in the last week. They have reached an Agreement that is full
and final. It is no longer a matter for the Courts. Dockwise will publish its Q2
results on 14(th) August 2012 and will update the market at that point on the
integration of the Fairstar business. The results will include Fairstar results
as of 9 May 2012, the date Dockwise gained control of Fairstar.
For further information please contact:
Dockwise: Fons van Lith
Email: fons.van.lith(at)dockwise.com
Tel: +31 (0)6 51 314 952 or +31 (0)76 5484116
Fairstar: Ingmar den Blanken
Email: Ingmar.den.blanken(at)fairstar.com
Tel: +31 (0)10 403 5333
About Dockwise Ltd./Dockwise Group
Dockwise Ltd., a Bermuda incorporated company, has a workforce of approximately
1,300 people both offshore and onshore. The company is the leading marine
contractor providing total transport services to the offshore, onshore and
yachting industries as well as installation services of extremely heavy offshore
platforms. The Group is headquartered in Breda, the Netherlands. The Group's
main commercial offices are located in the Netherlands, the United States and
China with sales offices in Korea, Australia, Brazil, Russia, Singapore,
Malaysia, Mexico and Nigeria. The Dockwise Yacht Transport business unit is
headquartered in Fort Lauderdale and has an office in Genoa, Italy. The Dockwise
Shipping network is supported by a global network of agents.
To support all of its services to customers, the group has engineering centers
in Houston, Breda, Rotterdam and Shanghai, manufactures specific motion
reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating Units)
and owns a fleet of 23 (of which 2 under construction) purpose built, semi-
submersible vessels.
Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK-OS and
on NYSE Euronext Amsterdam under ticker DOCKW-AE. Shares of Dockwise subsidiary
Fairstar Heavy Transport N.V. are listed on the Oslo Stock Exchange under ticker
FAIR-OS
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Dockwise Ltd via Thomson Reuters ONE
[HUG#1626830]
Unternehmensinformation / Kurzprofil:
Datum: 14.07.2012 - 22:48 Uhr
Sprache: Deutsch
News-ID 165246
Anzahl Zeichen: 7585
contact information:
Town:
Breda
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 434 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Dockwise Ltd : Fairstar Board unanimously recommends acceptance of NOK 10 per share;"
steht unter der journalistisch-redaktionellen Verantwortung von
Dockwise Ltd (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
