Completion of Squeeze-Out Procedure
(Thomson Reuters ONE) -
25 November 2010 - Reference is made to the announcements made by BW Offshore
Limited ("BW Offshore") on 12 and 22 November 2010, regarding the settlement of
the acquisition by BW Offshore of all the shares in the issued share capital of
Prosafe Production Public Limited ("Prosafe Production") not already owned,
directly or indirectly, by BW Offshore (the "Squeeze-Out").
In pursuance of Section 36(6) of the Cypriot Public Takeover Bids for the
Acquisition of Securities of Companies Law of 2007, Law 41(I)/2007 (the "Cypriot
Takover Act"), BW Offshore hereby announces that following the issue of the
decision by the Cyprus Securities and Exchange Commission ("CySEC") under
Section 36(5) of the Cypriot Takover Act dated 29 October 2010, 13,698,486
shares , being the remaining issued and outstanding shares in the capital of
Prosafe Production, not already owned directly or indirectly by BW Offshore
prior to the Squeeze-Out, have been transferred to BW Offshore, and BW Offshore
has paid and satisfied the required consideration for such shares. Accordingly,
the Squeeze-Out procedure commenced pursuant to an application filed on the 11
October 2010 to CySEC is now completed.
For further information, please contact:
Carl K. Arnet, CEO, +65 9630 3290
Knut R. Sæthre, CFO, +47 9111 7876
About BW Offshore:
BW Offshore is a leading global provider of floating production services to the
oil and gas industry. With the acquisition of Prosafe Production in 2010, the
company has become the world's second largest contractor with a fleet of 16
FPSOs and 3 FSOs represented in all major oil regions world-wide. BW Offshore
has an excellent track record on project execution and operations, as well as a
robust balance sheet and strong financial capabilities. In over 25 years of
production, BW Offshore has successfully executed more than 30 FPSO and FSO
projects. The company is listed on the Oslo Stock Exchange. Further information
is also available onwww.bwoffshore.com .
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1465550]
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: BW Offshore via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 25.11.2010 - 09:38 Uhr
Sprache: Deutsch
News-ID 49110
Anzahl Zeichen: 2925
contact information:
Town:
Oslo
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 233 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Completion of Squeeze-Out Procedure"
steht unter der journalistisch-redaktionellen Verantwortung von
BW Offshore (Nachricht senden)
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