Singapore’s Ezra Holdings acquires Aker Marine Contractors for S$340 million
23 Oct 2010
Singapore-based oil services company Ezra Holdings yesterday acquired Norwegian marine engineering services company Aker Marine Contractors (AMC) from Aker Solutions (AKSO), for S$340 million ($250 million).
AMC, a wholly-owned subsidiary of AKSO, which is listed on the Oslo Stock.
Exchange, is an established sub-sea and marine engineering services provider with a comprehensive product offering that covers the installation of subsea / SURF (sub-sea umbilicals), risers and flowlines products and equipment, moorings and floaters, as well as deck floatovers and removal.
AMC has successfully executed some of the most complex subsea and marine projects around the world over the last 40 years.
Under the deal, Ezra will pay $250 million to AMC in cash, equity and convertible securities.
It will also set up an equal joint venture with AKSO via a special purpose vehicle which will own and operate AMC Connector, a state-of-the-art, multi-purpose construction vessel designed for deepwater subsea installation projects. It is currently under construction, and is expected to be delivered in early 2012.
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