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Halliburton Agree to Sell Interest In Subsea 7
It is understood the transfer of ownership would have no impact on the operation of the Subsea 7 business which was established in May, 2002, when Halliburton and Siem, formerly DSND Subsea, merged their subsea operations. In addition to its share in Subsea 7, Siem also owns other vessels in the oil service industry, mainly with activities in Brazil. It has around 460 employees. Siem intends to finance the acquisition partly through a share issue. The transaction is subject to several conditions prior to completion, including the buyer's financing of the purchase price and the applicable regulatory approvals. The transaction is expected to close no later than 7 January 2005, resulting in a pre-tax gain of approximately $115 million. Find out more about Subsea 7 Search for more Subsea7 News Added to site on 16/11/04 |
Subsea 7, part of the Halliburton Group, has agreed in principle to sell its 50 per cent interest in Subsea 7 to its joint venture partner, Siem Offshore. The agreement has been approved by the boards of both Siem and Halliburton for $200m in cash.