Neptune buys UK player

Neptune eyes larger share of ROV market: buys up UK operator, STS.

Superior Offshore International

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Tan Hwee Hwee

 01 September 2009 07:19 GMT

Neptune Marine Services has signed a letter of intent to acquire Aberdeen based remotely operated vehicle (ROV) and survey support services provider, Submersible Technology Services (STS).



The proposed offer valued STS at £16 million ($26 million), with additional consideration based on STS earnings before interest and tax performance for 2009.



Neptune will fund part of the acquisition using proceeds from the share placement on 5 June 2009. About 91% to 95% will be paid in cash, with the rest to be met in issue of Neptune’s shares.



STS operates a fleet of inspection and work class ROVs and provide inspection, repair, maintenance, exploration drilling, survey and construction support services from offices in Aberdeen,…

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