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Sealift brings floatover duo aboard



By Upstream staff 

Sealift, parent of marine heavy transport group Dockwise, has bought floatover installation specialist Offshore Kinematics and its engineering partner Ocean Dynamics in a stock and cash deal, it said today.

Bermuda-based Sealift said in a statement it would issue 6.9 million shares and pay $15.7 million in cash for the companies. It said 3.2 million of the new shares would be held in escrow and released in installments over the next three years.

Offshore Kinematics builds and supplies proprietary systems for the floatover installation of offshore facilities. Ocean Dynamics provides engineering and design consulting services for marine structures, risers and moorings. Sealift said the pair would complement services offered to offshore oil and gas operators by Dockwise using its fleet of 17 open-stern semi-submersible heavy lift vessels.

Sealift said Offshore Kinematics has completed 12 major floatover installations in the past four years, and provided engineering and design work on a further 10 for companies including the US's ConcocoPhillips, Chevron, KBR, J Ray McDermott, the UK's BP and France's Technip. Its major projects include installations on the Kikeh field off Malaysia and the Corocoro field off Venezuela.

Ocean Dynamics has worked on many of the same projects, but also operates as an independent provider of marine and structural engineering services.

Sealift said offshore Kinematics chief executive Steven Byle would join Dockwise's top management team, while Ocean Dynamics president Jim Li would oversee the group's US and China engineering business.

It said the three companies were already managing six floatover projects between them.

The deal is expected to close by the end of the month.

Dockwise employs about 800 people worldwide from its operational base at Breda, in the Netherlands. A further 31 engineers are expected to join the company as a result of the deal.


Wednesday, 18 July, 2007, 15:47 GMT  | last updated: Wednesday, 18 July, 2007, 15:51 GMT

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