SBM Offshore has agreed to the sale and transfer of GustoMSC to Parcom Capital, a private equity group, for a consideration of approximately US $ 185 million. The sale is a first step in the divestment program for non-core assets of approximately US $ 400 million that the Company announced in August of 2012.
The purchase price will be paid in cash at closing.
Business as Usual
Bruno Chabas, CEO of SBM Offshore said Parcom and GustoMSC's management can achieve the company's potential, while allowing SBM to focus solely on FPSOs. Nils van Nood, Managing Director of GustoMSC added the company will continue 'business as usual.'
GustoMSC
GustoMSC, rooted in 1862, is a leading company for supply of proprietary designs of mobile offshore units and for delivery of associated equipment. GustoMSC provides solutions that are aimed at the offshore exploration, construction and production markets. The proprietary designs include jack-ups, semi-submersibles and mono-hull vessels.
The parties have signed a purchase agreement, subject to financing, and intend closing the transaction by 30 November 2012. The transaction was concluded on terms customary for a transaction of this nature and the GustoMSC works council rendered a positive advice on the transaction.
