Coflexip Stena Offshore Closes On Aker Maritime Acquisition

Coflexip Stena Offshore (CSO) has finalized with Aker Maritime, the acquisition of its deepwater operations. The company's Deepwater Division, which is headquarted in Houston, Texas, was attained for $513 million plus the assumption of net debt of $112 million.

The two parties had initially announced, on October 29, 2000, that they had entered into a conditional agreement whereby CSO would acquire the shares of the companies encompassing the Deepwater Division of Aker.

The final price of the acquisition will be subject to various adjustment mechanisms on the basis of audited financial statements of the Deepwater Division at December 31, 2000.