YINSON PROPOSED ACQUISITION OF FRED OLSEN PRODUCTION YINSON PROPOSES TO ACQUIRE 100% EQUITY INTEREST OF THE NORWEGIAN PUBLIC LISTED COMPANY KUALA LUMPUR, 10 JUNE 2013 - YINSON HOLDINGS BERHAD (“Yinson”, the “Company” or “云升控股有限公司”) announced today that it had, on 7 June 2013, entered into a transaction agreement with Fred Olsen Production ASA (“FOP”), a public listed company in Norway, to acquire 100% of the ordinary shares of NOK1.00 each in FOP (“FOP Shares”) for NOK9.40 (equivalent RM5.20) in cash per FOP Share (“Proposed Acquisition”). Yinson proposes to acquire FOP by way of a conditional takeover where the total consideration for the Proposed Acquisition will amount to an aggregate of NOK995.74 million (equivalent to RM551.34 million). Yinson plans to fund the Proposed Acquisition through its private placements, institutional borrowings and internal generated funds. The Proposed Acquisition will see Yinson increasing its current offshore services fleet size to four (4) Floating Production, Storage and Off-Loading Services vessels (“FPSOs”), one Floating Storage and Off-Loading Services vessel (“FSO”) and one Mobile Offshore Production unit (“MOPU”). “Upon the successful takeover, our order book will increase to approximately RM7.5 billion in total,” explained Mr. Lim Han Weng, Managing Director of Yinson Holdings Berhad. “The acquisition will also place Yinson Holdings Berhad among the top 2 FPSO player in South East Asia.” The Proposed Acquisition is targeted to be completed by September 2013. About Fred Olsen Production ASA FOP was incorporated in Norway in 1980 as a private limited company and became a public listed Norwegian company listed on the Oslo Stock Exchange in 2007. FOP and its subsidiaries own and operate a fleet of FPSO’s in the international oil and gas markets, as well as a MOPU for an oil company client. FOP currently has operating offices in Singapore, Norway, Nigeria, Gabon and Houston. For further information, please visit yinson.my or bursamalaysia.my
Posted on: Tue, 11 Jun 2013 04:27:34 +0000
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