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Subsea7 - News - November 15, 2004

Norwegian parent to buy all of Subsea 7

The Norwegian parent company of sub-sea contractor Subsea 7, a more-than-medium-sized sub-sea outfit, will buy the 50 percent of the company it did not own from Halliburton.

Control of Subsea 7 will cost $200 million in cash. The contractor recently won large sub-sea contracts that included Chinguetti off Muaritania and the breadth of the U.K., Norwegian and Dutch sectors.

The boards of Halliburton and Siem have approved the deal, almost sure to go through by Jan. 7, 2005.

Siem, called DSVD until recently, will try to raise funds for the buy-out through a stock issue, a statement said. Subsea 7 was created in 2002 with much Halliburton sub-sea equipment.


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