Riverstone Agrees Seajacks Takeover

22 December 2009 (Last Updated December 22nd, 2009 18:30)

US energy investment group Riverstone has acquired Seajacks for NOK1.2bn ($205m). Under the agreement, Riverstone will pay NKR90 in cash for each share of Seajacks, an operator of liftboats for the oil and gas industry, the company said. The agreement represents a premium of

US energy investment group Riverstone has acquired Seajacks for NOK1.2bn ($205m).

Under the agreement, Riverstone will pay NKR90 in cash for each share of Seajacks, an operator of liftboats for the oil and gas industry, the company said.

The agreement represents a premium of 19% to the three month volume weighted average share price ending on 18 December 2009 and a 64% premium to the closing share price on 27 July 2009.

The company expects the deal to be complete by January 2010.