SBM Offshore Sells GustoMSC Subsidiary

Dutch oilfield services firm SBM Offshore announced Monday that it has agreed to sell its offshore design and engineering subsidiary GustoMSC to private equity group Parcom Capital for $185 million cash.

SBM said this is a first step in its $400 million divestment program that it announced in August 2012.

SBM Offshore CEO Bruno Chabas commented in a company statement:

"We are pleased to have reached an agreement with Parcom to sell GustoMSC. Parcom is in a good position to achieve, jointly with GustoMSC's management, the business's potential. This transaction allows SBM Offshore to release substantial capital and focus exclusively on FPSOs, and associated products and services, in line with strategy. I wish GustoMSC and its employees all good fortune for the future."

GustoMSC supplies proprietary designs of mobile offshore units and for delivery of associated equipment.


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