Under the terms of the Letter of Intent, TTS shall conduct a due diligence review of the company and finalize all necessary contractual negotiations within mid December. Provided that the review is successful, the transaction will be closed at January 15, 2008. The Heads of Agreement is subject to approval of the final Sale/ Purchase Agreement by both companies' board of directors.
Per A Vatne who has developed several new and innovative solutions and products for the offshore industry founded Wellquip. The company has 24 employees, and main focus is on development, production and sales of roughnecks and other drilling products for offshore installations. The company has, amongst others, developed and patented an automatic, multi functional roughneck, JIM (Joint Integrated Machine). This roughneck has been the chosen solution for all newly contracted jack-up rigs for the North Sea, and is a part of both Sense EDM's deliveries to the jack-up rigs under construction in Singapore. Wellquip's product portfolio is complementary to Sense EDM's product range for the offshore industry, and by integrating the products in TTS' product range, there will be a considerable potential for increased commercialization and sales.
The letter of intent assumes that management and key-personnel that have an outstanding competence with drilling equipment will continue in their positions. Wellquip will constitute a part of Sense EDM and be important to TTS' targeting in drilling equipment market hereafter.
Neram AS, which is owned by Trym Skeie and Lesk AS, which is owned by Lena Skeie, and who are both shareholders in TTS Marine ASA, and owns 9.8% and 4.9% of the outstanding shares of Wellquip AS accordingly.
The acquisition of Wellquip AS is a major step further in TTS' targeting of the third business area; drilling and offshore, which comes in addition to ship equipment and port equipment.
Most Popular Articles
From the Career Center
Jobs that may interest you