TTS Confirms Acquisition of the Drilling Technology Company Wellquip
Reference is made to statement to Oslo Stock Exchange 02 November 2007 regarding letter of intent concerning acquisition of all shares in Wellquip Holding AS (Wellquip) in Kristiansand, Norway at a price of NOK 70m plus an 'earn-out of NOK 20m, depending on the company's development during 2008 and 2009.
TTS has now conducted a due diligence review of the company, which was successful. TTS' (Sense EDM AS) take-over of Wellquip will be made effective as of medio January 2008.
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