Stolt Offshore Closes Sale of Serimer Dasa Unit

Stolt Offshore has closed the sale of its automatic pipeline welding services business Serimer Dasa to an investment fund led by Lime Rock Partners. The sale will raise approximately $40 million before transaction costs.

Tom Ehret, Chief Executive Officer, said, "We are pleased to have concluded the sale of Serimer Dasa as part of our strategy to dispose of non-core assets and businesses. As part of this agreement, we have entered into a long term framework agreement with Serimer Dasa for automatic pipeline welding services on our ships, barges and fabrication yards and we look forward to continuing our successful relationship in executing our construction projects worldwide. We wish Serimer Dasa management and staff success in the continuation of their development under new ownership."

Alain Hersent, CEO of Serimer DASA, explains: "nearly 30 years ago the French contractor ETPM established automatic welding as an in-house service and completed the first contract in 1979. In 1998 the unit was formed into a separate company as Serimer DASA offering services outside as well as within the ETPM Group. Stolt's acquisition of ETPM in 2000 gave a further boost to Serimer's activities such that the business has grown significantly over the past 3 years. We look forward to continuing a very healthy relationship with Stolt which will remain our largest customer".