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Subsea 7 — M&A Activity 2011
Jan 7, 2011
6244_rns_2011-01-07_dc1a9357-55e4-49e5-bc30-e07249cce3cc.html
M&A Activity
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Combination of Acergy S.A. and Subsea 7 Inc. completed
Luxembourg - January 7, 2011 - Subsea 7 S.A. (NASDAQ-
GS: SUBC; Oslo Børs: SUBC) ("the Company") today
announced that the combination between Acergy S.A.
(NASDAQ-GS: ACGY; Oslo Børs: ACY) and Subsea 7 Inc
(Oslo Børs: SUB) was completed on January 7, 2011
following the closing of the Oslo Børs. As a result,
the first day of trading in the shares and ADSs of
Subsea 7 S.A. will be Monday January 10, 2011.
The Company's authorised share capital is $900
million comprising 450 million common shares with a
nominal, or par, value of $2 each. As a consequence
of the combination, Subsea 7 S.A. has issued
156,839,759 new shares in Subsea 7 S.A. based on
147,267,380 shares issued and outstanding in Subsea 7
Inc. at completion. As at January 10, 2011, the
first day of trading as Subsea 7 S.A., the issued
share capital of the Company will consist of
351,793,731 shares, of which, Subsea 7 S.A. has an
indirect interest in 11,527,380 treasury shares
representing 3.28% of total issued share capital of
351,793,731 shares. A further 583,000 shares are
held indirectly in an employee benefit trust to
support the 2009 Long-Term Incentive Plan.
Kristian Siem, Chairman, Subsea 7 S.A. said: 'When we
announced the intention to combine both organisations
we said this was an excellent strategic fit, with
industry fundamentals strongly supporting the logic
of the combination. Now that we have closed I
strongly believe that the logic behind the
combination is correct. The new Subsea 7 is well
positioned to deliver enhanced long-term value for
our clients, our people and our shareholders."
Jean Cahuzac, Chief Executive Officer, Subsea 7 S.A.
said: "This is a very exciting day for our
shareholders, our clients and our people. The
creation of a global leader in seabed-to-surface
engineering, construction and services contractor to
the offshore energy industry worldwide will allow us
to secure and deliver offshore projects of the size
and complexity that we expect will emerge in the
coming decade.
Subsea 7 S.A. will benefit from the value created by
the combination of our people, our expertise and our
highly complementary fleet, supported by a larger
capital base and the synergies expected to result
from the combination. Our leadership position and
global footprint will give us opportunities to grow
faster than either Acergy S.A. or Subsea 7 Inc. could
have achieved on their own."
A further announcement will be published prior to
opening of the Oslo Børs on January 10, 2011.
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Subsea 7 S.A. is a seabed-to-surface engineering,
construction and services contractor to the offshore
energy industry worldwide. We provide integrated
services, and we plan, design and deliver complex
projects in harsh and challenging environments.
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Contact:
Karen Menzel
Subsea 7 S.A.
+44 (0)20 8210 5568
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