Norway: STX OSV Buys Stake in Castor Drilling

STX OSV subsidiary Seaonics AS is in the process of acquiring 34% shareholding interest in Castor Drilling Solution AS (“Castor Drilling”) from an unrelated party.

The investment, in two tranches of 22.52% and 11.48%, is expected to be completed by the end of 2012. The total consideration for the transaction is NOK 13.9 million (USD 2.4 million).  The remaining shares are in the ownership of the CDS employees and financial investors.

Castor Drilling is a newly established Norwegian company with specialist competence in offshore drilling technology. The investment will give STX OSV new insight into this segment of the offshore market and give opportunities for development of integrated solutions.

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Offshore Energy Today Staff, May 4, 2012