Subsea 7 Merger Gets UK Competition Clearance
Subsea 7 S.A. today announces that the UK Office of Fair Trading (OFT) has decided not to refer the merger of Subsea 7 S.A. (formerly Acergy S.A.) and Subsea 7 Inc. to the UK Competition Commission for further investigation. The OFT considers that the divestiture of a rigid pipelay vessel competing in the UK sector of the North Sea, will remedy the possible competition concerns identified in the course of its first stage review.
Consequently, the Company has entered into a binding commitment to divest of Acergy Falcon, to Grup Servicii Petroliere SA (GSP), a suitable purchaser. The transfer of ownership to GSP is expected to be completed during September 2011, following completion of the vessel’s current commitments.
GSP has signed an exclusive 5 year deal with Bibby Offshore for the provision of diving and tie-in services in North West Europe.
Source: subsea7, August 17, 2011;