GustoMSC Sold to Parcom Capital

SBM Offshore has sold GustoMSC to Parcom Capital, a private equity group, for approximately $185 million. The sale is a first step in the divestment program for non-core assets of approximately $400 million that the company announced in August 2012. GustoMSC is a supplier of proprietary designs of mobile offshore units and for delivery of associated equipment.

PRESS RELEASE

SBM Offshore N.V. has agreed to the sale and transfer of GustoMSC, to Parcom Capital, a private equity group, for a consideration of approximately US$ 185 million. The purchase price will be paid in cash at closing. The sale is a first step in the divestment program for non-core assets of approximately US$ 400 million that the Company announced in August of 2012.
Bruno Chabas, CEO of SBM Offshore said:
“We are pleased to have reached an agreement with Parcom to sell GustoMSC. Parcom is in a good position to achieve, jointly with GustoMSC’s management, the business’s potential. This transaction allows SBM Offshore to release substantial capital and focus exclusively on FPSOs, and associated products and services, in line with strategy. I wish GustoMSC and its employees all good fortune for the future.”
Piet-Hein de Jager, partner at Parcom Capital, said: “We are delighted with the acquisition of GustoMSC. GustoMSC has an outstanding reputation, is well positioned to achieve further growth in the global offshore market and is an excellent addition to our portfolio of investments. We are keen to further develop the business of the company, working closely with management, the employees, and also the customers.”
Nils van Nood, Managing Director of GustoMSC comments: “We are very pleased to have Parcom on board as a strong shareholder and as partner that shares our ambitions. With their support and value-added sector expertise, we are fully confident that we can continue to further develop our market position as reputable and independent designer of mobile offshore units. This new ownership enables us, our clients and other business partners to continue our business as usual”
GustoMSC, rooted in 1862, is a leading company for supply of proprietary designs of mobile offshore units and for delivery of associated equipment. GustoMSC provides solutions that are aimed at the offshore exploration, construction and production markets. The proprietary designs include jack-ups, semi-submersibles and mono-hull vessels.
The parties have signed a purchase agreement, subject to financing, and intend closing the transaction by 30 November 2012. The transaction was concluded on terms customary for a transaction of this nature and the GustoMSC works council rendered a positive advice on the transaction.
To see the complete version of this press release, please click on the link below.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SBM Offshore N.V. via Thomson Reuters ONE

Leave a Reply

PEHUB Community

Join the 12505 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

PE HUB News Briefs

RSS Feed Widget

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget