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SBM Offshore offloads GustoMSC

SBM Offshore offloads GustoMSC
Floating production vessel firm SBM Offshore said it has agreed to sell its Dutch GustoMSC subsidiary.

Floating production vessel firm SBM Offshore said it has agreed to sell its Dutch GustoMSC subsidiary.

The firm is to be bought by private equity group Parcom Capital in a deal worth about US$185 million.

GustoMSC, with roots dating back to 1862, supplies proprietary designs for mobile offshore units, including jack-ups, semi-submersibles and mono-hull vessels, and associated equipment.

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, said SBM, also based in the Netherlands.

Chief executive Bruno Chabas said: “Parcom is in a good position to achieve, jointly with GustoMSC’s management, the business’ potential.

“This transaction allows SBM Offshore to release substantial capital and focus exclusively on FPSOs and associated products and services, in line with strategy.”

Piet-Hein de Jager, partner at Parcom Capital, said: “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.”

Meanwhile, Seadrill has received a letter of award from Husky Oil Operations for a new five-year contract for the newbuild harsh environment semi-submersible rig West Mira.

This will be for operations in Canada and Greenland under a contract worth about US$1.18 billion.

The West Mira is currently under construction at the Hyundai Samho Shipyard in South Korea and delivery is scheduled for the fourth quarter of 2014.

The rig is anticipated to start work offshore Canada in the second quarter of 2015.

The West Mira is designed for drilling in harsh environments and water depths up to 10,000 ft.

It will be equipped with DP-3 (dynamic positioning) as well as 12 point mooring capability, potential for two six ram blowout preventers and along with 1,000 ton load path capacity.

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