TransAtlantic will become the sole owner of Trans Viking, which will give the TransAtlantic group full access to the cash flow in the operations as well as the possibility to optimize the governance of the operations and coordinate it with its concept for arctic offshore.
The transaction will strengthen TransAtlantic’s financial position and make the group structure more transparent, and the company believes that the acquisition will be positively received by both customers and suppliers as well as by the group’s lenders.
TransAtlantic believes that safety aspects will gain importance within offshore, particularly in the segment arctic offshore. TransAtlantic is well positioned within this segment and has a unique competence to conduct operations in ice and harsh weather conditions. The increased focus on safety is believed to lead to an increase in demand for the services offered by Trans Viking.
The Board of Directors in TransAtlantic believes the transaction is beneficial to the company and its shareholders and unanimously recommends the shareholders to approve of the issuance in kind to Kistefos at the Extraordinary General Meeting, which is expected to be held on or about September 22, 2010. A proposal for a new Board of Directors in TransAtlantic will be published in advance of the Extraordinary General Meeting, however, it is the intention that Christen Sveaas, the owner of Kistefos, will be proposed as Chairman of the new Board of Directors, and that Folke Patriksson will be proposed as Vice Chairman.
The main shareholders in TransAtlantic, Folke Patriksson (through Enneff Rederi AB and Enneff Fastigheter i Skärhamn AB), Jenny Lindén Urnes (through VillaCosta AB) and the Ernström Group, together holding approximately 49 per cent of the votes and approximately 23 per cent of the capital in TransAtlantic before the transaction, are supportive of the transaction.
– “We have had a very good and constructive cooperation with Kistefos and Christen Sveaas during many years. Therefore I have a very positive feeling about Kistefos becoming our new main owner.”, says TransAtlantic’s Chairman Folke Patriksson in a comment.
– “We look forward to continuing the good cooperation we have had with TransAtlantic for nearly 15 years. The transaction means that we are establishing a common industrial platform for our investments in offshore. A simpler corporate structure combined with an efficient organization is positive for our business contacts and partners.”, says Kistefos’ Chairman Christen Sveaas in a comment.
For additional and more detailed information about the transaction, please see the appendix to this press release (please see the attached pdf file).
Skärhamn, August 13, 2010 Oslo, August 13, 2010
Rederi AB TransAtlantic (publ) Kistefos AS
For additional information, please visit www.rabt.se or contact:
Folke Patriksson, Chairman of the Board in TransAtlantic tel +46 (0)304 67 47 00
Stefan Eliasson, Acting CEO of TransAtlantic tel +46 (0)304 67 47 00
Håkan Larsson, Member of the Board in TransAtlantic tel +46 (0)304 67 47 00
Christen Sveaas, Chairman of the Board in Kistefos tel +47 23 11 70 00
Åge Korsvold, CEO of Kistefos tel +47 23 11 70 00
Rederi AB TransAtlantic (publ), org.no. 556161-0113
Box 32, 471 21 Skärhamn, Sweden
Phone +46 (0)304 67 47 00
Kistefos AS, org.no. 951408743
Stranden 1, N-0250 Oslo, Norway
Phone +47 23 11 70 00
TransAtlantic is obliged to make this information public according the Financial Markets Act and the Financial Instruments Trading Act (Sw: lagen om värdepappersmarknaden and lagen om handel med finansiella instrument). The information was submitted for publication on August 13, 2010 at 08.30 am.