Offshore staff
(GoM) - Stolt Offshore says it is closing in on completion of its shallow water asset divestiture program. The contractor says itsSeaway Kestrel is expected to be sold by the end of the second quarter, marking the third and final phase of the company's disposal of its shallow water and conventional assets to CalDive.
Stolt announced on Nov. 1, 2005 that it signed an agreement with CalDive to sell its inspection, maintenance and repair, and conventional assets for $123 million in cash. The parties agreed on a sequenced closing for the sale of identified assets to allow for completion of Stolt's Trinidad pipelay campaign without the need of chartering the vessels back.
The sale of pipelay vesselsDLB 801 and Seaway Kestrel were originally scheduled following completion of their committed pipelay work in Trinidad. Stolt says the DLB 801 has completed its contracted work in Trinidad and the Seaway Kestrel is finishing up its portion of the job in the area.
02/16/06
