OPE to sell offshore engineering division to Foster Wheeler

OPE Holdings had reached a binding agreement to sell the assets of its offshore engineering division based in Texas and in Trinidad & Tobago to Foster Wheeler USA.

Offshore staff

HOUSTON -- OPE Holdings had reached a binding agreement to sell the assets of its offshore engineering division based in Texas and in Trinidad & Tobago to Foster Wheeler USA. The base sale price of the engineering division is $9 million with an additional $2 million payable if Foster Wheeler elects to acquire the corporation's interest in OPE Malaysia.

Completion of the transaction is subject to the fulfillment of a number of conditions, including approval from the TSX Venture Exchange.

02/24/2009

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