Sovereign Oilfield Group acquires Forfab

Sovereign Oilfield Group Plc. has negotiated a $98.4 million credit facility with Merrill Lynch International Bank Ltd., and has completed the acquisition of Forfab Ltd. for $9.5 million.
Jan. 25, 2007

Offshore staff

ABERDEEN, UK -- Sovereign Oilfield Group Plc. has negotiated a $98.4 million credit facility with Merrill Lynch International Bank Ltd., and has completed the acquisition of Forfab Ltd. for $9.5 million.

"The acquisition of Forfab gives Sovereign an excellent new subsidiary and greater critical mass in both the North Sea and international fabrication markets, and illustrates Sovereign's continuing ability to identify earnings enhancing deals that both complement and expand the Group's range of services," says Graham Burgess, CEO of Sovereign Oilfield Group.

01/25/2007

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