Awilco Heavy Transport, Heavy Transport AS combine heavy lift activities
Feb. 6, 2007
Awilco Heavy Transport ASA has reached an agreement with Heavy Transport AS to combine the ownership and operations of their heavy transportation activities.
Offshore staff
OSLO, Norway -- Awilco Heavy Transport ASA has reached an agreement with Heavy Transport AS to combine the ownership and operations of their heavy transportation activities.
AWHT has agreed to acquire the Ancora and Hawk heavy transportation vessels on a ready-to-operate basis. The vessels feature a 157-m (515-ft) cargo deck length and more than 30,000-metric-ton (33,069-ton) lifting capacity. The Ancora is expected to be delivered in July 2007 and the Hawk in October 2007. The gross purchase price is $107 million each.
As a result of the combination, the board of directors of AWHT will propose to change the company's name to Ocean HeavyLift ASA. The company is preparing an application for listing on Oslo Børs ASA.
When the transaction is complete, Ocean HeavyLift ASA will own and operate four newly converted heavy transportation vessels that will all be in operation by the end of 2007.
