Norway's oil services group ProSafe ASA will offer this week to acquire all the outstanding shares in rival Nortrans Offshore Ltd. Cherryhayes Ltd., which owns 59.85 percent of Nortrans, already has accepted ProSafe's offer.
Nortrans owns and operates FPSOs and floating storage units outside the North Sea region.
From its operational office in Singapore, the company has engineered and converted a fleet of six vessels, one of which is currently undergoing conversion. Nortrans also has offices in Houston, Vietnam, Indonesia, India, Egypt, Angola and Ivory Coast.
ProSafe, which expects demand for floating production units to increase by 50 percent (40 units) over the next four years, operates a fleet of semisubmersible service rigs.
The company's strategy is to become a leading supplier of products and services for floating production projects in key areas outside the North Sea including West Africa, the Far East and Brazil.
© 2001 Mena Report (www.menareport.com)
