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Subsea 7 sells ROV activity

The offshore company Subsea 7 is selling its ROV activity to the American based Oceaneering.

Norwegian Kristian Siem and his colleagues are selling the Remote Operated Vehicle activity and its support services to the American based company Oceaneering. The price tag is USD 108 million, and the settlement will be in cash.

ROV is used mainly in different types of subsea missions in the oil industry.

The transaction involves 82 units in the North Sea, Brazil and the Gulf of Mexico. The business has about 500 employees, and the turnover this year will amount to approximately NOK 450 million (USD 64.3 million).

50 percent of Subsea 7 is owned by the listed company DSND Subsea, where Seim is one of the major stockholders. The reason for the sale was to release capital, and the money will be used to strengthen the core business, according to a statement from DSND.

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