Sonsub V Neptune

[Anonymous]

I hear that JW has rejoined Saipem/Sonsub as GM to run the Perth office. Can’t imagine that Neptune would be too happy hear that, it seems all the work ran out after JW left in July and everyone is moving on…..
I would expect Sonsub to start picking up a lot more work in Australia over the next few months.

[baglimit]

this was discussed some time ago in this thread.

http://www.rovworld.com/phpnuke/modules.php?name=Forums&file=viewtopic&t=2623&highlight=

so nothing since july, and everyone is moving on ?

neptune are in the process of buying STS in aberdeen – if completed it triples their ROV fleet. any comments ?

[me]

Guys
Neptune will then get some very old ROV system

[sedco]

Maybe the price was right!!

[baglimit]

AUD/GBP changes recently make it more desirable.

[Joel]

this was discussed some time ago in this thread.

http://www.rovworld.com/phpnuke/modules.php?name=Forums&file=viewtopic&t=2623&highlight=

so nothing since july, and everyone is moving on ?

neptune are in the process of buying STS in aberdeen – if completed it triples their ROV fleet. any comments ?

That was UTEC Survey: http://www.hydro-international.com/news/id3458-Management_Appointments_at_UTEC_Survey.html

This is Saipem/Sonsub not UTEC-moved on again back to construction and planning on getting busy with the ROV sector again……make some waves for Neptune ha ha 😀

[baglimit]

sorry joel – i must remember to keep better track of your movements.

this is all a tax dodge, yeah ?

the authorities are watching you lol.

[Scott Beveridge]

Wonder how JW’s Tagalog is coming along?????

[Joel]

Hindi masyadong masamang thanks Scot

[Scott Beveridge]

Well done lad!

Ya’ know the saying… "When in Rome…."

[rigwash]

don’t grovel scott, he still won’t give you a job,

nepotism reins

[Scott Beveridge]

don’t grovel scott, he still won’t give you a job,

nepotism reins

Grovel??? Dear lad, he’ll be the one groveling in the near future – tho’ he can speak Tagalog…. wonders never cease….

[baglimit]

http://www.ibtimes.co.uk/articles/20091120/quayle-munro-sells-sts-stake-to-neptune.htm

http://www.proactiveinvestors.com.au/companies/news/3406/quayle-munro-says-investee-company-submersible-technology-services-sold-to-australias-neptune-marine-for-initial-16-million–3406.html

http://telegraph.uk-wire.com/cgi-bin/articles/200911201206408521C.html?epic=QYM

FOR IMMEDIATE RELEASE 20 NOVEMBER 2009

Quayle Munro Holdings PLC

Sale of Submersible Technology Services (Holdings) Limited ("STS")

Quayle Munro Holdings PLC announces that Neptune Marine Services Ltd ("Neptune") today completed the acquisition of Submersible Technology Services (Holdings) Limited ("STS") in which Quayle Munro held a 49.9 per cent. shareholding.

STS is a specialist contracting company to the offshore oil and gas industry. It owns and operates a fleet of remotely operated vehicles (ROVs) providing specialist subsea services to substantial oilfield engineering services businesses and oil majors. Based in Aberdeen, STS supports clients across the world including Europe, the Middle East and South East Asia. In its last reported financial period from 16 April 2008 to 31 December 2008, STS generated pre-tax profits of £2.6 million.

Under the terms of the acquisition, Neptune, one of Australia’s leading providers of integrated solutions to the international oil and gas, marine and renewable energy industries, acquired the entire issued capital of STS for £16 million (plus an adjustment for working capital less debt at completion of the acquisition) with an additional conditional consideration based on STS’s EBITDA performance for the calendar year 2009. Quayle Munro received cash consideration of £6.7 million for its shareholding on completion, and will receive additional conditional consideration pro rata to its shareholding. As part of the transaction Quayle Munro was also repaid £1.9 million of shareholder loan notes in STS.

STS was a longstanding investment of Quayle Munro, originally made in 1983. In November 2006 Quayle Munro acquired a further 49 per cent. of the company from a venture capital fund, giving it a total shareholding of 93 per cent.. In April 2008 a restructuring took place reducing Quayle Munro’s shareholding to 49.9 per cent. with the management team acquiring the balance of 50.1 per cent.. As part of the restructuring, Quayle Munro also received cash of £1.6 million on redemption of preference shares and the issue of £1.8 million 8% loan stock. As a result of these transactions the net cost to Quayle Munro of its current loans and equity in STS is nil, although their carrying value as at the date of sale was £5 million arising from the consolidation of these interests since November 2006. The proceeds of sale of its shareholding and redemption of loan notes will be applied principally to increasing Quayle Munro’s liquid resources.

Quayle Munro Limited advised the shareholders of STS on its sale.

For further information:

Ian Jones, Chairman, Quayle Munro: 0131 226 4421

Colin La Fontaine Jackson, Quayle Munro Limited 020 7907 4200

Sandy Fraser, Brewin Dolphin Limited 0845 213 2072

John Kiely / Andrew Wilde, Smithfield: 020 7360 4900

Notes to Editors:

Quayle Munro (www.quaylemunro.com) is an AIM-listed independent merchant bank, active in corporate finance (including equity and debt advisory), public finance, specialist fund management and investment on its own account. The Group was co-founded in 1983 by its present Chairman, Ian Quayle Jones, and listed on the London Stock Exchange via an Introduction in 1993, transferring to AIM in 2003. In July 2007 it acquired the corporate finance adviser, New Boathouse Capital. In April 2008 it also acquired international corporate finance adviser The van Tulleken Company, specialising in the publishing, information and technology industries. Quayle Munro has offices in London, Edinburgh and New York.

STS (www.stsrov.com) Founded in 1978, STS operates of a fleet of remotely operated vehicles (ROV’s) providing support services principally to the offshore oil and gas industry in: exploration drilling; pipeline and cable survey and inspection; subsea construction; and platform inspection and maintenance. STS provides a high quality, fully integrated ROV service to its customers, which include both oil majors and oil service companies. At the core of the service lies the expertise of long-serving personnel with a wealth of experience, many having worked in the industry for over 20 years. STS is headquartered in Aberdeen and has offices in Singapore and Bahrain.

Neptune (ASX:NMS) (www.neptunems.com) is one of Australia’s leading providers of integrated solutions to the international oil and gas, marine and renewable energy industries. The company employs more than 600 people in Australia, the UK, USA and Asia and provides a full suite of innovative services including subsea and pipeline engineering; commercial diving; specialist fabrication; inspection, repair and maintenance; pipeline stabilisation and protection; ROV and vessel supply; hydrographic surveying and geophysical services; project management; rope access and tension netting IRM; and the patented NEPSYS® dry underwater welding technology.

[baglimit]

Guys
Neptune will then get some very old ROV system

me

what can you tell me about STS and its rov fleet. it appears they developed most or all of the fleet themselves – do they not upgrade it ? are upgrades not the answer in this game ?

[sedco]

I believe most of their ROV’s are modified Scorpios, i.e old

[Author]

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