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Headland Capital Partners offers $359m for Singapore’s Kreuz

7 Nov 2013

offshore oil rig 5_sqPrivate equity firm Headland Capital Partners has offered to acquire Kreuz, a Singapore-based provider of subsea construction and installation services to oil and gas companies.

The offer values the Singapore exchange-quoted business at S$0.80 per share, or S$445.6m ($359m). The price represents a premium of 11.1 and 39.6 per cent over the company’s average closing price over the past six and twelve months, respectively.

Kreuz CEO Kurush Contractor said, “We are pleased to receive the Scheme proposal from (Headland subsidiary) SEA9 and we look forward to working closely with Headland and SEA9 towards ensuring quality performance with accountability to our clients.

“The incoming delivery of a state-of-the-art Diving Support Vessel, will enhance Kreuz’s capabilities in shallow, deep and ultra deep offshore operations globally, and support Kreuz as it seeks to execute upon its growth initiatives.”

Earlier this year Headland and Australian firm Champ Private Equity increased their stakes in vessel company in Miclyn Express Offshore.

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