JULY 2013
Transactions
113
BARRAtt dEVELoPMEntS PLC AGREES A CoMPREHEnSIVE REFInAnCInG PACKAGE
Barratt developments PLC (the ‘Group’) has reached separate agreements for a comprehensive refinancing package and the monetisation of a portion of the Group’s shared equity portfolio.
David Thomas, Group Finance Director of Barratt Developments said: “We are delighted to have agreed this comprehensive refinancing package ahead of schedule which will provide us with more appropriate lending facilities, in terms of both interest cost and duration. It reflects our improved financial position and the significant progress we’ve made towards our target of zero net debt as at 30 June 2015.
“The monetisation of the shared equity portfolio is in line with our strategy and represents another self help measure to improve profitability, reduce net debt and increase return on capital employed. The fact that we’ve been able to conclude this deal now is further evidence of the improving outlook for the sector.” LM
WoRLEYPARSonS ACQUIRES BERGEn GRoUP RoSEnBERG
WorleyParsons recently acquired 100% of the shares of Bergen Group Rosenberg AS (“Rosenberg”) for a cash consideration of noK 1,088m (including more than noK 200m of acquired cash). Rosenberg is a wholly-owned subsidiary of Bergen Group ASA, a listed norwegian company.
Rosenberg has a strong track record in the offshore oil and gas front end engineering and design, reimbursable EPC, long-term maintenance, modifications and operations, subsea fabrication, installation and hook-up markets.
The company has provided more than 100 years of continuous service to the maritime and offshore oil and gas industries, supplying high quality solutions engineered and fabricated at its facilities in Norway’s oil capital, Stavanger. From Stavanger it has strategic access to the Norwegian Continental Shelf (NCS) North Sea operations, now the largest offshore market in the world.
WorleyParsons’ CEO Andrew Wood said: “The impressive history, capability and depth of client relationships of Rosenberg provide the ideal platform for us to expand our presence in the Norwegian Continental Shelf offshore oil and gas market. I am excited that this acquisition will continue to strengthen and grow our ability to support our hydrocarbons clients in this region and globally particularly through our Improve offering and modular expertise.”
Rosenberg CEO, Kristin Færøvik, said: “We have been actively looking for a partner to help us grow our business and are very pleased that we now join the WorleyParsons group. We see that by combining the local Norwegian experience of Rosenberg with the global support of WorleyParsons, we can continue to expand our support to our clients.” LM
www.lawyer-monthly.com
Barratt Developments
Bergen Group Rosenburg
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132