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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
Barratt Developments
Bergen Group Rosenburg