Final closing of NCA’s acquisition of I.O.S.

Stavanger, 23rd May 2007:
Norse Cutting & AbandonmentAS (NCA) has today announced the final closing of the acquisition of 70% of the shares in the mooring company I.O.S Offshore AS (I.O.S). NCA has an option to acquire the remaining 30% of I.O.S.

I.O.S. is a leading specialist supplier of services and equipment for rig mooring, towing operations, pre-lay mooring systems and special mooring arrangements to the oil and gas industry. The head office is located in the Dusavik base outside Stavanger, and there are additional locations at four supply depots along the Norwegian coast line.. I.O.S. has showed strong growth the past years, and revenues are expected to exceed NOK 140 million in 2007. The company has 12 employees.

“We are impressed by the growth that I.O.S. has shown over the past years and the strong position the company has achieved within the mooring market. By combining NCA’s international network and competence about marine operations and decommissioning with I.O.S. specific competence within mooring and lfting we can offer a very attractive combitnation of services to our customers”, says Knut Bang, CEO of NCA.

I.O.S. was founded in 1989 by Per Ravnestad and William Førre, who will continue as shareholders of the remaining 30% of the company.

With the inclusion of I.O.S. the NCA group counts 160 employees world wide. Consolidated revenues for 2007 are expected at about NOK 500 million.