Subsea 7 Proposes Spin-off and Listing of VERIPOS
12 April 2012Subsea 7 is considering a listing of its VERIPOS business Luxembourg - April 12, 2012 - Subsea 7 S.A. (the "Company") (Oslo BÝrs: SUBC) announced today that it is considering a potential future spin off and listing of common shares in VERIPOS, a wholly-owned indirect subsidiary. VERIPOS is a world leader in the supply of high-precision GNSS positioning solutions for the offshore oil and gas industry.
The potential future spin off and listing of the common shares is subject to market and other conditions, including the approval by, and registration of the common shares with, the Oslo BÝrs.
The shares in VERIPOS will be distributed as a dividend in kind to the shareholders of Subsea 7 S.A. provided that the Board of Subsea 7 S.A. resolves to propose such distribution and the distribution is approved by the shareholders at the Annual General Meeting to be held on June 22, 2012.
The listing process is expected to be completed during Q3 2012.
The Company will keep their shareholders informed, as appropriate.