Offshore service provider Oceanteam has completed the sale of its Dutch-based engineering and consultancy company, KCI the Engineers B.V., to compatriot supplier of equipment, vessels, and services, Royal IHC.
To remind, Oceanteam and Royal IHC in early January executed a signing protocol under the terms of which IHC would acquire all of the outstanding share capital of Oceanteam’s KCI the Engineers B.V. subject to certain conditions precedent through an agreed sale and purchase agreement.
The two companies announced on Monday, January 15 that the required conditions precedent have now been fulfilled.
Consequently, the transaction under the terms of which IHC acquires all of the outstanding share capital of Oceanteam’s Dutch based engineering and consultancy company KCI the Engineers B.V. has been closed on Monday, January 15, 2018, through signing of the sale and purchase agreement and ancillary documents.
IHC plans to maintain KCI as an independent brand and operating company which will continue to serve external clients whilst also working on IHC projects. Oceanteam will continue to have access to all intellectual property built up over the years in relation to Oceanteam’s vessels, carousels and other assets.