Archived Press Releases › Wellstream Holdings PLC - Divestment of FlexSteelTM Business
4th September 2009
The Company is pleased to announce that it has signed an agreement for the divestment of its onshore FlexsteelTM business to Prime Natural Resources Inc. for a total cash consideration in the order of USD $30 million. Completion and final consideration are dependant on standard business transfer conditions and confirmed asset valuation at 30 September 2009. Although FlexsteelTM is enjoying rapid market acceptance and is positioned for growth, it continued to be a small part of Wellstream's overall business, generating revenue of £13.7M in 2008; just over 4% of total Group revenue. This divestment allows Wellstream to focus on further growing its core offshore business.
Notes to Editors
Wellstream
Wellstream is a leading designer and manufacturer of bespoke flexible pipeline products, systems and solutions for the oil and gas industry. Wellstream's portfolio includes established product lines for use as dynamic flexible risers and static flowlines in deep and ultra-deepwater environments. In addition, newer product lines designed for use in high temperature/high pressure drilling and well service applications have also been introduced. With over 1000 employees internationally, Wellstream has offices and facilities in the UK, USA, Canada, Brazil, and Australia.
For further information, please contact:
Jason Nunn - Investor Relations
+44 (0)20 7968 8200
Peter Hewer
Tulchan Communications
+44 (0) 20 7353 4200