2011-06-14-2011-05-19

To buy engineering & contracting company providing services primarily in UAE, Kuwait & Saudi Arabia.

Lamprell Plc, Dubai, U.A.E., (London: LAM) plans to buy Maritime Industrial Services Co. Ltd. Inc., Dubai, (Oslo: MIS) for US$336.1 million (NOK 1.87 billion).

The deal values Maritime Industrial at approximately US$7.07 per share (NOK 38).

Maritime Industrial provides engineering and contracting services to the energy sector with its operations primarily in the U.A.E., Kuwait and Saudi Arabia. The company divides its operations into six main business lines: new build, upgrade and refurbishment, EPC services, fabrication, H2S safety services and technical services.

Lamprell expects the purchase to provide complementary business areas, particularly in onshore service offerings.

Lamprell chief executive Nigel McCue says, "There is a strong complementary fit between Lamprell and MIS, enabling the enlarged group to pursue new opportunities with enhanced resource and technical competence. In particular, we see real competitive advantage in the companies' combined engineering offering as well as greater access to new business in the downstream and onshore sectors."

Maritime Industrial managing director Kevin Hudson says, "The complementary nature of our two businesses provides significant opportunities for the Enlarged Group, and its employees, going forward."

J.P. Morgan Cazenove, HSBC and Merrill Lynch International are financial advisors.