OSLO (Thomson Financial) - Eitzen Maritime Services said it has agreed to
acquire Dubai-based ship supply firm Seven Seas for $115 million.
"Upon completion of the transaction, Seven Seas will be a subsidiary
of EMS and included in the company's ship supply division," Eitzen said.
The deal, which Eitzen said will be financed via an equity issue, is
expected to be completed by the end of third quarter.
Seven Seas has operations in Djibouti, Bahrain, Oman, Qatar and Kuwait, and
last year posted sales of $192.5 million.
alastair.reed@thomsonreuters.com
ar/ejb
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