Seajacks International Ltd has entered into a conditional Amalgamation Agreement with R/C Europe Offshore Investment Partnership, L.P. (Riverstone), a company controlled by Riverstone Holdings LLC, under which Riverstone will pay a cash consideration of NOK 90 per Seajacks share ("Amalgamation Consideration"). Upon completion of the transaction, the parties propose to combine Seajacks with a Bermuda-exempted company to be formed by Riverstone, which will be sole owner of the amalgamated company.

The Amalgamation Consideration represents a premium of 19 % to the three month volume weighted average share price ending on 18 December 2009 and 64 % to the closing share price on 27 July 2009, the last day prior to the announcement of the initiation of a strategic review process by Seajacks. The Amalgamation Consideration also represents a premium to the all time high share price of Seajacks.

Tags: Seajacks International Ltd