On April 22, 2014, HAL Offshore Limited (“HAL”), and Coflexip Stena Offshore (Mauritius) Ltd. (“Coflexip”) announced the signing of a definitive agreement under which HAL has agreed to acquire up to the entire (75%) shareholding of Coflexip in Seamec Ltd. (“Seamec”), a company listed on BSE and NSE, at a price of Rs. 97 per equity share. Consequently, HAL has made an open offer, under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, to the public shareholders of Seamec Limited (“Open Offer”). The public announcement made in this regard is available on the websites of BSE and NSE.

In terms of the SPA, HAL proposes to acquire upto 25,425,000 equity shares representing upto 75.0% of the total paid up equity share capital of Seamec in two tranches, subject to the number of shares acquired in the Open Offer. In the first tranche, HAL proposes to acquire 17,289,000 equity shares representing 51.0% of the total paid up equity share capital of Seamec. Thereafter, subject to the number of equity shares acquired in the open offer, HAL shall acquire such number of equity shares in the second tranche, to bring its aggregate shareholding in the Seamec to 75.0% of the total paid up equity share capital of Seamec.

Equirus Capital acted as the exclusive financial advisor to the Acquirer.

HAL Offshore Limited

HAL is an end to end solution provider of underwater services and EPC services to the Indian oil and gas industry. Over the years, HAL has developed a diversified portfolio for undertaking turnkey projects involving sub-sea and marine services and as an EPC contractor.

Seamec Limited

Seamec is a major provider of diving support vessel based diving services in India. The company has extensive experience in ongoing subsea inspection, repair, maintenance and light construction required for the efficient and productive support of offshore oil production. The company is currently part of the Technip group.

Coflexip Stena Offshore (Mauritius) Limited

Coflexip is a Technip group company owning 75% of the total paid up equity capital in Seamec. Technip is a world leader in project management, engineering and construction for the energy industry. Technip is listed on the NYSE Euronext Paris Exchange and its ADR is traded in the US on the OTCQX marketplace.

Equirus Capital Private Limited

Equirus Capital is a full service investment bank providing best‐in class investment banking & related advisory services to large and mid-cap Indian corporates. Over the last 6 years, Equirus has built its credentials across domains & has created a niche for itself in its ability to structure and deliver transactions in‐line with client requirements. It has closed over 80 transactions across Private Equity, M&A, IPO and Structured Finance.