Falcon Energy Group says its proposed acquisition of up to 205 million ordinary shares in the issued and paid-up share capital of CH Offshore from Scomi Marine Services for $143.5 million was approved by shareholders at the Extraordinary General Meeting (EGM) held earlier today.

Upon successful Falcon Energy Group of the transaction, which is expected to take place on or before 30 April 2010, FEG will become the largest shareholder of CH Offshore with a 29.07% equity interest.

Falcon Energy Group believes that making CH Offshore an associated company will bring significant synergistic advantages to both companies, thus boosting shareholder value in the long term.

The listed CH Offshore Group owns and operates a fleet of anchor handling tug supply (AHTS) vessels, supporting and servicing the Offshore Oil & Gas industry primarily in Indonesia, Australia, Latin America and the Middle East.

Its offshore support services are involved in various phases of offshore exploration, development and production activities which include towing and anchor handling of drilling rigs, transportation of supplies and personnel, and supporting other offshore activities.