Ezra says it has entered into a conditional share purchase agreement with Aker Solutions AS (AKSO) and Aker Oilfield Services AS (AKOFS) to acquire 100% Aker Marine Contractors AS (AMC) from AKSO for US$250 million ($325 million) and enter into a joint venture by acquiring 50% of AMC Connector AS (ACAS) from AKOFS for up to US$75 million.

The total consideration for the proposed acquisition is therefore US$325 million.

AMC is a subsidiary of Oslo Bors-listed Aker Solutions ASA, which is a leading global provider of subsea products and engineering services with a market capitalisation of more than US$3.5 billion. AMC’s immediate parent company is AKSO, which is a direct subsidiary of Aker Solutions ASA. AKOFS is a wholly-owned subsidiary of AKSO, and provides services to subsea fields worldwide, including subsea installation/completion to advanced well intervention operations.

Based on the proforma management accounts of AMC ended 31 August 2010, the book value and the net tangible asset value of the AMC Shares was US$49 million.

ACAS is a special purpose vehicle which has commissioned the construction of a state-of- the-art multi purpose construction vessel valued at US$300 million. The AMC Connector is expected to be delivered in early 2012 and has secured a long-term charter with a leading global industrial company based in Europe.

DBS Bank and J.P. Morgan (S.E.A) are the joint financial advisors to the company in relation to the proposed acquisition.

Meanwhile, Ezra and AKSO have entered into a five-year cooperation agreement. Under the deal, both parties will cooperate on a preferred supplier and customer basis to offer complete subsea solutions for clients by bundling AKSO’s broad product suite with the company’s integrated subsea assets and services.