Business

A company controlled by the late Sheikh Al Nasser may back out of Norwegian deal

The bid for Norwegian oilfield services group may be at an end.

OSLO // An Abu Dhabi firm's plan to acquire Norway-listed oilfield services group Scorpion Offshore has been cast in doubt by the death of Sheikh Nasser Bin Zayed Al Nahyan in June, the Oslo bourse said on Monday. Sheikh Al Nahyan, the brother of Sheikh Khalifa Bin Zayed Al Nahyan, the President of the UAE and Ruler of Abu Dhabi, died when a helicopter carrying him and colleagues crashed over the Gulf.

Sheikh Al Nahyan was the chairman of Fortune Super Equity Management (FSEM), which announced in February it aimed to acquire Scorpion Offshore, on condition that its offer of 80 crowns (Dh55) per share was accepted by shareholders with 90 per cent of the stock. Its bid was challenged by Norwegian oilfield services group Seadrill, which in April raised its stake in Scorpion Offshore to 36 per cent through a competing 80-crowns offer.

FSEM said on June 19 that it still intended to pursue a bid for Scorpion and a final offer would be made "in due course." But on Monday the Oslo stock exchange said FSEM had informed the bourse that it was reconsidering whether to make a bid after the death of the Sheikh, who controlled FSEM for the royal family. The bourse said it had not received any offer document from FSEM and asked the Abu Dhabi firm "to promptly clarify this uncertainty through an announcement to the market."

Scorpion Offshore shares were down 1.5 per cent at 80.0 crowns by 1106 GMT, valuing the company at about $914 million (Dh3.4bn). *Reuters

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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