Acquisition of N.U.T

N.U.T was established in 1984 and is specialized within design and production of diving systems.  After many years of low activity in the diving business, several specialized diving vessels are in production and even more are planned in the years to come.   N.U.T is a main player in the global diving market, and has an order reserve equal to NOK. 250 Million.  The general need for diving systems in the market has led to bigger and more contracts, and to take advantage of the market possibility we needed a collaborating partner.  Imenco with its capacity and knowledge in the subsea market was a natural choice says Mr Severin Sivertsen, previous main shareholder at N.U.T.   Mr Geir Egil Østebøvik, CEO at Imenco, points out that N.U.T. has been of interest for a long time, and he is now pleased to give N.U.T. a warm welcome to the Imenco group.   Imenco has a strategic goal to be a major player within the maritime sector, and an economic goal is to increase turnover to NOK 500 mill within year 2012.  With N.U.T. as a part of the group we a closer to for fill the goal says Østebøvik.  We have spent some time since the acquisition to reorganize and we hope to see synergistic effects both within purchasing and production.  We are also looking for more skilled employees in order to develop both diving systems and other products from Imenco.