Coflexip objection

Because of an objection raised by Coflexip, Aker Maritime must temporarily postpone its redemption of minority shareholders. Redemption of shares is contingent on resolution of objections by creditors. The postponement will be handled in accordance with agreements with each shareholder. The French company Coflexip has raised an objection to the share redemption, based on a disputed claim. Under Norway’s Public Ltd Liability Companies Act, even disputed claims must be resolved before a stock redemption can be completed.
In 2000, Coflexip purchased a minor part of Aker Maritime’s operations. At the time that owner-ship changed, Aker Maritime received a USD 625 million payment. In accordance with the sales
contract, the amount paid by Coflexip is to be adjusted, based on the balance sheet of the acquired companies as of 31 December 2000. Under this section of the agreement, Co-flexip has made a claim for a USD 136 million refund. It is the view of Aker Maritime and its advisors that the bulk of Coflexip’s refund claim is unfounded. Nevertheless, it may take several months more to resolve the disputed claim through arbitration and the ensuing assessment by independent auditors.

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