Global Marine deal moves step closer

APPROVAL for Hong Kong organisation TSC Offshore Group to buy Yorkshire-based oilfield services company Global Marine Energy has been given.

The decision was made at an extraordinary general meeting held by TSC, formerly known as EMER, yesterday.

Shipley-based Global Marine, which supplies equipment for offshore oil drilling and exploration, said in December that the £11.6m takeover offer from the drilling group was “progressing” and should be completed by February 4.

However, TSC subsequently said it would not post its offer document until it had received formal approval from the Hong Kong Stock Exchange for the circular.

EMER is a holding company with several subsidiaries in the US and China.

Through its subsidiaries EMER engineers, develops, manufactures and supplies drilling related products to customers worldwide. It is valued at more than £100m.

Emer believes the acquisition of Global Marine would strengthen the Yorkshire company's management and help it to tackle challenges with working capital, commercial contracting and product delivery.