Badger Explorer ASA – Acquisition of Additional 25% of Calidus Engineering Ltd.
Today Badger Explorer ASA (“BXPL”) has acquired an additional 25% stake of its subsidiary Calidus Engineering Ltd. (“Calidus”), UK for a consideration of £ 932,685. After the purchase BXPL holds 75% of it subsidiary.
In 2007 the parties have agreed upon an acquisition model through which Badger Explorer ASA gradually acquires 100% of Calidus until 2013. BXPL initially bought 50% of Calidus Engineering Ltd. through a combined purchase of outstanding shares and a share issue. Today additional 25% have been acquired and the remaining 25% will be purchased in 2013.
Calidus is a well-reputed multi-discipline engineering company specializing in designing down-hole equipment for harsh environments. In addition to modeling and engineering design services, Calidus has a machine shop equipped for manufacturing of prototypes. Revenue comes from local and global clients within the oil industry, the geothermal industry as well as from the field of R&D.
Calidus is an important contributor to the Badger Explorer development work. Throughout 2010 27% of Calidus’ turnover was related to the Badger Explorer development project. Calidus has a solid financial position with a turnover of MNOK 15.8 in 2010 and a net result before tax (EBT) of MNOK 3.2. The equity ratio is 88.6%.
“Over the course of the last few years Calidus has become one of BXPL’s vital suppliers. The company’s know-how and knowledge has assisted BXPL in solving technical challenges during the prototype phase. Calidus’ involvement during the upcoming pre-commercial phase will increase and their contributions will be important for BXPL reaching its goal – commercializing the Badger Explorer. Through the purchase of additional 25% of Calidus BXPL has secured vital know-how for the further development of the tool and we are looking forward to an even closer cooperation between the two companies.” says Kjell Erik Drevdal, Badger Explorer ASA’s CEO.
The acquisition has been approved by BXPL’s Board of Directors.
Stavanger, 15 April 2011
For further information, please contact:
Kjell Erik Drevdal, CEO, cell phone +47 916 43 552, office +47 52 97 45 15
Gunnar Dolven, CFO, cell phone +47 908 53 168, office +47 52 97 45 40