Offshore Service Rig Deal Sinks Amid International Pressure

Law360 (February 13, 2020, 6:00 PM EST) -- Prosafe and Floatel, two of the largest suppliers of semi-submersible offshore rigs used to accommodate oil and gas workers, abandoned their planned merger on Thursday amid scrutiny from antitrust enforcers in the U.K. and Norway.

Inked in June, the all-stock merger of equals would have created a company with $600 million in annual revenue, according to a deal announcement from the time. The Norwegian Competition Authority found in October that the move should be blocked, and the U.K.'s Competition and Markets Authority said last month that blocking the deal may be the only way to fix the problems it had found....

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