Deep Sea Supply Plc (OB:DESSC) agreed to acquire remaining 50% stake in Deep Sea Supply BTG AS from Sagale Beteiligungsverwaltungs GmbH for NOK 56 million on July 21, 2016. The settlement will be made in 31 million of shares, 10 million warrants at NOK 1.24 strike price and NOK 17 ($2) million of cash. The warrants to be issued as consideration will be converted to a maximum of 10 million shares of Deep Sea Supply as per the agreement yet to be signed. Upon completion of the transaction, BTG will own approximately 10.3% of the shares in Deep Sea Supply. Following completion of the transaction, Edwyn Neves will no longer be a Director of Deep Sea Supply BTG AS. The agreement is subject to standard closing conditions, including approval by the DESS's shareholders of the issuance of the warrants. The meeting of shareholders of Deep Sea Supply will be held on August 8, 2016 to consider the approval of the deal. PricewaterhouseCoopers Ltd, Cyprus acted as accountant for Deep Sea Supply Plc .The conversion were done through www.oanda.com on July 22, 2016.