IHC Merwede Holding B.V. executed a signing protocol to acquire KCI the Engineers B.V. from Oceanteam ASA on January 3, 2018. IHC plans to maintain KCI as an independent brand and operating company which will continue to serve external clients whilst also working on IHC projects. Oceanteam will continue to have access to all intellectual property built up over the years in relation to Oceanteam's vessels, carousels, KCI's engineering capabilities through a long term service level agreement and other assets. The deal is subject to certain conditions precedent through an agreed sale and purchase agreement. The transaction is not subject to regulatory approval. Oceanteam will use the proceeds of the sale to improve its liquidity and to reduce outstanding debts. IHC Merwede Holding B.V. completed the acquisition of KCI the Engineers B.V. from Oceanteam ASA on January 15, 2018. The required conditions precedent have now been fulfilled. Consequently the transaction has been closed through signing of the sale and purchase agreement and ancillary documents.