The Board of Oslo Børs announced this week, that it will allow Veripos Inc. to list on Oslo Børs or alternatively on Oslo Axess subject to certain conditions with ticker VPOS. The planned listing is to be done in a spin-off (as a stock dividend) from current parent company Subsea 7 S.A. (OSE: SUBC). The listing is supposed to be done no later than July 27th and Subsea 7 said that the expected first day of trading is July 26th, that also then being the ex-dividend date for Subsea 7 shareholders. This naturally needs to be approved by a general meeting of Subsea 7 shareholders next Friday. The plan is for Subsea 7 shareholders to receive one Veripos share for every 10 Subsea 7 share held.
Oslo Børs concluded that despite offering a substantial amount of its services to Subsea 7, the wholly owned indirect subsidiary is not a part of core (seabed-to-surface services) operations of Subsea 7. Veripos does and will continue to offer its services to all market players and the aim is to enable the company to grow that offering. Veripos provides high precision satellite positioning services mainly for the offshore industry. It operates a worldwide Global Navigation Satellite System ("GNSS") reference stations network on land consisting of over 80 stations to provide data for vessels requiring very accurate positioning data and offers both software and hardware products.
The selection of GPS and Glonass augmentation services is mainly used by exploration seismic, survey, construction, drilling and DP marine market sectors that may need accuracy better than 10 cm. In between 2009 and 2011, Veripos’ revenues have grown from 33 million USD (under 200 million NOK) in 2009 to 41 (244 million NOK) million last year. The EBITDA in last two years has been steady at 10 million USD (close to 60 million NOK) as calculated by Subsea 7.
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