Oslo-listed offshore cable-solutions provider Oceanteam, which has been in talks over a potential merger with Norway’s cable handling equipment provider Passer Group, said Friday that the parties had agreed to discontinue negotiations.

Oceanteam, which has, in a strategic shift, recently sold off its offshore construction vessels in the oil & gas segment, said the two companies decided “not to pursue the anticipated transaction since final agreement on the underlying economics could not be reached.”

“The Board of Directors, in the best interest of Oceanteam shareholders, will continue the strategic reorientation process of the company and has asked Hans Reinigert to lead and manage the company during this process,” the company said.

Reinigert will resign as Board Member and take up the position as CEO, replacing Henk Hazenoot, effective November 1, 2021.

“The Board has meanwhile started a search in view of the vacant Board position and takes this opportunity to thank Henk Hazenoot for his dedication, time and effort during his tenure. To ensure a proper hand-over Henk Hazenoot will remain with the Company until 1 January 2022,” Oceanteam said.

Hans Reinigert stated: “Having been closely involved in the restructuring of the company, which led to the divestment of our shipping assets, a clean balance sheet and ample liquidity, the task at hand is to identify the best way forward for Oceanteam. For this we have time and we will carefully evaluate any new propositions with an open mind and in the knowledge that the transition to a New Economy is bringing about numerous interesting opportunities that should create value for our shareholders.”

Earlier this year, on August 1, previous CEO Henk van den Ijssel decided to step down following the company’s sale of offshore vessels, namely the Bourbon Oceanteam 101 and the Southern Ocean.

He said at the time: “With my background in the offshore oil & gas construction business, one of my main tasks was the management and divestment of the shipping activities thereby paving the way for a different future for Oceanteam. These tasks have now been successfully accomplished and this, therefore, is a natural moment to leave the company. I wish the company nothing but the best in pursuing its new strategic objectives”.

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