1 Jul 2013 07:00
July 1st 2013
Nature Group PLC
"Nature Oil & Gas sells its 40% share in Stavanger based treatment facility SART"
Nature Group PLC (AIM: NGR), the leading maritime and offshore oil and gas waste treatment specialist is pleased to announce that its Norwegian subsidiary, Nature Oil & Gas AS, has sold its 40% share in onshore treatment facility SART.
In the past years Nature's Compact Treatment Units (CTU) have created a paradigm shift in the market, from onshore treatment of offshore produced waste, to offshore treatment utilising Nature's CTUs. Instead of shipping waste to shore for treatment, Nature's CTU can treat the waste close to where the waste was created, in an environmental friendly way, at a significantly lower cost.
Unlike the Group's other port reception facilities the SART operation is totally dependent on waste from offshore oil operations and, given Nature's move towards offshore treatment, its minority share of 40% in the onshore SART facility no longer fitted into Nature's strategy. The shares have been sold to the 60% shareholder, SAR, for a cash consideration of NOK 13.200.000 (appr. £ 1.4 million), giving rise to an approximate profit on disposal of £ 0.8 million subject to final completion of SART accounts, completion adjustments and movements in foreign exchange. Nature intends to reinvest these profits in its Oil and Gas operations. In addition to the sale Nature has signed a service contract with SAR to rent equipment and personnel to SAR to support the SART operation. This is for an initial three year period, renewable thereafter. In the year ended 31 December 2012 Nature's share of SART generated profits after tax were £102,056.
Stig Feyling, the CEO of Nature Oil and Gas, comments "Nature's growing CTU fleet, which currently has operations stretching from the Barents Sea and Norway to Tanzania and Brazil, requires our full attention. Furthermore, besides being the largest shareholder in SART, SAR was also the largest customer of SART whereas Nature didn't bring any waste volumes to the treatment facility. The proceeds from the sale can be used to further the expansion of our growing Oil and Gas division".
About Nature Group:
A company with more than 25 years' experience in waste water treatment and a unique corporate social responsibility (CSR) strategy that enables us to be truly a part of Nature and responding to the ever expanding and demanding legislative framework.
Nature Group combines port reception services and facilities, offshore treatment services and the latest sustainable waste treatment technologies in a steadily growing global network. Nature Group is traded on the AIM market, (ticker: NGR). www.ngrp.com
For further information contact:
Nature Group:
Andreas Drenthen, CEO Tel 0031 1812 911 44
andreas.drenthen@ngrp.com
Nature Oil and Gas:
Stig Feyling (CEO) Tel 0047 917 571 31
stig.feyling@ngrp.com
WH Ireland:
James Joyce / Nick Field, Nominated Adviser Tel 0044 207 220 1666
Seb Wykeham / Ruari McGirr, Broking Tel 0044 207 220 1666
Hermes Financial PR:
Chris Steele Tel 0044 7979 604 687
Trevor Phillips Tel 0044 7889 153 628