Scandpower – Lloyd's Register

Scandpower announced in August that we had signed Heads of Terms, HoT, with Lloyd's Register to acquire 100% of the share capital of Scandpower.

Following the signing of the HoT, Lloyd's Register has completed a successful due diligence of Scandpower.

However, given the current uncertain economic climate Lloyd's Register has delayed finalizing the acquisition with no firm commitment to a schedule to complete the deal.

Scandpower firmly believe that the combined strength of the two companies and the strategic fit could have made the foundation of a global power within the risk management area. During our discussions our good impression of Lloyd's Register has been reinforced. 

However, Scandpower cannot accept an undefined delay in the finalization of the acquisition.

Scandpower has a strong ambition to further expand our business. We need to develop our strategies and plans without the restraints and uncertainty that ongoing acquisition process would imply.

Based on the above the board of Scandpower has decided to terminate the Heads of Terms effective from 10.12.2008.

To the benefit of our clients Scandpower and Lloyd's Register will continue our cooperation on projects where both parties find this to be in our best interest.