CMB Tech completes merger with Golden Ocean

CMB Tech has successfully completed the stock-for-stock merger between the Golden Ocean Group and CMB Tech Bermuda, a wholly-owned subsidiary of CMB Tech, with CMB Tech Bermuda as the surviving company, and with CMB Tech as the issuer of the merger consideration shares.

At the special general meeting of shareholders of Golden Ocean on Tuesday, August 19, the merger was approved by shareholders holding 92.72 per cent of the shares present or represented at the meeting.

On Wednesday, August 20, CMB Tech issued 95,952,934 new ordinary shares by means of a capital increase by contribution in kind. These shares will be delivered to former holders of Golden Ocean shares as merger consideration at the exchange ratio of 0.95 ordinary shares of CMB Tech for each common share of Golden Ocean (subject to rounding), in accordance with the merger agreement.

CMB Tech said the merger creates one of the world's largest diversified listed maritime groups, featuring: a combined diversified fleet of around 250 vessels; a "future-proof" fleet with more than 80 hydrogen- and ammonia-ready vessels; fair market value of the fleet of approximately US$11.1 billion; a fleet with an average age of 6.1 years; and solid revenue visibility with a contract backlog of approximately US$3.0 billion.