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Saudi Advanced Industries Co Announces Cancellation of Sale of its 20% stake in NPS Bahrain for Oil and Gas Wells Services Agreement to AKER Solutions ASA


Friday, 23 Nov 2012 05:23am EST 

Saudi Advanced Industries Co (SAIC) announced that, further to the Company‚Äôs announcement concerning the sale of its 20% stake in NPS Bahrain for Oil and Gas Wells Services (NPS Bahrain) to AKER Solutions ASA (AKER), AKER ended on November 21, 2012 the process to acquire NPS Energy. The agreement was conditional upon a series of parameters being fulfilled before the end of the closing period. The agreement stated that if the transaction had not closed by November 20, 2012, both parties had the right to terminate from November 21, 2012. Aker Solutions ASA informed the seller of NPS Energy on November 21, 2012 that it has terminated the agreement. 

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