Alcatel Sells Subsea Cable Shares

Its 74% stake in CTC Marine Projects, a UK cable installation specialist, have been acquired by two CTC directors

December 18, 2002

2 Min Read

PARIS -- Alcatel, the world leader in optical networking, announced today the sale of its 74% shareholding in British-based undersea cable installation specialist, CTC Marine Projects, in order to adapt its marine resources to the persistent downturn in the submarine cable networking market. The shares will be acquired by two existing shareholders, Managing Director Charles Tompkins and Finance Director John Johnson. Gaining full control of the company will allow CTC's directors to implement a diversification plan to enter the oil field and energy cable sectors, where the company has a wealth of past experience. "CTC's modern and technologically advanced fleet of cable ships (the Ocean Challenger and Skandi Neptune), ploughs and remote operated vehicles (ROVs) allow us to provide reliable undersea cable laying and enhanced burial services", said Charles Tompkins, Managing Director of CTC. "Our purchase of Alcatel's share in CTC will allow us to diversify our activities and offer our services to the oil & gas and power markets. While the telecommunications industry will still be a key market for us, our move into new markets will provide the opportunity for substantial and immediate growth." "Our partnership with CTC has been successful during the last two years and we wish them a lot of success in their diversification program", said Jean Godeluck, President of Alcatel's submarine activity. "We will continue to provide our customers with advanced installation and maintenance marine services provided through our state-of-the-art fleet of cable vessels. We plan to maintain a strong relationship with CTC and expect them to remain one of our key suppliers." Based in Darlington (UK), CTC is a specialist in offshore construction work. Since Alcatel purchased a share of CTC in 2000, the two companies have successfully worked together on projects such as FLAG Atlantic-1, Apollo systems in the Atlantic, the Japan-US and Southern Cross transpacific systems and MAC and MAYA-1 systems in the Americas. Alcatel SA CTC Marine Projects

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