Shell Bidco Announces Bid for Cove

Shell Bidco Announces Bid for Cove

The Boards of Cove and Shell Bidco announces the outline terms of a proposedcash offer for the entire issued and to be issued share capital of Cove (the “Proposed Offer”).

Shell Bidco is an indirect wholly-owned subsidiary of Shell. The announcement of this Proposed Offer follows the decision announced by Cove on 5 January

2012 to conduct a formal sale process for the company. Shell Bidco is a participant in the formalsale process and, as a result of such participation, Shell Bidco and Cove are near agreement onthe full terms and conditions of a recommended cash offer by Shell Bidco for Cove.

Shell Bidco is making this announcement regarding its Proposed Offer as it requires additional time to ascertain the timetable and process for obtaining the Mozambique Consent and the terms of such consent.

Notwithstanding this announcement, the formal sale process, including the dispensations granted by the Panel on Takeovers and Mergers in connection therewith (as detailed in the announcement by Cove on 5 January 2012), shall continue.

Offshore Nieuws Staff, February  23, 2012; Image:  Cove