UPDATE 1-OMNI Energy agrees to be sold for about $66 mln

* To be sold to Wellspring Capital Management affiliate

* To get $2.75 per share in cash, premium of 29.7 pct

* Deal value around $122 mln including debt

* Shares up 22 pct

June 4 (BestGrowthStock) – OMNI Energy Services Corp (OMNI.O: ), an
environmental services provider to the oil and gas industry,
agreed to be sold for about $66.3 million to an affiliate of
Wellspring Capital Management LLC.

The offer price of $2.75 is at a 29.7 percent premium to
OMNI’s Thursday closing price of $2.12 on Nasdaq. The stock was
up 22 percent before the bell on Friday.

Wellspring would pay OMNI shareholders $122 million in
cash, including debt, OMNI said in a statement.

The transaction will benefit shareholders of the debt-laden
company, “especially in light of the uncertain markets after
the unprecedented drop in our end markets in 2009 and the
continued current uncertainty in the Gulf of Mexico,” CEO Brian
Recatto said.

The deal agreement allows OMNI to actively solicit other
possible bidders until July 16. In case of a better bid, the
termination fee would include a break-up fee of about $1.8
million and expenses of up to $0.75 million, the company said.

Stephens Inc is advising OMNI on the deal.

Stock Market Advice

(Reporting by Krishna N. Das in Bangalore; Editing by Vyas

UPDATE 1-OMNI Energy agrees to be sold for about $66 mln