DeepOcean in Merger Talks With DOF

Norwegian subsea services company DeepOcean ASA has begun non-exclusive merger talks with Norwegian shipping group DOF, DeepOcean has announced.

DOF announced last week that it had raised its stake in DeepOcean to 39.8 percent, just below the 40 percent level that would force it to make a compulsory bid for the whole company, writes Reuters.

DeepOcean will limit consideration of alternative offers should a large number of DeepOcean shareholders agree to a potential DOF offer, say its board of directors.

Last week, DeepOcean was awarded further maintenance and repair work on the Edda Fonn vessel under its Inspection, Maintenance and Repair (IMR) frame agreement with Norwegian oil company StatoilHydro.

By staff writer