DOF Offshore Holding Denmark, a subsidiary of DOF, has completed the acquisition of all shares in Maersk Supply Service from Maersk Supply Service Holding (MSSH).
The transaction involves a payment of $577m (DKr3.95m) in cash and the issuance of 58,883,073 new shares in DOF.
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To partially finance this acquisition, DOF has initiated a private placement to raise approximately $100m.
To settle a portion of the purchase price and complete the private placement, DOF’s board of directors resolved to issue the 58,883,073 Consideration Shares and 2,686,591 New Shares to MSSH, following authorisation at the company’s extraordinary general meeting (EGM) held in July.
The acquisition marks a considerable growth in DOF’s operational scale, with a workforce now exceeding 5,000 individuals and managing a fleet of 78 vessels, of which 65 are owned.
DOF will integrate Maersk Supply Service’s operations, excluding Maersk Offshore Wind and the Brazil operations, under the DOF Group and brand.
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By GlobalDataThe company’s core business, providing vessels and integrated services for the oil and gas sector and the burgeoning offshore wind market, remains unchanged.
DOF Group CEO Mons Aase said: “We would like to use this opportunity to welcome all our new colleagues to DOF. We very much look forward to collectively further developing the combined company as a global leading offshore service provider.”
With the share capital increase registered in the Norwegian Registry of Business Enterprises, DOF’s share capital will stand at Nkr615,696,637.50, divided into 246,278,655 shares, each with a nominal value of Nkr2.5.
After the transaction and the share capital increase, MSSH will hold a 25% stake in the total share capital and voting rights of DOF.
