DOF Group ASA has announced an agreement to acquire Maersk Supply Service A/S (MSS), a strategic move to bolster its position as a premier integrated offshore services provider. This acquisition, conducted through the newly established DOF Offshore Holding Denmark ApS, involves a mix of cash and new DOF shares, totaling approximately USD 1.112 billion. Consequently, MSSH, a subsidiary of A.P. Møller Holding A/S, will acquire 25% of DOF’s share capital.
At the transaction’s conclusion, MSS will own 22 high-quality subsea and AHTS vessels, excluding certain entities and assets carved out prior to the acquisition. This merger positions the combined entity under the DOF Group name, significantly expanding its service range and global footprint in the offshore energy sector.
The newly formed company aims to leverage the complementary strengths and geographies of both organizations. It plans to use the combined fleet of 65 vessels to enhance its market presence, reduce the average fleet age, and increase its operational capabilities. The integration aligns with DOF’s strategy to serve the growing offshore wind market while maintaining a robust presence in the oil and gas sector.
CEO of DOF, Mons Aase, highlighted the strategic importance of the deal, emphasizing the creation of a leading offshore service provider. He noted the merger would improve customer experiences through increased scale and industry-leading services. Christian Ingerslev, CEO of Maersk Supply Service, echoed these sentiments, underscoring the shared values and commitment to safety and efficiency that underpin the deal.
The transaction structure ensures that certain MSS assets, including its offshore wind installation business and Brazilian operations, remain separate. The deal, supported by the boards and shareholders of DOF and MSSH, hinges on regulatory approvals and financing availability. DOF plans to fund the acquisition through a combination of new debt facilities and an equity raise, with MSSH committed to subscribing to 25% of the new shares issued.
Upon completion, the combined DOF Group will employ over 5,400 personnel and operate 78 modern offshore vessels, solidifying its position as one of the largest oil services companies listed on the Oslo Stock Exchange. The anticipated closing of the transaction is in Q4 2024, subject to various conditions and approvals.
