Norwegian offshore supply vessel company DOF Group has entered into an agreement to acquire Denmark-headquartered Maersk Supply Service (MSS) for $1.11 billion in a cash and stock deal.
Article continues below
Through the newly incorporated subsidiary DOF Offshore Holding Denmark ApS, DOF will on certain terms and conditions acquire all the shares in Maersk Supply Service A/S from Maersk Supply Service Holding A/S (“MSSHâ€), a subsidiary of A.P. Møller Holding A/S.
The acquisition will be paid partly in cash and partly in new shares to be issued by DOF, representing a consideration of approximately USD 1.112 billion (as of close on 28.06.2024).
After issuance of the consideration shares MSSH will hold 25% of the share capital in DOF. MSS will at the time of completion of the transaction own 22 high-quality subsea and AHTS vessels, following a carve-out of certain entities, vessels, assets and liabilities.
The combined company, operating under the DOF Group name and brand, will be a leading offshore service provider with comprehensive scale and a wide range of services across all continents in the offshore energy industries.
The combined company will be one of the largest oil services companies listed on the Oslo Stock Exchange.
Prior to closing of the transaction, certain entities, vessels, assets and liabilities will be transferred out of the MSS structure and not be acquired by DOF.
The offshore wind installation business has already been carved out of Maersk Supply Service. Further, the transaction does not include MSS' operations in Brazil.
In consideration for the shares in MSS and subject to closing of the transaction, A.P. Moller Holding’s subsidiary MSSH shall at completion of the transaction receive a combination of USD 577 million in cash (to be adjusted based on the locked-box accounts and subject to further adjustments at closing) and 58,883,073 new shares in DOF, leading MSSH to hold 25% of the share capital in DOF after issuance of the consideration shares. ■