Norwegian offshore shipowner DOF Group has completed the purchase of Maersk Supply Service (MSS), now operating a fleet of 78 vessels of which 65 are owned.
DOF announced on July 2 that it would through the newly incorporated subsidiary DOF Offshore Holding Denmark, on certain terms and conditions, acquire all the shares in Maersk Supply Service A/S, renamed to DOF Denmark, from Maersk Supply Service Holding A/S (MSSH), a subsidiary of A.P. Møller Holding.
With the completion of the transaction, MSSH will receive a combination of $577 million in cash and 58,883,073 new shares in DOF.
Furthermore, DOF had launched a private placement of new shares in the company to raise gross proceeds of the NOK equivalent of $100 million in order to part-finance the transaction. On July 3 it was announced that the private placement had been successfully placed and that MSSH, subject to completion of the transaction, would subscribe for and be allocated 2,686,591 new shares in DOF. On October 7 it was announced that the subsequent offering was cancelled.
DOF reported on November 1, that the transaction had been completed. According to the company, the core businesses remain unchanged.
Mons Aase, CEO of DOF Group, 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.”
To settle part of the purchase price and complete the private placement, DOF’s board of directors has also resolved to issue the 58,883,073 consideration shares and the 2,686,591 new shares to MSSH..
Following the registration of the share capital increase in the Norwegian Registry of Business Enterprises, the company’s share capital will be NOK 615,696,637.50 divided into 246,278,655 shares, each with a nominal value of NOK 2.5. Following completion of the transaction and registration of the share capital increase, MSSH holds 25% of the total share capital and voting rights in DOF.