Norway DOF Group to Buy Denmark $29 Billion Shipping Giant A.P. Moller Group Maersk Supply Service for $1.1 Billion, Combined Company to Operate under DOF Group Name & Brand
4th July 2024 | Hong Kong
Norway DOF Group has announced to buy Denmark shipping giant A.P. Moller Group (4/7/24: $29 billion market value) Maersk Supply Service for $1.1 billion, with the combined company to operate under DOF Group name & brand. DOF Group (2/7/24): “DOF Group ASA (“DOF” and together with its subsidiaries the “DOF Group”) today announces that it has entered into an agreement to acquire Maersk Supply Service A/S (“MSS”) to further enhance its position as a major integrated offshore services provider. 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 (“MSSH”), a subsidiary of A.P. Møller Holding A/S (“A.P. Moller Holding”). 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. DOF and MSS’ current operations are both strategically and geographically complementary, and future growth ambitions are strongly aligned. Leveraging the two global organisations’ strong capabilities and competencies that will further enhance the combined company’s position as a major integrated offshore services provider. The combined company will be one of the largest oil services companies listed on the Oslo Stock Exchange … … Transaction structure, governance, conditions and completion timetable – 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. The acquisition is supported by the Board of Directors of MSSH, MSS and DOF, as well as shareholders in DOF representing more than 50% of the outstanding shares. 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. Closing of the transaction is among other things subject to clearance by certain regulatory authorities,availability of financing, approval of a prospectus for listing of the consideration shares, various approvals by an extraordinary general meeting ofDOF (“EGM”) (including approval by an authorisation to the DOF board of directors to issue the consideration shares), completion of the above mentioned carve-out and certain other customary conditions. It is expected that DOF will call for the EGM to be held ultimo July 2024. Subject to satisfaction of the conditions, the currently expected closing date of the transaction is during Q4 2024.”
” Norway DOF Group to Buy Denmark $29 Billion Shipping Giant A.P. Moller Group Maersk Supply Service for $1.1 Billion, Combined Company to Operate under DOF Group Name & Brand “
About Maersk Supply Service A/S – Maersk Supply Service is a leading provider of marine services and project solutions for offshore energy sectors, and part of the A.P. Moller Group. With a large fleet of anchor handling and subsea support vessels, the company specialises in towing, mooring, and installing floating units. MSS employs around 1,400 offshore and 260 onshore staff. Headquartered in Lyngby, Denmark.
About DOF Group – With a multi-national workforce of about 4,200 personnel, the DOF Group is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 40 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF’s core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention, and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top-quality offshore services to facilitate an ever-growing and demanding industry. The Company’s main operation centres and business units are in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
Norway DOF Group to Buy Denmark $29 Billion Shipping Giant A.P. Moller Group Maersk Supply Service for $1.1 Billion, Combined Company to Operate under DOF Group Name & Brand
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