DOF to Acquire Maersk Supply Service in $1.1 Billion Deal

DOF Group ASA will acquire Maersk Supply Service A/S (MSS) for approximately USD 1.112 billion.

The deal will be financed through a combination of cash and new shares, resulting in Maersk Supply Service holding 25% of DOF’s share capital post-transaction. The acquisition will see the combined entity operate under the DOF Group name, expanding its fleet to 65 vessels and strengthening its presence in both the oil & gas and offshore wind sectors. Maersk Supply Service’s fleet currently consists of 22 subsea and AHTS vessels.

The transaction is expected to lower leverage, increase dividend capacity, and create one of the largest oil services companies listed on the Oslo Stock Exchange.

“The announced transaction today marks a strategic milestone for the DOF Group, driven by a strong industry rationale and a shared vision with A.P. Moller Holding, who will indirectly become a major shareholder,” said Mons Aase, CEO of DOF. “Under the DOF name and brand, we will create a leading offshore services provider and strengthen the global position of the combined company. With the world’s largest fleet of CSVs and high-end AHTS vessels, we will enhance the customer experience through increased scale, global reach, and industry-leading services, combining the strong capabilities and decades of experience of DOF and Maersk Supply Service.

Following the acquisition, the DOF Group will comprise a workforce of more than 5,400 employees and a fleet of 78 modern offshore/subsea vessels, 65 of which are owned. The combined company will also have the engineering capacity to service both the offshore and subsea markets.

“This long-term solution for Maersk Supply Service’s OSV activities together with DOF Group is founded on our shared values and unwavering commitment to safety and efficiency of our operations,” added Christian Ingerslev, CEO of Maersk Supply Service. “The combination of our talented employees, modern fleet and geographical spread will create a leading offshore service provider characterized by unique scale and a wide range of product and service offerings across key markets for the benefit of our customers.”

Certain entities and assets, including the offshore wind installation business and MSS’ operations in Brazil, will be excluded from the MSS structure and not acquired by DOF.

The transaction is subject to regulatory approvals, financing availability, and other conditions, with an expected closing in Q4 2024.

The acquisition follows of A.P. Moller – Maersk’s divestment of Maersk Supply Service to A.P. Moller Holding, the parent company of the A.P. Moller Group, in 2023 as part of its strategy to focus on transportation and integrated logistics. The strategic restructuring began in 2016, leading to the divestment of its energy-related businesses, including Maersk Tankers, Maersk Oil & Gas, and Maersk Drilling.

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