Posted on July 8, 2024
Norwegian offshore vessel owner DOF has agreed to acquire Danish counterpart Maersk Supply Service from A.P. Moller Holding in a $1.11bn cash and share deal.
The combination will create one of the largest Oslo-listed oil services companies, with a combined market cap of around $2.3bn, a workforce of more than 5,400 employees, and 78 vessels, 65 of which are owned.
DOF said that one of the reasons behind the acquisition was immediate fleet expansion without the need for substantial newbuild lead time and a significantly lower per-vessel investment requirement.
DOF will get 22 vessels, as part of the deal, comprising eight CSVs, 13 AHTS vessels and one cable layer, in exchange for $577m in cash and a 25% stake in the combined company, which will operate under the DOF Group brand.
“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,” said Mons Aase, CEO of DOF.
The deal is expected to close in the fourth quarter. It excludes certain entities, vessels, assets and liabilities that will be transferred out of the Maersk Supply structure, operations in Brazil, as well as the offshore wind installation business, which has already been spun out as Maersk Offshore Wind.
Danish shipping giant Maersk sold Maersk Supply Service to A.P. Moller Holding, the parent company of its owner A.P. Moller Group in March last year, marking its final divestment in the energy-related business.
