In a significant move to strengthen its position as a leading integrated offshore services provider, DOF Group ASA has entered into an agreement to acquire Maersk Supply Service A/S (MSS) from Maersk Supply Service Holding A/S, a subsidiary of A.P. Møller Holding A/S. This strategic acquisition, valued at approximately USD 1.112 billion, involves a payment mix of cash and new shares, with the deal expected to close in Q4 2024.

Key Highlights of the Transaction

– Strengthened Market Position: The acquisition enhances DOF’s service offerings, particularly in the robust oil & gas and burgeoning offshore wind markets.

– Fleet Expansion: Includes 22 high-quality subsea and anchor handling tug supply (AHTS) vessels, reducing the average fleet age and boosting capacity.

– Strategic Synergies: The merger combines complementary operations across key geographical areas, promising significant operational synergies and enhanced market reach.

– Financial Insights: The transaction structure includes significant cash components and equity elements, providing a balanced financial approach that supports future growth.

The strategic alignment between DOF and MSS promises to create a powerhouse in the offshore services sector. According to Mons Aase, CEO of DOF, this move marks a pivotal moment, positioning the combined entity to leverage its enhanced scale and capabilities globally. The integration of MSS’s fleet and expertise under the DOF brand will likely set new industry standards for service quality and efficiency.

The completion of the acquisition hinges on regulatory approvals, financing availability, and shareholder consent, with an extraordinary general meeting scheduled for late July 2024. Post-acquisition, Maersk Supply Service Holding will hold a 25% stake in DOF, introducing new dynamics in the company’s governance structure.

This merger is set to redefine competitive boundaries within the offshore service industry, creating one of the largest entities listed on the Oslo Stock Exchange. The strategic foresight of both companies in navigating current market conditions suggests a robust outlook for the combined operations.

The DOF and Maersk Supply Service merger is not just a financial transaction but a strategic realignment of resources and ambitions. As the companies consolidate their strengths, the focus will remain on innovation, operational excellence, and an enhanced commitment to sustainability and client services across the globe.

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