DOF Subsea mulls Oslo stock exchange comeback

Norwegian subsea services provider DOF Subsea and its shareholders, DOF ASA owning 51% and a fund managed by First Reserve owning 49%, have decided to start reviewing the opportunity for the company to apply for a listing on Oslo Stock Exchange.

The company has previously been listed on the Oslo Stock Exchange from November 2005 until December 2008, when DOF ASA and First Reserve took the company private.

According to the company’s statement on Thursday, as part of a potential listing, the company and its shareholders plan to evaluate a primary issuance of new shares in an offering as well as a partial sale of existing shares by First Reserve.

DOF ASA intends to maintain its current ownership level, through participating with up to NOK 250 million in a cash issue, and contribution-in-kind of two subsea vessels owned by DOF ASA as well options to acquire two additional vessels. First Reserve expects to remain a significant shareholder after the primary issuance and partial sale of shares.

DOF Subsea said that proceeds from the primary issuance will provide flexibility for the company to decisively pursue growth opportunities and enhance the company’s competitive position ahead of an anticipated market recovery.

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