DOF Subsea presses on with IPO plans

Norwegian subsea services provider DOF Subsea plans to launch an initial public offering (IPO) of its ordinary shares and to apply for a listing on Oslo Stock Exchange (Oslo Børs). 

The company and its shareholders, DOF ASA owning 51% and a fund managed by First Reserve owning 49%, first revealed they were thinking of coming back to Oslo Stock Exchange in May.

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

DOF Subsea explained on Friday that the IPO will support its strategy and growth plans, and is expected to contribute to a sustained strong, diverse and long-term shareholder base for the company.

 

Trading starts in June

 

The IPO will comprise a public offering to institutional and retail investors in Norway and a private placement to certain institutional investors internationally. Subject to approval of the listing application and successful completion of the offering, the company expects to be admitted to listing and start trading on Oslo Børs ultimo June 2017.

As part of the offering, the company and its shareholders are evaluating a primary issuance of new shares raising gross cash proceeds of approximately NOK 800 million, as well as conducting a partial sale of existing shares currently owned by First Reserve.

DOF ASA intends to maintain its current ownership level through participating with up to NOK 250 million in cash and a contribution-in-kind of two subsea vessels owned by DOF ASA as well as options to acquire two additional vessels. The contribution-in-kind is NOK 300 million, bringing the total equity raise to approximately NOK 1,100 million. First Reserve expects to remain a significant shareholder after the primary issuance and partial sale of shares.

The subsea company said that proceeds from the primary issuance will provide it flexibility to decisively pursue further organic growth opportunities and enhance its competitive position ahead of an anticipated market recovery.

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Offshore Energy Exhibition and Conference (OEEC)

The three-day event features an exhibition where over 600 companies will showcase their products and services…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply