DOF Subsea puts off IPO plans

Norwegian subsea services provider DOF Subsea has decided to wait with launching the initial public offering (IPO) after all due to volatile market. 

The company’s shareholders, DOF ASA with 51% and a fund managed by First Reserve with 49% ownership, started considering the opportunity for the company to apply for a listing on Oslo Stock Exchange in May.

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.

Come June and the company announced its intention to launch the IPO of its ordinary shares and to apply for a listing on Oslo Stock Exchange, expecting to be admitted to listing and start trading ultimo June 2017.

However, DOF informed on Friday that, since the review started, the general market sentiment for the oil service sector has been volatile, and oil price as well as pricing of oil services stocks has dropped significantly.

Therefore, despite receiving solid support for the DOF Subsea business case, the shareholders have concluded to await an improvement in stock market conditions before initiating an IPO, the company said.

The shareholders stated that they consider the company’s position to be strong with a substantial pipeline of new contracts starting in 2017.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2018 >>
MTWTFSS
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 31 1 2 3 4

FPSO Roundtables 2018

The entire FPSO value chain is now critically aware of how conventional modes of cooperation and project delivery must change in light…

read more >

International Petroleum (IP) Week 2018

International Petroleum (IP) Week, hosted by the Energy Institute (EI) is a renowned and highly respected event where leaders from the global…

read more >

8th Myanmar Oil, Gas & Power Summit

The Myanmar Oil and Gas Summit is the longest established Oil & Gas event in Myanmar. Every year the event is attended by government…

read more >

FPSO Europe Congress 2018

The FPSO Europe Congress 2018 builds on these themes, lending a particular focus to FPSO Value Preservation and Operational Excellence…

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

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