DOF Subsea

DOF Subsea
DOF Subsea ASA
Type Public
Industry Subsea
Headquarters Bergen, Norway
Area served Global
Key people Stephen Brown (CEO)
Helge Møgster (Chairman)
Employees 1,200 (2007)
Website www.dofsubsea.no

DOF Subsea (OSE: DOFSUB) is an international subsea operating company. The company operates in all major offshore petroleum markets with 23 offshore vessels, 25 Remotely operated vehicles, 1 Autonomous underwater vehicle and 11 diving spreads. The company has been operating since the 1980s and has since 2005 been listed on the Oslo Stock Exchange. The largest owners are DOF Rederi (42%) and DOF Rederi's parent company DOF ASA (10%). Among the subsidiaries are Geoconsult and Geoshipping. DOF Subsea supplied subsea services, including seabed mapping, survey, repair and maintenance of subsea structures, construction support and engineering.

On 19 September 2008, DOF ASA and First Reserve Corporation, an energy-focused private equity firm, entered into an agreement whereby DOF ASA, subject to the certain conditions being satisfied, would put forward an offer to acquire all of the outstanding shares of DOF Subsea at NOK 39.00 per share in cash. As part of the agreement, DOF and First Reserve had also agreed to enter into several subsequent transactions if the offer was successful and certain conditions were satisfied. If the offer was successful, DOF would proceed with a compulsory acquisition of the remaining outstanding shares in DOF Subsea and delist DOF Subsea. Following the acquisition of the remaining shares in DOF Subsea (including the compulsory acquisition), DOF would transfer 100% of the shares in DOF Subsea to a newly incorporated private holding company (HoldCo), which would then be owned 51% by DOF and 49% by First Reserve.


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