DOF Subsea
Encyclopedia
DOF Subsea is an international subsea
operating company. The company operates in all major offshore petroleum markets with 23 offshore vessels, 25 Remotely operated vehicle
s, 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.
Subsea
Subsea is a general term frequently used to refer to equipment, technology, and methods employed in marine biology, undersea geology, offshore oil and gas developments, underwater mining, and offshore wind power industries.- Oil and gas :...
operating company. The company operates in all major offshore petroleum markets with 23 offshore vessels, 25 Remotely operated vehicle
Remotely operated vehicle
A remotely operated vehicle is a tethered underwater vehicle. They are common in deepwater industries such as offshore hydrocarbon extraction. An ROV may sometimes be called a remotely operated underwater vehicle to distinguish it from remote control vehicles operating on land or in the air. ROVs...
s, 1 Autonomous underwater vehicle
Autonomous Underwater Vehicle
An autonomous underwater vehicle is a robot which travels underwater without requiring input from an operator. AUVs constitute part of a larger group of undersea systems known as unmanned underwater vehicles, a classification that includes non-autonomous remotely operated underwater vehicles...
and 11 diving spreads. The company has been operating since the 1980s and has since 2005 been listed on the Oslo Stock Exchange
Oslo Stock Exchange
The Oslo Stock Exchange serves as the main market for trading in the shares of Norwegian companies. It opens at 9:00am and closes 5:30pm local time...
. The largest owners are DOF Rederi (42%) and DOF Rederi's parent company DOF ASA
DOF ASA
DOF ASA is a Norwegian supply shipping company that operates 67 vessels, of which 26 are owned. This includes 23 platform supply vessels, 21 anchor handling tug supply vessels and 23 multi purpose supply vessels. DOF ASA is the holding company for DOF Subsea AS in Norway and NorSkan Offshore Ltda...
(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.