DOF Subsea Mulls Oslo Exchange Comeback

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 Norwegian provider of subsea services 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.

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.

“Proceeds from the primary issuance should provide flexibility for DOF Subsea to decisively pursue further organic and strategic growth opportunities and enhance its competitive position ahead of an anticipated market recovery,” DOF said on Thursday.

The company has engaged ABG Sundal Collier and Pareto Securities as financial advisers.