DOF Subsea intends to launch an initial public offering (IPO) of its ordinary shares and to apply for a listing on Oslo Børs.
The company has previously been listed on the Oslo Stock Exchange in the period from November 2005 to December 2008, when DOF ASA and First Reserve took the company private.
The IPO should support DOF Subsea’s strategy and growth plans, and is expected to contribute to a sustained strong, diverse and long-term shareholder base for the company.
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.
DOF Subsea has retained ABG Sundal Collier and Pareto Securities as Joint Global Coordinators and Joint Bookrunners and ABN AMRO Bank N.V. and Clarksons Platou Securities as Joint Bookrunners.
Advokatfirmaet Thommessen is acting as Norwegian legal counsel to the company. Advokatfirmaet Wiersholm is acting as legal counsel and KPMG is acting as financial due diligence advisors for the Managers.