Norwegian offshore services group DOF has entered into an agreement to purchase 35 per cent of the subsidiary DOF Subsea for NOK 20 million ($2.2 million).
The acquisition is closely associated with the ongoing refinancing of DOF Subsea, the Oslo-listed offshore support vessel contractor said on Monday.
After the acquisition, DOF ASA will own 100 percent of the subsidiary.
The deal has been struck with FR Dolphin Lux Holding, owner of 51,131,358 shares in DOF Subsea, and Dolphin Invest 2, owner of 7,538,163 shares, both entities controlled by US-based fund First Reserve.
First Reserve has been looking to sell out of DOF Subsea. In September this year, First Reserve’s representatives resigned from the board. However, the assets of the subsidiary were not sold at that time.
Subsea World News Staff