NPM sells Seafox

NPM has sold its stake to a group of mainly Middle Eastern investors, which are the current shareholders of HM MOS International, the parent company of Millennium Offshore Services.

The Cordia family, from whom NPM acquired its stake in 2009, and the Van der Lely family have also sold their shareholdings to the investors of HM MOS.

Millennium's shareholders have acquired most of the company, with Seafox's current shareholders retaining a minority stake in the new entity. Millennium and Seafox have combined to form an enlarged group, which will operate under the Seafox name.

The new group employs 700 staff and had a combined EBITDA of $200m on revenues of $777m for the year ending in September 2014.

NPM acquired its stake in Workfox in February 2009 from the Cordia family, according to unquote" data.

Company
Founded in 1991 and headquartered in Hoofddorp, Seafox is the parent company of Workfox and Seafox Contractors.

Seafox operates a fleet of five jack-up rigs for use during the start-up, modification, maintenance and decommission of offshore oil and gas platforms.

People
Kees Arend is the CEO of NPM. Following the merger of Millennium and Seafox, the new entity's senior executive committee will include Robert Duncan as group CEO. Current Seafox CEO Keesjan Cordia will remain an executive for Seafox during the transitional period before joining the advisory board of the company.

Advisers
Company - KPMG (Corporate finance); Loyens & Loeff (Legal).
Acquirer - ABN Amro (Corporate finance); EFG-Hermes (Corporate finance); Goldman Sachs (Corporate finance); Freshfields (Legal).

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