FRC and DOF make bid for DOF Subsea

Norwegian Shipping Group DOF ASA, together with First Reserve Corporation (FRC), has put forward a cash offer for all outstanding shares in the subsea services contractor DOF Subsea at NOK 39 per share.

DOF agreed a non-binding term sheet with FRC in July, with the initial intention being to put forward a cash offer of NOK 45 per share for all outstanding shares of DOF Subsea; a 47.5% premium to the closing price on 9 July. The current offer represents a premium of 27.9% to this closing price, and 41.8% premium to the closing price on the last trading day prior to the offer. If the offer is successful, DOF and FRC will enter into several subsequent transactions in DOF subsidiaries.

DOF Subsea provides survey, IRM, construction support and subsea engineering services. Headquartered in Bergen and with offices worldwide, DOF Subsea has been listed on the Oslo Stock Exchange since November 2005 and currently employs 1,200 people.

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