DOF Group to buy Maersk Supply Service for $1.1 billion

STOREBø, July 3, 2024 – Norwegian supply shipping company DOF Group has agreed to buy Danish offshore marine services provider Maersk Supply Service (MSS) for USD 1.1 billion, the companies announced on Tuesday.

DOF Group owns a fleet of offshore and subsea vessels which it dedicates primarily to oil and gas operations. MSS specialises in towing, mooring and installing floating units for the offshore energy sector.

The acquisition will be paid partly in cash and partly in new shares to be issued by DOF. Following the transaction, Maersk Supply Service Holding, MSS’s current owner, will hold 25% of the share capital in DOF.

“Our talented employees, modern fleet and geographical spread will create a leading offshore service provider characterised by unique scale and a wide range of product and service offerings across key markets,” said Christian Ingerslev, CEO of Maersk Supply Service.

The combined company will operate under the DOF Group name and brand and will command a total fleet of 78 modern vessels to serve the offshore wind and oil and gas markets. It will be one of the largest oil services companies on the Oslo Stock Exchange, with a combined market cap of approximately USD 2.3 billion around the time of the deal.

The transaction will not include MSS’s offshore wind installation business and its operations in Brazil.

Photo courtesy of DOF Group

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