Norwegian offshore vessel owner DOF has abandoned its plans to spin off DOF Subsea, with shareholders deciding it would be more beneficial to wait for an improvement in stock market conditions.
DOF announced a review of a potential listing on the Oslo Stock Exchange in May, and subsequently announced a decision to proceed with an IPO early June. ABG Sundal Collier and Pareto Securities were appointed as joint global coordinators and joint bookrunners. The company had planned a public offering to institutional and retail investors in Norway and a private placement to certain institutional investors internationally.
“Despite receiving solid support for the DOF Subsea business case, the shareholders have concluded to await an improvement in stock market conditions before initiating an IPO,” the company said in a statement.
DOF owns 51% of DOF Subsea while private equity firm First Reserve Corporation owns the remaining 49%.