Restructured Norwegian offshore vessel owner DOF has announced plans to return to the Oslo Stock Exchange via an initial public offering (IPO) of shares, with the first day of trading expected in the second quarter of this year.
The IPO is expected to consist of a private placement and public offering to investors in Norway and a private placement to certain institutional investors internationally. DOF said that prior to the launch of bookbuilding, the current shareholders will decide on the number of secondary shares offered for sale, if any. ABG Sundal Collier, Carnegie, DNB Markets and Pareto Securities are facilitators in the listing.
DOF’s restructuring was completed on March 22 through a significant conversion of debt to equity with attractive terms and maturity on the remaining debt. After the restructuring, the financial creditors took over the company with a share of 55.55% for the bondholders and 44.45% for the secured lenders.
The group has four offshore segments: DOF Subsea, DOF Rederi, Norskan Offshore and a corporate and vessel management unit. At the end of the first quarter, the group had a global workforce of 4,037 people, including hired personnel, a total fleet of 55 vessels and an orderbook of NOK22.1bn ($2bn).
Chairman of DOF, Svein Harald Øygard, commented: “After the restructuring the DOF Group has established a stable financial platform with medium-duration debt, modest interest rates and a fully invested and employed fleet. This provides a basis for increased equity value through fast deleveraging of the group’s debt, thus yielding benefit to the shareholders.”
