Norwegian subsea specialist DOF Subsea has announced its intention to launch an initial public offering and to apply for a listing on Oslo Bors.
DOF Subsea said the IPO will support the company’s strategy and growth plans, and is expected to contribute to a sustained strong, diverse and long-term shareholder base for the company.
DOF Subsea currently operates a fleet of 23 subsea vessels, in addition to 2 newbuildings and 69 ROVs. Having delisted from Oslo Bors in 2008, it is currently 51% owned by DOF ASA, with private equity firm First Reserve Corporation holding the remainder.
The IPO will comprise a public offering to institutional and retail investors in Norway and a private placement to certain institutional investors internationally. The company expects to commence trading on Oslo Børs by June 2017.
As part of the offering, the company and its shareholders are evaluating a primary issuance of new shares raising approximately NOK800m ($94.6m), as well as conducting a partial sale of existing shares currently owned by First Reserve.
“Proceeds from the IPO will provide flexibility for the company to decisively pursue further organic growth opportunities and enhance the company’s competitive position ahead of an anticipated market recovery,” DOF Subsea said in a release.
The company has appointed ABG Sundal Collier and Pareto Securities as joint global coordinators and joint bookrunners and ABN AMRO Bank and Clarksons Platou Securities as joint bookrunners.