DOF Group to Acquire Maersk Supply Service in $1.1 Billion Deal

Norwegian vessel owner DOF Group is set to acquire Maersk Supply Service (MSS) from A.P. Møller Holding in a deal valued at approximately $1.1 billion. The acquisition will see DOF's fleet grow by 22 vessels, bringing its total to 65, and will make it one of the largest offshore services providers listed on the Oslo Stock Exchange.

The acquisition, facilitated through DOF Offshore Holding Denmark, includes a $577 million cash payment and the issuance of 58,883,073 new shares to Maersk Supply Service Holding (MSSH), granting MSSH a 25% stake in DOF. This transaction is expected to be completed by Q4 2024, subject to regulatory approvals.

Upon completion, the expanded DOF fleet will include eight high-specification construction support vessels (CSVs), 13 high-specification anchor handling tug supply (AHTS) vessels, and one cable layer. The combined entity will operate under the DOF brand, with a workforce of over 5,400 employees and a modern fleet that will enhance its global reach and service capabilities in the offshore and subsea markets.

“The announced transaction today marks a strategic milestone for the DOF Group, driven by a strong industry rationale and a shared vision with A.P. Moller Holding,” said Mons Aase, CEO of DOF. “We will create a leading offshore services provider and strengthen the global position of the combined company.”

This deal excludes MSS' operations in Brazil and its offshore wind installation business, which has already been spun out as Maersk Offshore Wind. With the world's largest fleet of CSVs and high-end AHTS vessels, the newly expanded DOF Group aims to provide industry-leading services with increased scale and global reach.

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