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BRIEF-DOF Subsea mulls return to Oslo stock exchange
May 11, 2017 / 6:28 PM / 3 months ago

BRIEF-DOF Subsea mulls return to Oslo stock exchange

May 11 (Reuters) - DOF ASA

* DOF Subsea AS and its shareholders, DOF ASA (51 pct) and a fund managed by First Reserve (49 pct), have decided to start reviewing the opportunity for the company to apply for a listing on Oslo Stock Exchange

* The company was listed on the Oslo Stock Exchange from November 2005 until December 2008

* As part of a potential listing, the Company and its shareholders plan to evaluate a primary issuance of new shares in an offering as well as a partial sale of existing shares by First Reserve

* DOF ASA intends to maintain its current ownership level through participating with up to NOK 250 million in a cash issue, and contribution-in-kind of two subsea vessels owned by DOF ASA as well options to acquire two additional vessels

* First Reserve expects to remain a significant shareholder after the primary issuance and partial sale of shares

* Says proceeds from the primary issuance will provide flexibility for the Company to decisively pursue further organic and strategic growth opportunities and enhance the Company's competitive position ahead of an anticipated market recovery.

* Says the Company has engaged ABG Sundal Collier and Pareto Securities as financial advisers

* DOF Subsea provides subsea construction, engineering, inspection, repair and maintenance and survey services

* DOF Subsea reported revenues of NOK 5,099 million and EBITDA of NOK 1,764 million in 2016 Source text for Eikon: Further company coverage:

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