DOF ASA – NORSKAN LISTING AND IPO UPDATE
As previously communicated, DOF ASA ("DOF") has considered a possible listing in Brazil of its Brazilian operations, Norskan Offshore, in combination with a potential initial public offering (IPO). In August 2010, an application was sent to the Brazilian Securities Commission (CVM) for the listing of Norskan Offshore on the Sao Paulo Stock Exchange.
Although DOF is still of the opinion that a local listing could further strengthen Norskan Offshore’s market leading position in Brazil, DOF has decided to postpone a final decision in relation to a possible listing and IPO of Norskan Offshore until 2011. The application to the CVM has therefore been withdrawn.
The postponement will allow Norskan Offshore more time to further crystallise its growth prospects by taking delivery of additional newbuilds and achieve full contribution from vessels recently delivered. Hence, DOF believes that a postponement will be beneficial to a possible listing and IPO of Norskan Offshore.
Norskan Offshore currently operates a modern fleet of 20 high-end offshore vessels (of which 8 are Brazilian flagged and 2 are REB flagged), and manages a newbuild program of 7 vessels under construction in Brazil for delivery in 2010 (2 vessels), 2011 (2 vessels), 2012 (1 vessels) and 2013 (2 vessels). The company employs more than 800 people. As per end of September 2010, the DOF Group (including DOF, Norskan Offshore and DOF Subsea) had a contract backlog in Brazil in excess of NOK 20bn (including approximately NOK 9bn in options).
For further information, please contact:
Mons S. Aase, CEO, +47 91 66 10 12
Hilde Drønen, CFO, +47 91 66 10 09
With a multi-national workforce in excess of 3,000 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 25 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity.
DOF’s core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentine, Egypt, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.