DOF Subsea is an international

subsea Subsea technology involves fully submerged ocean equipment, operations, or applications, especially when some distance offshore, in deep ocean waters, or on the seabed. The term ''subsea'' is frequently used in connection with oceanography, marin ...

operating company. The company provides integrated project managed and engineered subsea solutions to the global offshore oil and gas industry. The company offers services to oil and gas producing regions around the world. Assets include 26 offshore vessels, 52

Remotely operated vehicle A remotely operated underwater vehicle (technically ROUV or just ROV) is a tethered underwater mobile device, commonly called ''underwater robot''. Definition This meaning is different from remote control vehicles operating on land or in the a ...

s, 2

Autonomous underwater vehicle An autonomous underwater vehicle (AUV) is a robot that travels underwater without requiring input from an operator. AUVs constitute part of a larger group of undersea systems known as unmanned underwater vehicles, a classification that includ ...

and 11 diving spreads. The company also have 70 ROVs. The company has been operating since the 1980s. Supplied subsea services include seabed mapping, survey, repair and maintenance of subsea structures, construction support and engineering. DOF Subsea operates in over 10 countries across the world.

History and acquisition

In 2008, DOF ASA and

First Reserve Corporation First Reserve Corporation is a private equity firm specializing in leveraged buyouts and growth capital investments in the energy sector. First Reserve was founded in 1984 and is the oldest and largest private equity fund dedicated to investments ...

, an energy-focused private equity firm, entered into an agreement whereby DOF ASA, subject to the certain conditions being satisfied, would put forward an offer to acquire all of the outstanding shares of DOF Subsea at NOK 39.00 per share in cash. As part of the agreement, DOF and First Reserve had also agreed to enter into several subsequent transactions if the offer was successful and certain conditions were satisfied. If the offer was successful, DOF would proceed with a compulsory acquisition of the remaining outstanding shares in DOF Subsea and delist DOF Subsea. Following the acquisition of the remaining shares in DOF Subsea (including the compulsory acquisition), DOF would transfer 100% of the shares in DOF Subsea to a newly incorporated private holding company (HoldCo), which would then be owned 51% by DOF and 49% by First Reserve.

History and acquisition

See also