DOF Subsea - Deepocean merger?

Member Joined: May 14, 2006 Location: Norway

DOF have now bought 40% of DeepOcean, do we see a merger coming?

Both companies have loads of work and DOF have stated they will be one major player in this game. Gonna be interesting to see whats happening in the future..

Member Joined: Feb 20, 2007 Location: Outer Mongolia

I can't see a merger as DOF are now a massive company, and swallow up Deep Ocean with out so much as a burp, a takeover maybe? but i can't see that happening either as Solstad are a major share holder in Deep Ocean, but to make things even more complicated DOF and Solstad have a joint venture on the go in Brazil called NorSkan so you never know DOF and Solstad join forces and f**k over the big four subsea construction companies by charging inflated day rates for all the large new state of the art construction/dive vessels they are chartering from them?????

Member Joined: May 14, 2006 Location: Norway

Solstad sold all their shares in DeepOcean a year ago, so they are out of the ROV market.
The JV between Solstad and DOF ended at least a year ago, Solstad got Far East and DOF got Brazil. I don't see any cooperation between these two companies anymore.
Østensjø still have shares in DeepOcean, and have stated in media that they consider the DOF raid as hostile, so I don't think DOF are cooperating with any other company in this raid.

Member Joined: May 20, 2006

DOF Subsea has apparently now got over 40% stake in DeepOcean.

I heard its something like 52% due to a mutual stekeholder in both companies having a finger in both interested pies and adding to the overall stake in DeepOcean??

Is Geo Century now DOF Subsea UK aswell?

ROVworld Webteam Joined: Dec 26, 2003 Location: Scotland

rigboot wrote:

Is Geo Century now DOF Subsea UK aswell?

Yup. They bought them some time back, along with Geoconsult in Norway. Have a look at their homepage and you will see DOF are quite a large worldwide company now.

Member Joined: May 14, 2006 Location: Norway

Guess it's not gonna be any merger since Trico came in and got 51% of the shares right in front of DOF's nose..

Rumours are heard that DOF got a problem with the finances due to the drop in world finance sector earlier this year.

DOF CEO Mons Aase stated in the paper that the Trico buy came as a surprise and that he still feels a merger with DOF would be the best solution for DeepOcean.

ROVworld Webteam Joined: Dec 12, 2003

http://rovworld.com/phpnuke/modules.php?name=News&file=article&sid=2268&mode=thread&order=0&thold=0

Member Joined: Mar 01, 2007

Seems this story continues to run.

9th July: DOF ASA have now indicated that they are doing due diligence along with an unknown finance provider to aquire all the shares in DOF Subsea. The new company will then take on all of DOF Subsea's rights to the 3-off ROV Support vessels being built in india as well as the Skandi Acergy just completed for Acergy. Guess it also includes the Skandi singapore as well.

This financial partner will also then invest 25% in owning Norskan AS to raise money for investments in Brazil....

Anyone any idea what all this means for DOF Subsea employees (or soon to be ones !!). Shocked

Member Joined: Dec 17, 2003 Location: Thailand

Hmmmmm.... 3 ships built in India... Was a a ship built in India and on it's maiden voyage (to customer) one of the main engines broke down, after hooking up the ROV and topside equip in it's respective ROV closet someone switched on the hot plate in the galley and ca-chunk, breakers popped and... ad infinum

So I guess they've got a better company building the vessels??

Horris,

If it means a pay cut (which you're implying in a roundabout way) for the DOF employees are you going to try it with your lads????

Member Joined: Mar 01, 2007

By soon to be, I mean that I am about to be an employee !!
The vessels I am referring to as I understand it are not complete yet, somewhere in 2009 - 2010. Hopefully not the same yard as the one you mention !

Member Joined: May 14, 2006 Location: Norway

Horris: Any pay cut is far from it, believe in a hefty pay RISE this year.

Think the main reason for inviting a partner with money, is to support new buildings and expansion worldwide, espesially in Brazil. Have heard it's a UK based venture capital investment fund that's the mentioned partner.

DOF takes the big decisions regarding DOF Subsea anyway, regardless of stock percentages.

Member Joined: May 14, 2006 Location: Norway

And here we go again:

http://www.rovworld.com/article4809.html