Møgster and Mohn join forces to inject NOK 400 million into DOF
The money they will use to increase ownership in DOF Subsea. But if the plans are to succeed, the creditors must agree to adjust the debt.
On Monday afternoon, the Austevoll shipping company DOF announced that they would raise NOK 500 million through an emission.
400 million will come from the company Møgster Mohn Offshore AS, which is the largest owner of DOF ASA, according to the stock exchange announcement.
Until recently Møgster Offshore AS was the largest owner of the company, but according to CEO Mons Aase, the company has just changed its name to Møgster Mohn Offshore AS.
As it appears from the name, they have also got aother person on the owner’s side.
A month ago, Mohn transferred all of his 138 million shares in DOF to Møgster Offshore AS.
Perestroika AS now holds 33.6 per cent of the shares in Møgster Mohn Offshore AS, while Helge Møgster’s company Laco has the remaining 66.4 per cent, according to the stock exchange announcment.
It has not been possible to get in touch with Helge Møgster for a comment about the new owner’s constellation
According to the announcement, the purpose of the share issue is to increase ownership in the subsidiary DOF Subsea from 51 to about 65 percent.
The DOF will do this by buying shares from the US First Reserve fund, which currently owns the remaining 49 percent of the company.
The price is set at NOK 10.50 per share, which values DOF Subsea to NOK 1.26 billion.
According to the presentation, which was sent out in connection with the stock exchange announcement, the book value of the company is approximately NOK 6 billion.
– We do this because we get a bigger stake in DOF Subsea at a price we think is good, says Mons Aase CEO, who even enters the company with NOK three million in the emission.
The most profitable segment
In the spring, DOF announced that they would list DOF Subsea on the stock exchange, but then they retreated and said they would wait for better market conditions.
– How is it related to what’s happening now?
– The First Reserve has been in since 2008 and is in a phase where they do not want to invest more. It gave us the opportunity to increase our share and make a good deal for DOF, says Aase.
The Austevoll shipping company with a fleet of 68 ships, making it Norway’s second largest offshore shipping company, gets most of its revenues from the subsea segment these days, with most of the ships placed in DOF Subsea.
While supply and anchor handling vessels barely manage to cover operating costs nowadays the rates have remained relatively good for the subsea segment.
– Revenues are still quite good in DOF Subsea, says Aase.
© Sysla / Norway Today