DOF’s Post

Abu Dhabi’s ADNOC Logistics & Services (ADNOC L&S) has agreed to acquire maritime logistics firm Navig8 in a deal valued at $1.49bn, as it seeks to expand its global presence. Under the deal, ADNOC L&S said it will acquire an 80 per cent stake for $1.04bn, with economic ownership transfer effective from January 1, 2024. The Abu Dhabi maritime logistics firm will buy the remaining 20 per cent stake in 2027 for a deferred consideration of $335m to $450m, according to a bourse filing on Monday. “This value accretive acquisition marks another major milestone as we deliver on our transformational growth strategy. The addition of Navig8’s presence in 15 international cities, a fleet of tankers and world-class services will expand our geographical footprint and service offering, cementing our position as a leading global energy maritime logistics and services company,” said Abdulkareem Al Masabi, the CEO of ADNOC L&S. The acquisitions will give ADNOC L&S access to Navig8’s fleet of 32 tankers and global footprint in 15 cities across five continents. ADNOC Group | Navig8 Group | #MaritimeIndustry | #Energy | #AbuDhabi

Vieira Rezende Advogados advised DOF Group on the acquisition of all the shares issued by Maersk Supply Service A/S (MSS). Vieira Rezende Advogados advised DOF Group and relied on partners Thiago Luiz Silva, Alberto Vieira, Bernardo Viana (pictured from left to right), senior associates Candice Buckley Bittencourt and Maria Ramos Dias. Advokatfirmaet Thommessen AS also advised DOF Group and relied on Daniel Loft, Andreas Steinbakk-Olsen. Kromann Reumert advised DOF Group too and relied on Nicolai Münster Nielsen and Emilie Tønnes. Read the full article >> https://lnkd.in/dsgf6PK7 #TheLatinAmericanLawyer #deals #transactions

Breaking News: DOF Group Acquires Maersk Supply Service for $1.11 Billion On July 2, 2024, DOF Group CEO Mons Aase announced the acquisition of Maersk Supply Service (MSS) in a significant cash and stock deal valued at $1.11 billion. Aase expressed excitement about this strategic milestone, emphasizing the strong industry rationale and shared vision with A.P. Moller Holding, which will become a major shareholder. Under the DOF name and brand, this merger will create a leading offshore services provider, strengthening the global position of the combined company with the world’s largest fleet of CSVs and high-end AHTS vessels. Key highlights: • Fleet Expansion: The combined fleet will comprise 78 modern offshore/subsea vessels, including 65 owned assets. This includes: - 8 high-specification Construction Support Vessels (CSVs) - 13 high-specification Anchor Handling Tug Supply (AHTS) vessels - 1 cable layer vessel • Market Impact: This merger creates one of the largest oil services companies on the Oslo Stock Exchange, with a combined market cap of approximately $2.3 billion. • Industry Trends: This acquisition aligns with the projected CAGR of 5.7% for the offshore supply vessel (OSV) market from 2021 to 2028, driven by increased offshore oil & gas exploration and the burgeoning offshore wind sector. • Financial Structure: DOF will pay $577 million in cash and issue new shares, making MSSH (a subsidiary of A.P. Moeller Holding) a major shareholder. • Global Reach: The combined entity will operate under the DOF Group name, enhancing its ability to serve customers across all continents in the offshore energy industries. This strategic move positions DOF Group at the forefront of the evolving OSV market, which is estimated to reach $20.27 billion by 2030. #OffshoreIndustry #MaritimeMerger #OSVMarket #EnergyTransition

In the coming months, I will be sharing insights/tips on vessel acquisition. #excited #maritimelaw #vesselacquisition #shippingfinance #shippinglaw

The hottest topic this week in commercial shipping was undoubtedly Navig8 Holding's staged acquisition by ADNOC L&S. The $1.04B acquisition of 80% of Navig8 (with a commitment to buy the rest in 2027) is projected to boost earnings per share by at least 20% in the first year as per Nicholas Gleeson's CNBC interview and ADNOC's press release. Immediate earnings accretion would be expected given that Navig8's 2023 EBIDTA was more than 40% that of ADNOC L&S's for the same period, tanker markets are expected to be bullish throughout 2024 and Navig8 continues to operate as is (at least for now) so this would be a short term metric not entirely indicative of the success of the deal. Needless to say, ADNOC group has significant strategic advantages including forward integration into deep sea oil transportation in a time of extreme freight volatility, but bearing in mind the high failure rates of acquisitions (as high as 70%-90% as per an HBR article) cultural fit and solid strategic planning will be crucial in making this a long term success. Wishing ADNOC Group and Navig8 Group the very best and look forward to seeing a mammoth success story in the coming years. 

🌍💼 Norwegian offshore supply vessel company DOF Group announced it has entered into an agreement to acquire Denmark-headquartered Maersk Supply Service (MSS) for $1.11 billion in a cash and stock deal. The combined company will operate under the DOF Group name and brand, becoming a leading offshore service provider with a wide range of services across all continents in the offshore energy industries. 🚢📈 The acquisition will expand DOF's fleet to 78 modern offshore/subsea vessels, including 65 owned vessels. MSS will add 22 vessels to DOF's fleet, consisting of eight high-specification construction support vessels (CSV), 13 high-specification anchor handling tug supply (AHTS) vessels, and one cable layer vessel. This merger will make the combined entity one of the largest oil services companies listed on the Oslo Stock Exchange, with a combined market cap of approximately $2.3 billion. 🌐📝 Before the transaction closes, certain entities, vessels, assets, and liabilities will be excluded from the MSS structure and not acquired by DOF. The offshore wind installation business has already been separated from Maersk Supply Service, and the transaction does not include MSS's operations in Brazil.

Day 7 of my writing Journey, Adani Ports to Acquire 80% Stake in Astro Offshore:   Adani Ports and Special Economic Zone (APSEZ), India’s largest ports and logistics company, has entered into a definitive agreement to acquire 80 percent stake in Astro in an all-cash deal for $185 million (₹1551 crore). "Incorporated in 2009, Astro is a leading global offshore support vessel (OSV) operator in the Middle East, India, Far East Asia and Africa. Astro owns a fleet of 26 OSVs comprising anchor handling tugs (AHTs), flat top barges, multipurpose support vessels (MPSVs) and workboats and provides vessel management and complementary services," says an official release from APSEZ.  “Astro’s acquisition is part of our roadmap to becoming one of the world’s largest marine operators," says Ashwani Gupta, Whole-time Director & CEO, APSEZ. "Astro will add 26 OSVs to our current fleet of 142 tugs and dredgers. The acquisition will also give us access to an impressive roster of tier-1 customers while further consolidating our footprint across the Arabian Gulf, the Indian subcontinent and Far East Asia. We look forward to working closely with Astro’s leadership team and scaling up the current platform. " Mark Humphreys, Managing Director, Astro Offshore adds: “Over the past 15 years, we have created an impressive company trajectory, driven by strategic investments in our OSV fleet and deep relationships with our customers. This partnership with APSEZ represents a critical inflection point for us. Together, we can accelerate growth to add further scale and diversity to our fleet mix, expand our geographical footprint and deliver more end-to-end solutions to our customers." Strategic Importance: The acquisition strengthens Adani Ports' position in the offshore sector and expands its service offerings. It complements Adani's existing portfolio and enhances its operational capabilities. Growth Prospects: By integrating Astro Offshore's services, Adani Ports aims to leverage synergies and drive growth in the offshore and maritime logistics sectors. This move is in line with Adani's broader expansion strategy. Market Impact: The acquisition is likely to boost Adani Ports' market presence and competitiveness in the offshore sector. It reflects the company's aggressive growth trajectory and investment in key areas. Future Outlook: This acquisition positions Adani Ports for future growth and reinforces its strategic focus on expanding its maritime and offshore services. The integration of Astro Offshore will be pivotal for achieving long-term objectives. #AdaniPorts #Marketnews #Acquisition #TheValuationschool  

Seatrium aims to improve its financials substantially by presenting an operating result in 2028 of at least USD 740m (SGD 1 bln). That is four times better than today. #shipping #freight #business #finance #singapore

Euronav sells Greek Ship Management arm to Anglo- Eastern. #Euronav #AngloEastern #acquisition #shippingfraternity #shiplingdynamics #economiesofscale #tricksoftheshippingtrade #leanmanagement Euronav +Anglo-Eastern

MOL to merge 3 group companies to form a technical hub that puts maritime industry on path to achieve decarbonization. Mitsui O.S.K. Lines (MOL) has announced that, effective April 1, 2025, it will merge three group subsidiaries responsible for maritime technology and engineering: MOL Marine & Engineering Co., Ltd (MOLMEC), MOL Ocean Expert Co., Ltd (MOLOX) and MOL Ship Tech Inc. (MOLST). The proposal is an absorption merger, with MOLMEC as the surviving company. The official name of the new company will be announced in March 2025.   The new company, as a professional technical group, will offer seamless services ranging from maritime and new shipbuilding consulting, maritime human resources training, and crew support to operational support and maintenance. In all of these fields, the company will focus on the use of digital technology to support MOL’s growing businesses, including the wind power generation business, a key area targeted for investment and expansion. Through its wide-ranging line-up of services, the new company will contribute to the realization of a carbon-neutral maritime industry, said a release.   Source : Internet.