DOF Takes Over Canadian Subsea Player
Thursday 27 April 2017
Norwegian group DOF Subsea has acquired the remaining shares it did not already own in Canadian Subsea Shipping Company.
Before the transaction, DOF owned 45 % of the shares in Canadian Subsea Shipping.
The value of the deal was not disclosed.
Canadian Subsea Shipping has a newbuild vessel under construction at Vard Group in Norway.
Oslo-listed DOF sank deeper into the red in the fourth quarter on heavy asset impairments and depreciation losses. The contractor also slashed its workforce last year as part of a cost-cutting effort.
DOF, which has a fleet of 66 owned and partly-owned vessels comprising platform supply vessels, anchor-handlers and subsea support units, has been hit by lower utilisation and dayrates due to a market slump.