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Millennium Offshore acquires Seafox to form world's largest ASV fleet

10th November 2014

UAE-based Millennium Offshore Services (MOS) and Dutch Seafox Group (Seafox) have combined to form the world´s largest offshore jack-up accommodation service vessel (ASV) company, with operations spanning Europe, the Middle East, North Africa and Asia Pacific millenn

Millennium Offshore acquires Seafox to form worlds largest ASV fleet
The combination adds four fully-contracted, cash flow generative ASVs to the existing MOS fleet of seven ASVs

Pro forma for the combination, the company offers the largest offshore jack-up ASV fleet in the world, operating 12 ASVs and offshore support units in total across Europe, the Middle East, North Africa and Asia Pacific.

The combined company will operate under the brand name Seafox.

The company has leading market shares in all of its core regions with a greatly enlarged customer base, which provides a balanced exposure across international oil companies, national oil companies, independent oil and gas exploration and production companies and utilities.

The company’s customers will be serviced by highly experienced, local offshore and onshore staff totalling approximately 700 employees, which emphasises our commitment to maintaining operational excellence.

For the first nine months of 2014, on a pro forma basis, 45 per cent of the company’s revenue was generated in Europe, 35 per cent in the Middle East and North Africa, and 20 per cent in Asia Pacific.

The combination adds four fully-contracted, cash flow generative ASVs to the existing MOS fleet of seven ASVs.

To effect the transaction, the current shareholders of MOS, comprising leading investors from the Gulf area, have acquired a majority stake in Seafox from its owners, the Cordia and Van der Lely families and NPM Capital. The shareholders of Seafox remain committed to the company by way of a minority shareholding that they have retained in the combined business.

A new senior executive committee, comprising members of the existing MOS and Seafox management teams, will be formed with Robert Duncan serving as group CEO.

Keesjan Cordia, the current CEO of Seafox, will retain his executive role in Seafox for a transitional period, after which he will join the advisory board of the company, to continue to contribute his knowledge and experience to the further growth of the company.

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