• Combined company uniquely positioned
for growth, leveraging global reach, in-depth regional market knowledge
and extended range of offshore services
• Combination of highly complementary operations and versatile assets
will increase efficiency and availability to existing and future customers
• Consortium of investors eyes further growth and consolidation
Amsterdam 7 November 2014, HM
MOS International Limited (parent company of Millennium Offshore Services
Superholdings LLC) and Seafox Group (parent company of Seafox Contractors
and Workfox), announce that both companies will combine to form the world´s
largest offshore jack-up ASV and support company with a global reach spanning
Europe, the Middle East & North Africa (MENA), and Asia Pacific Regions.
The newly formed company will operate under the brand name Seafox.
By joining forces, the Group is uniquely positioned for further growth,
combining Millennium Offshore Services’ and Seafox Group´s complimentary
regional and fleet operations. The Company offers the largest offshore
support jack-up fleet in the world, operating 12 jack-up ASV and offshore
support units.
End users will benefit from the Group’s geographical spread and in-depth
knowledge of the regional markets as they will be serviced by highly experienced
local offshore and onshore staff totalling approximately 700 employees.
The combined fleet meets all client and statutory regulatory requirements,
enabling customers to operate under all conditions whilst remaining cost
effective. Seafox will be in an excellent position to meet customers’
current and future needs by having an expanded fleet and services portfolio.
The newly formed company has combined EBITDA of approximately USD 200 million
with 45% of revenues generated from the European operation, 35% from MENA
and 20% from Asia Pacific.
The combined backlog of the group as of September 30th, 2014 is USD 777
million, which provides excellent visibility for future revenue, and puts
Seafox in a prime position to consolidate its position in the market and
provides a robust platform for potential future growth
.
As part of the transaction, a consortium of investors, consisting primarily
of leading investors from the Middle East who are current shareholders
in HM MOS International Limited will acquire the majority of shares in
Seafox from its current owners, the Cordia and Van der Lely families and
NPM Capital. The current shareholders of Seafox Group remain committed
through a minority share in the new combination.
A new Senior Executive Committee, comprising key members of the existing
Millennium Offshore Services and Seafox Group management teams, will be
formed, with Robert Duncan becoming Group Chief Executive Officer. Keesjan
Cordia, the current CEO of Seafox will retain his executive role in Seafox
group during a transitional period, after which he will join the Advisory
Board of Seafox.
Keesjan Cordia stated: “This combination is a unique growth opportunity
for Seafox Group. Over the past few years our organisation has more than
tripled in size and established a solid reputation. This transaction is
a milestone for Seafox Group and its employees and a testimony to the organisations
competence, both on and offshore. I want to thank the entire team including
the stakeholders for their commitment and contributions to the success
of the company.I am confident that the new consortium of reputable investors
together with current Seafox shareholders provides the group with a strong
fundament to realize the next phase of growth. Together, we are solidly
positioned to support our clients in both the oil & gas and renewable
energy industries and to be able to act upon current and future market
developments.”
Robert Duncan, comments: “We are excited about the opportunities this
merger brings for the combined companies and our existing and potential
customers. Our jack-up ASV and service operations are greatly complimentary
and will instantly increase availability, fleet diversity and flexibility
for existing and future customers. This particular market is ready for
consolidation and we are delighted to be at the forefront of it. Our balance
sheet and investor base provide us with an opportunity to fund further
expansion on an opportunistic basis.”
For this transaction Seafox Group was advised by KPMG and Loyens &
Loeff. HM MOS International was advised by ABN Amro, EFG-Hermes, Goldman
Sachs and Freshfields.
About Millennium Offshore Services
Millennium Offshore Services (MOS) is a leading provider of offshore jack-up
accommodation service vessels (“ASVs”) to oil and gas as well as engineering,
procurement, installation and commission (“EPIC”) companies operating
in the Middle East and North Africa (“MENA”) and Asia-Pacific regions.
MOS owns and operates a fleet of seven jack-up ASVs. The Company headquarters
is strategically based in the Ajman Free Zone, outside Dubai, in the United
Arab Emirates and has five registered offices in Singapore (Singapore),
Darwin (Australia), Doha (Qatar), Alexandria (Egypt) and Dili (Timor Leste),
as well as a representative office in Abu Dhabi (UAE). MOS also leases
a purpose built yard, workshop and storage area in Ajman (UAE), near the
Hamriyah Port in Sharjah.
About Seafox Group
Seafox Contractors is together with Workfox united in the Seafox Group,
the proud owner of the Seafox Fleet. Joint operations take place from offices
in the Netherlands and the United Kingdom. Seafox Contractors handles all
commercial matters in relation to the Seafox Fleet and the temporary living
quarters (TLQ’s). Workfox delivers the operational excellence. Founded
in 1991, the Seafox Group is a leading provider of offshore support jack-ups
across the world. Currently, the Seafox Group owns 5 jack-ups and 45 TLQ’s.
All jack-ups are out on full service contracts to respectable customers
in the North Sea on short and long term bases.