Maersk has found a buyer for its subsidiary Maersk Supply Service (MSS) in the DOF Group. At the same time, the Danish shipping group is expanding its presence in offshore wind energy.
The Norwegian supply shipping company DOF is acquiring all shares in MSS, which is currently valued at US$1.112bn.
In future, the ships of both companies will sail under the name of DOF, which has founded a new subsidiary for this purpose – DOF Offshore Holding Denmark. Maersk Supply Service Holding, in turn, holds a 25% stake in this company. The company is already listed on the Norwegian stock exchange as one of the largest oil suppliers with a value of US$2.3bn.
Maersk Supply Services goes to DOF
At the time of the sale to DOF, the MSS fleet consisted of 22 vessels, including eight Construction Support Vessels (CSV), 13 Anchor Handling Tug Supply (AHTS) and one cable-laying vessel. DOF is thus increasing its own fleet to 65 vessels – 78 if current charter contracts are included – and reducing its age from 11.7 to 10.7 years. A total of 5,400 employees will work for the joint company resulting from the sale.
Combining common strengths
Mons Aase, CEO of the DOF Group, is optimistic about the future. By combining the “strengths and decades of experience of DOF and Maersk Supply Service”, the service for customers will be significantly improved once again. “I look forward to taking the DOF Group forward with new and old colleagues,” says Aase. The core business remains the supply of oil and gas production platforms, but DOF also wants to be active in wind power.
MSS was also very positive about the future collaboration. “The combination of our talented employees, modern fleet and geographical reach will create a leading offshore service provider,” said Christian Ingerslev, CEO of MSS since May last year.
Maersk focuses on offshore wind power
For Maersk, the takeover of MSS by DOF is a long-term solution. The shipping company had been planning to withdraw from the oil and gas platform supply business for some time and was looking for a buyer for MSS.
At the same time as withdrawing from one business, however, Maersk is concentrating on another. Wind power is to become an important market for the Danish shipping company in the future – represented by Maersk Offshore Wind, a spin-off from MSS that will remain with Maersk. The realignment in this sector was already apparent.
“We are establishing Maersk Offshore Wind as an independent company in order to utilize our offshore expertise from several decades and drive the expansion of the offshore wind industry,” says Maersk Chief Financial Officer Martin Larsen. The industry offers great potential: in the EU and the USA, offshore wind is expected to supply a total of 90 GW by 2030, with a target of 400 GW by 2050 – the equivalent of almost 27,000 wind turbines with an output of 15 MW each.
New installation ships to be 30% faster
Michael Reimer Mortensen, formerly Chief Commercial Officer at MSS, has been appointed as the new Managing Director of Maersk Offshore Wind. The new company will operate “worldwide” and fulfil “important infrastructure needs”, according to Mortensen.
Ships specially designed for this purpose, which were presented as Wind Installation Vessels (Maersk WIV), will help to achieve the expansion targets in wind power in future – and 30% faster than conventional supply vessels, as Maersk Offshore Wind promises. The first ship of this type is due to be delivered in 2025.
