DOF Subsea ASA has signed an agreement to acquire leading Aberdeen-based
subsea Project Management and Engineering company CSL.
CSL, Construction Specialists Ltd, is an
independent group delivering subsea developments
from concept to completion for oil and gas
operators worldwide. Its reputation is built on
operating to the highest quality, safety and
environmental standards and working with clients
to complete projects on time and within budget.
Founded in 2000, CSL employs over 170 subsea
specialists and supports clients in over 20
countries. It numbers among its clients some of
the world`s major oil and gas companies including
Shell, BG, Maersk, Total, BP and Talisman, and
some of the North Sea's most recent entrants such
as Ithaca, Energy Development Partners, Mosaic
Natural Resources and Granby Oil and Gas. The
Group's annual turnover is today approx MNOK 225,
with an EBITDA of approx MNOK 21.
The acquisition will add valuable subsea expertise
to DOF Subsea, while enabling CSL to offer its
clients a broader and more comprehensive scope of
services. Through its existing international
presence DOF Subsea will also enable CSL to
execute its global growth strategies.
CSL will continue to operate its Project
Management and Engineering business as normal
while supporting DOF Subsea as new markets are
The acquisition price remains undisclosed; however,
it is made up of a cash consideration and shares
in DOF Subsea ASA.