DOF Acquires CSL

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 targeted.

The acquisition price remains undisclosed; however, it is made up of a cash consideration and shares in DOF Subsea ASA.

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