MOS, Seafox to form offshore accommodation/support provider

Offshore staff

AMSTERDAM, the NetherlandsMillennium Offshore Services (MOS) and Seafox Group subsidiaries Seafox Contractors and Workfox are set to join forces.

The planned merger would create what they say would be the world’s largest offshore jackup accommodation service vessel (ASV) and support company, operating in Europe, the Middle East and North Africa (MENA), and Asia/Pacific regions.

The new entity would operate under the Seafox name, and would employ around 700 personnel. It would have a turnover of $200 million, with 45% of revenues generated from the European operation, 35% from MENA and 20% from Asia/Pacific, and a combined contract backlog of $777 million, as of Sept. 30, 2014.

The company would operate 12 jackup ASVs and offshore support units.

A consortium of mainly Middle East-based investors, who are shareholders in MOS’ parent company HM MOS International, would acquire the majority of shares in Seafox from current owners, the Cordia and Van der Lely families and NPM Capital.

MOS, based in the Ajman Free Zone outside Dubai, owns and operates a fleet of seven jackup ASVs. It also leases a yard, workshop, and storage area near the Hamriyah Port in Sharjah.

Seafox Group, formed in 1991, owns five jackups, all of which are on contracts in the North Sea of varying duration.

11/13/2014

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