Millennium Offshore Services and Seafox Group combine to ... · offshore jack-up accommodation...
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Millennium Offshore Service s - Page 1 of 2 FOR IMMEDIATE RELEASE Millennium Offshore Services and Seafox Group combine to form the world´s largest offshore jack-up accommodation service vessel company Ajman, United Arab Emirates – November 7, 2014 – Millennium Offshore Services (“MOS”) and Seafox Group (“Seafox”) combine to form the world´s largest offshore jack-up accommodation service vessel (“ASV”) company, with operations spanning Europe, the Middle East & North Africa and Asia Pacific. The combined company (the “Company”) will operate under the brand name Seafox. 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 Supportive shareholder base will facilitate further growth and consolidation Pro forma for the combination, the Company offers the largest offshore jack-up ASV fleet in the world, operating 12 ASVs and offshore support unites in total across Europe, the Middle East & North Africa and Asia Pacific. The Company has leading market shares in all of its core regions with a greatly enlarged customer base, which provides a balanced exposure across international oil companies, national oil companies, independent oil & gas exploration & production companies and utilities. The Company’s customers will be serviced by highly experienced, local offshore and onshore staff totaling approximately 700 employees, which emphasises our commitment to maintaining operational excellence. For the first nine months of 2014, on a pro forma basis, 45% of the Company’s revenue was generated in Europe, 35% in the Middle East & North Africa and 20% in Asia Pacific. For the twelve months ended September 30, 2014, on a pro forma basis, the Company would have had a combined EBITDA of approximately US$165 million. This excludes the results of part of the Seafox Group that was acquired by the parent company of Millennium Offshore Services Superholdings, LLC (“Superholdings”), which is why the combined EBITDA presented herein differs from that which has been otherwise reported. As of September 30, 2014, pro forma for the combination, the Company’s backlog was US$777 million (US$628 million excluding the part of the Seafox Group acquired by Superholdings’ parent company), which the Company believes provides high visibility over future revenue and profitability. The combination adds four fully-contracted, cash flow generative ASVs to the existing MOS fleet of seven ASVs. The combination has been funded by way of a new term loan facility and equity. To effect the transaction, the current shareholders of MOS, comprising leading investors from the Gulf area, have acquired a majority stake in Seafox from its owners, the Cordia and Van der Lely families and NPM Capital. The shareholders of Seafox remain committed to the Company by way of a minority shareholding that they have retained in the combined business. A new Senior Executive Committee, comprising members of the existing MOS and Seafox management teams, will be formed with Robert Duncan serving as Group CEO. Keesjan Cordia, the current CEO of Seafox, will retain his executive role in Seafox for a transitional period, after which he will join the Advisory Board of the Company, to continue to contribute his knowledge and experience to the further growth of the Company. MOS’ senior management will host a conference call on 13 th November, 2014 at 9am (Eastern Time) / 2 pm (London Time) / 6pm (UAE Time) to discuss the transaction. Presentation slides will be available to accompany the conference call webcast. Participants can access the webcast and slide presentation on the “Financial Events” webpage located in the Investor Relations section of the Company’s website at www.mosrigs.net. Interested parties may participate in the conference call by dialing the numbers provided below: United States Participants: 1 (877) 407-8033 United Kingdom Participants: 0 800-756-3429
Transcript of Millennium Offshore Services and Seafox Group combine to ... · offshore jack-up accommodation...
Millennium Offshore Service s - Page 1 of 2
FOR IMMEDIATE RELEASE
Millennium Offshore Services and Seafox Group combine to form the world´s largest
offshore jack-up accommodation service vessel company
Ajman, United Arab Emirates – November 7, 2014 – Millennium Offshore Services (“MOS”) and Seafox Group (“Seafox”) combine to form the world´s largest offshore jack-up accommodation service vessel (“ASV”) company, with operations spanning Europe, the Middle East & North Africa and Asia Pacific. The combined company (the “Company”) will operate under the brand name Seafox.
§ 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
§ Supportive shareholder base will facilitate further growth and consolidation Pro forma for the combination, the Company offers the largest offshore jack-up ASV fleet in the world, operating 12 ASVs and offshore support unites in total across Europe, the Middle East & North Africa and Asia Pacific. The Company has leading market shares in all of its core regions with a greatly enlarged customer base, which provides a balanced exposure across international oil companies, national oil companies, independent oil & gas exploration & production companies and utilities. The Company’s customers will be serviced by highly experienced, local offshore and onshore staff totaling approximately 700 employees, which emphasises our commitment to maintaining operational excellence. For the first nine months of 2014, on a pro forma basis, 45% of the Company’s revenue was generated in Europe, 35% in the Middle East & North Africa and 20% in Asia Pacific. For the twelve months ended September 30, 2014, on a pro forma basis, the Company would have had a combined EBITDA of approximately US$165 million. This excludes the results of part of the Seafox Group that was acquired by the parent company of Millennium Offshore Services Superholdings, LLC (“Superholdings”), which is why the combined EBITDA presented herein differs from that which has been otherwise reported. As of September 30, 2014, pro forma for the combination, the Company’s backlog was US$777 million (US$628 million excluding the part of the Seafox Group acquired by Superholdings’ parent company), which the Company believes provides high visibility over future revenue and profitability. The combination adds four fully-contracted, cash flow generative ASVs to the existing MOS fleet of seven ASVs. The combination has been funded by way of a new term loan facility and equity. To effect the transaction, the current shareholders of MOS, comprising leading investors from the Gulf area, have acquired a majority stake in Seafox from its owners, the Cordia and Van der Lely families and NPM Capital. The shareholders of Seafox remain committed to the Company by way of a minority shareholding that they have retained in the combined business. A new Senior Executive Committee, comprising members of the existing MOS and Seafox management teams, will be formed with Robert Duncan serving as Group CEO. Keesjan Cordia, the current CEO of Seafox, will retain his executive role in Seafox for a transitional period, after which he will join the Advisory Board of the Company, to continue to contribute his knowledge and experience to the further growth of the Company. MOS’ senior management will host a conference call on 13th November, 2014 at 9am (Eastern Time) / 2 pm (London Time) / 6pm (UAE Time) to discuss the transaction. Presentation slides will be available to accompany the conference call webcast. Participants can access the webcast and slide presentation on the “Financial Events” webpage located in the Investor Relations section of the Company’s website at www.mosrigs.net. Interested parties may participate in the conference call by dialing the numbers provided below:
United States Participants: 1 (877) 407-8033 United Kingdom Participants: 0 800-756-3429
Millennium Offshore Service s - Page 2 of 2
International Participants: +1 (201) 689-8033 The conference call will also be simultaneously broadcast live over the Internet via webcast. Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast. An archive of the webcast replay will be made available for a period of time online in the Investor Relations section of the Company’s website at www.mosrigs.net after the conclusion of the live call. About Millennium Offshore Services Millennium Offshore Services (MOS) is a leading provider of offshore jackup 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 jackup 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 lease a purpose built yard, workshop and storage area in Ajman (UAE), near the Hamriyah Port in Sharjah. Millennium Offshore Services Superholdings, LLC is organized as a limited liability company under the laws of the Marshall Islands and issued $225 million of 9 1/2% Senior Secured Notes in February of 2013. Millennium Offshore Services Management Company F.Z.E is the main corporate, management and administrative arm of the Company. About Seafox Seafox Contractors and Workfox, together Seafox, are the proud owner of the Seafox fleet. Seafox’s operations are jointly controlled from our 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 (TLQs). Workfox is focused on delivering operational excellence to our customers. Founded in 1991, Seafox is a leading provider of offshore support jack-ups across the world. Currently, Seafox owns 5 jack-ups and 45 TLQs. All jack-ups are employed on full service contracts with reputable customers in the North Sea on a mixture of short- and long-term bases. For additional information please visit www.mosrigs.net or www.seafoxcontractors.com Forward Looking Statements This press release may contain forward looking statements within the meaning of the U.S. federal securities laws regarding future financial performance, results, events and other statements that are not historical facts. The words “believe”, “anticipate”, “plan”, “expect”, “project”, “estimate”, “predict”, “intend”, “target”, “assume”, “may”, “could”, “will” and similar expressions are intended to identify such forward looking statements. Such statements are made on the basis of assumptions and expectations that the Company believes to be reasonable as of the date of this press release, but may prove to be erroneous. Such forward looking statements involve known and unknown risks and uncertainties and other factors which may cause the Company’s actual results, business, financial condition, results of operations, performance or achievements or industry results to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward looking statements. Such factors include, among others, those more fully described in “Risk Factors” and elsewhere in the annual report of Millennium Offshore Services Superholdings, LLC for the year ended December 31, 2013. You are therefore cautioned against relying on any of these forward looking statements. Except as required by law or regulation, the Company assumes no obligation to update such forward looking statements or to update the reasons for which actual results could differ materially from those anticipated in such forward looking statements. For more information, please contact: Trúc Nguyen Vice President Grayling Investor Relations Telephone: +1 (646) 284-9418 Email: [email protected]
