Maersk launches new offshore wind installation company amid $1.1bn shipping merger

Two of the biggest suppliers of vessel services to offshore energy industries are to merge after Norway’s DOF Group agreed to acquire Denmark’s Maersk Supply Service in a $1.1bn deal.

In a parallel move, Maersk also announced the launch of a new spin-off company that will specialise in providing installation services to the offshore wind market, promising to cut costs with its new vessel concept.

DOF’s acquisition of Maersk Supply Service is expected to close in the fourth quarter of 2024.

The combined entity will be mainly geared to serving offshore oil and gas industries, but its fleet will include 13 high-specification anchor-handling tug supply (AHTS) vessels that will also be sought by the world’s budding floating wind industry, as well as a single cable laying vessel.

“Under the DOF name and brand, we will create a leading offshore services provider and strengthen the global position of the combined company,” said DOF chief executive Mons Aase.

“With the world’s largest fleet of (construction support vessels) and high-end AHTS vessels, we will enhance the customer experience through increased scale, global reach, and industry-leading services, combining the strong capabilities and decades of experience of DOF and Maersk Supply Service.”

DOF said the merger will strengthen its ability to offer integrated services not just in oil and gas but also in a "growing offshore wind market."

Maersk spin-off

Meanwhile, Maersk’s new spin off company, called Maersk Offshore Wind will launch with its ambitions pinned on a wind installation vessel design concept called Maersk WIV.

“The design and concept are estimated to reduce the installation time of offshore wind turbines substantially compared to conventional methods, thereby lowering the overall installation cost for the developers,” the company said in its statement.

The first Maersk WIV is currently under construction in Singapore at a Seatrium shipyard and is expected to be delivered in mid-2025 for the installation of Empire Offshore Wind, owned by Norway's Equinor.

Maersk said its vessel is designed to be permanently stationed at the wind farm to conduct successive installations, while purpose-built tugs and barges shuttle back and forth with the wind turbine components from the load-out port.

Both the Maersk WIV and feeder vessels are equipped with locking and stabilising technology for safe operations in harsh environments, aiming reduce the number of days required for wind park installation, Maersk said.

Martin Larsen, CFO of A.P. Moller Holding and chair of Maersk Offshore Wind said: "We need new solutions to meet the ambitious goals for offshore wind capacity in Europe and the US.

"Maersk Offshore Wind’s concept can reduce the installation time of offshore wind turbines by almost one-third, delivering energy to the grid faster and lowering total installation costs increasing the competitiveness of our customers when they bid for new projects."

Michael Reimer Mortensen, who previously held the position of chief commercial officer at Maersk Supply Service has been appointed CEO of Maersk Offshore Wind.

Mortensen commented: “With our highly skilled and experienced team leveraging decades of expertise in operating large assets and executing complex offshore projects, Maersk Offshore Wind will focus on providing offshore wind installation services worldwide to improve both the installation process and address critical port infrastructure needs.”