Clyde & Co LLP has successfully advised on the sale of Millennium Offshore Services Superholdings LLC (MOS Superholdings) to HM MOS International Limited. MOS Superholdings is a leading global provider of large scale offshore jack-up accommodation service vessels (ASVs) in the Middle East and North Africa (MENA) and Asia-Pacific regions.
The principal investors in HM MOS International Limited include, amongst others, a GCC sovereign wealth fund, MENA regional family offices and MENA regional high net worth individuals.
The Clyde & Co team was led by corporate partner Phil O’Riordan and supported by senior associate, Naji Hawayek; and associates Jennifer Agnew and Raeesa Chowdhury. Elizabeth Williamson, an associate in the employment team, assisted with certain employment aspects of the transaction.
“We are very pleased with the service rendered by Clyde & Co and particularly appreciated their commercial approach and the speed of execution. The team’s active management of the deal allowed us to create value for all stakeholders involved,” said Robert Duncan, managing director of Millennium Offshore Services.
MOS Superholdings owns and operates a fleet of seven jack-up ASVs. The company is strategically based in Ajman Free Zone, outside Dubai, in the United Arab Emirates and has registered offices in Singapore, Australia, Qatar, Egypt and Timor-Leste. MOS Superholdings issued USD 225 million of 9 1/2% Senior Secured Notes in February of 2013.
“We are delighted to have assisted on this transaction. The wide range of advice required on this deal demonstrates the strength of the corporate team at Clyde & Co and our ability to support clients in complex cross-border transactions. The deal illustrates the increasing importance of the oil & gas/offshore sector in the region and beyond and the team’s in-depth knowledge and experience in M&A in that sector,” said O’Riordan.
