Result from bondholders' meetings Reference is made to the summons to
bondholders' meetings in DOFSUB07 (ISIN NO 001 0670144), DOFSUB08 (ISIN NO 001
078817.7) and DOFSUB09 (ISIN NO 001 083681.0) issued dated 3 April 2020 and the
addendum to the summons issued 21 April 2021. The bondholders' meetings were
held today, and the proposed resolution received 99.06%, 98.40% and 100% of the
votes in DOFSUB07, DOFSUB08, and DOFSUB09 respectively. Approval of the proposal
set out in the summons required 2/3 majority in all three bonds, and the
proposal was consequently approved and this pre-condition for a continued
constructive dialogue between the DOF Group and its secured lenders and
bondholders is then satisfied. Please see the attached minutes from
bondholders' meetings.
Update on tender activities
There has been a sharp decline in the tender activities, with few new contract
opportunities and less projects to bid for. Due to the sharp decline in the oil
price, the oil companies have reduced their exploration activity substantially
and some have also started to reduce existing production. It must be expected
that the Group will continue to experience adverse consequences of the sharp
decline in the oil price, and the responses of the oil companies to such
decline. Several of the Group's vessels will finish their firm contract periods
during 2020, and if the challenging market continues most of these vessels could
move into lay-up.
On the positive side, DOF is pleased to announce that Equinor Energy has awarded
Skandi Vega a new contract. The vessel is owned by DOF Rederi. The duration of
the contract is 6 months firm, with up to 6 months option. Equinor has an option
to change the contract to a 2 or 3 year firm period within the next 4 months.
Skandi Vega has been on contract to Equinor since the delivery in 2010. The new
award is another sign of the quality provided by the crew and vessel.
Due to the developments after the announcement of the financial report of the
Group for the 4th quarter 2019, the expectations regarding EBITDA for 2020
expressed therein will no longer apply. It is currently too early to express any
view on the expected EBITDA for 2020 in light of the changed environment.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO DOF Hilde Drønen tel. +47 91 66 10 09
With a multi-national workforce of about 3,500 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With over 35 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
