DOF ASA and DOF Subsea AS are pleased to announce that each of the companies
have entered into suspension agreements ("stand-still agreements") with, or
received similar concessions from, secured lenders representing 91% of the
secured debt of companies within the DOF ASA group (excluding DOF Subsea AS) and
88% of the secured debt of companies within the DOF Subsea AS.
Pursuant to said agreements, payments of principal and interest to the secured
lenders, except for servicing of the NOK 100 million credit facility provided to
DOF Subsea AS by certain of its lenders on 27 March 2020 to cover its immediate
liquidity needs, are suspended until 30 September 2020 on certain customary
terms and conditions. Such terms and conditions include customary restrictions
on DOF group (the "Group") in the relevant period.
With this continued support from the secured lenders, the standstill under DOF
Subsea AS' bond loans will also continue until 30 September 2020 pursuant to the
resolutions made at the bondholders' meetings for DOFSUB07, DOFSUB08 and
DOFSUB09 on 22 April 2020.
The NOK 100 million credit facility referred to above, which originally expired
on 30 June 2020, has also been extended to 30 September 2020 with an agreed
repayment of NOK 15 million at the end of each month commencing on 30 June 2020.
The agreements are entered into in order to facilitate the continued dialogue
with the secured lenders and bondholders under the Group's bond loans regarding
a long-term financial restructuring of the Group.
The suspension agreements comprise all companies within the Group, except for
DOF Subsea Brasil Servicos Ltda.
As regards the secured lenders (other than the secured lenders of DOF Subsea
Brasil Servicos Ltda.) who have not entered into the suspension agreements or
provided a similar concession, DOF ASA and DOF Subsea AS have decided to impose
an unilateral stand still on the payment of principal and interest to such
secured lenders for as long as the suspension agreements remain in force. One of
such secured lenders has requested repayment of in total USD 47 million from DOF
Subsea Rederi AS, and also provided notice of repayment to DOF Subsea AS under
its guarantee for such debt. Pursuant to the suspension agreement, neither DOF
Rederi AS nor DOF Subsea AS is permitted to make any payment to such secured
lender, but the Group will, together with its other secured lenders, continue
the dialogue with the secured lender to seek to resolve the situation. None of
the other lenders who have not entered into the suspension agreements have taken
any similar steps under their loans.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen tel. +47 91 66 10 09
With a multi-national workforce of about 3,400 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.
