DOF Group ASA will present its Q1 2025 results on Friday 16 May 2025 at 14:00 CEST. The report will be available at www.dof.com and www.newsweb.no.
The presentation will be digital only and will be available on https://www.dof.com/webcast, and a recording of the presentation will be published on the same webpage after the event.
The presentation will be held by CEO Mons S. Aase and CFO Martin Lundberg.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA. Phone: +47 948 36 464
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DOF Subsea USA is pleased to announce the award of multiple contracts for the Ross Candies.The vessel will be utilised well into Q3 2022, undertaking jumper installations, span remediation, pre-commissioning, decommissioning, pipelay support and IMR activities at multiple field locations in the Gulf of Mexico.
The current charterer with delivery during 2nd or 3rd quarter 2022. For further information please contact: Mons S. Aase CEO DOF Subsea. Tel: +47 91 66 10 12 Marianne Møgster SVP DOF Subsea. Tel: +47 99 30 69 16 About DOF Subsea: The DOF Subsea Group is a specialist subsea service business that provides subsea construction subsea engineering inspection repair and maintenance and survey services which involve complex and challenging engineering in an international environment. DOF Subsea owns a large fleet of modern subsea construction intervention and survey vessels that enable it to offer differentiated positions with its clients and work in long term relationships which enhance service delivery and reduce the overall risk. www.dofsubsea.com
The current charterer, N-Sea Survey BV, of MV ”Geosea” (RSV, built in 2002) owned by DOF Subsea Rederi AS, has exercised its purchase option, with delivery during 2nd or 3rd quarter 2022.
Reference is made to previous announcements regarding the extension of standstill arrangements with the DOF group's secured lenders expiring 31 March 2022 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 31 March 2022. DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have agreed to further extend the principal and interest suspension agreements with please contact: Mons S. Aase CEO DOF Subsea. Tel: +47 91 66 10 12 Marianne Møgster SVP DOF Subsea. Tel: 99 30 69 16 About DOF Subsea: The DOF Subsea Group is a specialist subsea service business that provides subsea construction subsea engineering inspection repair and maintenance and survey services which involve complex and challenging engineering in an international environment. DOF Subsea owns a large fleet of modern subsea construction intervention and survey vessels that enable it to offer differentiated positions with its clients and work in long term relationships which enhance service delivery and reduce the overall risk. The company’s core business is project management engineering vessel operations survey remote intervention and diving operations primarily for the Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com
Reference is made to previous announcements regarding the extension of standstill arrangements with the DOF group's secured lenders expiring 31 March 2022 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 31 March 2022.
DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have agreed to further extend the principal and interest suspension agreements with, or received extensions of similar concessions from, secured lenders representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS and in total 95% of the secured debt of companies within the DOF Subsea AS group (excluding DOF Subsea Brasil Servicos Ltda.) until 30 April 2022, and that DOF Subsea AS has received confirmation from the ad hoc group of bondholders that they have agreed to further extend the suspension, deferral and standstill agreement currently in place for the bond issues to 30 April 2022 in accordance with the resolutions of the bondholders' meeting held 28 February 2022.
The extensions of the standstill periods will facilitate the DOF group's continued dialogue with its secured lenders and the bondholders under the DOF group's bonds regarding a long-term financial restructuring of the DOF group.
DOF Subsea is pleased to announce multiple new contracts within Renewables and Oil & Gas in the North Sea. The projects engineering procurement and logistics – to be delivered by our integrated subsea expert teams across Bergen and Aberdeen. Several of the awards are EPRD (Engineering Preparation Removal and Disposal) decommissioning contracts and DOF Subsea is planning to deploy multiple vessels in-field during the execution. DOF Subsea has also received several new frame agreements. Within one frame agreement DOF Subsea will deliver continuous survey services for a Renewables project in Taiwan throughout 2022. DOF Subsea has also received a frame agreement with a major North Sea Operator unlocking access to DOF Subsea`s integrated services within IMR (Inspection Maintenance and Repair) construction SURF and decommissioning. For further information please contact: Mons S. Aase CEO DOF Subsea. Tel: +47 91 66 10 12 Marianne Møgster SVP DOF Subsea. Tel: 99 30 69 16 About DOF Subsea: The DOF Subsea Group is a specialist subsea service business that provides subsea construction subsea engineering inspection repair and maintenance and survey services which involve complex and challenging engineering in an international environment. DOF Subsea owns a large fleet of modern subsea construction intervention and survey vessels that enable it to offer differentiated positions with its clients and work in long term relationships which enhance service delivery and reduce the overall risk. The company’s core business is project management engineering vessel operations survey remote intervention and diving operations primarily for the Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com
DOF Subsea is pleased to announce multiple new contracts within Renewables and Oil & Gas in the North Sea.
The projects, to be delivered in 2022, total more than 185 vessel days excluding any optional work.
Skandi Acergy, Skandi Constructor, Skandi Hera and selected third-party vessels will be utilised in the offshore execution phases.
All awards include project management, engineering, procurement and logistics - to be delivered by our integrated subsea expert teams across Bergen and Aberdeen.
Several of the awards are EPRD (Engineering, Preparation, Removal and Disposal) decommissioning contracts, and DOF Subsea is planning to deploy multiple vessels in-field during the execution.
DOF Subsea has also received several new frame agreements. Within one frame agreement, DOF Subsea will deliver continuous survey services for a Renewables project in Taiwan throughout 2022. DOF Subsea has also received a frame agreement with a major North Sea Operator, unlocking access to DOF Subsea`s integrated services within IMR (Inspection, Maintenance and Repair), construction, SURF and decommissioning.
DOF Subsea Canada is pleased to announce the award of the first SURF project for the Skandi Constructor from VAALCO ENERGY. DOF Subsea will perform subsea construction and installation services to support the subsea reconfiguration associated with the replacement of the existing Floating Production DOF Subsea. Tel: +47 91 66 10 12 Marianne Møgster SVP Finance DOF Subsea. Tel: 99 30 69 16 About DOF Subsea: The DOF Subsea Group is a specialist subsea service business that provides subsea construction subsea engineering inspection repair and maintenance and survey services which involve complex and challenging engineering in an international environment. DOF Subsea owns a large fleet of modern subsea construction intervention and survey vessels that enable it to offer differentiated positions with its clients and work in long term relationships which enhance service delivery and reduce the overall risk. The company’s core business is project management engineering vessel operations survey remote intervention and diving operations primarily for the Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com
DOF Subsea Canada is pleased to announce the award of the first SURF project for the Skandi Constructor from VAALCO ENERGY. DOF Subsea will perform subsea construction and installation services to support the subsea reconfiguration associated with the replacement of the existing Floating Production, Storage and Offloading unit (“FPSO”) with a Floating Storage and Offloading vessel (“FSO”) at the Etame field, offshore Gabon. Engineering and design work has commenced with subsea work forecasted to begin in July and expected to be completed by September 2022.
The Skandi Constructor was upgraded in 2021 with a 250 ton AHC crane and outfitted with 2 new XLXc ROV system and is currently working in Trinidad under multiple contracts managed by DOF Subsea USA performing commissioning and IMR tasks before returning to the North Sea for other commitment in Q2.
DOF ASA's Brazilian subsidiary Norskan has been awarded two contracts.
Skandi Paraty (AHTS 21,000 with ROV operated by DOF Subsea Brasil) has been awarded an 1-year contract extension with Petrobras until July 2022.
Skandi Iguaçu is on-hire with Equinor on a spot contract utilisation in July and August, 2021.
For further information, please contact:
CEO Mons S. Aase, +47 91 66 10 12
CFO Hilde Drønen, +47 91 66 10 09
With a multi-national workforce of about 3,150 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 40 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.