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DOF Group ASA - Invitation to presentation of Q1 2025 results

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DOF Subsea

Reference is made to previous announcements on 21 January 2021, 28 March 2021 and 30 April 2021, respectively, regarding extension of standstill arrangement with secured lenders expiring 31 May 2021 and extension of standstill arrangement with bondholders in DOF Subsea AS' bond issues also expiring 31 May 2021. DOF ASA and DOF Subsea AS are now pleased to announce that each of the companies have agreed to further extend the principal and interest suspension agreements with, or received extension of similar concessions from, secured lenders representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS, and in total 88% of the secured debt of companies within the DOF Subsea AS group (excluding DOF Subsea Brasil Servicos Ltda.) until 30 June 2021. DOF Subsea AS has also received confirmation from the ad hoc group of bondholders that they have agreed to further extend the suspension, deferral and standstill arrangement currently in place for the bond issues until 30 June 2021. The current stand-still arrangement with BNDES to Norskan Offshore Ltda. and DOF Subsea Brasil Servicos Ltda. will expire on 10 June 2021, and further extensions have been sought from BNDES. In the event that such further stand-still is not obtained from BNDES, the continuation of the extended stand-still with the other secured lenders will require acceptance from the secured lenders to servicing of certain debt to BNDES. The extensions of the stand-still periods are entered into to facilitate the Group's continued dialogue with its secured lenders and the bondholders under the Group's bond loans regarding a long-term financial restructuring of the Group. 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 3,150 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.

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DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND BONDHOLDERS

May 31, 2021

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Ordinary general meeting

May 27, 2021

The Group's revenue for 1st quarter (management reporting) totals NOK 1 514 million (NOK 2 074 million) and the EBITDA totals NOK 492 million (NOK 804 million). The operating profit (EBIT) is NOK 45 million (NOK -1 035 million), of which depreciation and impairment totals NOK 447 million (NOK 1 839 million). Net profit is NOK -801 million (NOK -4 116 million). The challenging markets have continued into 2021 and the global Covid-19 situation has further continued to impose challenges to the operations of the Group. The average utilisation of the Group's owned fleet during the 1st quarter 2021 was 67% ; (71% - subsea fleet, 70% - AHTS fleet, 57% - PSV fleet), compared to 81% in 1st quarter 2020. General operational comments in Q1: . Increased activity in the Atlantic region. . Reduced utilisation in the Asia-Pacific and North America regions. . High activity in Brazil, operations impacted by several vessel mobilisations and Covid-19 . 3 vessels agreed sold (2 delivered in 1st quarter), 1 vessel recycled. . The Group's current backlog is NOK 14.2 billion The restructuring of the Group's debt is ongoing and standstill agreements have been agreed until the 31st of May 2021 with the majority of the secured lenders and the bondholders. BNDES standstill agreements are applicable until 10th of June for the majority of the facilities. The Group is dependent on continued standstill agreements with its creditors until a long-term financial solution is agreed to maintain as going concern. Please see enclosed 1st quarter Financial Report 2021. Webcast is available Wednesday, 26th of May at 08:30 on www.dof.com. 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 3,150 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.

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Financial Report 1st quarter for DOF ASA

May 26, 2021

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Multiple contract awards in Brazil

May 25, 2021

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Invitation to presentation of Q1 2021 results

May 19, 2021

DOF Subsea has been awarded multiple contracts for execution in the North Sea, including a number of turnkey subsea projects within our core service lines - Inspection, Maintenance & Repair (IMR), Construction and Decommissioning. The projects combined totals more than 340 vessel days excluding options, and will be executed during 2021. Skandi Acergy, Skandi Skansen, Skandi Iceman, Skandi Hera and a contracted third -party vessel shall be utilized in the offshore execution phases. All awards include Project Management, engineering, procurement and logistics which shall be delivered by our integrated subsea experts' team across Bergen and Aberdeen. DOF Subsea shall towards a key Renewables client, deliver one of our construction assets and associated services during the construction phase of a major offshore wind project. The project totals at least 150 vessel days. 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 execution phases. In excess of the awards, DOF Subsea has received a number of purchase orders related to ongoing contracts in North Sea and Africa. These awards are enabling our clients to take advantage of the extended capabilities of the contracted vessels, with access our integrated marine operations services. One of the variation orders aided DOF Subsea to fast-track a flex-lay installation campaign, delivering project management, engineering, procurement, logistics and offshore execution to the highest expectation of the client. Mons S. Aase, CEO, DOF Subsea said "I am pleased by the continued trust from our clients in Norway and United Kingdom. DOF Subsea continues to secure projects across the energy sector, delivering mission critical solutions without compromise to safety." For further information, please contact: Mons S. Aase, CEO Tel: +47 91 66 10 12 Hilde Drønen, CFO Tel.: +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.

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Contract awards in the Atlantic Region

May 11, 2021

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Notice of ordinary general meeting DOF ASA

May 6, 2021

Reference is made to previous announcements on 21 January 2021 and 28 March 2021, respectively, regarding extension of standstill arrangement with secured lenders expiring 30 April 2021 and extension of standstill arrangement with bondholders in DOF Subsea AS' bond issues also expiring 30 April 2021. DOF ASA and DOF Subsea AS are now pleased to announce that each of the companies have agreed to further extend the principal and interest suspension agreements with, or received extension of similar concessions from, secured lenders representing in total 91% of the secured debt of DOF ASA and its subsidiaries (other than the DOF Subsea AS group) and in total 88% of the secured debt of companies within the DOF Subsea AS group, 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 arrangement currently in place for the bond issues from 30 April to 31 May 2021. The extensions of the stand-still periods are entered into to facilitate the Group's continued dialogue with its secured lenders and the bondholders under the Group's bond loans regarding a long-term financial restructuring of the Group. The discussions with the Group's main creditors remain constructive, and the Group expects that further progress towards a consensual solution will be made over the coming months. 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.

Historical OSE Notices