DOF Group ASA (“DOF”) is pleased to announce that Skandi Achiever has been awarded an offshore service and survey contract in Brazil in support of a SURF project with operations planned to start in early May and covering three campaigns during 2025.
Furthermore, Skandi Salvador has had its charter, service, and survey contract with Subsea7 in support of SURF projects in Brazil extended until July 2025. The contract foresees additional options.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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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 Subsea Australia is pleased to announce it has been awarded Woodside Energy Limited’s Enfield XT Retrieval and Offshore Support Services. The campaign execution will involve the recovery of 18 Subsea XTrees Fabrication and decommissioning Services and is expected to be undertaken in Q3 and Q4 2022 using DOF Subsea’s MPSV Skandi Hercules. Mons Aase CEO DOF Subsea AS said “This is a substantial contract award. It builds on successful campaigns delivered in the past for our client and grows our decommissioning track-record in the APAC region. We look forward to working with Woodside Energy Limited to deliver a safe and efficient project”. 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 DOF Group is pleased to announce a new contract award for its fleet in Brazil for Petróleo Brasileiro S.A. ("Petrobras"). The AHTS18000 Skandi Rio will support Petrobras' exploration and production activities on the Brazilian continental shelf. The vessel is owned and operated by Norskan Offshore Ltda. while DOF Subsea Brasil Servicios Ltda. will be responsible for the ROV operations. Both companies are 100% owned subsidiaries of DOF ASA.
The contract duration is for 3+1-year with expected commencement in December/January. Skandi Rio is a Brazilian built and flagged AHTS vessel equipped with Work Class ROV's for operations down to 3.000m water depth.
Mons Aase, CEO in DOF Group, states: I am very pleased with the contract award, which confirm the DOF Group's strong position in the South America region.
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 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.