Reference is made to the stock exchange announcement on 30 October 2019 in which
it was announced that the extraordinary general meeting of DOF ASA ("DOF" or the
"Company") had resolved to reduce the share capital of the Company from NOK
1,504,438,895 to NOK 300,887,779, by reducing the nominal value per share from
NOK 5 to NOK 1.
The share capital reduction has now been registered with the Norwegian Register
of Business Enterprises. Following the share capital reduction, the Company's
share capital is NOK 300,887,779, divided into 300,887,779 shares, each with a
nominal value of NOK 1.
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 3,500 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
DOF ASA - New share capital
December 19, 2019
DOF Subsea has entered into a 2-month long contract with an international energy
client in Africa. The project will utilise Skandi Seven and commence operations
in direct continuation with the ongoing commitment for the vessel.
DOF Subsea will during this project deliver integrated FSV services, project
management and engineering on multiple project packages, mainly within deep
-water construction and maintenance activities.
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 3,500 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
Contract awards
DOF Subsea secures integrated FSV contract in Africa
December 10, 2019
Please see enclosed summons to bondholders' meeting from the Ad Hoc Group in
DOFSUB07.
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 3,500 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
Summons to bondholders' meeting
December 6, 2019
DOF ASA AND DOF Subsea AS: REFINANCING UPDATE, SUMMONS TO BONDHOLDERS' MEETINGS
IN DOF SUBSEA AS
As previously reported in DOF Subsea AS' ("DOF Subsea" or the "Company")
financial report for Q2 and Q3 2019, the DOF Subsea Group (the "Group")
experience that regular financing and refinancing has been challenging.
The Group has an order backlog of approximately NOK 14 billion per 30 September
2019. The market has improved slightly, and the Company has a higher EBITDA
compared to last year. However, the current EBITDA is still not sufficient to
cover the Group's current amortisation profile.
DOF Subsea is in a process to negotiate a long-term financing solution, with a
financial structure that is aligned with the current market.
The Company is negotiating with its banks and has a conditional commitment from
its largest indirect shareholder Laco AS to, either directly or indirectly,
subscribe for NOK 200 million of new cash equity, subject to agreement with
banks and bondholders. The new equity is expected to be raised through a rights
issue in DOF ASA to be implemented in January 2020 with expected gross proceeds
of between NOK 200 million and NOK 500 million. The detailed terms of the rights
issue have not yet been determined. DOF ASA will in turn inject new equity in
the amount of NOK 200 million in DOF Subsea.
The key terms of the discussed new bank facilities are:
· All bank facilities in consolidated companies are merged to one new USD 680
million facility with maturity in December 2023.
· With the new facility, annual amortisations are reduced and this represents
a reduction in annual amortisations of 66% average over the first 3 years.
· Interest margins largely unchanged
· New covenants to fit the current market situation.
In respect of the Company's outstanding bonds, the Company proposes, as part of
the solution, a structure whereby the bonds are extended beyond the maturity of
the new bank facility.
· DOFSUB07 - extended to 29 December 2023
· DOFSUB08 - extended to 14 August 2024
· DOFSUB09 - extended to 27 December 2024
Please find enclosed Summons to Bondholders' Meeting (the "Proposal") and a
Company presentation. The Company has received indication that 62% of DOFSUB08
voting bonds and 47% of DOFSUB09 voting bonds will support the Proposal.
The Issuer has engaged ABG Sundal Collier ASA and Pareto Securities AS as its
financial advisors (the "Advisors") with respect to the Proposal. Accordingly,
Bondholders may contact ABG Sundal Collier ASA at +47 22 01 61 66 or Pareto
Securities AS Fixed Income Sales at +47 22 87 87 70 for further information.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
IMPORTANT INFORMATION
This communication may not be published, distributed or transmitted in the
United States, Canada, Australia or Japan. These materials do not constitute an
offer of securities for sale or a solicitation of an offer to purchase
securities of DOF ASA or the Company in the United States, Norway or any other
jurisdiction. The securities of DOF ASA and the Company may not be offered or
sold in the United States absent registration or an exemption from registration
under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act").
The securities of DOF ASA and the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to "qualified
institutional buyers" as defined in Rule 144A under the U.S. Securities Act and
to "major U.S. institutional investors" under SEC Rule 15a-6 to the United
States Exchange Act of 1934. No public offering of the securities will be made
in the United States. In any EEA Member State that has implemented the
Prospectus Directive, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Directive, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Directive" means Directive 2003/71/EC (and amendments thereto, including
Directive 2010/73/EU, to the extent implemented in any relevant Member State)
and includes any relevant implementing measure in the relevant Member State. In
the United Kingdom, this communication is only addressed to and is only directed
at Qualified Investors who (i) are investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so. Matters discussed in this announcement may constitute
forward-looking statements. Forward-looking statements are statements that are
not historical facts and may be identified by words such as "anticipate",
"believe", "continue", "estimate", "expect", "intends", "may", "should", "will"
and similar expressions. The forward-looking statements in this release are
based upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements. The information, opinions and
forward-looking statements contained in this announcement speak only as at its
date, and are subject to change without notice. This announcement is made by
and, and is the responsibility of, the Company. Pareto Securities AS and ABG
Sundal Collier (the "Managers") are acting exclusively for the Company and no
one else and will not be responsible to anyone other than the Company for
providing the protections afforded to their respective clients, or for advice in
relation to the contents of this announcement or any of the matters referred to
herein. Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein. This announcement is for information purposes only
and is not to be relied upon in substitution for the exercise of independent
judgment. It is not intended as investment advice and under no circumstances is
it to be used or considered as an offer to sell, or a solicitation of an offer
to buy any securities or a recommendation to buy or sell any securities of the
Company. Neither the Managers nor any of their respective affiliates accepts any
liability arising from the use of this announcement. Each of DOF ASA, the
Company, the Managers and their respective affiliates expressly disclaims any
obligation or undertaking to update, review or revise any statement contained in
this announcement whether as a result of new information, future developments or
otherwise. The distribution of this announcement and other information may be
restricted by law in certain jurisdictions. Persons into whose possession this
announcement or such other information should come are required to inform
themselves about and to observe any such restrictions. This information is
subject of the disclosure requirements pursuant to section 5-12 of the Norwegian
Securities Trading Act.
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
Refinancing update, summons to bondholders' meetings in DOF Subsea AS
December 5, 2019
The Group's operating income for 3[rd]quarter (management reporting) totals NOK
2,057 million (NOK 1,739 million) and the operating profit before depreciation
and impairment (EBITDA) totals NOK 759 million (NOK 535 million). The Ebitda
adjusted for hedge accounting is NOK 803 million (NOK 587 million). Total
impairments of NOK 917 million (NOK 124 million) have been booked in the period,
hence the operating profit (EBIT) is negative with NOK -503 million (NOK 106
million).
The average utilisation of the Group's fleet during the 3rd quarter was 82% ; 81%
for the subsea fleet, 75% for the AHTS fleet and 94% for the PSV fleet.
Improved earnings and utilisation in all segments during the quarter reflecting
increased activity, however still challenging markets for the AHTS and Subsea
IMR fleet.
The Group's backlog is NOK 20 billion.
A long-term refinancing solution is in process with the target to be completed
before year end.
Per November DOF ASA owns 100% of the shares in DOF Subsea AS.
Please see enclosed 3rd quarter Financial Report 2019.
Webcast is available Thursday, 28th November 2019 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 3,500 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
Financial Report 3rd quarter for DOF ASA
November 28, 2019
DOF Subsea is pleased to announce that Fugro has extended the firm period of
hire for Skandi Carla up to end of October 2020.
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 3,500 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
Contract awards
Contract extension for Skandi Carla
November 26, 2019
DOF ASA will present the Q3 results 2019 at Norges Rederiforbund, Rådhusgt. 25,
7th floor, Oslo, on Thursday 28 November 2019 at 08:30.
The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen.
Due to practical reasons we ask those of you interested in attending the
presentation, to please register to Margrethe R. Østervold, e-mail mro@dof.com,
within Tuesday 26 November 2019.
The presentation will be webcasted at www.dof.com.
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
Invitation to presentation of Q3 2019 results
November 25, 2019
