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DOF Group ASA - Invitation to presentation of Q1 2025 results

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA, AUSTRALIA, NEW ZEALAND, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR REQUIRE REGISTRATION OR ANY OTHER MEASURES.

Austevoll, Norway, 29 September 2023: Reference is made to the obligation included in DOF Group ASA's (the "Company") articles of associations, regarding the conversion of all the 123,276,652 existing B-shares to ordinary shares ("New Ordinary Shares") in an exchange ratio of 1:1 (the "Conversion") at the later of (i) the following business day after 30 September 2023 and (ii) if required, the date that the prospectus required to list the relevant New Ordinary Shares on the Oslo Stock Exchange is published.

The Financial Supervisory Authority of Norway (Nw.: Finanstilsynet) has today, on 29 September 2023, approved a prospectus, comprising a securities note, a registration document supplement and a summary (jointly, the "Prospectus") for the listing of the New Ordinary Shares on the Oslo Stock Exchange, following the Conversion.

The Conversion is subject to approval by the Company's board of directors, and is expected to take place the first business day after 30 September 2023, i.e. 2 October 2023. Subject to approval by the board of directors, on the first day of trading in the New Ordinary Shares is expected to be on or about 3 October 2023.

The Company will notify the market through a stock exchange announcement immediately after the Conversion has been resolved by the board of directors. For the sake of good order, the Company would like to emphasize that trading in the New Ordinary Shares prior to the Conversion would constitute a breach of the Short Selling Regulation implemented into Norwegian law through Section 3-5 in the Norwegian Securities Trading Act.

The Prospectus will be, subject to regulatory restrictions in certain jurisdictions, available on the Company's website, www.dof.com.

>>> DOF Group ASA - Summary 29-Sep-2023.pdf
>>> DOF Group ASA - Registration Document 29-Sep-2023.pdf
>>> DOF Group ASA - Registration Document Supplement 29-Sep-2023.pdf
>>> DOF Group ASA - Securities Note 29-Sep-2023.pdf

For further information, please contact:
‍
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: + +47 916 21 057
E-mail: martin.lundberg@dof.com

Important notice:
This announcement is not being made in or into the United States of America, Canada, Australia, Japan, Hong Kong or in any other jurisdiction where it would be prohibited by applicable law. This distribution does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States. The shares referred to herein have not been and will not be registered under the United States Securities Act of 1933, and may not be offered or sold in the United States or to U.S. persons (other that distributors) unless the securities are registered under the Act, or an exemption from the registration requirements of the Act is available.

‍

News

DOF Group ASA - Approval and publication of listing prospectus

September 29, 2023

In the fleet loan facility for DOF Rederi signed on 24 February 2023, the oldest PSV fleet has been defined as non-core. This implies no debt on this part of the fleet, and that all surplus cash from the sale of these vessels shall be paid directly to the lenders with zero repayment of the existing debt. Currently, the non-core fleet includes 3 vessels, Skandi Caledonia (built 2003), Skandi Captain (built 2004) and Skandi Barra (built 2005).

DOF Group ASA and DOF Rederi AS have today agreed to acquire the non-core fleet from the lenders at a total price of NOK 270 million. NOK 135 million of the purchase price shall be paid in cash and NOK 135 million shall be reinstated as debt in DOF Rederi. The reinstated debt will be priced at market terms and will have maturity in January 2026 which is equivalent as the existing fleet loan facility in DOF Rederi. The reinstated debt is not guaranteed by DOF Group ASA.

The non-core fleet currently operates in the North Sea on contracts where the average Ebitda contribution is approximately NOK 152 000/day per vessel. The current contract status for the fleet is the following:
- Skandi Captain firm until 8 November 2023
- Skandi Caledonia, firm until early Oct (maintenance docking planned in 4[th] quarter)
- Skandi Barra, firm until May 2024 + 1 year option period

Skandi Caledonia has been awarded a contract in Argentina with estimated start up in 1[st] quarter 2024 with a major global oil company. The contract has a duration of 150 days + 60 days options and the estimated Ebitda contribution is above USD 25 000/day excl. mob and demob.

Mons S. Aase, CEO DOF Group ASA, says: "The PSV market is strong, and earnings and vessel values are expected to continue the positive trend. Our core strategy is growth within subsea projects and offshore floating wind. The plan for the PSV fleet is to maximize the combined return from the expected strong momentum in earnings and vessel values in the short to medium term."

For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: + +47 916 21 057
E-mail: martin.lundberg@dof.com

‍

News

REINSTATEMENT NON-CORE FLEET DOF REDERI

September 29, 2023

Other

Offshore Leaders Conference "Samling 2023"

September 25, 2023

News

DOF Group ASA - Capital markets day

September 19, 2023

Contract awards

Letter of Intent (LOI) for a 1-year contract extension

September 19, 2023

Contract awards

DOF Group ASA – Contract award

September 18, 2023

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DOF Subsea awarded multiple contracts across the North America Region

January 29, 2020

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DOF Subsea awarded contracts Australia

January 22, 2020

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DOF ASA: NOTIFICATION OF LARGE SHAREHOLDING

January 9, 2020

As previously announced, the DOF Group is negotiating with its banks and bondholders with a view to finding sustainable long-term financing structure that is aligned with the current market environment. The negotiations have been constructive, and good progress has been made. On Friday 20 December, the bondholders in each of DOFSUB07, DOFSUB08 and DOFSUB09 bond loans resolved to continue and extend the engagements on certain terms and conditions which are deemed beneficial by the bondholders, DOF Subsea AS and DOF ASA. Reference is made to a separate Press Release sent out on 20 December. The final approval of the terms now agreed will be given in a bondholders' meeting to be held medio January, 2020. Banks involved in the DOF Subsea AS refinancing process are showing good will to contribute to achieving a positive result. The refinancing proposal includes adjustments to the current amortization profile among others. The negotiations are still ongoing and a few of the banks, representing less than 10% of the outstanding loan balances, show reluctance, but will hopefully agree to a continued beneficial participation. DOF ASA is engaged in constructive dialogue with the banks in the DOF Rederi AS fleet facility, and together with DOF Subsea AS with major financing institutions in Brazil, in order to discuss adjustments to the current amortization profile, and thereby align, strengthen and support the financial operations throughout the DOF Group structure. The Board of Directors and the management believe that a solution is obtainable early 1[st] quarter., however no assurance can be given the DOF Group will be successful in this respect. All of the DOF group of companies will in the meantime relentlessly carry on their business without change. The market will be kept updated on further progress. 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 - REFINANCING UPDATE

December 23, 2019

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Financial calendar

December 23, 2019

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DOF Subsea AS: Withdrawal of summons to Bondholders' Meeting

December 20, 2019

As previously reported by DOF Subsea AS ("DOF Subsea" or the "Company"), DOF Subsea has approached banks, bondholders, and shareholders in a process to negotiate a long-term financing solution aligned with the current market. The proposal as outlined in the Summons to Bondholders' Meetings dated 5 December 2019 (the "Proposal") was approved by a necessary majority of Bondholders in all three bond issues, after the Company undertook not to implement the Proposal until certain changes which have been accepted by the Company have been approved by the bondholders in each of DOFSUB07, DOFSUB08 and DOFSUB09. These changes, once approved, will update and supersede the Proposal. The deferral of the NOK 100 million scheduled instalment that was due under DOFSUB07 today has become effective in accordance with the terms of the Summons. For the DOFSUB07 bond, the changes include a 5% PIK Interest and a call option at 100% of the nominal amount at any time (vs the Proposal with increasing call option prices). The DOFSUB07 bond shall be redeemed at 100% at maturity. For the DOFSUB08 bond the maturity date will be extended to January 2025 (vs August 2024 in the Proposal) and for the DOFSUB09 bond the maturity date will be extended to May 2025 (vs. December 2024 in the Proposal). Laco AS has also agreed to convert its indirect holding (through Møgster Mohn Offshore AS) of approx. NOK 60m in nominal value of DOFSUB 07 bonds into shares in DOF ASA, and the Company has agreed to cancel its treasury bonds. Further details of the changes are included in the attached schedule. These changes will be implemented through new bondholder meetings in DOFSUB07, DOFSUB08 and DOFSUB09. The Ad-Hoc group of bondholders in DOFSUB07 and major holders of DOFSUB08 and DOFSUB09 bonds have given their pre-approval to these changes, which will be formalized through follow-up bondholder meetings in January 2020. The Company engaged ABG Sundal Collier ASA and Pareto Securities AS as its financial 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 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 AND DOF SUBSEA AS: RESULT OF BONDHOLDER MEETINGS IN DOF SUBSEA AS, REFINANCING UPDATE

December 20, 2019

Reference is made to previous stock exchange announcements regarding the subordinated convertible bond loan issued by DOF ASA ("DOF" or the "Company") on 5 August 2016 (the "Subordinated Convertible Bond"). Bondholders in the Subordinated Convertible Bond have in accordance with the terms and conditions of the Subordinated Convertible Bond requested to convert bonds with an aggregate nominal value of NOK 68,750,000 to new shares in the Company. As a result, the share capital of the Company has today, 20 December 2019, been increased with NOK 6,875,000 by issuance of 6,875,000 new shares, each with a nominal value of NOK 1, at the conversion price of NOK 10.00 per share. Following the share capital increase, the Company's share capital is NOK 307,762,779, divided into 307,762,779 shares, each with a nominal value of NOK 1. The new shares will be registered on the respective bondholders' VPS accounts and be tradable on the Oslo Stock Exchange from and including 23 December 2019. Following the conversion, the new outstanding amount under the Subordinated Convertible Bond is NOK 86,933,885. 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