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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Reference is made to previous announcement on 30 June 2021 regarding extension of standstill arrangement with secured lenders expiring 31 August 2021 and extension of standstill arrangement with bondholders in DOF Subsea AS' bond issues also expiring 31 August 2021. 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: CEO Mons Aase tel. +47 91 66 10 12 CFO DOF ASA Hilde Drønen tel. +47 91 66 10 09 CFO DOF Subsea Martin Lundberg tel. +47 91 62 10 57 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 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
The Group’s operating revenue for the 2nd quarter (management reporting) was NOK 1 please contact: Mons S. Aase CEO DOF Subsea – Tel: +47 91 66 10 12 Marianne Møgster SVP Finance 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. 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 inform that Petrobras has awarded the pipelay support vessels (PLSVs) Skandi Vitória and Skandi Niteroi a 3 years firm plus option contract for each vessel DOF Subsea. Tel: +47 91 66 10 12 Marianne Møgster SVP Finance 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. 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 About TechnipFMC TechnipFMC is a leading technology provider to the traditional and new energy industries delivering fully integrated projects products and services. With our proprietary technologies and comprehensive solutions we are transforming our clients’ project economics helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions. Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™ iFEED™ and iComplete™) technology leadership and digital innovation. Each of our approximately 20 000 employees is driven by a commitment to our clients’ success and a culture of strong execution purposeful innovation and challenging industry conventions. TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
DOF Subsea is pleased to announce multiple contract awards in the Asia Pacific region providing significant utilisation for resources and vessels in Q3 and Q4 2021 and securing solid backlog into the first half of 2022. Onshore works are underway for several offshore campaigns that will utilise the CSV Skandi Hercules and the onshore and offshore teams from Q3 2021 into Q1 2022. The first campaign will support maintenance activities at an offshore facility in the Timor Sea for a short duration. Following this CEO DOF Subsea said “I am very pleased to announce these contract awards in the APAC region that build on our reputation as a trusted provider for integrated subsea operations across multiple disciplines. We look forward to working with our clients to deliver safe and efficient projects.” For further information please contact: Mons S. Aase CEO DOF Subsea. Tel: +47 91 66 10 12 Marianne Møgster SVP Finance 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. The company’s core business is project management engineering vessel operations survey remote intervention and diving operations primarily for the Offshore Energy Marine Telecommunications and Renewables markets. www.dofsubsea.com
DOF Subsea has received a 6-month extension to a contract in Africa. The project shall continue to use Skandi Seven throughout the extended duration please contact: Mons S. Aase CEO 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 has been recognised in the Financial Times (FT) 2021 report as one of Europe's Climate Leaders. The report, which can be viewed here, was undertaken in co-operation with independent data company Statista and reviewed tens of thousands of companies, scrutinising existing GHG emissions in order to identify 'outstanding European companies that are successfully reducing their core GHG emissions relative to the their revenue'.
As one of only 300 companies that secured a place in the Financial Times Europe's Climate Leaders 2021 report, this is important recognition on a number of levels. It clearly demonstrates DOF's 'leadership in reducing our GHG emissions intensity'. It is also another step in achieving our strategic objectives in the Shaping DOF for the future: 2021 Strategy Plan to "uphold our position within the top-5 for environmental and social sustainability in our industry". For more information about the methodology used visit the FT website here.
The joint venture between DOF Subsea and Aker Solutions manifold production spools umbilical covers and associated hardware. The project shall be delivered by an integrated expert team from the JV partners. DOF Subsea shall deploy Skandi Acergy from its fleet and Aker Solutions shall use its disposal site at Stord for recycling. Engineering will start immediately and offshore execution is planned in Q1 2022 but with a possibility for an earlier start in Q4 2021. For further information please contact: Mons S. Aase CEO 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
Reference is made to previous announcements regarding the extension of standstill arrangements with the DOF group's secured lenders expiring 30 June 2021 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 30 June 2021. DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have agreed to extend the principal and interest suspension agreements with 93.40% and 100.00% of the votes in DOFSUB07 DOFSUB08 and DOFSUB09 respectively. Approval of the proposal set out in the summons required 2/3 majority in all three bonds and the proposal was consequently approved. Please see the attached minutes from the bondholders' meetings. 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. For further information please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO DOF Hilde Drønen tel. +47 91 66 10 09 CFO DOF Subsea Martin Lundberg tel. +47 91 62 10 57 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 the resolutions adopted in the bondholders' meetings in DOF Subsea AS' three bond loans (FRN DOF Subsea AS Senior Unsecured Bond Issue 2013/2020 with a possibility to further extend the standstill arrangement currently in place to 30 June 2021 with the approval of the ad-hoc committee of bondholders. Reference is further made to previous announcements on 28 March 2021 30 April 2021 and 31 May 2021 respectively regarding the ad-hoc committee's approval of further extensions of the standstill arrangement with the bondholders described above ultimately expiring on 30 June 2021. Discussions and negotiations with the DOF group's secured lenders and advisers to the bondholders respectively regarding an overall financial restructuring of the group are still ongoing. However further discussions and negotiations will be required to determine whether an agreement for an overall restructuring of the DOF group can be found. DOF Subsea AS has therefore requested Nordic Trustee AS to summon bondholders' meetings in the three bond loans to consider the extension of the standstill period initially until 31 August 2021 and with a possibility to extend to 30 September 2021 with the approval of an ad-hoc committee of bondholders. The proposal is further described in the attached summons to the bondholders in the three bond loans. A request has also been made to the DOF group's secured lenders to extend the suspension of payments of principal and interest that have been granted by a majority of its secured lenders. For further information please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO DOF Hilde Drønen tel. +47 91 66 10 09 CFO DOF Subsea Martin Lundberg tel. +47 91 62 10 57 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