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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Beach Energy has awarded DOF Subsea Australia the Otway Offshore Project Phase 4 contract which consists of subsea installation works in a tie-back program. The award includes Project Management CEO DOF Subsea AS said “We look forward to working with Beach Energy to deliver safe and efficient project.” 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. www.dofsubsea.com
DOF Subsea AS is pleased to announce the appointment of Martin Lundberg as Acting Chief Financial Officer (CFO) with responsibility for the corporate finance functions in the DOF Subsea Group. The appointment is effective from January 1st 2021. Martin joined DOF Subsea in 2010 and has for the past ten years been a key resource in various positions within the corporate finance team in DOF Subsea. Martin will be replacing our current CFO headed by the DOF Group Chairman and will continue his engagement until end May 2021. “As CFO & Executive Vice President since 2009 Jan has contributed tremendously in developing our financial organisation globally and significantly supported DOF in becoming a world class integrated offshore company. He has built a strong global team and I am grateful for his many contributions to our Subsea business. We wish him continued success as Head of Restructuring and a prosperous next chapter in this career once departing from DOF Subsea” says Mons S. Aase. For further information please contact: Mons S. Aase CEO DOF Subsea – Tel: +47 91 66 10 12 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
The Group’s operating income for the 3rd quarter (management reporting) was NOK 1 547 million (NOK 1 458 million in Q3 2019) and the operating profit before depreciation and impairment (EBITDA) was NOK 707 million (NOK 545 million). The average utilisation of the Group's fleet during the 3rd quarter was 83%; 78% for the Subsea/IMR Project fleet and 95% for Long-term Chartering fleet. At the end of the 3rd quarter 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 announce an award for Skandi Africa for a 2-year contract extension. The new contract will commence in direct continuation with the current contract. Skandi Africa is a high-end subsea vessel designed for harsh environment and deepwater subsea construction and flexlay operations. DOF Subsea CEO 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
Harald Thorstein has been elected as a new member of the board of directors of DOF Subsea AS. Hans Olav Lindal tel. +47 48 09 46 99 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"
The DOF Group is pleased to announce another contract award in Brazil for Libra Consortium the DOF Group has been awarded contracts in Brazil worth USD 250 million. DOF Subsea Brazil will be responsible for the ROV operations while Norskan will be responsible for marine operations. Both companies are 100% owned subsidiaries of DOF ASA. Mons S Aase CEO in DOF Group said “I am very pleased over being awarded this long-term contract with Petrobras. The award further strengthens DOF’s position in the IMR market in Brazil. DOF Subsea is dedicated to deliver efficient services without compromise to safety.” Libra Consortium is led by Petrobras – with a 40% interest – in partnership with Shell Brasil (20%); Total (20%) CNODC (10%) and CNOOC Limited (10%). The Consortium also has the participation of the state-owned company Pré-Sal Petróleo SA (PPSA) as manager of the Production Sharing Agreement. 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 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 are suspended until 31 January 2021 on certain customary terms and conditions. Such terms and conditions include customary restrictions on the DOF group (the ""Group"") in the relevant period and customary termination rights for the secured lenders. The current stand-still from BNDES to Norskan Offshore Ltda. will expire on 31 December 2020 and the continuation of the extended stand-still with the other secured lenders to 31 January 2021 will then either require a continued stand-still from BNDES from 31 December 2020 to 31 January 2021 or acceptance to servicing of the debt to BNDES by the other secured lenders. The MNOK 100 Credit Facility referred to above which originally expired on 30 June 2020 has also been extended. The extensions of the stand-still periods are entered into in order to facilitate the continued constructive dialogue with the secured lenders and bondholders under the Group's bond loans regarding a long-term financial restructuring of the Group. The suspension agreements comprise all companies within the Group except for DOF Subsea Brasil Servicos Ltda. As regards the secured lenders (other than the secured lenders of DOF Subsea Brasil Servicos Ltda.) who have not entered into the suspension agreements or provided a similar concession DOF ASA and DOF Subsea AS will continue to impose an unilateral stand still on the payment of principal and interest to such secured lenders for as long as the suspension agreements remain in force. Such unilateral stand still is required to comply with the terms of the suspension agreements. 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 Jan Nore tel. +47 48 09 46 99 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."
Reference is made to the summons to bondholders' meetings in DOFSUB07 (ISIN NO 001 0670144) deferral and standstill arrangement that were approved in the Bondholders Meeting on 22 April 2020. The bondholders' meetings have been scheduled for 30 September 2020 at 13.00 hours (Oslo time). Following discussions between the Company and an ad-hoc group of bondholders in each of the bond issues and their respective advisors the Company wishes to make certain amendments to the summons as set out in the attached addendum. 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 Jan Nore tel. +47 48 09 46 99 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 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act."
Reference is made to the summons to bondholders' meetings in DOFSUB07 (ISIN NO 001 0670144) and the proposal was consequently approved. Please see the attached minutes from the bondholders' meetings. 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 Jan Nore tel. +47 48 09 46 99 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 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.