Reference is made to DOF ASA's (the "Company" or "DOF" and together with its
subsidiaries the "Group") previous announcements on 22 June 2022 and 13 October
2022 regarding the financial restructuring process, and the announcement on 11
November 2022 regarding the voting result at the extraordinary general meeting
held the same day ("EGM").
As a result of the failure to obtain approval of the proposed restructuring at
the EGM and pursuant to the Group's obligations under the agreement with a
substantial group of financial creditors and certain other stakeholders (the
"Restructuring Agreement") on a comprehensive financial restructuring (the
"Restructuring"), DOF will today petition for reconstruction proceedings with
Hordaland district court (the "Reconstruction").
As previously communicated by the Company, the financial creditors of the Group
have made it clear (i) that there is no room for the shareholders to negotiate a
more favorable solution than the proposal that was presented to the EGM on 11
November 2022 whereby the shareholders was offered 4% of the share capital
following the Restructuring and (ii) that the shareholders will not be offered
more than 1% of the share capital following the Restructuring as part of the
Reconstruction, unless otherwise agreed by the financial creditors.
The board of directors is of the view that there is no other available solution
that ensures the continued operations in the Group than the agreed
Restructuring. It has also been made clear by the Group's financial creditors
that implementation of the Restructuring must take place in accordance with the
Restructuring Agreement. According to the terms of the Restructuring Agreement,
DOF is in the current situation obliged to procure that the Reconstruction
proceedings are opened. This is further substantiated by a letter from the
creditors requesting Reconstruction to be opened promptly.
The Board has also been in dialogue with the appointed advisor of the minority
shareholders in order to provide the requested documentation. The Board has not
received information which indicates that the minority shareholders have any
viable alternative solution to the Restructuring.
In preparation of the Reconstruction, and in order to secure the continued
operations in the rest of the Group irrespective of the outcome of the
Restructuring in the Company, the Company has transferred the majority of its
business, assets and contractual liabilities to its wholly owned subsidiary DOF
Services AS. The employees of the Company have, in accordance with the
Restructuring Agreement, been transferred to the Company's wholly owned
subsidiary DOF AS together with related third-party agreements necessary to
operate the Group. The Group's operations are therefore expected to continue as
normal both throughout the Reconstruction process and in the event of a
subsequent bankruptcy in the Company. As previously communicated, creditors and
contract parties other than the financial creditors party to the Restructuring
will not be affected by the Restructuring.
In light of continuous speculations among the minority shareholders of DOF
questioning the principle of equal treatment of all the shareholders of the
Company, and despite previous announcements confirming the same, the Company see
once more the need to reiterate that the Restructuring proposal that was
presented to the EGM provided for equal treatment of all the shareholders of the
Company. The main shareholder in DOF has also confirmed that there is no
agreement or arrangement regarding preferential treatment of the main
shareholder compared to other shareholders irrespective of how the Restructuring
is implemented.
For further information, please contact:
Chairman of the Board Hans Olav Lindal, tel. + 47 958 39 562
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Hilde Drønen, CFO, DOF ASA.
With a multi-national workforce of about 3,900 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 40 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: Petition for Reconstruction
December 2, 2022
Det vises til DOF ASAs ("Selskapet" eller "DOF", og sammen med datterselskapene,
"Gruppen") tidligere børsmeldinger henholdsvis 22. juni 2022 og 13. oktober 2022
vedrørende den finansielle restruktureringsprosessen, og børsmeldingen 11.
november 2022 vedrørende avstemningsresultatet på den ekstraordinære
generalforsamlingen avholdt samme dag ("Generalforsamlingen").
Som følge av manglende godkjenning av den foreslåtte restruktureringen på
Generalforsamlingen og i henhold til Gruppens forpliktelser etter avtalen med en
betydelig gruppe finansielle kreditorer og visse andre interessenter
("Restruktureringsavtalen") om en omfattende finansiell restrukturering
("Restruktureringen"), vil DOF i dag begjære rekonstruksjonsforhandlinger ved
Hordaland tingrett ("Rekonstruksjonen").
Som tidligere kommunisert av Selskapet, har de finansielle kreditorene til
Gruppen gjort det klart at (i) det ikke er rom for aksjonærene til å forhandle
om en gunstigere løsning enn forslaget som ble presentert for
generalforsamlingen den 11. november 2022 der aksjonærene ble tilbudt 4% av
aksjekapitalen etter Restruktureringen og (ii) aksjonærene ikke vil bli tilbudt
mer enn 1% av aksjekapitalen etter Restruktureringen som en del av
Rekonstruksjonen, med mindre noe annet aksepteres av de finansielle kreditorene.
Etter styrets vurdering foreligger det ingen annen løsning som sikrer videre
drift i Gruppen enn den avtalte Restruktureringen. Det er videre gjort klart av
Gruppens finansielle kreditorer at gjennomføring av Restruktureringen skal skje
i henhold til Restruktureringsavtalen. Etter Restruktureringsavtalen er DOF i
den nåværende situasjonen forpliktet til å sørge for at
rekonstruksjonsforhandlinger åpnes. Dette underbygges ytterligere av et brev fra
kreditorene hvor det kreves at Rekonstruksjonen åpnes omgående.
Styret har også vært i dialog med oppnevnt rådgiver for minoritetsaksjonærene
for å fremskaffe ønsket dokumentasjon. Styret har ikke mottatt informasjon som
tilsier at minoritetsaksjonærene har noen reell alternativ løsning til
Restruktureringen.
Som forberedelse til Rekonstruksjonen, og for å sikre videre drift i resten av
Gruppen uavhengig av utfallet av Rekonstruksjonen, har Selskapet overført
majoriteten av sin virksomhet, eiendeler og kontraktsmessige forpliktelser til
sitt heleide datterselskap, DOF Services AS. De ansatte i Selskapet har i
henhold til Restruktureringsavtalen blitt overført til Selskapets heleide
datterselskap DOF AS sammen med tilhørende tredjepartsavtaler som er nødvendige
for å drive konsernet. Gruppens virksomhet forventes derfor å fortsette som
normalt, både gjennom hele rekonstruksjonsprosessen og ved en eventuell
påfølgende konkurs i Selskapet. Som tidligere kommunisert vil ikke kreditorer og
kontraktsparter utover de finansielle kreditorene som er part i
Restruktureringen bli påvirket av Restruktureringen.
I lys av de kontinuerlige spekulasjonene blant minoritetsaksjonærene i DOF som
stiller spørsmål ved prinsippet om likebehandling av alle Selskapets aksjonærer,
og til tross for tidligere meldinger som bekrefter det samme, ser Selskapet nok
en gang et behov for å gjenta at forslaget om Restrukturering som ble presentert
for Generalforsamlingen sørget for likebehandling av alle aksjonærene i
Selskapet. Hovedaksjonæren i DOF har også bekreftet at det ikke er noen avtale
eller ordning om særbehandling av hovedaksjonæren sammenlignet med øvrige
aksjonærer, uavhengig av hvordan Restruktureringen gjennomføres.
For mer informasjon, vennligst kontakt:
Styrets leder Hans Olav Lindal, tlf. 958 39 562
Denne informasjonen anses som innsideinformasjon i henhold til EUs
Markedsmisbruksforordning, og er informasjonspliktig etter verdipapirhandelloven
§ 5-12. Børsmeldingen er publisert av Hilde Drønen, CFO, DOF ASA.
With a multi-national workforce of about 3,900 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 40 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: Begjæring om Rekonstruksjon
December 2, 2022
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, DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN DOF
Subsea AS Senior Unsecured Bond Issue 2018/2023) on 7 November 2022 (together
the "Bond Loans"), whereby the bondholders on certain conditions approved to
extend their waiver from, and suspension of, all payment obligations under each
of the bond loans until 30 November 2022, with a possibility to further extend
the standstill arrangement with the approval of the ad-hoc group of bondholders
(the "Ad-Hoc Group").
In order to facilitate the implementation of the Restructuring through
reconstruction proceedings, bankruptcy or otherwise, DOF is pleased to announce
that the senior creditors and bondholders that are parties to the Restructuring
Agreement have agreed to extend the Long Stop Date in the Restructuring
Agreement to 31 March 2023, and that the ad-hoc group of bondholders in DOF
Subsea AS' bond loans (FRN DOF Subsea AS Senior Unsecured Bond Issue 2013/2020,
DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN DOF Subsea AS
Senior Unsecured Bond Issue 2018/2023) has extended the standstill arrangements
with the bondholders to 31 March 2023 in accordance with the authority granted
in the bondholders' meetings held on 7 November 2022.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
With a multi-national workforce of about 3,800 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 40 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: FURTHER EXTENSION OF STANDSTILL PERIOD
November 30, 2022
DOF Group is pleased to announce multiple new contracts in Atlantic region and
the long-term charter of the CSV vessel Havila Phoenix.
The region has been awarded an Integrated Field Support Vessel (FSV) contract
with an international operator in West-Africa. The contract is 365 days firm,
with 365 days of options. DOF shall deliver project management, engineering,
procurement and logistics within deep-water construction and maintenance of
existing subsea infrastructure. The project shall utilise Skandi Seven for the
contract.
The region has also been awarded multiple FEED studies towards prospective
floating wind developments in the Atlantic region. DOF shall use its project
management, engineering and logistical expert teams to outline marine operation
solutions, including mooring and dynamic cable installation.
DOF is further pleased to announce the charter of Havila Phoenix on a 3-year
firm plus 2-year option contract, with commencement in Q1, 2023. Havila Phoenix
is a large and modern CSV, equipped with one 250-ton AHC offshore crane, one 20
-ton AHC offshore crane, 2 WROVs and a large construction deck. The vessel will
be utilised within the DOF Subsea's project segment.
Mons Aase, CEO DOF Subsea AS, said, "I`m pleased with the award for a new
integrated FSV contract in West-Africa, once again proving our ability to
deliver complex marine operations and engineering services. I also welcome
Havila Phoenix into our fleet of advanced subsea vessels.
For further information, please contact:
CEO Mons S. Aase, Tel: +47 91 66 10 12
CFO Hilde Drønen, Tel: +47 91 66 10 09
With a multi-national workforce of about 3,900 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 40 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
News
DOF Contract and Fleet update
November 28, 2022
In connection with the extraordinary general meeting of DOF ASA (DOF) to be held
on 14 December 2022, Bjarte Brønmo has, on 24 November 2022, received proxies
for 106 044 787 in DOF to vote for a new board of directors. Brønmo owns 15 770
287 shares in DOF and can therefore vote for in total 121 815 074 shares in DOF
equivalent to 38.49% of the voting shares.
The proxies received are only valid for the EGM on 14 December 2022.
This information is subject to disclosure pursuant to section 4-3, cf 4-2 of the
Norwegian Securities Trading Act.
Historical OSE Notices
Disclosure of voting proxies for the Extraordinary General Meeting of DOF ASA 14 December 2022
November 25, 2022
Reference is made to the announcement made by DOF ASA (the "Company") on 17
November 2022, regarding a request for an extraordinary general meeting ("EGM")
pursuant to section 5-7(2) of the Norwegian Public Limited Companies Act, to be
held to consider a proposal to elect a new board of directors in the Company.
The EGM will be held on Wednesday 14 December 2022 at 12:00 hours as an
electronic meeting. Shareholders who wish to participate and vote at the EGF
must be registered with a user profile in the meeting portal Orgbrain
(www.orgbrain.no) or submit a proxy to the Company by 12:00 hrs CET on 9
December 2022. Information about participation and registration is included in
the notice attached to this announcement and also available on the Company's
website www.dof.com. Further information about the electronic participation will
be published on the Company's website www.dof.com and distributed to the
shareholders who fill in and return the registration form.
A paper version of the notice will be sent by post to those shareholders who
have reserved themselves against electronic communication on the VPS Investor
Services.
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 3,900 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 40 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: NOTICE OF EXTRAORDINARY GENERAL MEETING
November 23, 2022
Det vises til kunngjøring fra DOF ASA ("Selskapet") 17. november 2022 vedrørende
krav om innkalling til ekstraordinær generalforsamling ("EGF") etter
allmennaksjeloven § 5-7(2), som skal avholdes for å behandle forslag om å velge
nytt styre i Selskapet.
Generalforsamlingen vil bli avholdt onsdag 14. desember 2022 kl. 12:00 som et
elektronisk møte. Aksjonærer som ønsker å delta og stemme i EGF må være
registrert med en brukerprofil i møteportalen Orgbrain (www.orgbrain.no) eller
sende inn fullmakt til Selskapet innen kl. 12:00 den 9. desember 2022.
Informasjon om deltakelse og registrering er inkludert i innkallingen vedlagt
denne kunngjøringen og også tilgjengelig på selskapets nettside www.dof.com.
Ytterligere informasjon om den elektroniske deltakelsen vil bli publisert på
selskapets nettside www.dof.com og vil bli distribuert til aksjonærene som
fyller ut og returnerer påmeldingsskjemaet.
Papirversjon av innkallingen vil sendes per post til de aksjeeierne som har
reservert seg mot elektronisk kommunikasjon i VPS Investortjenester.
For nærmere informasjon vennligst kontakt:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
Denne informasjonen er informasjonspliktig etter verdipapirhandelloven § 5-12.
With a multi-national workforce of about 3,900 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 40 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: INNKALLING TIL EKSTRAORDINÆR GENERALFORSAMLING
November 23, 2022
