DOF Subsea is proud to announce the extension of the four PIDF Contracts with
Petrobras.
These extensions will demand a fleet of at least 3 vessels operating for 18
months, to the end of 2023 and in direct continuation to the original schedule
performing flexible pipelines, risers and subsea equipment inspection in Campos
Basin, Santos Basin, Marlin Field and Espírito Santos Basin. Inspections will be
evaluated and processed by the DOF Subsea Engineering team in Brazil that is
responsible for delivering technical reports regarding the conditions of the
subsea facilities in Brazil.
Adding more than USD 100 million in backlog, these contract extensions are
confirmation of DOF Subsea's safe and excellent delivery of the project,
reinforcing our relationship with Petrobras and our capacity to deliver on time
and within budget.
Mons S Aase, CEO, DOF Subsea said, "I am very pleased for these awards securing
utilisation for our personnel and our assets and adding important back log to
the Group. It further strengthens our leading position in Brazil within IMR and
confirms our long relationship with Petrobras."
DOF Subsea is dedicated to deliver safe and efficient subsea solutions.
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 3,800 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 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
Contract awards
DOF Subsea contract extension with Petrobras
June 21, 2022
Reference is made to previous announcements regarding the extension of
standstill arrangements with the DOF group's secured lenders expiring 15 June
2022 and extension of standstill arrangements with bondholders in DOF Subsea AS'
bond issues also expiring 15 June 2022.
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, or received extensions of similar concessions from, secured lenders
representing in total all of the secured debt of DOF ASA and DOF Rederi AS and
in total 95% of the secured debt of companies within the DOF Subsea AS group
(excluding DOF Subsea Brasil Servicos Ltda.) until 22 June 2022, and that DOF
Subsea AS has received confirmation from the ad hoc group of bondholders that
they have agreed to further extend the suspension, deferral and standstill
agreement currently in place for the bond issues to 22 June 2022 in accordance
with the resolutions of the bondholders' meeting held 29 April 2022.
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 Hilde Drønen, tel. +47 91 66 10 09
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 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 AGREEMENTS WITH SECURED LENDERS AND RESULT FROM BONDHOLDERS' MEETINGS
June 15, 2022
Reference is made to previous announcements regarding the extension of
standstill arrangements with the DOF group's secured lenders expiring 31 May
2022 and extension of standstill arrangements with bondholders in DOF Subsea AS'
bond issues also expiring 31 May 2022.
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, or received extensions of similar concessions from, secured lenders
representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS and
in total 95% of the secured debt of companies within the DOF Subsea AS group
(excluding DOF Subsea Brasil Servicos Ltda.) until 15 June 2022, and that DOF
Subsea AS has received confirmation from the ad hoc group of bondholders that
they have agreed to further extend the suspension, deferral and standstill
agreement currently in place for the bond issues to 15 June 2022 in accordance
with the resolutions of the bondholders' meeting held 29 April 2022.
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 Hilde Drønen, tel. +47 91 66 10 09
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 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 AGREEMENTS WITH SECURED LENDERS AND RESULT FROM BONDHOLDERS' MEETINGS
May 31, 2022
DOF is pleased to announce that Petrobras has awarded service contracts to
Norskan Offshore Ltda. and DOF Subsea Serviços Brasil Ltda. for the Skandi
Iguazu (AHTS 21 000 class) including ROV. The contracts will commence in 4th
quarter 2022 and has a duration of 3 years + 2 years options. Total contract
value for the firm period is approximately USD 70 million.
Mons S. Aase, CEO said: "I am very pleased for these awards securing utilisation
for our personnel and our assets and adding important backlog to the Group. It
further strengthens our leading position in Brazil and confirms our long
relationship with Petrobras."
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 3,800 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 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
Contract awards
New contracts in Brazil
May 30, 2022
Please find attached copy of the minutes of the ordinary general meeting in DOF
ASA, held today 24 May 2022.
Contact:
CEO Mons Aase, tel. +47 91661012
CFO Hilde Drønen, tel. +47 91661009
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 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
Ordinary general meeting
May 24, 2022
The Group's revenue for 1st quarter (management reporting) totals NOK 2,174
million (NOK 1,514 million) and EBITDA totals NOK 767 million (NOK 492 million).
The operating profit (EBIT) is NOK 321 million (NOK 45 million), of which
depreciation and impairment totals NOK 446 million (NOK 447 million). Net
financial cost amounts to NOK 630 million (NOK -720 million) including
unrealised currency gain of NOK 1,010 million (NOK -480 million). The profit is
NOK 824 million (NOK -801 million).
Key information:
Operations
· Average utilisation of the fleet in 1[st] quarter was 82% (67%).
· Variable performance from the Subsea regions.
· Good performance from the DOFCON JV.
· High tender activity within all segments.
· The total current fleet includes 55 vessels (incl. vessels on management or
hired in)
· 15 AHTSs, 11 PSVs and 29 Subsea vessels
· One (owned) vessel in lay-up
· Four vessels agreed sold since year-end
Finance
· Even though the markets have improved, the Group is not in a position to pay
its debts without a significant conversion of debt into equity and thereby
continue as a going concern.
· The Group's financial position is not sustainable, and the equity is lost.
· The restructuring proposal currently discussed with the creditors include
conversion of a significant amount of debt to equity and soft terms of the
existing loan facilities. The dialogue with the lenders is constructive, but a
refinancing solution is not yet in place.
· The current standstill agreements with the lenders and bondholders mature on
the 31[st] of May.
· High unrealised currency gain on long-term debt due to a significant
strengthened BRL to USD in the period. After balance date the result from
movements in the FX rates have the opposite effect.
Backlog
· Order intake NOK 1.3 billion in the 1st quarter.
· Current backlog is NOK 14.6 billion (NOK 14.2 billion), of which joint
venture backlog is NOK 5.2 billion (NOK 5.5 billion).
Please see enclosed 1st quarter Financial Report 2022.
Webcast is available Thursday, 19th of May 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 3,800 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 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
Financial Report 1st quarter for DOF ASA
May 19, 2022
DOF is pleased to announce that Petrobras has awarded new long-term charter and
service contracts to Norskan Offshore Ltda. and DOF Subsea Serviços Brasil Ltda.
for 4 x AHTS vessels and ROVs.
The vessels, Skandi Angra, Skandi Paraty, Skandi Urca and Skandi Fluminense,
(AHTS 18000 class), currently operating for Petrobras and equipped with DOF
Subsea's work class ROVs, have been contracted for 3 years firm + 2 years
options with Petrobras.
The gross value of the contracts is approx. USD 260 million and with planned
commencement in Q4 2022.
Mons S. Aase, CEO, DOF Subsea said, "I am very pleased for these awards securing
utilisation for our personnel and our assets and adding important backlog to the
Group. It further strengthens our leading position in Brazil and confirms our
long relationship with Petrobras."
DOF Group is dedicated to deliver safe and efficient subsea solutions.
For further information, please contact:
Mons S. Aase, CEO, DOF ASA. Tel: +47 91 66 10 12
Hilde Drønen, CFO, DOF ASA. Tel: + 47 91 66 10 09
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 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
Contract awards
The DOF group awarded multiple contracts with Petrobras
May 16, 2022
DOF ASA will release the Q1 results on Thursday 19th of May 2022. The report
will be available at www.dof.com and www.newsweb.no.
The presentation will be held as a webcast at 08:30 CET the same day on:
http://www.dof.com/webcast.
The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen.
If you have questions, please contact the Company.
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 3,800 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 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
Invitation to presentation of Q1 2022 results
May 12, 2022
DOF Subsea is pleased to announce that an option has been exercised for the
vessel Skandi Africa. The new commitment will now run until February 2024 and
will commence in direct continuation with the current commitment.
Skandi Africa is a high-end subsea vessel designed for harsh environment and
deepwater subsea construction and flexlay operations.
DOF Group CEO, Mons S. Aase, stated, "Skandi Africa is the most sophisticated
vessel in our fleet and we are looking forward to continuing the journey,
delivering successful installation campaigns."
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 3,800 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 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
Contract awards
Contract extension for Skandi Africa
May 6, 2022
