Reference is made to previous announcements on 21 January 2021, 28 March 2021
and 30 April 2021, respectively, regarding extension of standstill arrangement
with secured lenders expiring 31 May 2021 and extension of standstill
arrangement with bondholders in DOF Subsea AS' bond issues also expiring 31 May
2021.
DOF ASA and DOF Subsea AS are now pleased to announce that each of the companies
have agreed to further extend the principal and interest suspension agreements
with, or received extension of similar concessions from, secured lenders
representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS, and
in total 88% of the secured debt of companies within the DOF Subsea AS group
(excluding DOF Subsea Brasil Servicos Ltda.) until 30 June 2021. DOF Subsea AS
has also received confirmation from the ad hoc group of bondholders that they
have agreed to further extend the suspension, deferral and standstill
arrangement currently in place for the bond issues until 30 June 2021.
The current stand-still arrangement with BNDES to Norskan Offshore Ltda. and DOF
Subsea Brasil Servicos Ltda. will expire on 10 June 2021, and further extensions
have been sought from BNDES. In the event that such further stand-still is not
obtained from BNDES, the continuation of the extended stand-still with the other
secured lenders will require acceptance from the secured lenders to servicing of
certain debt to BNDES.
The extensions of the stand-still periods are entered into to facilitate the
Group's continued dialogue with its secured lenders and the bondholders under
the Group's bond loans regarding a long-term financial restructuring of the
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
With a multi-national workforce of about 3,150 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 BONDHOLDERS
May 31, 2021
Ordinary general meeting in DOF ASA was held today, 27 May 2021.
All items were resolved in accordance with the Boards calling notice and the
nomination committee's recommendations.
Please find attached copy of the minutes of the ordinary general meeting in DOF
ASA 2021.
Contact:
CEO Mons Aase, tel. +47 91661012
CFO Hilde Drønen, tel. +47 91661009
With a multi-national workforce of about 3,150 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 27, 2021
The Group's revenue for 1st quarter (management reporting) totals NOK 1 514
million (NOK 2 074 million) and the EBITDA totals NOK 492 million (NOK 804
million). The operating profit (EBIT) is NOK 45 million (NOK -1 035 million), of
which depreciation and impairment totals NOK 447 million (NOK 1 839 million).
Net profit is NOK -801 million (NOK -4 116 million).
The challenging markets have continued into 2021 and the global Covid-19
situation has further continued to impose challenges to the operations of the
Group.
The average utilisation of the Group's owned fleet during the 1st quarter 2021
was 67% ; (71% - subsea fleet, 70% - AHTS fleet, 57% - PSV fleet), compared to
81% in 1st quarter 2020.
General operational comments in Q1:
. Increased activity in the Atlantic region.
. Reduced utilisation in the Asia-Pacific and North America regions.
. High activity in Brazil, operations impacted by several vessel mobilisations
and Covid-19
. 3 vessels agreed sold (2 delivered in 1st quarter), 1 vessel recycled.
. The Group's current backlog is NOK 14.2 billion
The restructuring of the Group's debt is ongoing and standstill agreements have
been agreed until the 31st of May 2021 with the majority of the secured lenders
and the bondholders. BNDES standstill agreements are applicable until 10th of
June for the majority of the facilities. The Group is dependent on continued
standstill agreements with its creditors until a long-term financial solution is
agreed to maintain as going concern.
Please see enclosed 1st quarter Financial Report 2021.
Webcast is available Wednesday, 26th 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 3,150 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 26, 2021
DOF Subsea is pleased to announce the awards of multiple Vessel and ROV
contracts to support the Ocean Bottom Node Seismic campaigns by Shearwater
GeoServices Holding AS on Petrobras's Jubarte, Tupi and Iracema fields offshore
Brazil.
The vessel Skandi Neptune has been allocated for the project and is now getting
ready for transit to Rio de Janeiro for commencement of the Jubarte survey in
Campos Basis over a 3-months period.
The Tupi and Iracema surveys, should start in Q3 2021 in the Santos Basis and
are expected to last approximately nine months.
The award by Shearwater validate again DOF Subsea' capability to adapt and
expand into new growing markets such as the 3D ocean Bottom Node Survey.
For further information, please contact:
Mons S. Aase, CEO, Tel: +47 91 66 10 12
Hilde Drønen, CFO, Tel: +47 91 66 10 09
With a multi-national workforce of about 3,150 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
Multiple contract awards in Brazil
May 25, 2021
DOF ASA will release the Q1 results on Wednesday 26th of May 2021. The report
will be available at www.dof.com and
www.newsweb.no (https://eur01.safelinks.protection.outlook.com/?url=http%3A%2F%2
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0).
Due to the COVID-19 situation and the government's recommendation to limit
physical meetings, 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 S. Aase, Tel + 47 91 66 10 12
CFO Hilde Drønen, Tel + 47 91 66 10 09
With a multi-national workforce of about 3,150 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 2021 results
May 19, 2021
DOF Subsea has been awarded multiple contracts for execution in the North Sea,
including a number of turnkey subsea projects within our core service lines -
Inspection, Maintenance & Repair (IMR), Construction and Decommissioning.
The projects combined totals more than 340 vessel days excluding options, and
will be executed during 2021.
Skandi Acergy, Skandi Skansen, Skandi Iceman, Skandi Hera and a contracted third
-party vessel shall be utilized in the offshore execution phases.
All awards include Project Management, engineering, procurement and logistics
which shall be delivered by our integrated subsea experts' team across Bergen
and Aberdeen.
DOF Subsea shall towards a key Renewables client, deliver one of our
construction assets and associated services during the construction phase of a
major offshore wind project. The project totals at least 150 vessel days.
Several of the awards are EPRD (Engineering, Preparation, Removal and Disposal)
decommissioning contracts, and DOF Subsea is planning to deploy multiple vessels
in-field during execution phases.
In excess of the awards, DOF Subsea has received a number of purchase orders
related to ongoing contracts in North Sea and Africa. These awards are enabling
our clients to take advantage of the extended capabilities of the contracted
vessels, with access our integrated marine operations services. One of the
variation orders aided DOF Subsea to fast-track a flex-lay installation
campaign, delivering project management, engineering, procurement, logistics and
offshore execution to the highest expectation of the client.
Mons S. Aase, CEO, DOF Subsea said "I am pleased by the continued trust from our
clients in Norway and United Kingdom. DOF Subsea continues to secure projects
across the energy sector, delivering mission critical solutions without
compromise to safety."
For further information, please contact:
Mons S. Aase, CEO Tel: +47 91 66 10 12
Hilde Drønen, CFO Tel.: +47 91 66 10 09
With a multi-national workforce of about 3,150 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 awards in the Atlantic Region
May 11, 2021
Please find attached the Notice of Ordinary General Meeting DOF ASA.
The Ordinary General Meeting will be held on Thursday 27 May 2021 at 11.00
hours, in the company's facilities at Storebø in the municipality of Austevoll.
Due to the restrictions caused by COVID-19 and the advice from the Norwegian
government in connection therewith, all shareholders are encouraged to exercise
their shareholder rights without physical attendance at the general meeting by
using the enclosed proxy form.
A printed version of the notice will be sent by post to all shareholders.
All attachments, in addition to the Integrated Annual report 2020, are available
on the company's web site www.dof.com.
Contact persons:
CEO Mons S. Aase, +47 91 66 10 12
CFO Hilde Drønen, +47 91 66 10 09
The information is subject of the disclosure requirements acc. to § 5-12 vphl
(Norwegian Securities Trading Act).
With a multi-national workforce of about 3,150 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
Notice of ordinary general meeting DOF ASA
May 6, 2021
Reference is made to previous announcements on 21 January 2021 and 28 March
2021, respectively, regarding extension of standstill arrangement with secured
lenders expiring 30 April 2021 and extension of standstill arrangement with
bondholders in DOF Subsea AS' bond issues also expiring 30 April 2021.
DOF ASA and DOF Subsea AS are now pleased to announce that each of the companies
have agreed to further extend the principal and interest suspension agreements
with, or received extension of similar concessions from, secured lenders
representing in total 91% of the secured debt of DOF ASA and its subsidiaries
(other than the DOF Subsea AS group) and in total 88% of the secured debt of
companies within the DOF Subsea AS group, 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 arrangement currently in
place for the bond issues from 30 April to 31 May 2021.
The extensions of the stand-still periods are entered into to facilitate the
Group's continued dialogue with its secured lenders and the bondholders under
the Group's bond loans regarding a long-term financial restructuring of the
Group. The discussions with the Group's main creditors remain constructive, and
the Group expects that further progress towards a consensual solution will be
made over the coming months.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO DOF 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: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND BONDHOLDERS
April 30, 2021
DOF Subsea Rederi AS, a wholly owned subsidiary of DOF Subsea AS, has completed
the sale of the CSV Geograph (built in 2007) to an international buyer. The
vessel will be delivered to the new owner in May 2021. The gain from the sale is
approximately NOK 20 million.
For further information, please contact:
Mons S. Aase, CEO, Tel: +47 91 66 10 12
Hilde Drønen, CFO, Tel: +47 91 66 10 09
With a multi-national workforce of about 3,150 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
Sale of vessel
April 26, 2021
