DOF Subsea is proud to announce multiple new contracts in the Atlantic region.
The contract awards include work within our core service lines - Survey,
Inspection, Maintenance & Repair and Decommissioning. A selection of the vessels
in the DOF Subsea fleet shall be deployed to undertake the work, including
Skandi Acergy, Skandi Seven and Skandi Skansen. The work is planned for
execution in Q3 and Q4 2020 and totals above 150 offshore vessel days.
Mons S Aase, CEO, DOF Subsea said, "DOF Subsea is dedicated to deliver safe and
efficient subsea solutions. These awards secure good utilization for both
personnel and subsea vessels in the Atlantic region for Q3 and Q4 2020. We look
forward to working with our clients to deliver the projects safely and
efficiently."
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
Historical OSE Notices
Contract awards
DOF Subsea awarded multiple contracts in the Atlantic region
August 13, 2020
DOF Rederi AS, a wholly owned subsidiary of DOF ASA, has completed the sale of
the AHTS Skandi Giant (built in 2002) to an international buyer.
DOF Rederi AS has also entered into a sales agreement with a yard in Turkey for
recycling of the vessel "Skandi Hav" (built in 1983). Delivery to the recycling
yard is expected to take place in September this year.
The sale of the vessels will only have an immaterial accounting effect for 3Q
2020.
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 3,400 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 Rederi AS - Sale of vessels
August 12, 2020
DOF Subsea is pleased to announce two significant contract awards in the APAC
region.
In Australia: Chevron Australia has awarded DOF Subsea an IMR Services Contract
to Support Chevron's North-West Shelf and near shore subsea assets in Australia
with DP Vessels, ROVs, AUVs, Intervention, Inspection, Management and
Engineering Services. This key award builds on previous successful IMR campaigns
over the life of the existing IMR services contract and secures a further 5-year
term under the new contract.
In South East Asia: DOF Subsea has secured a substantial contract for a moorings
replacement and rectification project. With onshore works underway, the offshore
campaign is scheduled mid Q3 2020. The project will provide significant
utilisation for resources and vessels - Skandi Hercules and Skandi Singapore -
throughout Q3 and early Q4 2020.
Mons S Aase, CEO, DOF Subsea, said, "These key contract awards build on
successful campaigns delivered in the past for our clients and grow our track
-record in the APAC region. We look forward to working with our clients to
deliver projects safely and efficiently."
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 3,500 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
Contract awards
DOF Subsea awarded contracts in APAC region
August 7, 2020
DOF ASA and DOF Subsea AS are pleased to announce that each of the companies
have entered into suspension agreements ("stand-still agreements") with, or
received similar concessions from, secured lenders representing 91% of the
secured debt of companies within the DOF ASA group (excluding DOF Subsea AS) and
88% of the secured debt of companies within the DOF Subsea AS.
Pursuant to said agreements, payments of principal and interest to the secured
lenders, except for servicing of the NOK 100 million credit facility provided to
DOF Subsea AS by certain of its lenders on 27 March 2020 to cover its immediate
liquidity needs, are suspended until 30 September 2020 on certain customary
terms and conditions. Such terms and conditions include customary restrictions
on DOF group (the "Group") in the relevant period.
With this continued support from the secured lenders, the standstill under DOF
Subsea AS' bond loans will also continue until 30 September 2020 pursuant to the
resolutions made at the bondholders' meetings for DOFSUB07, DOFSUB08 and
DOFSUB09 on 22 April 2020.
The NOK 100 million credit facility referred to above, which originally expired
on 30 June 2020, has also been extended to 30 September 2020 with an agreed
repayment of NOK 15 million at the end of each month commencing on 30 June 2020.
The agreements are entered into in order to facilitate the continued 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 have decided 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. One of
such secured lenders has requested repayment of in total USD 47 million from DOF
Subsea Rederi AS, and also provided notice of repayment to DOF Subsea AS under
its guarantee for such debt. Pursuant to the suspension agreement, neither DOF
Rederi AS nor DOF Subsea AS is permitted to make any payment to such secured
lender, but the Group will, together with its other secured lenders, continue
the dialogue with the secured lender to seek to resolve the situation. None of
the other lenders who have not entered into the suspension agreements have taken
any similar steps under their loans.
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 3,400 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
STANDSTILL AGREEMENTS WITH SECURED LENDERS AND EXTENSION OF SHORT TERM CREDIT FACILITY
June 30, 2020
We refer to summons dated 16 June 2020, issued at the request of bondholders
holding in excess of 10% of the DOFSUB07, to consider the appointment of new
advisors in connection with the contemplated financial restructuring of the
Issuer and its subsidiaries.
In a bondholders' meeting held today 30 June 2020, the proposal to change
advisors did not get the votes required under the bond agreements.
See enclosed Result of the meeting on 30 June 2020.
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 3,400 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
Result of Bondholders' Meeting
June 30, 2020
Reference is made to the announcement made on 16 June 2020 regarding the
demerger of Møgster Mohn Offshore AS ("MMO").
The general meeting of MMO has today resolved the demerger. Upon completion of
the demerger, after the statutory creditor notice period, 50,631,329 of the
150,638,643 shares MMO owns in DOF ASA will be transferred to Perestroika
Industri AS, which will result in Perestroika Industri AS holding shares
representing 16.45% of the outstanding shares in DOF ASA.
Perestroika Industri AS is a company wholly owned by Perestroika AS, which in
turn is owned by Frederik W. Mohn.
MMO will following completion of the demerger hold 100,007,314 shares,
representing 32.49% of the outstanding shares in DOF ASA.
Laco AS, as the majority shareholder in MMO, will after completion of the
demerger indirectly own approximately 100,004,814 shares (representing 32.49% of
the outstanding shares) in DOF ASA.
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 3,500 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: DEMERGER OF MØGSTER MOHN OFFSHORE AS AND DISCLOSURE OF LARGE SHAREHOLDINGS
June 17, 2020
Reference is made to the announcement made by Laco AS on 18 May 2020 regarding
the exercise of a right, pursuant to a shareholders agreement, by Perestroika AS
to demerge Møgster Mohn Offshore AS ("MMO").
Laco AS has decided not to exercise the option referred to in the announcement
to acquire shares in DOF ASA to retain an ownership of 40.45% of the shares and
votes in DOF ASA.
The demerger of MMO is in process, and an announcement will be made once the
general meeting resolution in MMO for the demerger has been made. Following the
decision not to exercise the above mentioned option, Laco AS will indirectly own
approximately 100,007,312 shares in DOF ASA (representing 32.49% of the
outstanding shares) upon completion of the de-merger.
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 3,500 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: DEMERGER OF MØGSTER MOHN OFFSHORE AS
June 16, 2020
Bondholders holding in excess of 10% of the DOFSUB07 have requested that the
Bond Trustee issues a request for a Bondholders' Meeting pursuant to Clause 16
(Bondholders' Meeting) of the Bond Agreement to consider the appointment of new
advisors to the Bond Trustee in connection with the contemplated financial
restructuring of the Issuer and its subsidiaries. See enclosed Summons for a
meeting on 30 June 2020.
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 3,500 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
Summons to Bondholders' Meeting
June 16, 2020
The DOF Group is pleased to announce several contract awards for its fleet in
Brazil for
Petróleo Brasileiro S.A. ("Petrobras") supporting Petrobras' exploration and
production activities on the Brazilian continental shelf. The vessels are owned
and operated by Norskan and DOF Subsea Brasil will be responsible for the ROV
operations on the vessels. Both companies are 100 % owned subsidiaries of DOF
ASA.
Skandi Urca and Skandi Fluminense have been awarded 2+2 year contracts with
commencement in September 2020 and Skandi Paraty has been awarded a one-year
contract that commenced at the beginning of June. All vessels are Brazilian
built AHTS vessels and all equipped with Work Class ROV's for operations down to
3.000m water depth.
Mons Aase, CEO in DOF Group, states that he is very pleased with the contract
awards, which confirm the DOF Group's strong position in the South America
region
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 3,500 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
Contract awards
Contract awards in Brazil
June 16, 2020
