DOF Subsea have been awarded two contracts in the Asia Pacific region, securing
backlog for the onshore team and offshore fleet. The first project involves
saturation diving and will see Skandi Singapore deployed for 3 to 4 weeks
starting early Q4 2020.
The second award is for onshore preparation and planning for a decommissioning
project which, with further possibility for offshore work in 2021.
Mons S. Aase, CEO, DOF Subsea said, "I am pleased that that we continue to build
backlog for the region and that DOF Subsea is a trusted provider for integrated
subsea operations across multiple disciplines. DOF Subsea is continuously
working to develop efficient services 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 3,500 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 contract awards in APAC region
September 22, 2020
DOF Subsea has been awarded an integrated Field Support Vessel (FSV) contract
with an international oil company in Angola. The project shall utilise Skandi
Seven for a minimum of 303 firm vessel days plus 365 days of options. The
Contract also includes the potential supply of additional vessels, as required
by client.
DOF Subsea shall during the project deliver integrated FSV services, project
management, engineering, procurement and logistics within deep-water
construction and maintenance of existing subsea assets.
Work packages under the contract shall also include services for transportation
and installation of flexible products and various subsea equipment.
Mons S. Aase, CEO, DOF Subsea said, "I am pleased that DOF Subsea is trusted
with another contract in Angola. This project will secure utilisation for our
integrated FSV team and assets, strengthening our position as a leading one-stop
solutions provider for integrated subsea operations across multiple disciplines.
DOF Subsea is continuously working to develop efficient services 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 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 secures Integrated FSV Contract in Africa
September 17, 2020
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 22 April 2020, whereby the
bondholders on certain conditions approved a waiver from, and suspension of, all
payment obligations under each of the bond loans until 30 September 2020.
Discussions and negotiations on the restructuring of the Group are still
ongoing. While progress has been made, an agreement for the restructuring of the
Group will not be reached before the current deferral and standstill
arrangements with the bondholders expire. DOF Subsea AS has therefore requested
Nordic Trustee AS to summon bondholders' meetings in the three bond loans to
consider the extension of the standstill period initially until [15 December
2020] [and with a possibility to extend to 31 January 2021 with the approval of
an ad-hoc committee of bondholders].
The proposal is further described in the attached summons to the bondholders in
the three bond loans. A corresponding request has been made to the company's
secured lenders to extend the suspension of payments of principal and interest
that have been granted by a majority of its secured lenders.
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 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' MEETINGS IN DOF SUBSEA AS - REQUEST TO EXTEND STANDSTILL PERIOD
September 16, 2020
DOF Subsea has been awarded a turnkey contract performing marine operations in
connection with a decommissioning project by Teekay Petrojarl Floating
Production.
The award covers project management, engineering, procurement and all offshore
marine operations. The offshore works include preparatory works at the sites
including installation of a temporary mooring system, towing operations and
recovery of risers and mooring systems.
DOF Subsea will utilize a variety of vessels from the DOF Group fleet, deploying
Skandi Acergy, Skandi Iceman, Skandi Hera in addition to selected third party
vessels to deliver the scope. The project has already commenced and is scheduled
to be completed within Q4 2020.
Mons S Aase, CEO, DOF Subsea said: "DOF Subsea is pleased to be trusted with
this multidisciplinary decommissioning scope by a repeat key client. This
project will utilize the strength in our offering to the fullest with our
decommissioning team parred with capable offshore vessels. DOF Subsea is
continuously working to develop efficient solutions and to deliver as promised
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 3,500 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 contract in the Atlantic region
September 1, 2020
DOF Deepwater AS ("DOF Deepwater"), which is jointly owned by DOF ASA ("DOF")
and Akastor ASA ("Akastor"), has today entered into a term sheet with its
lenders on a restructuring of its debt that is intended to secure continued
operations up to the second half of 2023. The closing of the debt restructuring
is conditional upon necessary support from DOF's secured lenders. As part of
this agreement DOF shall transfer all of its shares in DOF Deepwater to Akastor,
who thereby will own all of the shares in DOF Deepwater and assume full
operational responsibility over the company and its five vessels (Skandi
Emerald, Skandi Peregrino, Skandi Saigon, Skandi Pacific and Skandi Atlantic).
DOF will continue as vessel manager for the fleet. As a consequence of the
change in ownership DOF and Akastor will however discuss the terms in the
management agreements. For further details on the restructuring, reference is
made to the Akastor ASA stock exchange notice concerning the same.
The terms and conditions of the DOF ASA unsecured guarantee obligation equal to
50% of the current debt in DOF Deepwater will be separately agreed between the
DOF ASA group (the "Group") and its secured lenders. The DOF guarantee
obligation will also be reduced by any profit received by the lenders to DOF
Deepwater under a profit split arrangement following a sale of the DOF Deepwater
vessels within a period of 2,5 - 3 years after closing.
Closing is subject to final agreements being entered into, and is expected to
take place in Q3 2020.
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: AKASTOR ASA TO ASSUME FULL OWNERSHIP OF A RESTRUCTURED DOF DEEPWATER AS
August 27, 2020
DOF Subsea is proud to announce four new contracts with Petrobras.
The contracts include work within our core service lines for Survey and
Inspection. At least three vessels from the DOF fleet shall be mobilised to
perform flexible pipeline, risers and subsea equipment inspection in Campos
Basin, Santos Basin, Marlin Field and Espírito Santos Basin.
The contracts are worth more than USD 110 million with planned commencement in
Q4 2020 and estimated to be performed within 550 days.
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:
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 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 multiple contracts by Petrobras
August 27, 2020
The COVID-19 virus has had a major impact on the operations during the 2nd
quarter, however the organisation has been able to protect employees and secure
ongoing projects and contracts at close to normal. COVID-19 has also led to
postponement of projects and lower activity levels in in certain regions in the
period. The challenging markets for the Group's fleet have continued resulting
in pressure on earnings and utilisation of the Group's assets. During this
quarter, the Group has recognised an impairment of NOK 779 million and by June
the total impairment is NOK 2.3 billion (management reporting). The
restructuring of the Group's debt is ongoing and standstill agreements
(excluding the JVs) until the 30th of September have been signed. A standstill
for the BNDES facilities has further been agreed until December 2020.
The Group's operating income for 2[nd] quarter (management reporting) totals NOK
1,802 million (NOK 1,854 million) and the operating profit before depreciation
and impairment (EBITDA) totals NOK 701 million (NOK 712 million adjusted for
hedge accounting with NOK 43 million). The operating profit (EBIT) is NOK -354
million (NOK 181 million), of which depreciation and impairment totals NOK 1,056
million (NOK 488 million).
The average utilisation of the Group's fleet during the 2nd quarter was 67% ; 75%
for the subsea fleet, 48% for the AHTS fleet and 74% for the PSV fleet.
General market & operational comments in Q2:
·
· Contracts and projects have been postponed, terminated or cancelled
· Several vessels entered into lay-up. By August, 17 vessels are in lay-up
· New contract awards in Brazil
· Awards for project work securing reasonable utilisation for the project
fleet in Q3
· By August, the Group backlog is NOK 17 billion
Please see enclosed 2nd quarter Financial Report 2020.
Webcast is available Friday, 21st of August 2020 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 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
Financial Report 2nd quarter for DOF ASA
August 21, 2020
DOF ASA will release the Q2 results 2020 on Friday 21 August 2020.
The presentation will be held as a webcast available on
www.dof.com/webcast (https://eur01.safelinks.protection.outlook.com/?url=http%3A
%
2F%2Fwww.dof.com%2Fwebcast&data=02%7C01%7CMargrethe.Ostervold%40dof.com%7C4415b2
a
fc1524e5de2ba08d83f873334%7Cd5e85ffcd9d84aeda3d78c39e1b52167%7C0%7C0%7C637329197
2
02701416&sdata=XfGXY3uYwRj5lmtmWkF47%2FWsSf0cYVW1RYPPB%2Bjo3H8%3D&reserved=0) at
08:30 CET the same day.
The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen.
You are invited to attend a conference call following the presentation at
09:30. If you are interested in attending, we request that you register with
Margrethe R. Østervold, e-mail mro@dof.com, within Tuesday 18 August at 12:00.
Note that a link to join the conference call will be made available via e-mail
to those who register, and for convenience, the link will also be publicly
available on the DOF webcast webpage
(www.dof.com/webcast (https://eur01.safelinks.protection.outlook.com/?url=http%3
A
%2F%2Fwww.dof.com%2Fwebcast&data=02%7C01%7CMargrethe.Ostervold%40dof.com%7C4415b
2
afc1524e5de2ba08d83f873334%7Cd5e85ffcd9d84aeda3d78c39e1b52167%7C0%7C0%7C63732919
7
202711406&sdata=azHBQ4iiEPJ5UyefiDYJvf90ogFwA1psl6tDJEDVdi0%3D&reserved=0))
shortly before the start of the conference call.
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 3,400 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
Invitation to presentation of Q2 2020 results
August 17, 2020
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
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