DOF Denmark A/S, a subsidiary of DOF Group ASA, has signed agreements to sell the Skandi Tender (AHTS built in 2009) and Skandi Trader (AHTS built in 2008) to an international buyer. The sale of Skandi Trader is contingent upon the buyer’s inspection. Both vessels are planned to be delivered to the new owner in September 2025.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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DOF is pleased to announce entering a charter for the Stril Explorer owned by Simon Møkster Shipping. The charter is a bareboat with a firm duration of 3 years plus 4 annual options.
The vessel will be utilized on the recently awarded PIDF project. DOF is very pleased to secure this vessel and increase the IMR capacity in our project segment.
For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: + +47 916 21 057
E-mail: martin.lundberg@dof.com
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Downloads: Letter to Regulator- DOF Group ASA TD 2023.10.03 (PDF)
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Downloads: Letter to Regulator- DOF Group ASA TD 2023.10.03 (PDF)
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Downloads: DOF Group ASA - New Ordinary Shares admitted to trading (PDF)
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Downloads: DOF Group ASA - Conversion of B-shares to New Ordinary Shares and new ISIN (PDF)
Reference is made to our press release sent 29th September regarding the agreement to acquire Skandi Barra, Skandi Caledonia and Skandi Captain from the lenders for a total price of NOK 270 million.
DOF Rederi AS have now agreed to sell Skandi Barra and Skandi Caledonia to a company controlled by Atlantica Shipping AS. The total sales price for the two vessels is NOK 275 million.
Skandi Barra is planned to be delivered to the new owners during October 2023 and Skandi Caledonia is planned to be delivered in November 2023.
DOF will continue as technical and commercial manager for the vessels.
The agreement to sell the two vessels are conditional certain subjects, including approval from the Charterers of the two vessels.
Mons S. Aase, CEO DOF Group AS, says: “The sale of the two older PSVs are in line with our long-term strategy to focus on the integrated subsea services and the short to medium focus on optimizing the combination of earnings and vessel values from our PSV fleet. The vessels will continue under our management and our clients will receive the same high-quality services”.
For further information, please contact:
Martin Lundberg, SVP Finance and Investor relations DOF Group ASA
Phone: +47 916 21 057
E-mail: martin.lundberg@dof.com
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA, AUSTRALIA, NEW ZEALAND, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR REQUIRE REGISTRATION OR ANY OTHER MEASURES.
Austevoll, Norway, 29 September 2023: Reference is made to the obligation included in DOF Group ASA's (the "Company") articles of associations, regarding the conversion of all the 123,276,652 existing B-shares to ordinary shares ("New Ordinary Shares") in an exchange ratio of 1:1 (the "Conversion") at the later of (i) the following business day after 30 September 2023 and (ii) if required, the date that the prospectus required to list the relevant New Ordinary Shares on the Oslo Stock Exchange is published.
The Financial Supervisory Authority of Norway (Nw.: Finanstilsynet) has today, on 29 September 2023, approved a prospectus, comprising a securities note, a registration document supplement and a summary (jointly, the "Prospectus") for the listing of the New Ordinary Shares on the Oslo Stock Exchange, following the Conversion.
The Conversion is subject to approval by the Company's board of directors, and is expected to take place the first business day after 30 September 2023, i.e. 2 October 2023. Subject to approval by the board of directors, on the first day of trading in the New Ordinary Shares is expected to be on or about 3 October 2023.
The Company will notify the market through a stock exchange announcement immediately after the Conversion has been resolved by the board of directors. For the sake of good order, the Company would like to emphasize that trading in the New Ordinary Shares prior to the Conversion would constitute a breach of the Short Selling Regulation implemented into Norwegian law through Section 3-5 in the Norwegian Securities Trading Act.
The Prospectus will be, subject to regulatory restrictions in certain jurisdictions, available on the Company's website, www.dof.com.
>>> DOF Group ASA - Summary 29-Sep-2023.pdf
>>> DOF Group ASA - Registration Document 29-Sep-2023.pdf
>>> DOF Group ASA - Registration Document Supplement 29-Sep-2023.pdf
>>> DOF Group ASA - Securities Note 29-Sep-2023.pdf
For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: + +47 916 21 057
E-mail: martin.lundberg@dof.com
Important notice:
This announcement is not being made in or into the United States of America, Canada, Australia, Japan, Hong Kong or in any other jurisdiction where it would be prohibited by applicable law. This distribution does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States. The shares referred to herein have not been and will not be registered under the United States Securities Act of 1933, and may not be offered or sold in the United States or to U.S. persons (other that distributors) unless the securities are registered under the Act, or an exemption from the registration requirements of the Act is available.
In the fleet loan facility for DOF Rederi signed on 24 February 2023, the oldest PSV fleet has been defined as non-core. This implies no debt on this part of the fleet, and that all surplus cash from the sale of these vessels shall be paid directly to the lenders with zero repayment of the existing debt. Currently, the non-core fleet includes 3 vessels, Skandi Caledonia (built 2003), Skandi Captain (built 2004) and Skandi Barra (built 2005).
DOF Group ASA and DOF Rederi AS have today agreed to acquire the non-core fleet from the lenders at a total price of NOK 270 million. NOK 135 million of the purchase price shall be paid in cash and NOK 135 million shall be reinstated as debt in DOF Rederi. The reinstated debt will be priced at market terms and will have maturity in January 2026 which is equivalent as the existing fleet loan facility in DOF Rederi. The reinstated debt is not guaranteed by DOF Group ASA.
The non-core fleet currently operates in the North Sea on contracts where the average Ebitda contribution is approximately NOK 152 000/day per vessel. The current contract status for the fleet is the following:
- Skandi Captain firm until 8 November 2023
- Skandi Caledonia, firm until early Oct (maintenance docking planned in 4[th] quarter)
- Skandi Barra, firm until May 2024 + 1 year option period
Skandi Caledonia has been awarded a contract in Argentina with estimated start up in 1[st] quarter 2024 with a major global oil company. The contract has a duration of 150 days + 60 days options and the estimated Ebitda contribution is above USD 25 000/day excl. mob and demob.
Mons S. Aase, CEO DOF Group ASA, says: "The PSV market is strong, and earnings and vessel values are expected to continue the positive trend. Our core strategy is growth within subsea projects and offshore floating wind. The plan for the PSV fleet is to maximize the combined return from the expected strong momentum in earnings and vessel values in the short to medium term."
For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: + +47 916 21 057
E-mail: martin.lundberg@dof.com
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