Equinor Energy AS has exercised its option to extend the firm period of the
contract for Skandi Flora by 1 year. The extension is applicable from 4[th]
October.
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 3,800 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 - DOF Rederi
October 3, 2022
Reference is made to the summons to 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) dated 16 September 2022, in which DOF
Subsea AS requested the bondholders to approve to extend the current standstill
period initially until 31 October 2022 and with a possibility to further extend
the standstill period on one or more occasions to 30 November 2022 with the
approval of the ad-hoc group of bondholder.
DOF ASA and DOF Subsea AS are pleased to announce that the bondholders in all
three bond issues have approved the request. A copy of the notice from the
bondholders' meetings is attached.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
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: RESULT FROM BONDHOLDERS' MEETINGS - FURTHER EXTENSION OF STANDSTILL PERIOD
September 30, 2022
DOF Subsea USA is pleased to announce the award of multiple contracts in the
Gulf of Mexico.
The region has received a contract award for the provision of services to a
major operator in the Gulf of Mexico, commencing in Q4, 2022. Jones Act
Compliant vessel(s) operated by DOF Subsea will be utilized for an estimated 180
days over a one-year term, undertaking a range of activities including light
construction, IMR and commissioning support at multiple field locations.
The region is also awarded a contract for provision of ROV support services for
offshore pre-commissioning and commissioning activities for an oil and natural
gas development project to a major operator in the Gulf of Mexico, commencing in
Q2 2023. The services will be provided utilizing one of the Jones Act compliant
vessels operated by DOF Subsea.
The backlog estimate from these awards for the North America region is
approximately NOK 300 million.
Mons Aase, CEO DOF Subsea AS, said, I'm very pleased with our North America
region winning key projects with leading Oil and Gas operators in the US market,
securing strong backlog for 2023."
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 3,800 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 awarded multiple contracts in the Gulf of Mexico
September 30, 2022
DOF Subsea is pleased to announce multiple new project awards and a contract
extension in the Atlantic region.
The projects combined, totals more than 500 vessel days excluding optional work,
and a combined revenue of more than 80 million USD.
Skandi Acergy, Skandi Constructor, Skandi Seven, Skandi Skansen, Skandi Hera and
selected third-party vessels shall be utilized in the offshore execution
phases.
One of the awards is a SURF contract from a major oil & gas operator. The
project includes design & fabrication of spools and installation of umbilicals,
flying leads, spools and various subsea equipment. Main installation phase is
scheduled for quarter 2, 2023 in the Mediterranean and shall be executed on
DOF`s construction vessel Skandi Acergy. Project management, engineering and
procurement are managed by DOF`s project teams in Aberdeen and Houston.
Another award is an FPSO mooring rectification project in West Africa. The scope
includes project management, engineering and fabrication, utilizing Skandi
Skansen as the main installation vessel.
DOF Subsea has been awarded an early phase study from a major oil & gas operator
for the purpose of detailing cessation plans for one of its fields in the North
Sea, based on utilizing the DOF fleet.
Mons Aase, CEO DOF Subsea AS, said, "I am pleased with the series of awards in
the Atlantic region, securing projects across North Sea, Mediterranean and
Africa. Together with previous announced contracts, our latest SURF award
confirms full utilization of Skandi Acergy within the SURF segment across the
North Sea, Mediterranean and Australia from fall 2022 to summer 2023. I note our
clients are continuing to trust DOF`s ability to deliver bespoke subsea
services, safe and efficiently."
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 3,800 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 awards in Atlantic region
September 30, 2022
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 29 April 2022, whereby the
bondholders on certain conditions approved to extend their waiver from, and
suspension of, all payment obligations under each of the bond loans until 22
June 2022, with a possibility to further extend the standstill arrangement
currently in place to 30 September 2022 with the approval of the ad-hoc group of
bondholders (the "Ad-Hoc Group").
Reference is further made to the announcements on 22 June 2022 regarding the
restructuring agreement between, among others, DOF ASA, DOF Subsea AS, Iceman
AS, and the secured lenders to the DOF group and the members of the Ad-Hoc Group
(the "Restructuring Agreement"), which sets out the terms and conditions of the
planned restructuring of DOF Group's outstanding debt (the "Restructuring").
The completion of the Restructuring is dependent on the bondholders agreeing to
further extend the standstill arrangement insofar as required to implement the
Restructuring pursuant to the terms of the Restructuring Agreement. 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 31 October 2022 and with a possibility to extend the standstill
period on one or more occasions to 30 November 2022 with the approval of the Ad
-Hoc Group. The proposal is further described in the attached summons to the
bondholders in the three bond loans.
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
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
SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO FURTER EXTEND STANDSTILL PERIOD
September 16, 2022
The Group's revenue for 2nd quarter (management reporting) totals NOK 2,510
million (NOK 2,003 million) and EBITDA totals NOK 848 million (NOK 680 million).
The operating profit (EBIT) is NOK 501 million (NOK 148 million), of which
depreciation totals NOK 346 million (NOK 313 million). No impairment in 2[nd]
quarter (NOK 218 million). Net financial cost amounts to NOK 1,746 million (NOK
531 million) including unrealised currency loss of NOK -1,502 million (gain NOK
815 million). The result is a loss of NOK -1,313 million (profit NOK 580
million).
Operations:
· Average utilisation of the fleet in 2[nd] quarter was 85% (80%).
· Good performance in the subsea segment, especially in Brazil and Atlantic
regions.
· Increased activity in the North Sea OSV market.
· Stable operations within the PSV and AHTS segments.
· The total current fleet includes 55 vessels (incl. vessels on management or
hired in)
· 15 AHTSs, 11 PSVs and 29 Subsea vessels
· Four older vessels sold since year-end (two delivered in the quarter)
Finance:
· In June the Group signed a Restructuring Agreement with the secured lenders
and a group of bondholders representing 40% of the total outstanding bonds, for
the purpose of securing a long-term financial solution and maintaining as going
concern, where the following main terms have been agreed:
· Conversion of NOK 5.7 billion in debt into equity across all major silos
within the Group (DOFCON JV excluded), whereas the holders of current shares
will hold 4% of the shares after the conversion.
· Consolidation of most bilateral facilities at DOF Subsea Group in a single
syndicated loan and refinancing of the DOF Rederi Fleet loan after conversion of
debt.
· Amended terms of the Norskan financing including a split in guaranteed
(approx. 70%) and unguaranteed tranches on the BNDES facilities.
· The Restructuring Agreement remains to be approved by the bondholders in
DOF Subsea AS and the shareholders in the Company. The standstill arrangements
will continue until completion of the restructuring within the final deadline on
the 31[st] of October 2022.
· High unrealised currency loss on long-term debt due to a significant
strengthened USD to BRL and NOK in the period.
Backlog
· Order intake NOK 4.5 billion in the 2[nd] quarter.
· Current backlog is NOK 19 billion (NOK 13.2 billion), of which DOFCON JV
backlog represents NOK 5.4 billion. After balance date three vessels have been
awarded contracts with Petrobras, at a gross value of USD 253 million.
Please see enclosed 2nd quarter Financial Report 2022.
Webcast is available Thursday, 25th of August 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 2nd quarter for DOF ASA
August 25, 2022
DOF is pleased to announce that Petrobras has extended the contracts and awarded
new long-term charter and service contracts to Norskan Offshore Ltda. and DOF
Subsea Brasil Servicos Ltda. for the vessels ; Skandi Chieftain, Skandi Olympia
and Skandi Commander. All contracts include vessels and ROVs and are for a
period of three years.
The contracts on Skandi Chieftain and Skandi Olympia have been extended until
end of 2022 and both vessels will thereafter commence the new 3-year contracts.
The contract for Skandi Commander has been extended until November 2022, and the
vessel will then be utilised on the PIDF project for DOF Subsea Brasil on their
current contract with Petrobras until August 2023. Thereafter the vessel will
commence its 3-year contract, combining ROV and AUV capabilities.
The gross value of the extensions and the firm period of the new contracts
exceeds USD 253 million. All three new contracts have 2-year optional
extensions.
Mons S Aase, CEO, DOF said: "I am very excited about these new IMR contracts
with Petrobras. Together with the already announced extension of the PIDF
project, these awards underpin our position as market leader within IMR in
Brazil. I am also very happy to see that the Skandi Commander will mobilize an
AUV for the duration of the contract".
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 3,800 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 Group extension and award of multiple contracts with Petrobras
August 22, 2022
DOF ASA will release the Q2 results on Thursday 25th of August 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 Q2 2022 results
August 15, 2022
