Skandi Fluminense, a 2007 Brazilian-built anchor handling tug supply (AHTS) vessel with 211t bollard pull, and Skandi Lifter, a foreign-flagged 250t AHTS built in 2009 have each been contracted...
DOF Group ASA (“DOF”) is pleased to announce two new contracts in Brazil.
Skandi Fluminense, a 2007 Brazilian-built anchor handling tug supply (AHTS) vessel with 211t bollard pull, and Skandi Lifter, a foreign-flagged 250t AHTS built in 2009 have each been contracted on 4-year contracts with Petrobras, following the same competitive AHTS tender process that resulted the contracts of Skandi Logger, Skandi Iguaçu, Skandi Angra, Skandi Paraty and Skandi Urca, previously announced. Skandi Fluminense is expected to commence in January 2026 and Skandi Lifter in February 2026. Skandi Lifter will be reflagged to Brazilian flag prior to contract commencement.
AHTS vessels are specialized vessels mainly used in the offshore energy industry. Their primary functions include anchor handling, platform towing, logistical support, and emergency response.
The two contracts have a combined value of more than USD 220 million.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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DOF Subsea is pleased to announce that an option has been exercised for the vessel Skandi Africa. The new commitment will now run until February 2025 and will commence in direct continuation with the current commitment. Skandi Africa is a high-end subsea vessel designed for harsh environment and deepwater subsea construction and flexlay operations. DOF Subsea CEO please contact: Mons S. Aase CEO DOF Subsea. Tel: +47 91 66 10 12 Marianne Møgster SVP Finance DOF Subsea. Tel: 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 Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com
DOF Subsea is pleased to announce that an option has been exercised for the vessel Skandi Africa. The new commitment will now run until February 2025 and will commence in direct continuation with the current commitment.
Skandi Africa is a high-end subsea vessel designed for harsh environment and deepwater subsea construction and flexlay operations.
DOF Subsea CEO, Mons S. Aase, stated, “Skandi Africa is the most sophisticated vessel in our fleet and we are looking forward to continuing the journey, delivering successful installation campaigns.”
For further information, please contact:
Mons S. Aase, CEO, DOF Subsea. Tel: +47 91 66 10 12
Marianne Møgster, SVP Finance, DOF Subsea. Tel: 99 30 69 16
Reference is made to DOF ASA's ("DOF ASA" and together with its subsidiaries the "Group") previous announcements regarding (i) the agreement reached with a substantial group of financial creditors and certain other stakeholders (the "Restructuring Agreement") please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO Martin Lundberg tel. +47 91 62 10 57 This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 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"
Protecting human rights is an essential duty as global citizens. Starting in 2023, DOF has partnered together with the Slave-Free Alliance (Hope for Justice and Slave-Free Alliance), an organisation that is dedicated to slave-free supply chains. We continue to strengthen our ability to make an impact on anti-slavery with this new partnership, and DOF is the first company from the Nordics to partner with the Slave-Free Alliance.
DOF’s Chief Sustainability Officer Stig Clementsen says:“DOF is proud to be partner of Slave-Free Alliance, and we will use the membership to strengthen our efforts within the area in our global operations.”
Slave-Free Alliance Director Marc Stanton says:“We are delighted that DOF is our first Norway-based company to join our membership programme. DOF recognises the risks of modern slavery and labour exploitation in the maritime and shipping industry and have already taken steps to mitigate them. We will support their journey to cement their industry-leading reputation with meaningful practical steps to prevent and address human rights issues.”
DOF has been awarded an EPRD (Engineering, Preparatory works, Removal, Transportation, Recycling and Disposal) contract by Equinor Energy AS.
The scope of work related to the Heimdal subsea decommissioning works and includes the recovery and disposal of approximately 2000 tons of subsea equipment. The offshore work is scheduled in two main campaigns across 3 DOF vessels between 2024 and 2028.Project Management and engineering starts immediately and shall be delivered by DOF`s expert cessation team based in Bergen, Norway.
Mons S. Aase, Group CEO in DOF said, “I`m pleased that we once again are trusted to deliver a complex subsea project for Equinor. I look forward to completing the project safely and successfully.”
For further information, please contact:Mons S. Aase, CEO, DOF Subsea. Tel: +47 91 66 10 12Marianne Møgster, SVP Finance, DOF Subsea. Tel: +47 99 30 69 16
DOF has been awarded an EPRD (Engineering Norway. Mons S. Aase Group CEO in DOF said “I`m pleased that we once again are trusted to deliver a complex subsea project for Equinor. I look forward to completing the project safely and successfully.” 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
Reference is made to DOF ASA's (the "Company" or "DOF ASA" nor any of the employees of the Group are to be affected by such alternative implementation of the financial restructuring. For further information please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO DOF ASA Hilde Drønen tel. +47 91 66 10 09 This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Hilde Drønen CFO DOF ASA. 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 over 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."
Reference is made to DOF ASA's (the "Company" or "DOF ASA" tel. +47 91 66 10 09 This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Hilde Drønen CFO DOF ASA. 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 over 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."
including recommending the issuance of equity and warrants in order to enable existing shareholders to maintain a higher ownership in the restructured company through additional investment. Feedback from the Creditors was clear that only alternatives within the limits of the restructuring plan agreed with the former board of DOF ASA would be considered. As a result the current Board had no alternative but to adjust its proposal to the Final Proposal within the limits of the Restructuring Agreement. Following the Final Proposal the financial creditors made it clear that they only would consider the Final Proposal if the Board was able to obtain sufficient shareholder support for the proposal to make it likely that it would be approved by an extraordinary general meeting of the Company. The Board met persistent opposition from a group of shareholders and was not able to obtain such sufficient support. The Board then informed the reconstructor and the financial creditors accordingly. On this basis the financial creditors have requested that the reconstruction committee reports to the court that there is no basis for a reconstruction and thus request the court to open bankruptcy proceedings in DOF ASA cf. the reconstruction act (Norw: rekonstruksjonsloven) Section 58 (1) no. 1. The financial creditors have at the same time confirmed that they are ready to enter into an agreement with the bankruptcy estate to acquire DOF Services AS and its subsidiaries and thereby facilitate that (i) the Restructuring will be implemented as planned and (ii) the other companies in the Group than DOF ASA will remain unaffected by the bankruptcy in DOF ASA. As a result of said agreement the bankruptcy of DOF ASA will be limited solely to such company and will not affect any other company in the Group. The agreement is expected to allow for a short period between signing and completion for the administrator of the bankruptcy estate of DOF ASA to ascertain that the Restructuring is the most attractive offer for the Group creditors and other stakeholders. As described in the stock exchange announcement of DOF on 13 October 2022 the Restructuring will upon completion of the agreement with the financial creditors be implemented as planned for this scenario and such alternative implementation of the Restructuring has been structured to avoid any interruption to the ongoing operations of the Group and to avoid losses for the Group's customers suppliers and other trade creditors. Consequently no other creditors than the financial creditors nor any of the employees of the Group are to be affected by such alternative implementation of the Restructuring. The implementation of the Restructuring with DOF Services AS as the new parent company of the Group is subject to approval by the bondholders’ meetings in each of DOF Subsea AS' bond loans DOFSUB07 DOFSUB08 and DOFSUB09. If the bondholders' meetings do not give their approval the new parent company will instead be a new Norwegian holding company to be incorporated by the financial creditors. Consequently the matter to be considered by the bondholders will only comprise the identity of the new parent company in the group. The new holding company of the group will be applied for listing on Oslo Børs in due course. As communicated in the stock exchange announcement on 27 January 2023 the new Board of DOF has in addition to seeking alternative solutions to the Restructuring assessed the solvency of DOF ASA in a bankruptcy scenario. The Board has in this respect obtained and assessed independent valuations of the Group's vessels. The shipbrokers Fearnleys and Clarkson have assessed the value of the Group's vessels. The advisory firm Deloitte has reviewed these and assessed them against the company's debt other liabilities and available liquid assets in an insolvency liquidation analysis (i.e. a bankruptcy scenario). Deloitte has also assessed the value of the Group's other activities including the shares in DOFCON and the engineering services also in an insolvency liquidation analysis. The final report from Deloitte has now been obtained and the Board has on this basis concluded that even though there is likely positive value in DOF ASA in a going concern scenario there is no basis to contest that DOF ASA will be insolvent in event of a bankruptcy. Upon a bankruptcy in DOF ASA the share capital of the Company will be lost and there will not be any value left to the shareholders. The Board highly regrets this result. However although the bankruptcy will result in shareholder losses the process that will follow is structured to avoid any interruption to the ongoing operations of the Group and to avoid losses for the Group's customers suppliers and other trade creditors. For further information please contact: Chairman DOF ASA: Leif Chr. Salomonsen tel: 992 42 888 CEO Mons Aase tel. +47 91 66 10 12 CFO DOF ASA Hilde Drønen tel. +47 91 66 10 09 This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Hilde Drønen CFO DOF ASA. 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 over 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."