DOF Group ASA ("DOF") informs that Equinor Energy AS has exercised its option to extend the firm period of the contract for Skandi Flora and Skandi Mongstad by 1 year. The extension is applicable from October 2025. Both vessels have one further one-year extension option from October 2026 available.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
Select a category.
No articles found.
Please find attached the New DOF ASA Integrated Annual Report 2022 including sustainability reporting and complete annual accounts with notes.
>>> DOF Integrated Annual Report 2022 (PDF, ca. 10 mbs)
Sustainability
DOF has reported in the areas of sustainability to the GRI standards measuring economic, environment, and social aspects since 2014. This, along with our participation in Carbon Disclosure Project over the last twelve years, has driven engagement with stakeholder groups and improved management and performance in these areas.
Transparency
Our vision and strategic ambitions to create broad stakeholder value are set out in this integrated report. We use the World Economic Forum’s four pillars of sustainable development – People, Planet, Prosperity, and Principles to frame our environmental, social and governance (ESG) performance. Within the framework we bring together the measures of stakeholder value, align the non-financial reporting with financial reporting, to communicate sustainability initiatives, targets and measures for the next strategic period.
Environmental, Social, and Corporate Governance
The ESG (Environmental, Social, and Corporate Governance) factbook in the final section of this report contains extensive detail on our company wide performance in 2022 and includes future ambitions.
Contacts for questions or feedback
Not only are we committed to continuous improvement, we welcome and appreciate your feedback. If you have any questions about the content of the report or if you would like to provide feedback, please contact the DOF's Executive Senior Advisor Stig Clementsen by telephone +47 48 28 73 25 or e-mail stig.clementsen@dof.com.
DOF has been recognised in the Financial Times (FT) 2023 report as one of Europe's Climate Leaders. The report, which can be viewed here, was undertaken in co-operation with independent data company Statista and reviewed tens of thousands of companies, scrutinising existing GHG emissions in order to identify 'outstanding European companies that are successfully reducing their core GHG emissions relative to the their revenue'. Read more about the methodology used by FT on their website.
The DOF group is pleased to announce a new 3-years firm contract for the AHTS Skandi Vega with the current charterer Equinor Energy AS. The award, which also include 2 x 1 year options, will commence in direct continuation of the current contract. Skandi Vega is one of the largest AHTS vessels in the world and have been operating for Equinor since delivery in 2010. DOF is delighted to continue the long-term partnership with Equinor and the new contract is a proof of the value the vessel and its crew brings to this partnership.
Mons S. Aase, DOF Group CEO say: DOF is very pleased to further strengthen the relation with Equinor and secure firm and financially sustainable backlog.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
Reference is made to the announcement made by DOF Subsea AS (the "Company") on 22 June 2022 and 21 October 2022 regarding the execution of an agreement (the "Restructuring Agreement") with a substantial group of financial creditors and certain other stakeholders of the DOF group (the "Group") on a comprehensive financial restructuring (the "Restructuring") DOF ASA (its bankruptcy estate) ceases to have any ownership in New DOF ASA (""New DOF"") or in any companies within the Group. As part of the Restructuring the financial creditors have converted approximately NOK 6 billion of debt into equity in New DOF. Following such conversion New DOF has a share capital of NOK 395 626 490 divided into 158 250 596 shares each with a nominal value of NOK 2.50. A new board of directors of New DOF consisting of Svein Harald Øygard (Chair) Harald Thorstein Christine J. Morris Daniela Ribeiro Davila and Harry Knox has also been elected. New DOF will apply for listing on Oslo Børs in the near future. The completion of the Restructuring creates a stable and viable platform for the restructured Group through (i) a substantial conversion of debt into equity (ii) reinstated debt terms supporting liquidity and providing significant maturity runway and (iii) the simplification of the Group’s financing structure. The Restructuring therefore leaves the Group well positioned to support its operations secure new contracts and continue to deliver on the Group’s strategy. CEO Mons Aase commented: “I am very pleased that we today can announce that the restructuring of the DOF Group is concluded. With approximately NOK 6 billion in reduced debt and much improved earnings the financial position of the DOF Group is strong. I would like to thank our customers and creditors for their support and loyalty through the long-lasting refinancing process. I would also like to thank all employees in the DOF Group for their dedication loyalty and hard work. Together with the entire DOF team we now look forward to continuing building DOF as a leading global player within both Offshore Floating Wind and Oil Services. "" As part of the completion of the Restructuring an extraordinary general meeting in the Company was held today. It was resolved to increase the Company's share capital by increasing the nominal value of each of the issued shares by NOK 1.5 from NOK 10 to NOK 11.5 in two separate share capital increases. Thereby the total increase of the Company's share capital was NOK 251 29 143 from NOK 1 673 527 620 to NOK 1 924 556 763. Both share capital increases were subscribed by the Company's parent company New DOF. In accordance with the Restructuring Agreement Nordic Trustee AS (acting on behalf of the bondholders) has transferred a claim in the amount of NOK 3 43 334 302 out of a total claim of NOK 3 718 334 302 against the Company under the three existing bond issuances (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 including accrued but unpaid interest thereon) to New DOF creating a receivable for New DOF against the Company. The share contribution in the abovementioned share capital increase in the Company was settled by way of set-off of this receivable. An amount of NOK 675 0 000 outstanding under the three existing bond issuances has been reinstated into one new bond issue with ISIN NO0012753666 on such terms and conditions as set out in a new bond agreement. A summary of the main terms and conditions are set out below: • Maturity date: The new bonds mature on 17 December 2027 and the Company and New DOF will have the option (subject to certain conditions) to settle the new bonds in cash or by the issue to the bondholders of ordinary shares in New DOF. • Interest: The new bonds will be deemed to have accrued interest from 30 June 2022 at a rate of the aggregate of NIBOR and 2% p.a. payable by issuance of additional bonds under the same ISIN. The first interest payment date will occur on 31 March 2023. • Guarantee: The new bonds will be unsecured but guaranteed by DOF PLSV Investments AS a direct wholly owned subsidiary of the Company which owns 50% of the shares in DOFCON JV. • Listing: The new bonds will not be listed. The conditions precedent for issuing the new bonds have been satisfied and the new bonds have been delivered to the paying agent under the existing bonds. The exchange/conversion in the CSD of the existing bonds into new bonds issued by as the Company and shares in New DOF is expected to occur in accordance with the step plan and indicative timeline published by Nordic Trustee on 20 March 2023. The Company's articles of association have been amended to reflect the Company's new share capital and the share capital increase has been filed with the Norwegian Registry of Business Enterprises. New DOF ASA and DOF Subsea AS have been advised by Evercore ABG Sundal Collier and Pareto Securities as financial advisers and Thommessen as legal advisor in connection with the Restructuring. Nordic Trustee AS has been advised by Arctic Securities and Carnegie as financial advisers and Akin and Wiersholm as legal advisers in connection with the Restructuring. The senior secured lenders to the Group have been advised by PJT as financial adviser and Wikborg Rein as legal adviser in connection with the Restructuring. For further information please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO Hilde Drønen tel. +47 91 66 10 09 CFO DOF Subsea AS 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. With a multi-national workforce of about 3 800 personnel DOF 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 centres and business units are located in Norway the UK the USA Singapore Brazil Argentina Canada Angola and Australia"
Reference is made to the previous announcements related to the implementation of the restructuring of the DOF ASA group (the "Restructuring") following the commencement of bankruptcy proceedings in DOF ASA please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO Hilde Drønen tel. +47 91 66 10 09 CFO DOF Subsea AS 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"
The DOF Group is delighted to announce a new four-year firm contract for the PSV Skandi Gamma with current client Ithaca Energy (UK) Limited. The award CEO DOF Group. Tel: +47 91 66 10 12 Hilde Drønen CFO DOF Group Tel: +47 91 66 10 09 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"
The DOF Group is delighted to announce a new four-year firm contract for the PSV Skandi Gamma with current client Ithaca Energy (UK) Limited. The award, which also includes 2 x 1-year options, will commence in direct continuation of the current contract on 1st May 2023. The vessel has been working on the UKCS for London listed Ithaca Energy since May 2021 and the DOF Group is delighted to be building on the long-term partnership with a leading UK independent energy company.
Mons S. Aase, DOF Group CEO say: “I’m very pleased with this award. The present contract had 2 x 1 years remaining options; that we have agreed to replace these options with a new long-term contract is proof of the strong relationship we have with Ithaca Energy and the good performance of the vessel.”
For further information, please contact:
Mons S. Aase, CEO, DOF Group. Tel: +47 91 66 10 12
Hilde Drønen, CFO, DOF Group Tel: +47 91 66 10 09
DOF Subsea is pleased to announce that Petrobras has exercised an option for the diving support vessel Skandi Achiever stated: “I am very happy with the contract awards securing utilisation of our personnel in Brazil and one of our key assets in the Group Skandi Achiever. The contract award also confirms our strong position and track record in Brazil and strengthens our long relationship with Petrobras”. 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
DOF Subsea is pleased to announce that Petrobras has exercised an option for the diving support vessel Skandi Achiever, including ROV and diving services. The new commitment will now run until February 2024 and has commenced in direct continuation with the current commitment.
In addition, to the newly announced contract on the RSV vessel Geoholm, DOF has just signed another contract to perform survey services for the same period.
The contracts have a combined value in excess of USD 35 million for the firm period.
DOF Subsea CEO, Mons S. Aase, stated: “I am very happy with the contract awards securing utilisation of our personnel in Brazil and one of our key assets in the Group, Skandi Achiever. The contract award also confirms our strong position and track record in Brazil and strengthens our long relationship with Petrobras”.
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