DOF Group ASA ("DOF") is pleased to announce the award of multiple contracts for the Skandi Inventor in the Atlantic region, securing more than 100 days of firm work, with additional options available.
The Skandi Inventor, a state-of-the-art DP3 construction vessel equipped with a 400-ton Active Heave Compensated (AHC) crane and a large working deck, has recently undergone significant upgrades. The vessel is now fitted with two brand new Work Class ROVs (WROVs) and a modern survey suite, all of which will be fully operated by DOF.
Mons S. Aase, CEO of DOF Group, commented: “We are pleased to welcome the Skandi Inventor to the North Sea and to see immediate project intake across Q2, Q3 and Q4 2025. These awards reflect DOF’s strong position across both Oil & Gas and Renewable segments.”
Preparations are already underway, with DOF delivering a full scope of project management, engineering, logistics, and offshore execution as part of the awarded campaigns.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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DOF Subsea Canada is pleased to announce the award of the first SURF project for the Skandi Constructor from VAALCO ENERGY. DOF Subsea will perform subsea construction and installation services to support the subsea reconfiguration associated with the replacement of the existing Floating Production, Storage and Offloading unit (“FPSO”) with a Floating Storage and Offloading vessel (“FSO”) at the Etame field, offshore Gabon. Engineering and design work has commenced with subsea work forecasted to begin in July and expected to be completed by September 2022.
The Skandi Constructor was upgraded in 2021 with a 250 ton AHC crane and outfitted with 2 new XLXc ROV system and is currently working in Trinidad under multiple contracts managed by DOF Subsea USA performing commissioning and IMR tasks before returning to the North Sea for other commitment in Q2.
DOF Subsea Australia is pleased to announce it has been awarded Woodside Energy Limited’s Enfield XT Retrieval and Offshore Support Services. The campaign execution will involve the recovery of 18 Subsea XTrees Fabrication and decommissioning Services and is expected to be undertaken in Q3 and Q4 2022 using DOF Subsea’s MPSV Skandi Hercules. Mons Aase CEO DOF Subsea AS said “This is a substantial contract award. It builds on successful campaigns delivered in the past for our client and grows our decommissioning track-record in the APAC region. We look forward to working with Woodside Energy Limited to deliver a safe and efficient project”. For further information please contact: Mons S. Aase CEO DOF Subsea. Tel: +47 91 66 10 12 Marianne Møgster SVP 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. www.dofsubsea.com
Following on from the charter of the Ross Candies DOF Subsea. Tel: +47 91 66 10 12 Marianne Møgster SVP 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
Reference is made to previous announcements regarding the extension of standstill arrangements with the DOF group's secured lenders expiring 28 February 2022 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 28 February 2022. DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have agreed to further extend the principal and interest suspension agreements with DOFSUB08 and DOFSUB09 respectively. Approval of the proposal set out in the summons required 2/3 majority in all three bonds and the proposal was consequently approved. Please see the attached minutes from the bondholders' meetings. The extensions of the standstill periods will facilitate the DOF group's continued dialogue with its secured lenders and the bondholders under the DOF group's bonds regarding a long-term financial restructuring of the DOF group. 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 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. 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
The Group’s operating revenue for the 4th quarter (management reporting) was NOK 1 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 Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com"
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 with a possibility to further extend the standstill arrangement currently in place to 28 February 2022 with the approval of the ad-hoc committee of bondholders. Reference is further made to the announcements on 29 October 2021 30 November 2021 and 31 January 2022 regarding the ad-hoc committee's approval of extension of the standstill arrangement with the bondholders described above to 28 February 2022. Discussions and negotiations on the restructuring of the DOF group (the ""Group"") are progressing and the Group its secured lenders and the advisers to the bondholders have since the bondholders' meetings in September 2021 continued negotiations on an overall financial restructuring of the Group. Further progress has been made in such negotiations but there are still certain issues that remain to be resolved to achieve an overall consensual restructuring of the Group. 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 March 2022 and with a possibility to extend the standstill period on one or more occasions to 30 April 2022 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 request has also been made to the Group'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: Mons S. Aase CEO DOF Subsea. Tel: +47 91 66 10 12 Marianne Møgster SVP Finance DOF Subsea. Tel: +47 99 30 69 16 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 Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com"
DOF Subsea is pleased to announce the award of a long-term contract to provide a Multi-Purpose Supply Vessel (MPSV) to Esso Australia Pty Ltd. DOF Subsea Australia Pty Ltd 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 Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com"
Reference is made to our previous announcement on 30 November 2021 regarding the extension of standstill arrangements with the group's secured lenders expiring 31 January 2022 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 31 January 2022. DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have agreed to further extend the principal and interest suspension agreements with please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO DOF ASA 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. 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 inform that a key Renewables Client has awarded an extension to an ongoing subsea Construction contract in the North Sea. In direct continuation of the ongoing project 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 Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com