DOF Group ASA ("DOF") is pleased to announce a Substantial contract extension for the AHTS vessel Skandi Cutter. The vessel is currently operating in Canada on a contract ending at the end of 2025, and will continue with the current client under the extended contract for a firm period of three years with two further annual extension options.
DOF defines a Substantial contract as a contract with value between USD 25 million and USD 50 million.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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The United Kingdom Modern Slavery Act 2015 requires companies carrying on a business in the UK, which supply goods or services and have a total annual turnover of GBP 36 million or more, to publish an annual statement describing the steps it has taken to ensure that slavery and human trafficking are not occurring in its supply chains or in any parts of its own business.
Attached is the DOF Group’s Statement for FY2022 in relation to this requirement. The Statement has been approved by the CEO of DOF.
DOF Subsea Australia is pleased to announce it has been awarded Beach Energy’s Otway Offshore Phase 5 - Transport and Installation Project. After collecting all permanent equipment from vendors and transportation to the offshore site Fabrication Transportation and Installation Services and is expected to be completed in Q1 2023. The project will be executed using DOF Subsea’s Construction Support Vessel Skandi Acergy. Mons Aase CEO DOF Subsea AS said “This is an extremely exciting award and we look forward to working with Beach Energy to deliver safe and efficient project.” 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. www.dofsubsea.com
Reference is made to previous announcement on 29 October 2021 regarding the extension of standstill arrangements with the group's secured lenders expiring 30 November 2021 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 30 November 2021. 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. 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
The Group’s operating revenue for the 3rd 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"
DOF Subsea Rederi III AS 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 previous announcement on 30 September 2021 regarding the extension of standstill arrangements with the group's secured lenders expiring 31 October 2021 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 31 October 2021. 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. 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 30 September 2021 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 30 September 2021. DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have agreed to 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. 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 30 September 2021 with the approval of the ad-hoc committee of bondholders. Reference is further made to the announcement on 31 August 2021 regarding the ad-hoc committee's approval of extension of the standstill arrangement with the bondholders described above to 30 September 2021. 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 June 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 October 2021 and with a possibility to extend the standstill period on one or more occasions to 28 February 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: 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 Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com"
DOF Subsea Rederi III AS 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