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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Reference is made to previous announcements regarding the extension of standstill arrangements with the DOF group's secured lenders expiring 30 June 2021 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 30 June 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 93.40% and 100.00% of the votes in DOFSUB07 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 Hilde Drønen tel. +47 91 66 10 09 CFO DOF Subsea Martin Lundberg tel. +47 91 62 10 57 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 June 2021 with the approval of the ad-hoc committee of bondholders. Reference is further made to previous announcements on 28 March 2021 30 April 2021 and 31 May 2021 respectively regarding the ad-hoc committee's approval of further extensions of the standstill arrangement with the bondholders described above ultimately expiring on 30 June 2021. Discussions and negotiations with the DOF group's secured lenders and advisers to the bondholders respectively regarding an overall financial restructuring of the group are still ongoing. However further discussions and negotiations will be required to determine whether an agreement for an overall restructuring of the DOF group can be found. 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 August 2021 and with a possibility to extend to 30 September 2021 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 DOF 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 DOF Hilde Drønen tel. +47 91 66 10 09 CFO DOF Subsea Martin Lundberg tel. +47 91 62 10 57 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 on 21 January 2021 secured lenders representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS and in total 88% of the secured debt of companies within the DOF Subsea AS group (excluding DOF Subsea Brasil Servicos Ltda.) until 30 June 2021. DOF Subsea AS has also received confirmation from the ad hoc group of bondholders that they have agreed to further extend the suspension deferral and standstill arrangement currently in place for the bond issues until 30 June 2021. The current stand-still arrangement with BNDES to Norskan Offshore Ltda. and DOF Subsea Brasil Servicos Ltda. will expire on 10 June 2021 and further extensions have been sought from BNDES. In the event that such further stand-still is not obtained from BNDES the continuation of the extended stand-still with the other secured lenders will require acceptance from the secured lenders to servicing of certain debt to BNDES. The extensions of the stand-still periods are entered into to facilitate the Group's continued dialogue with its secured lenders and the bondholders under the Group's bond loans regarding a long-term financial restructuring of the Group. For further information please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO DOF Hilde Drønen tel. +47 91 66 10 09 CFO DOF Subsea Martin Lundberg tel. +47 91 62 10 57 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 1st 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 is pleased to announce the awards of multiple Vessel and ROV contracts to support the Ocean Bottom Node Seismic campaigns by Shearwater GeoServices Holding AS on Petrobras’s Jubarte 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 has been awarded multiple contracts for execution in the North Sea Skandi Skansen Skandi Iceman Skandi Hera and a contracted third-party vessel shall be utilized in the offshore execution phases. All awards include Project Management engineering procurement and logistics which shall be delivered by our integrated subsea experts’ team across Bergen and Aberdeen. DOF Subsea shall towards a key Renewables client deliver one of our construction assets and associated services during the construction phase of a major offshore wind project. The project totals at least 150 vessel days. Several of the awards are EPRD (Engineering Preparation Removal and Disposal) decommissioning contracts and DOF Subsea is planning to deploy multiple vessels in-field during execution phases. In excess of the awards DOF Subsea has received a number of purchase orders related to ongoing contracts in North Sea and Africa. These awards are enabling our clients to take advantage of the extended capabilities of the contracted vessels with access our integrated marine operations services. One of the variation orders aided DOF Subsea to fast-track a flex-lay installation campaign delivering project management engineering procurement logistics and offshore execution to the highest expectation of the client. Mons S. Aase CEO DOF Subsea said “I am pleased by the continued trust from our clients in Norway and United Kingdom. DOF Subsea continues to secure projects across the energy sector delivering mission critical solutions without compromise to safety.” 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 Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com
Reference is made to previous announcements on 21 January 2021 and 28 March 2021 and that DOF Subsea AS has received confirmation from the ad hoc group of bondholders that they have agreed to further extend the suspension deferral and standstill arrangement currently in place for the bond issues from 30 April to 31 May 2021. The extensions of the stand-still periods are entered into to facilitate the Group's continued dialogue with its secured lenders and the bondholders under the Group's bond loans regarding a long-term financial restructuring of the Group. The discussions with the Group's main creditors remain constructive and the Group expects that further progress towards a consensual solution will be made over the coming months. For further information please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO DOF Hilde Drønen tel. +47 91 66 10 09 CFO DOF Subsea Martin Lundberg tel. +47 91 62 10 57 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 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
DOF Subsea Rederi AS 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 has been awarded a contract by Siemens Gamesa for Skandi Constructor. The vessel will be utilized for projects on several offshore wind farms in Germany with a duration up to 160 days 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