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, DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN DOF
Subsea AS Senior Unsecured Bond Issue 2018/2023) on 30 September 2022, whereby
the bondholders on certain conditions approved to extend their waiver from, and
suspension of, all payment obligations under each of the bond loans until 31
October 2022, with a possibility to further extend the standstill arrangement
currently in place to 30 November 2022 with the approval of the ad-hoc group of
bondholders (the "Ad-Hoc Group").
Reference is further made to the announcements on 22 June 2022 regarding the
execution of an agreement (the "Restructuring Agreement") with a substantial
group of creditors and certain other stakeholders on a comprehensive financial
restructuring (the "Restructuring") and the announcements made on 21 October
2022 regarding the Extraordinary General Meeting to be held on 11 November 2022
relating to the Restructuring and the extension of the standstill arrangements
to 30 November 2022 in accordance with the authority granted to the Ad-Hoc
Group.
The completion of the Restructuring is dependent on the bondholders approval of
the Restructuring pursuant to the terms of the Restructuring Agreement. Further,
in the event the Extraordinary General Meeting on 11 November 2022 does not
approve resolutions required to implement the Restructuring, completion of the
Restructuring is dependent on the bondholders approval to implement the
Restructuring through certain alternative implementation steps. DOF Subsea AS
has therefore requested Nordic Trustee AS to summon bondholders' meetings in the
three bond loans to consider the approval of the Restructuring by a consensual
implementation or through alternative implementation steps. The proposal is
further described in the attached summons to the bondholders in the three bond
loans.
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
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 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.
Historical OSE Notices
SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - APPROVAL OF RESTRUCTURING AND ALTERNATVE IMPLEMENTATION STEPS
October 24, 2022
Reference is made to the announcement made by DOF ASA ("DOF") and its subsidiary
DOF Subsea AS on 22 June 2022 regarding the execution of an agreement (the
"Restructuring Agreement") with a substantial group of creditors and certain
other stakeholders on a comprehensive financial restructuring (the
"Restructuring") and the announcement on 13 October 2022 regarding the update on
the Restructuring process.
The Extraordinary General Meeting relating to the Restructuring will be held on
Friday 11 November 2022 at 12:00 hours as an electronic meeting. Shareholders
who wish to participate and vote at the Extraordinary General Meeting must be
registered with a user profile in the meeting portal Orgbrain (www.orgbrain.no)
or submit a proxy to the Company by 12:00 hrs CET on 7 November 2022.
Information about participation and registration is included in the notice and
its appendices and is attached to this announcement and also available on the
Company's website www.dof.com. Further information about the electronic
participation will be published on the Company's website www.dof.com and
distributed to the shareholders who fill in and return the registration form.
A paper version of the notice will be sent by post to those shareholders who
have reserved themselves against electronic communication on the VPS Investor
Services.
In addition, DOF is pleased to announce that the senior creditors that are
parties to the Restructuring Agreement have agreed to extend the Long Stop Date
in the Restructuring Agreement to 30 November 2022, and that the ad-hoc group of
bondholders in DOF Subsea AS' bond loans (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) has extended the
standstill arrangements with the bondholders to 30 November 2022 in accordance
with the authority granted in the bondholders' meetings held on 30 September
2022. The sole purpose of such extensions is to enable that the agreed
Restructuring can be implemented.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
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 3,900 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 Stock Exchange since 1997.
Historical OSE Notices
DOF ASA: NOTICE OF EXTRAORDINARY GENERAL MEETING AND NEW LONG STOP DATE FOR THE RESTRUCTURING AGREEMENT
October 21, 2022
DOF Subsea is pleased to announce the award of a 3-year contract for two vessels
with Esso Exploration & Production Guyana Limited. Under the agreement, DOF
Subsea will perform IMR, well intervention support, and light subsea
construction activities to support the growing subsea infrastructures in the
Stabroek Block offshore Guyana.
Two Multipurpose Support Construction Vessels with 250-ton AHC crane and 2 work
class ROV systems will be deployed in Guyana for 3-year terms, plus 2 years
options.
The first vessel will mobilize in late October while the second vessel is
planned to commence in January 2023.
Mons S Aase, CEO, DOF Subsea said, "I am extremely happy with this contract
award from ExxonMobil Guyana, and entering the important and flourishing
Guyanese market. The award further underlines DOF's leading position in the IMR
segment."
The estimated firm backlog for the group is approximately NOK 2.7 billion.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
With a multi-national workforce of about 3,900 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 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.
Historical OSE Notices
Contract awards
DOF Subsea awarded MPSV Contracts in Guyana
October 21, 2022
DOF ASA will release the Q3 results on Thursday 27th of October 2022. The report
will be available at www.dof.com and www.newsweb.no.
The presentation will be held as a webcast at 08:30 CET the same day on:
http://www.dof.com/webcast.
The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen.
If you have questions, please contact the Company.
Contact:
CEO Mons Aase, Tel + 47 91 66 10 12
CFO Hilde Drønen, Tel + 47 91 66 10 09
With a multi-national workforce of about 3,900 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 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.
Historical OSE Notices
Invitation to presentation of Q3 2022 results
October 19, 2022
Reference is made to the announcement made by DOF ASA ("DOF", and together with
its subsidiaries, the "Group") and its subsidiary DOF Subsea AS on 22 June 2022
regarding the execution of an agreement (the "Restructuring Agreement") with a
substantial group of creditors and certain other stakeholders on a comprehensive
financial restructuring (the "Restructuring").
DOF is pleased to report that the Group has continued support from its financial
creditors and largest shareholder and that good progress is being made to agree
the necessary documents for the completion of the Restructuring. Based on the
current timeline, DOF expects that the extraordinary general meeting relating to
the Restructuring will be held in the week commencing 7 November 2022. In
accordance with the timeline, DOF is seeking a one month extension of the Long
Stop Date in the Restructuring Agreement.
The parties to the Restructuring Agreement have, as set out in the announcement
on 22 June 2022, engaged in good faith discussions to agree alternative steps to
implement the Restructuring in the event that the extraordinary general meeting
of DOF does not pass the resolutions required to implement the Restructuring.
Following such discussions, the parties to the Restructuring Agreement have
today entered into an addendum to the Restructuring Agreement (the "Addendum")
detailing the steps that will be taken by the creditors, subject to satisfaction
or waiver of certain customary conditions, to implement the Restructuring in
such event.
In the event that the extraordinary general meeting of DOF rejects the
resolutions required to implement the Restructuring, DOF shall subject to the
terms of the Addendum, procure that reconstruction proceedings are opened under
the Norwegian Reconstruction Act of 7 May 2020 and propose a reconstruction with
the following key elements:
(i) a portion of DOF's direct financial indebtedness will be converted into
equity ; and
(ii) no other liabilities of DOF or the Group will be affected by the
reconstruction.
All other elements of the Restructuring will be implemented following completion
of the reconstruction.
Implementation of the reconstruction proposal will require that an additional
extraordinary general meeting of DOF approves the proposal with at least 50% of
the shares represented at the general meeting. If the Restructuring is
implemented by way of a reconstruction, the existing shares in DOF will
represent 1% of the fully diluted shares in DOF post completion, unless
otherwise agreed among the Group's creditors, compared to 4% of the fully
diluted shares in DOF if the Restructuring Agreement is adopted as proposed in
the first extraordinary general meeting.
If the reconstruction proposal cannot be implemented, either because the
required majority at the second extraordinary general meeting is not obtained or
for other reasons, bankruptcy proceedings will be opened in DOF. Pursuant to the
Addendum, the creditors of the Group have agreed to establish a new company
("Newco") that will make an offer to acquire the entire business of the Group
from the bankruptcy estate through an acquisition, directly or indirectly, of
its subsidiaries against a subordination of their claims against DOF. No cash
consideration will be offered. If such offer is successful, Newco will become
the new parent company in the Group, and an application will be made for the
listing of the shares of Newco on Oslo Børs or Euronext Expand Oslo. If the
Restructuring is implemented following a bankruptcy in DOF, the existing
shareholders in DOF will not retain any equity interest in the restructured
group.
The board of directors and management of DOF firmly believe that it is in the
best interest of DOF's shareholders that the Restructuring is implemented on a
consensual basis and that the shareholders will obtain the best recovery by
supporting the Restructuring at the extraordinary general meeting of DOF.
However, if a consensual solution is not possible, the board of directors must
have regard to the interest of its creditors as the main economic stakeholders
of the Group, as well as seeking to secure the continued operations of the
business of the Group to the benefit of its customers, employees and other
stakeholders. To this end, the board of directors is of the opinion that the
implementation of the Restructuring through the alternative implementation steps
agreed in the Addendum will be the best option available to DOF and the Group if
the shareholders do not support the Restructuring at the extraordinary general
meeting.
All scenarios above, including in case of a formal bankruptcy in the parent
company DOF ASA to effect the Restructuring, are 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 are envisaged to be affected by such
alternative implementations of the Restructuring Agreement.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
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 3,900 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 Stock Exchange since 1997.
Historical OSE Notices
DOF ASA: UPDATE ON RESTRUCTURING PROCESS
October 13, 2022
Det vises til børsmelding fra DOF ASA ("DOF", og sammen med datterselskapene,
"Gruppen") og datterselskapet DOF Subsea AS 22. juni 2022 om inngåelse av en
avtale ("Restruktureringsavtalen") med en betydelig andel kreditorer og andre
interessenter om en helhetlig finansiell restrukturering ("Restruktureringen").
DOF er tilfreds med å kunne meddele at Gruppen fortsatt har støtte fra sine
finansielle kreditorer og sin største aksjonær, og at det er gjort betydelige
fremskritt med sluttføring av nødvendig dokumentasjon for gjennomføring av
Restruktureringen. I henhold til gjeldende tidslinje forventer DOF at den
ekstraordinære generalforsamlingen knyttet til Restruktureringen vil bli avholdt
i uken som starter 7. november 2022. I samsvar med dette vil DOF søke om én
måneds forlengelse av "Long Stop Date" i Restruktureringsavtalen.
Partene i Restruktureringsavtalen har, som det fremgår av børsmelding den 22.
juni 2022, fortsatt diskusjonen for å enes om alternative løsninger for å
gjennomføre Restruktureringen for det tilfelle at den ekstraordinære
generalforsamlingen i DOF ikke godkjenner vedtakene som kreves for å gjennomføre
Restruktureringen. Som et resultat av ovennevnte diskusjoner, har partene i
Restruktureringsavtalen i dag inngått en tilleggsavtale til
Restruktureringsavtalen ("Tilleggsavtalen"). Partene har der blitt enige om de
konkrete tiltak, som vil bli iverksatt av kreditorene for å kunne gjennomføre
Restruktureringen, med forbehold om oppfyllelse eller fritak av visse
standardbetingelser.
For det tilfelle at den ekstraordinære generalforsamlingen i DOF stemmer ned de
vedtak, som kreves for å kunne gjennomføre Restruktureringen, er DOF, i henhold
til vilkårene i Tilleggsavtalen, forpliktet til å åpne
rekonstruksjonsforhandlinger etter rekonstruksjonsloven av 7. mai 2020 og
foreslå en rekonstruksjon med følgende nøkkelelementer:
i. en del av DOFs direkte finansielle gjeld vil bli konvertert til egenkapital ;
og
ii. ingen andre forpliktelser for DOF eller Gruppen vil bli påvirket av
rekonstruksjonen.
Alle andre elementer av Restruktureringen vil bli iverksatt etter at
rekonstruksjonen er gjennomført.
Gjennomføringen av rekonstruksjonsforslaget vil kreve at en ny ekstraordinær
generalforsamling i DOF godkjenner forslaget med minst 50 % av aksjene
representert på generalforsamlingen. Dersom Restruktureringen gjennomføres ved
en rekonstruksjon, vil de eksisterende aksjene i DOF representere 1 % av de
fullt utvannede aksjene i DOF etter ferdigstillelse, med mindre annet blir
avtalt mellom Gruppens kreditorer. Til sammenligning vil de eksisterende
aksjonærene representere 4 % av de fullt utvannede aksjene i DOF dersom
Restruktureringsavtalen blir vedtatt som foreslått på første ekstraordinære
generalforsamling.
Dersom rekonstruksjonsforslaget ikke kan gjennomføres, enten fordi nødvendig
flertall på den andre ekstraordinære generalforsamlingen ikke oppnås eller av
andre grunner, vil det bli åpnet konkursbehandling i DOF. I henhold til
Tilleggsavtalen har kreditorene i Gruppen avtalt å etablere et nytt selskap
("Newco") som vil gi et tilbud om å overta hele Gruppens virksomhet fra
konkursboet gjennom et oppkjøp, direkte eller indirekte, av datterselskapene,
mot at deres krav mot DOF blir underordnet. Det vil ikke bli tilbudt
kontantvederlag. Dersom et slikt tilbud aksepteres, vil Newco bli det nye
morselskapet i Gruppen, og det vil bli søkt om notering av aksjene til Newco på
Oslo Børs eller Euronext Expand Oslo. Dersom Restruktureringen gjennomføres
etter en konkurs i DOF, vil eksisterende aksjonærer i DOF ikke motta noen
egenkapitalandel i den restrukturerte gruppen.
Styret og ledelsen i DOF er overbevist om at det er i aksjonærenes interesse at
Restruktureringen gjennomføres på et frivillig grunnlag og at aksjonærene vil
oppnå best mulig resultat ved å støtte Restruktureringen på den ekstraordinære
generalforsamlingen i DOF. Dersom en frivillig løsning ikke oppnås, må styret
imidlertid ta hensyn til kreditorenes interesser som Gruppens viktigste
økonomiske interessenter, samt søke å sikre videre drift av Gruppens virksomhet
til fordel for sine kunder, ansatte og andre interessenter. Styret er av den
oppfatning at gjennomføringen av Restruktureringen gjennom de alternative
gjennomføringsstegene som er avtalt i Tilleggsavtalen, vil være det beste
alternativet for DOF og konsernet dersom aksjonærene ikke støtter
restruktureringen på den ekstraordinære generalforsamlingen.
Alle alternativene ovenfor, inkludert formell konkurs i morselskapet DOF ASA,
for å kunne gjennomføre Restruktureringen, er strukturert for å unngå negative
konsekvenser for den løpende driften av Gruppen og for å unngå tap for Gruppens
kunder, leverandører og andre handelskreditorer. Følgelig er ingen andre
kreditorer enn de finansielle kreditorene forutsatt å bli berørt av slike
alternative implementeringer av Restruktureringsavtalen.
For mer informasjon, vennligst kontakt:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
Denne informasjonen er informasjonspliktig etter verdipapirhandelloven § 5-12.
Med en multinasjonal arbeidsstyrke på rundt 3.900 ansatte, er DOF ASA en
internasjonal gruppe av selskaper som eier og driver en flåte av moderne
offshore/undervannsfartøy, og ingeniørkapasitet for å betjene både offshore- og
subseamarkedet. Med over 40 år i offshorebransjen har Gruppen en sterk posisjon
når det gjelder erfaring, innovasjon, produktspekter, teknologi og kapasitet.
DOFs kjernevirksomhet er fartøyseierskap, fartøysledelse, prosjektledelse,
engineering, fartøysoperasjoner, kartlegging, fjernintervensjon og
dykkeoperasjoner primært for olje- og gassektoren. Fra PSV charter til Subsea
engineering, DOF tilbyr et komplett spekter av offshoretjenester av topp
kvalitet for å legge til rette for en stadig voksende og krevende industri.
Selskapets viktigste driftssentre og forretningsenheter er lokalisert i Norge,
Storbritannia, USA, Singapore, Brasil, Argentina, Canada, Angola og Australia.
DOF ASA har vært notert på Oslo Børs siden 1997.
Historical OSE Notices
DOF ASA: Oppdatering på restruktureringsprosessen
October 13, 2022
