DOF ASA ("DOF", and together with its subsidiaries, the "Group") and its
subsidiary DOF Subsea AS ("DOF Subsea" and, together with its subsidiaries, the
"DOFSUB Group") have approximately NOK 18.7 billion in debt. Given lack of
ability to repay or refinance this amount, a restructuring is required. The
Group has since Q2 2019 worked on finding a long-term refinancing solution with
all stakeholders, including shareholders, banks, and bondholders, with a
structure that is aligned with the market environment. The Group's large number
of creditors together with the complex financing structure have resulted in
significant time and efforts taken to reach a consensual agreement.
DOF and DOF Subsea are pleased to announce an agreement with a substantial group
of creditors and certain other stakeholders on a comprehensive financial
restructuring. This transaction maximises recoveries to all stakeholders by (i)
addressing significant amounts of overdue debt that are not refinanceable, (ii)
creating a stable and viable platform for the restructured Group, (iii) enabling
enhancement of operating performance and (iv) creating a more sustainable and
simpler financing structure going forward.
DOF and DOF Subsea have signed a restructuring agreement (the "Restructuring
Agreement") setting out the details and steps for the implementation of a
financial restructuring of the Group (the "Restructuring").
Highlights of the restructuring include:
· A substantial conversion of debt into equity (NOK 5.7 billion) across all
major silos within the Group.
· A material reduction in the amount of reinstated debt and the terms of the
reinstated debt being revised to provide liquidity for operations and a
significant runway prior to final maturity of the reinstated debt
· Based on prevailing foreign exchange rates, the aggregate amount of
reinstated debt will be approximately NOK 13.0 billion.
· This represents a substantial reduction from approximately NOK 18.7
billion of pre-transaction debt claims.
· Approximately NOK 675m of the DOFSUB Group bonds will be reinstated into a
new bond recovery instrument maturing in December 2027.
· The consolidation of most bilateral facilities at DOFSUB Group to create a
single syndicated loan.
· Upon completion of the Restructuring, the existing shares in DOF shall
represent 4% of the issued shares in DOF, converting bondholders would represent
53.33% of the shares in DOF, whereas the holders of all other conversion
liabilities would represent 42.67% of the shares in DOF, in each case on a fully
diluted basis.
· As part of the transaction, a process for identifying a world class board
with industrial, strategic, finance and international expertise has been
initiated.
The Restructuring Agreement has been entered into with a majority of the Group's
key stakeholders, including all of the Group's secured finance providers (except
for BNDES (Banco Nacional de Desenvolvimento Ecônomico e Social, which has
separately indicated that it supports the Restructuring) (collectively, the
"Senior Finance Parties") and an ad hoc group of bondholders in DOF Subsea's
three bond issues controlling in aggregate approx. 40 per cent. of the total
outstanding principal amount of the bonds (the "Ad Hoc Group").
DOF's largest single shareholder Møgster Offshore AS and Helge A. Møgster, which
in aggregate controls 31.6% of the shares in DOF, have separately confirmed that
they support the Restructuring.
"The agreement that has been reached is a key milestone in the restructuring of
our balance sheet. I am grateful to all our employees, customers, partners,
suppliers, creditors and shareholders for their continuing support through this
process. The vital concessions from creditors will give us a more sustainable
debt level. With this firm financial footing and our continuing best-in-class
fleet and operational capabilities, DOF is positioned to maintain its leadership
position in the market" says CEO Mons Aase.
Additional details of the Restructuring as set out in the Restructuring
Agreement are as follows:
1. Liabilities of the Group in an amount of approximately NOK 5.7 billion shall
be converted into equity in DOF. The debt to be equitized as part of the
Restructuring consists of secured debt, hedging liabilities, bond liabilities
and other unsecured liabilities.
2. With the exception of certain guarantee liabilities, and ring-fenced
structures, the surviving debt of the Group shall be reinstated as (i) new
facilities with maturity on 9 January 2026 and generally extended amortisation
schedule and reduced interest costs and (ii) new bonds with no cash debt service
with maturity on 17 December 2027. Based on prevailing fixed foreign exchange
rates, the aggregate amount of reinstated debt will be approximately NOK 13.0
billion. This represents a substantial reduction from approximately NOK 18.7
billion of pre-transaction debt, of which more than NOK 1.3 billion represents
accrued but unpaid interest. The reinstated debt shall be structured as follows:
1.
a. All liabilities of the DOFSUB Group to the Senior Finance Parties other
than one individual finance provider (and other than guarantee liabilities for
DOFCON Brasil AS and its subsidiaries) shall be reinstated in new syndicated
facilities to DOF Subsea in an aggregate amount corresponding to approximately
NOK 5.4 billion.
b. The DOFSUB Group's liabilities to the individual finance provider
referred to in paragraph a) above shall be reinstated, with its own terms and
conditions, in a separate facility to DOF Subsea Rederi AS in an amount
corresponding to approximately NOK 0.3 billion.
c. The existing facilities from one individual finance provider to DOF
Subsea Brasil Serviços Ltda. in an amount corresponding to approximately NOK 0.3
billion shall survive on amended terms.
d. DOF Subsea's liabilities under DOFSUB07, DOFSUB08 and DOFSUB09 shall be
converted into equity in DOF, save that a total of NOK 675 million shall be
reinstated in a new bond loan to be issued by DOF Subsea.
e. Approximately NOK 1.4 billion of existing liabilities of DOF Rederi AS
to the Senior Finance Parties shall be reinstated together with approximately
NOK 0.1 billion of DOF's liabilities to one individual finance provider, in a
syndicated facility to DOF Rederi AS in an amount of approximately NOK 1.5
billion.
f. All existing liabilities of Norskan Offshore Ltda. to the Senior Finance
Parties and one individual finance provider shall be split in two and reinstated
in the form of guaranteed tranches (which will include the part of such
liabilities that are secured by vessel mortgages within ~70% of the agreed fair
market value of those vessels) and unguaranteed tranches (including all other
parts of such liabilities). The Senior Finance Parties shall contribute their
claims for the reinstated unguaranteed tranches to DOF in consideration of
equity in DOF. The unguaranteed tranches shall not be guaranteed by DOF and for
the avoidance of doubt shall not be converted to equity in DOF.
The guaranteed tranche of that one individual finance provider shall not cover
less than 50% of the outstanding debt (i.e. a floor). The guarantee shall be
reduced over time by the sum of (i) any amortisation on the guaranteed tranche,
(ii) any interest paid on the unguaranteed tranche, (iii) 85% of cash sweep paid
on both tranches, (iv) interest paid on the guaranteed tranche in excess of a
certain benchmark rate and (v) 70% of any vessel sale proceeds (but so that the
50% floor shall not apply for (v)).
2.
1.
g. NOK 250 million of the liabilities of Iceman AS under Iceman AS'
existing loan shall be reinstated in a new loan facility for which Iceman AS
shall be the sole obligor. The other liabilities under Iceman's existing loan
shall be converted into equity in DOF. The lenders to Iceman AS will be granted
a right to purchase the shares in Iceman AS at a total amount of NOK 1,-, and
Iceman AS shall have the right to cancel such purchase option against repayment
of the loan with a premium reflecting the increase in the equity value of DOF
from completion of the Restructuring until such cancellation of the purchase
option.
3. The Group's liabilities under existing sellers' credits in the principal
amount of approximately NOK 0.2 billion in the DOFSUB Group will be settled as
part of the transactions referred to in paragraphs 1 and 2 above.
4. The vessels of DOF Rederi AS shall be categorised into 12 core vessels and 3
non-core vessels, all of which shall serve as collateral vessels under the
reinstated syndicated facility to DOF Rederi AS referred to in paragraph 2e)
above. The core vessels will continue to be operated in the ordinary course of
business, whereas the non-core vessels shall be sold subject to agreed terms and
conditions and with net sale proceeds to be used as separate payments in
addition to the outstanding principal of the reinstated debt.
5. Upon completion of the Restructuring, the existing shares in DOF shall
represent 4% of the issued shares in DOF and the converted debt will represent
the remaining 96%, enabling the Group's pre-transaction shareholders to
participate in the value creation going forward.
The holders of bond conversion liabilities will receive conversion shares that
upon completion of the Restructuring represent 53.33% of the shares in DOF,
whereas the holders of all other conversion liabilities will receive conversion
shares that upon completion of the Restructuring represent 42.67% of the shares
in DOF, in each case on a fully diluted basis.
6. The Restructuring Agreement provides that all conversion shares received by
the holders of bond conversion liabilities and other conversion liabilities will
be subject to arrangements whereby 1/4 of the conversion shares received by each
holder may not be sold, pledged or otherwise disposed of until the earlier of 17
October 2022 and four weeks after the completion of the Restructuring, and 3/4
of the conversion shares received by each holder may not be sold, pledged or
otherwise disposed of until the earlier of 17 January 2023 and four months after
the completion of the Restructuring. There will be certain exceptions from the
restrictions on tradability among the holders of conversion shares and upon an
organised block sale of conversion shares. A requisite majority of the Senior
Finance Parties and the Ad Hoc Group may also relax or amend the arrangements
prior to the notice to the extraordinary general meeting of DOF that will be
called to approve the Restructuring.
7. As part of the Restructuring Agreement, DOF has undertaken to prepare a plan
for the future organisation and structure of DOF and the Group, which shall
include an assessment of, and an implementation plan for, establishing DOF as a
non-operational holding company with no assets other than certain shareholdings
and other assets as may be necessary.
8. The Restructuring Agreement provides that a new board of directors agreed
between a requisite majority of the Senior Finance Parties and the Ad Hoc Group
shall be put up for election at the extraordinary general meeting of DOF that
will be called to approve the Restructuring, and a process for identifying a
world class board with industrial, strategic, finance and international
expertise has been initiated.
9. The current standstill arrangements in place with the Senior Finance Parties
and the bondholders will continue.
10. The Senior Finance Parties and the Ad Hoc Group may terminate their
participation in and obligations under the Restructuring Agreement upon certain
events, and the Restructuring Agreement will automatically terminate upon the
earlier of: (i) the completion of the Restructuring, (ii) 31 October 2022
(unless extended by the required majority of the Senior Finance Parties and the
Ad Hoc Group) ; or (iii) if and when a sufficient number of Senior Finance
Parties and members of the Ad Hoc Group terminate their participation and
obligations in the Restructuring Agreement.
All of the key elements set out above are subject to the more detailed
regulations and provisions set out in the Restructuring Agreement and related
documents.
The implementation of the Restructuring is conditional upon a number of
conditions to the satisfaction of the Senior Finance Parties and the Ad Hoc
Group, including (i) approval by a duly convened bondholders' meeting in each of
DOFSUB07, DOFSUB08 and DOFSUB09, (ii) approval from the Norwegian Financial
Supervisory Authority (Norwegian: Finanstilsynet) of the listing prospectus in
respect of the new shares to be issued as part of the equity issues and
confirmation that the shares to be issued will be listed on the Oslo Stock
Exchange when the prospectus is published, (iii) the general meeting of DOF
resolving to carry out a preparatory capital reduction, a consolidation of
shares, the equity issues to holders of conversion liabilities as described
above and the election of new directors, (iv) agreement on long form
documentation with relevant stakeholders, (v) the approval by certain secured
finance providers and a joint venture partner, (vi) the consent by Banco
Nacional de Desenvolvimento Ecônomico e Social, and (vii) certain other
customary conditions precedent.
It is a requirement under the Restructuring Agreement that the Restructuring is
implemented by 31 October 2022, with a possibility for extensions to be agreed
by requisite majorities of stakeholders if required.
Subject to completion of certain preparatory steps, and in accordance with the
terms of the Restructuring Agreement, DOF will issue a notice convening an
extraordinary general meeting of its shareholders and DOF Subsea will issue
summons in respect of the bondholders' meetings in each of DOFSUB07, DOFSUB08
and DOFSUB09. Provided that the requisite majorities at such meetings grant the
necessary consents and approvals for the Restructuring, completion is expected
to take place within Q3 2022.
In the event that the requisite majorities at such meetings do not grant the
necessary consents and approval, the Restructuring Agreement requires its
parties to negotiate in good faith and seek to agree alternative implementation
steps to implement the Restructuring.
All liabilities of the Group towards the Group's secured lenders and bondholders
in DOF Subsea's bond issues will continue to be subject to standstill
arrangements up to completion of the Restructuring. The Restructuring Agreement
includes suspension provisions (which, inter alia, relate to the suspension of
debt service on affected liabilities, restrictions on enforcement actions and
undertakings by the members of the Group during the implementation period),
which shall apply as an integrated part of the Restructuring Agreement in
replacement of the existing standstill arrangements with the Group's secured
lenders. The existing standstill arrangement with the bondholders in DOF
Subsea's bond issues will continue, unless terminated earlier, by extension as
approved under the previous bond summons.
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 3,800 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 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
DOF ASA AND DOF SUBSEA AS: RESTRUCTURING AGREEMENT
June 22, 2022
DOF Subsea is proud to announce the extension of the four PIDF Contracts with
Petrobras.
These extensions will demand a fleet of at least 3 vessels operating for 18
months, to the end of 2023 and in direct continuation to the original schedule
performing flexible pipelines, risers and subsea equipment inspection in Campos
Basin, Santos Basin, Marlin Field and Espírito Santos Basin. Inspections will be
evaluated and processed by the DOF Subsea Engineering team in Brazil that is
responsible for delivering technical reports regarding the conditions of the
subsea facilities in Brazil.
Adding more than USD 100 million in backlog, these contract extensions are
confirmation of DOF Subsea's safe and excellent delivery of the project,
reinforcing our relationship with Petrobras and our capacity to deliver on time
and within budget.
Mons S Aase, CEO, DOF Subsea said, "I am very pleased for these awards securing
utilisation for our personnel and our assets and adding important back log to
the Group. It further strengthens our leading position in Brazil within IMR and
confirms our long relationship with Petrobras."
DOF Subsea is dedicated to deliver safe and efficient subsea solutions.
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 3,800 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 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 contract extension with Petrobras
June 21, 2022
Reference is made to previous announcements regarding the extension of
standstill arrangements with the DOF group's secured lenders expiring 15 June
2022 and extension of standstill arrangements with bondholders in DOF Subsea AS'
bond issues also expiring 15 June 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, or received extensions of similar concessions from, secured lenders
representing in total all of the secured debt of DOF ASA and DOF Rederi AS and
in total 95% of the secured debt of companies within the DOF Subsea AS group
(excluding DOF Subsea Brasil Servicos Ltda.) until 22 June 2022, 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
agreement currently in place for the bond issues to 22 June 2022 in accordance
with the resolutions of the bondholders' meeting held 29 April 2022.
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 Hilde Drønen, tel. +47 91 66 10 09
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 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
DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND RESULT FROM BONDHOLDERS' MEETINGS
June 15, 2022
Reference is made to previous announcements regarding the extension of
standstill arrangements with the DOF group's secured lenders expiring 31 May
2022 and extension of standstill arrangements with bondholders in DOF Subsea AS'
bond issues also expiring 31 May 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, or received extensions of similar concessions from, secured lenders
representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS and
in total 95% of the secured debt of companies within the DOF Subsea AS group
(excluding DOF Subsea Brasil Servicos Ltda.) until 15 June 2022, 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
agreement currently in place for the bond issues to 15 June 2022 in accordance
with the resolutions of the bondholders' meeting held 29 April 2022.
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 Hilde Drønen, tel. +47 91 66 10 09
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 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
DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND RESULT FROM BONDHOLDERS' MEETINGS
May 31, 2022
DOF is pleased to announce that Petrobras has awarded service contracts to
Norskan Offshore Ltda. and DOF Subsea Serviços Brasil Ltda. for the Skandi
Iguazu (AHTS 21 000 class) including ROV. The contracts will commence in 4th
quarter 2022 and has a duration of 3 years + 2 years options. Total contract
value for the firm period is approximately USD 70 million.
Mons S. Aase, CEO said: "I am very pleased for these awards securing utilisation
for our personnel and our assets and adding important backlog to the Group. It
further strengthens our leading position in Brazil and confirms our long
relationship with Petrobras."
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 3,800 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 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
New contracts in Brazil
May 30, 2022
Please find attached copy of the minutes of the ordinary general meeting in DOF
ASA, held today 24 May 2022.
Contact:
CEO Mons Aase, tel. +47 91661012
CFO Hilde Drønen, tel. +47 91661009
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 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
Ordinary general meeting
May 24, 2022
The Group's revenue for 1st quarter (management reporting) totals NOK 2,174
million (NOK 1,514 million) and EBITDA totals NOK 767 million (NOK 492 million).
The operating profit (EBIT) is NOK 321 million (NOK 45 million), of which
depreciation and impairment totals NOK 446 million (NOK 447 million). Net
financial cost amounts to NOK 630 million (NOK -720 million) including
unrealised currency gain of NOK 1,010 million (NOK -480 million). The profit is
NOK 824 million (NOK -801 million).
Key information:
Operations
· Average utilisation of the fleet in 1[st] quarter was 82% (67%).
· Variable performance from the Subsea regions.
· Good performance from the DOFCON JV.
· High tender activity within all segments.
· The total current fleet includes 55 vessels (incl. vessels on management or
hired in)
· 15 AHTSs, 11 PSVs and 29 Subsea vessels
· One (owned) vessel in lay-up
· Four vessels agreed sold since year-end
Finance
· Even though the markets have improved, the Group is not in a position to pay
its debts without a significant conversion of debt into equity and thereby
continue as a going concern.
· The Group's financial position is not sustainable, and the equity is lost.
· The restructuring proposal currently discussed with the creditors include
conversion of a significant amount of debt to equity and soft terms of the
existing loan facilities. The dialogue with the lenders is constructive, but a
refinancing solution is not yet in place.
· The current standstill agreements with the lenders and bondholders mature on
the 31[st] of May.
· High unrealised currency gain on long-term debt due to a significant
strengthened BRL to USD in the period. After balance date the result from
movements in the FX rates have the opposite effect.
Backlog
· Order intake NOK 1.3 billion in the 1st quarter.
· Current backlog is NOK 14.6 billion (NOK 14.2 billion), of which joint
venture backlog is NOK 5.2 billion (NOK 5.5 billion).
Please see enclosed 1st quarter Financial Report 2022.
Webcast is available Thursday, 19th of May at 08:30 on www.dof.com.
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 3,800 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 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
Financial Report 1st quarter for DOF ASA
May 19, 2022
DOF is pleased to announce that Petrobras has awarded new long-term charter and
service contracts to Norskan Offshore Ltda. and DOF Subsea Serviços Brasil Ltda.
for 4 x AHTS vessels and ROVs.
The vessels, Skandi Angra, Skandi Paraty, Skandi Urca and Skandi Fluminense,
(AHTS 18000 class), currently operating for Petrobras and equipped with DOF
Subsea's work class ROVs, have been contracted for 3 years firm + 2 years
options with Petrobras.
The gross value of the contracts is approx. USD 260 million and with planned
commencement in Q4 2022.
Mons S. Aase, CEO, DOF Subsea said, "I am very pleased for these awards securing
utilisation for our personnel and our assets and adding important backlog to the
Group. It further strengthens our leading position in Brazil and confirms our
long relationship with Petrobras."
DOF Group is dedicated to deliver safe and efficient subsea solutions.
For further information, please contact:
Mons S. Aase, CEO, DOF ASA. Tel: +47 91 66 10 12
Hilde Drønen, CFO, DOF ASA. Tel: + 47 91 66 10 09
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 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
The DOF group awarded multiple contracts with Petrobras
May 16, 2022
DOF ASA will release the Q1 results on Thursday 19th of May 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 3,800 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 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 Q1 2022 results
May 12, 2022
