The Group's revenue for 2nd quarter (management reporting) totals NOK 2,003
million (NOK 1,802 million) and the EBITDA totals NOK 680 million (NOK 701
million). The operating profit (EBIT) is NOK 148 million (NOK -354 million), of
which depreciation and impairment totals NOK 531 million (NOK 1,056 million).
Net profit is NOK 580 million (NOK -675 million).
The average utilisation of the Group's owned fleet during the 2nd quarter 2021
was 80% ; versus 70% the same period last year
Operations:
. The markets have continued to be challenging
. High activity in the subsea project segments and mobilisations have
impacted the cash flow in the quarter
. Still challenging operations due to COVID-19, but the situation in Brazil
has improved
. 3 vessels in lay-up (one owned) versus 12 in lay-up the same period last
year
. 1 vessel sold, and 1 vessel recycled in the quarter
. Current backlog is NOK 13.2 billion, and in addition NOK 1,7 billion is
secured after end of period
The Group has continued the discussions with the lenders on a long-term
refinancing solution for the Group. The current standstill agreements with the
secured lenders and bond holders mature on 31 August.
Please see enclosed 2nd quarter Financial Report 2021.
Webcast is available Tuesday, 24th of August 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 3,150 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 2nd quarter for DOF ASA
August 24, 2021
DOF Subsea is pleased to inform that Petrobras has awarded the pipelay support
vessels (PLSVs) Skandi Vitória and Skandi Niteroi a 3 years firm plus option
contract for each vessel, via JV partner TechnipFMC and via Norskan Offshore
Ltda (a fully owned DOF ASA Company) respectively.
Both vessels are Brazilian-built and flagged and owned by DOFCON Navegação
Ltda., a joint venture between DOF Subsea (50%) and TechnipFMC (50%).
Operations will start at latest in February 2022.
For further information, please contact:
Mons S. Aase, CEO, Tel: +47 91 66 10 12
Hilde Drønen, CFO, Tel: +47 91 66 10 09
About DOF ASA
With a multi-national workforce of about 3,150 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.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy
industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are
transforming our clients' project economics, helping them unlock new
possibilities to develop energy resources while reducing carbon intensity and
supporting their energy transition ambitions.
Organized in two business segments - Subsea and Surface Technologies - we will
continue to advance the industry with our pioneering integrated ecosystems (such
as iEPCIT, iFEEDT and iCompleteT), technology leadership and digital
innovation.Each of our approximately 20,000 employees is driven by a commitment
to our clients' success, and a culture of strong execution, purposeful
innovation, and challenging industry conventions.TechnipFMC uses its website as
a channel of distribution of material company information. To learn more about
how we are driving change in the industry, go
to www.TechnipFMC.com (https://eur01.safelinks.protection.outlook.com/?url=https
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663d874%7Cd5e85ffcd9d84aeda3d78c39e1b52167%7C0%7C0%7C637653402305874987%7CUnknow
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%7C1000&sdata=ojgzZ3og8Lwk6gSopV8UpsX7eW%2BEqNuTL9xKCf2Gxn0%3D&reserved=0) and
follow us on Twitter @TechnipFMC.
Historical OSE Notices
Contract awards
DOF Subsea announces the awarded of contracts for Skandi Vitoria and Skandi Niteroi with Petrobras
August 24, 2021
DOF Subsea is pleased to announce multiple contract awards in the Asia Pacific
region providing significant utilisation for resources and vessels in Q3 and Q4
2021 and securing solid backlog into the first half of 2022.
Onshore works are underway for several offshore campaigns that will utilise the
CSV Skandi Hercules and the onshore and offshore teams from Q3 2021 into Q1
2022. The first campaign will support maintenance activities at an offshore
facility in the Timor Sea for a short duration. Following this, the vessel and
team will be deployed on several construction and pre-commissioning support
campaigns off the Northern Australian coast.
Onshore works are also underway for several offshore campaigns that will utilise
the DSV Skandi Singapore in saturation diving mode in the region during 2022.
A further key contract award will utilise high specification vessel and related
subsea services to undertake a significant pre-commissioning and commissioning
support campaign off the Northern Australian coast. This campaign is expected
to commence in Q1 2022 with onshore preparation activities underway.
Collectively, these contract awards secure in excess of 8 months vessel
utilisation and include the provision of project management, engineering and all
associated fabrication (subcontracted), subsea and marine services.
Mons S. Aase, CEO, DOF Subsea said, "I am very pleased to announce these
contract awards in the APAC region that build on our reputation as a trusted
provider for integrated subsea operations across multiple disciplines. We look
forward to working with our clients to deliver safe and efficient projects."
For further information, please contact:
Mons S. Aase, CEO, Tel: +47 91 66 10 12
Hilde Drønen, CFO, Tel: +47 91 66 10 09
With a multi-national workforce of about 3,150 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 secures further contract awards in APAC region
August 23, 2021
DOF Subsea has received a 6-month extension to a contract in Africa. The project
shall continue to use Skandi Seven throughout the extended duration, delivering
integrated FSV services, project management, engineering, procurement and
logistical services within deep-water construction and maintenance of existing
subsea infrastructure.
For further information, please contact:
CEO Mons S. Aase, +47 91 66 10 12
CFO Hilde Drønen, +47 91 66 10 09
With a multi-national workforce of about 3,150 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
Contract Extension in Atlantic Region
August 20, 2021
DOF ASA will release the Q2 results on Tuesday 24th of August 2021. 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 3,150 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 Q2 2021 results
August 16, 2021
The joint venture between DOF Subsea and Aker Solutions, KDS JV AS, has secured
a subsea decommissioning contract for DNO at the Norwegian Continental Shelf.
The contract includes engineering, preparation, removal & disposal work (EPRD)
of associated subsea hardware.
Project scope includes the removal and disposal of Subsea infrastructure
including template, manifold, production spools, umbilical, covers and
associated hardware.
The project shall be delivered by an integrated expert team from the JV
partners. DOF Subsea shall deploy Skandi Acergy from its fleet, and Aker
Solutions shall use its disposal site at Stord for recycling.
Engineering will start immediately, and offshore execution is planned in Q1
2022, but with a possibility for an earlier start in Q4 2021.
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 3,150 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 award for the joint venture between DOF Subsea and Aker Solutions
August 16, 2021
DOF ASA's Brazilian subsidiary Norskan has been awarded two contracts.
Skandi Paraty (AHTS 21,000 with ROV operated by DOF Subsea Brasil) has been awarded an 1-year contract extension with Petrobras until July 2022.
Skandi Iguaçu is on-hire with Equinor on a spot contract utilisation in July and August, 2021.
For further information, please contact:
CEO Mons S. Aase, +47 91 66 10 12
CFO Hilde Drønen, +47 91 66 10 09
With a multi-national workforce of about 3,150 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
July 16, 2021
Reference is made to previous stock exchange announcements regarding the
subordinated convertible bond loan issued by DOF ASA ("DOF" or the "Company") on
5 August 2016 (the "Subordinated Convertible Bond").
The Subordinated Convertible Bond matured on 6 July 2021. In accordance with the
terms and conditions of the Subordinated Convertible Bond, the outstanding
amount of NOK 74,933,885 have therefore been converted to new shares in the
Company.
As a result, the share capital of the Company has today, 7 July 2021, been
increased with NOK 7,493,388 by issuance of 7,493,388 new shares, each with a
nominal value of NOK 1, at the conversion price of NOK 10.00 per share.
Following the share capital increase, the Company's share capital is NOK
316,456,167, divided into 316,456,167 shares, each with a nominal value of NOK
1.
The new shares will be registered on the respective bondholders' VPS accounts
and be tradable on the Oslo Stock Exchange from and including 8 July 2021.
Following the conversion, there is no outstanding amount under the Subordinated
Convertible Bond.
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 3,150 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 - New share capital
July 7, 2021
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, or
received extensions of similar concessions from, secured lenders representing in
total 91% of the secured debt of DOF ASA and its subsidiaries (other than the
DOF Subsea AS group) and in total 88% of the secured debt of companies within
the DOF Subsea AS group excluding DOF Subsea Brasil Servicos Ltda. until 31
August 2021.
Norskan Offshore Ltda. and DOF Subsea Brasil Servicos Ltda. have applied for an
extension of their standstill arrangements with BNDES, but have not yet received
an approval.
Reference is further made to the previous announcement on 16 June 2021 regarding
summons to bondholders' meetings in DOFSUB07 (ISIN NO0010971005), DOFSUB08 (ISIN
NO0010788177) and DOFSUB09 (ISIN NO0010836810) in which DOF Subsea AS requested
an extension of the standstill period for the three bonds initially until 31
August 2021 and with the possibility to extend to 30 September 2021 with the
approval of an ad-hoc committee of bondholders.
DOF Subsea AS is pleased to announce that the bondholders' meetings were held
today and the proposed resolution received 99.11%, 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 Hilde Drønen tel. +47 91 66 10 09
With a multi-national workforce of about 3,500 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 35 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: EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND RESULT FROM BONDHOLDERS' MEETINGS
June 30, 2021
