Reference is made to the summons to bondholders' meetings in DOFSUB07 (ISIN NO
001 0670144), DOFSUB08 (ISIN NO 001 078817.7) and DOFSUB09 (ISIN NO 001
083681.0) dated 15 January 2021 in which DOF Subsea AS requested an extension of
the standstill period for the three bond loans initially until 31 March 2021 and
with a possibility to extend to 30 June 2021 with the approval of an ad-hoc
committee of bondholders. The bondholders' meetings were held today and the
proposed resolution received 99.17%, 100% and 100% 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.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO DOF 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 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: RESULT FROM BONDHOLDERS' MEETINGS
February 1, 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 extension 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.
Pursuant to said agreements, payments of principal and interest to the secured
lenders, except for servicing of the NOK 100 million credit facility provided to
DOF Subsea AS by certain of its lenders on 27 March 2020 to cover its immediate
liquidity needs (the "MNOK 100 Credit Facility"), are suspended until 30 April
2021 on certain customary terms and conditions. Such terms and conditions
include customary restrictions on the DOF group (the "Group") in the relevant
period and customary termination rights for the secured lenders.
The MNOK 100 Credit Facility referred to above has also been extended.
The stand-still from BNDES to Norskan Offshore Ltda. has been extended to and
including 10 May 2021, except in respect of certain loan facilities which are
not eligible for further stand-still periods as the maximum stand-still periods
under applicable regulations have been exhausted. The other secured lenders have
accepted that Norskan Offshore Ltda. services interest and amortisations under
these facilities.
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.
The suspension agreements comprise all companies within the Group, except for
DOF Subsea Brasil Servicos Ltda. As regards the secured lenders (other than the
secured lenders of DOF Subsea Brasil Servicos Ltda.) who have not entered into
the suspension agreements or provided a similar concession, DOF ASA and DOF
Subsea AS will continue to impose an unilateral stand still on the payment of
principal and interest to such secured lenders for as long as the suspension
agreements remain in force. Such unilateral stand still is required to comply
with the terms of the suspension agreements.
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 3,500 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
January 29, 2021
The DOF Group is pleased to announce that Skandi Kvitsøy has been awarded a long
term contract in the North Sea by a multinational energy company. The charter
contract will commence in 1st quarter 2021 for a duration of 1 year firm plus 2
x 1 year options. The Skandi Kvitsoy is a large modern PSV and the DOF Group is
delighted to continue its partnership with a key longstanding UK client.
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 3,500 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
Contract awards
New contract for DOF
January 29, 2021
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 2020, 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
January 2021.
Discussions and negotiations on the restructuring of the DOF group are
continuing with the group's secured lenders and advisers to the bondholders,
respectively, and exploring the basis on which agreement on an overall financial
restructuring of the group might be found. While progress has been made, further
discussions and negotiations will be required to determine whether an agreement
for the restructuring of the 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 March 2021 and with a possibility to extend to 30 June
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
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
SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO EXTEND STANDSTILL PERIOD
January 15, 2021
DOF Subsea has been awarded multiple new contracts for execution in the North
Sea, Mediterranean and Africa. Contracted work include a number of turnkey
subsea projects within our core service lines - Survey, Inspection, Maintenance
& Repair (IMR) and Construction.
The vessels Skandi Acergy, Skandi Skansen, Skandi Neptune and Skandi Seven shall
be utilized to deliver work totalling more than 180 vessel days excluding any
options. All works shall be carried out between 4[th] quarter 2020 to 2[nd]
quarter 2021.
All awards include Project Management, engineering, procurement and logistics
which shall be delivered by our integrated subsea team across Bergen, Aberdeen
and Luanda.
In the North Sea, DOF Subsea shall assist a key client with winter subsea
inspection programme at UK continental shelf, whilst supporting a leading
operator with start-up and commissioning activities for a subsea satellite
development in Norway.
In Angola, DOF Subsea shall carry out a greenfield AUV and ROV seabed mapping
campaign for an international client, prior to commencing a previously announced
contract.
DOF Subsea has mobilized Skandi Neptune from the North Sea for an undisclosed
international client in Africa, conducting FPSO class and field inspections
programme.
Mons S. Aase, CEO, DOF Subsea said "DOF Subsea continues to secure projects with
key oil & gas operators across North Sea, Mediterranean and Africa. These awards
secure continuous utilization of our regional pool of specialised subsea vessels
and integrated project teams."
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 3,500 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
Contract awards
DOF Subsea awarded new contracts in Atlantic region
December 18, 2020
DOF Rederi AS, a wholly owned subsidiary of DOF ASA, has completed the sale of
the PSV Skandi Buchan (MT 6000 design, built in 2002) to an international buyer.
The vessel will be delivered to the new owner in January 2021. The gain from the
sale is approximately NOK 16 million.
Mons Aase, CEO states: I am very pleased with the sale of Skandi Buchan at a
sales price higher than the latest brokers estimates.
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 3,500 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 Rederi AS - Sale of vessel
December 18, 2020
Financial calendar for DOF ASA
FINANCIAL YEAR 2020
25.02.2021 - Quarterly Report - Q4
FINANCIAL YEAR 2021
24.08.2021 - Half-yearly Report
16.04.2021 - Annual Report
27.05.2021 - Annual General Meeting
26.05.2021 - Quarterly Report - Q1
10.11.2021 - Quarterly Report - Q3
25.02.2022 - Quarterly Report - Q4
This information is published pursuant to the requirements set out in the
Continuing obligations.
Historical OSE Notices
Financial calendar
December 15, 2020
Reference is made to the bondholders' meeting in DOFSUB07 (ISIN NO 001 0670144),
DOFSUB08 (ISIN NO 001 078817.7) and DOFSUB09 (ISIN NO 001 083681.0) held on 30
September 2020 in accordance with the summons dated 16 September 2020, as
amended by the addendum to the summons dated 30 September 2020. DOF Subsea AS
has today received confirmation from the ad hoc group of bondholders that they
have agreed to extend the suspension, deferral and standstill arrangement
currently in place for the bond issue from 15 December 2020 to 31 January 2021
in accordance with the resolutions made at the meetings.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO DOF 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 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 ARRANGEMENT WITH BONDHOLDERS
December 15, 2020
The DOF Group is pleased to announce a new contract award for its fleet in Brazil for Petróleo Brasileiro S.A. ("Petrobras"). The AHTS18000 Skandi Rio will support Petrobras' exploration and production activities on the Brazilian continental shelf. The vessel is owned and operated by Norskan Offshore Ltda. while DOF Subsea Brasil Servicios Ltda. will be responsible for the ROV operations. Both companies are 100% owned subsidiaries of DOF ASA.
The contract duration is for 3+1-year with expected commencement in December/January. Skandi Rio is a Brazilian built and flagged AHTS vessel equipped with Work Class ROV's for operations down to 3.000m water depth.
Mons Aase, CEO in DOF Group, states: I am very pleased with the contract award, which confirm the DOF Group's strong position in the South America region.
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 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
Contract awards
New contract award in Brazil
December 9, 2020
