DOF (UK) Limited has been awarded an extension for the Skandi Barra by an
undisclosed client for approximately four months. Commencement is in direct
continuation of the current contract.
DOF has been awarded 1-year contracts by the SNSPOOL for the Skandi Captain and
Skandi Texel. Commencement for both vessels will be in direct continuation of
their existing Peterson contracts in Q1 and Q2 respectively.
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 3,500 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 contract awards
March 11, 2020
As previously reported by DOF Subsea AS ("DOF Subsea" or the "Company"), DOF
Subsea is in dialogue with its banks, bondholders, and shareholders in order to
agree on a long-term financing solution for the Group, to be aligned with the
current market.
Bondholders approved amendments of the three bonds on 20 December 2019, subject
to certain adjustments to be formalised in follow-up Bondholders' meetings on 27
February 2020.
These adjustments, as outlined in the Summons Letter dated 12 February 2020,
were today approved by a necessary majority of Bondholders in all three bond
issues. The amendments to the three bond issues will be made effective when a
final agreement is reached with the banks, and subject to contribution of new
equity to DOF Subsea. Although no assurance can be given to this effect, the
Company believes that it will obtain agreement with all stakeholders by the end
of Q1 2020.
The Issuer has engaged ABG Sundal Collier ASA and Pareto Securities AS as its
financial advisors (the "Advisors") with respect to the amendments to the bond
issues.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel +47 91 66 10 09
IMPORTANT INFORMATION
This communication may not be published, distributed or transmitted in the
United States, Canada, Australia or Japan. These materials do not constitute an
offer of securities for sale or a solicitation of an offer to purchase
securities of DOF ASA or the Company in the United States, Norway or any other
jurisdiction. The securities of DOF ASA and the Company may not be offered or
sold in the United States absent registration or an exemption from registration
under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act").
The securities of DOF ASA and the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to "qualified
institutional buyers" as defined in Rule 144A under the U.S. Securities Act and
to "major U.S. institutional investors" under SEC Rule 15a-6 to the United
States Exchange Act of 1934. No public offering of the securities will be made
in the United States. In any EEA Member State that has implemented the
Prospectus Directive, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Directive, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Directive" means Directive 2003/71/EC (and amendments thereto, including
Directive 2010/73/EU, to the extent implemented in any relevant Member State)
and includes any relevant implementing measure in the relevant Member State. In
the United Kingdom, this communication is only addressed to and is only directed
at Qualified Investors who (i) are investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so. Matters discussed in this announcement may constitute
forward-looking statements. Forward-looking statements are statements that are
not historical facts and may be identified by words such as "anticipate",
"believe", "continue", "estimate", "expect", "intends", "may", "should", "will"
and similar expressions. The forward-looking statements in this release are
based upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements. The information, opinions and
forward-looking statements contained in this announcement speak only as at its
date, and are subject to change without notice. This announcement is made by
and, and is the responsibility of, the Company. Pareto Securities AS and ABG
Sundal Collier (the "Managers") are acting exclusively for the Company and no
one else and will not be responsible to anyone other than the Company for
providing the protections afforded to their respective clients, or for advice in
relation to the contents of this announcement or any of the matters referred to
herein. Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein. This announcement is for information purposes only
and is not to be relied upon in substitution for the exercise of independent
judgment. It is not intended as investment advice and under no circumstances is
it to be used or considered as an offer to sell, or a solicitation of an offer
to buy any securities or a recommendation to buy or sell any securities of the
Company. Neither the Managers nor any of their respective affiliates accepts any
liability arising from the use of this announcement. Each of DOF ASA, the
Company, the Managers and their respective affiliates expressly disclaims any
obligation or undertaking to update, review or revise any statement contained in
this announcement whether as a result of new information, future developments or
otherwise. The distribution of this announcement and other information may be
restricted by law in certain jurisdictions. Persons into whose possession this
announcement or such other information should come are required to inform
themselves about and to observe any such restrictions. This information is
subject of the disclosure requirements pursuant to section 5-12 of the Norwegian
Securities Trading Act.
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
RESULT OF FOLLOW-UP BONDHOLDER MEETINGS IN DOF SUBSEA AS, REFINANCING UPDATE
February 27, 2020
DOF Rederi has been awarded a 4 wells firm plus 2 well option contract for
Skandi Caledonia by Premier Oil UK Limited. Commencement will be in Q2 this year
with an estimated duration of circa 100 days per well for both the firm and
optional wells.
Contact:
CEO Mons S. 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
Contract awards
Contract award
February 24, 2020
The Group's operating income for 4[th] quarter (management reporting) totals NOK
1,979 million (NOK 1,704 million) and the operating profit before depreciation
and impairment (EBITDA) totals NOK 749 million (NOK 493 million). The Ebitda
adjusted for hedge accounting is NOK 805 million (NOK 546 million) and the
operating profit (EBIT) is NOK 98 million (NOK -186 million). YTD Revenue totals
NOK 7,524 million (NOK 6,938 million) and Ebitda totals NOK 2,673 million (NOK
2,066 million) and YTD Ebit totals NOK -90 million (NOK 89 million).
The average utilisation of the Group's fleet during the 4[th] quarter was 83% ;
80% for the subsea fleet, 77% for the AHTS fleet and 94% for the PSV fleet.
Improved earnings and utilisation for the PSV and AHTS fleet and for the Subsea
IMR project fleet. Stable earnings for the fleet on long term charter contracts
The Group's backlog by 31.12. 2019 is NOK 18 billion.
A long-term refinancing solution is in process with the target to be concluded
within 1[st] quarter 2020.
Please see enclosed 4[th]quarter Financial Report 2019.
Webcast is available Friday, 21st February 2020 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 3,500 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
Financial Report 4[th] quarter for DOF ASA
February 21, 2020
DOF Subsea is pleased to announce two contract-awards for international clients
in Africa, securing further vessel and resource utilisation in Q1 and first part
of Q2 2020.
The first contract is for seismic nodes installation in Nigeria for an
undisclosed client. The work will be executed from the CSV Geosund.
The second contract is an extension to existing contract with a major operator
in Angola to support a variety of subsea activities. For this project, the
company will deploy the CSV Skandi Seven which has already been operating for
the client in Angola for some time.
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
Contract awards
DOF Subsea awarded contracts in Africa
February 20, 2020
DOF Subsea Group has been awarded a contract for the vessel Geosea with N-Sea.
End client is the Royal Netherlands Navy. The contract will commence shortly and
has a duration of 5 years firm plus 4 x 6 months optional extensions.
The CEO Mons Aase states that he is very pleased with this long-term contract
award and the opportunity to work with N-Sea and Royal Netherlands Navy as new
clients for 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
Contract awards
Contract award for Geosea
February 18, 2020
DOF ASA will present the Q4 results 2019 at Norges Rederiforbund, Rådhusgt. 25,
7th floor, Oslo, on Friday 21 February 2020 at 08:30.
The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen.
Due to practical reasons we ask those of you interested in attending the
presentation, to please register to Margrethe R. Østervold, e-mail mro@dof.com,
within Wednesday 19 February 2020.
The presentation will be webcasted at www.dof.com.
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
Invitation to presentation of Q4 2019 results
February 17, 2020
On 20 December 2019, DOF Subsea AS ("DOF Subsea" or the "Company", and together
with its subsidiaries the "Group") announced that the proposal in the Summons to
Bondholders' Meetings dated 5 December 2019 (the "Original Proposal") was
approved by the necessary majority in all of the Company's three bond issues,
subject to certain changes to the Original Proposal that had been accepted by
the Company also being approved by the bondholders in each of DOFSUB07, DOFSUB08
and DOFSUB09.
The Company today summons bondholder meetings in the three bonds to approve
these changes (the "Proposal"), which include:
· For the DOFSUB07 bonds, a 5% PIK interest and a call option at 100% of the
nominal amount at any time (instead of the Original Proposal with no PIK
interest, but increasing call option prices). The DOFSUB07 bonds shall be
redeemed at 100% of the nominal amount at maturity, which is estimated to be on
or about 9 May 2024, being 9 days after the maturity of the bank debt (estimated
to be on or about 30 April 2024).
· For the DOFSUB08 bonds the maturity date will be extended to 382 days after
the DOFSUB07 bonds (estimated to be on or about 26 May 2025, compared to August
2024 in the Original Proposal).
· For the DOFSUB09 bonds the maturity date will be extended to 515 days after
the DOFSUB07 bonds (estimated to be on or about 6 October 2025, compared to
December 2024 in the Original Proposal).
· Laco AS has also agreed to convert its indirect holding of approx. NOK 60m
in nominal value of DOFSUB07 bonds into shares in DOF ASA, directly or
indirectly, and the Company has agreed to cancel its treasury bonds in all three
bond loans. It is expected that Laco AS, directly or indirectly, will contribute
such bonds to DOF ASA as a contribution in kind against issuance of new shares,
in order to facilitate such conversion. Financial covenants will be aligned
through "most favoured nations" clauses, and a negative pledge clause will be
included in DOFSUB07 as well. Further details of the changes are included in the
attached summons.
Other processes:
DOF Subsea is continuing to negotiate a long-term financing solution with its
secured lenders and expects to update the market shortly.
The refinancing will be conditional upon NOK 200 million being injected by DOF
ASA as new equity in DOF Subsea AS. Upon approval of the Proposal by bondholders
and approval by the banks of the term sheet for the refinancing, an equity issue
in the form of a rights offering with preferential rights for existing
shareholders will therefore be conducted in DOF ASA. Subject to satisfactory
refinancing terms, the largest indirect shareholder of DOF ASA, Laco AS, has
committed to, directly or indirectly, subscribe for NOK 200 million in such
rights offering.
The Company has engaged ABG Sundal Collier ASA and Pareto Securities AS as its
financial advisors with respect to the Proposal. Accordingly, Bondholders may
contact ABG Sundal Collier ASA at +47 22 01 61 66 or Pareto Securities AS Fixed
Income Sales at +47 22 87 87 70 for further information.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel +47 91661009
IMPORTANT INFORMATION
This communication may not be published, distributed or transmitted in the
United States, Canada, Australia or Japan. These materials do not constitute an
offer of securities for sale or a solicitation of an offer to purchase
securities of DOF ASA or the Company in the United States, Norway or any other
jurisdiction. The securities of DOF ASA and the Company may not be offered or
sold in the United States absent registration or an exemption from registration
under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act").
The securities of DOF ASA and the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to "qualified
institutional buyers" as defined in Rule 144A under the U.S. Securities Act and
to "major U.S. institutional investors" under SEC Rule 15a-6 to the United
States Exchange Act of 1934. No public offering of the securities will be made
in the United States. In any EEA Member State that has implemented the
Prospectus Directive, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Directive, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Directive" means Directive 2003/71/EC (and amendments thereto, including
Directive 2010/73/EU, to the extent implemented in any relevant Member State)
and includes any relevant implementing measure in the relevant Member State. In
the United Kingdom, this communication is only addressed to and is only directed
at Qualified Investors who (i) are investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so. Matters discussed in this announcement may constitute
forward-looking statements. Forward-looking statements are statements that are
not historical facts and may be identified by words such as "anticipate",
"believe", "continue", "estimate", "expect", "intends", "may", "should", "will"
and similar expressions. The forward-looking statements in this release are
based upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements. The information, opinions and
forward-looking statements contained in this announcement speak only as at its
date, and are subject to change without notice. This announcement is made by
and, and is the responsibility of, the Company. Pareto Securities AS and ABG
Sundal Collier (the "Managers") are acting exclusively for the Company and no
one else and will not be responsible to anyone other than the Company for
providing the protections afforded to their respective clients, or for advice in
relation to the contents of this announcement or any of the matters referred to
herein. Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein. This announcement is for information purposes only
and is not to be relied upon in substitution for the exercise of independent
judgment. It is not intended as investment advice and under no circumstances is
it to be used or considered as an offer to sell, or a solicitation of an offer
to buy any securities or a recommendation to buy or sell any securities of the
Company or DOF ASA. Neither the Managers nor any of their respective affiliates
accepts any liability arising from the use of this announcement. Each of DOF
ASA, the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise. The distribution of this announcement and
other information may be restricted by law in certain jurisdictions. Persons
into whose possession this announcement or such other information should come
are required to inform themselves about and to observe any such restrictions.
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 3,500 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
REFINANCING UPDATE, SUMMONS TO FOLLOW-UP BONDHOLDERS' MEETINGS IN DOF SUBSEA AS
February 12, 2020
The Brazilian built pipelay support vessel (PLSV) Skandi Vitoria, owned by the
joint venture between DOF Subsea (50%) and TechnipFMC (50%), has been awarded a
contract with TechnipFMC. The contract will commence in January with validity of
two years plus options.
The vessel has been in lay-up since summer 2018 and the CEO Mons Aase states
that he is pleased with the contract award and having the vessel back in
operations.
For further information, please contact:
Mons S. Aase, CEO Tel: +47 91 66 10 12
Hilde Drønen, CFO Tel: 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
Contract award for Skandi Vitoria
January 30, 2020
