Reference is made to the announcements made by DOF ASA (the "Company") and DOF Subsea AS on 22 June 2022 and 21 October 2022 regarding the execution of an agreement (the "Restructuring Agreement") with a substantial group of the DOF group's financial creditors and certain other stakeholders on a comprehensive financial restructuring (the "Restructuring"), and the announcements on 1 and 2 February 2023 regarding the bankruptcy proceedings in the Company opened by Hordaland district court, and the agreement between financial creditors and the bankruptcy estate, facilitating that the Company's subsidiaries will remain unaffected by the bankruptcy.
The Restructuring was today completed in accordance with the Restructuring Agreement and the financial creditors of the DOF group have thereby acquired 100% of the ownership in New DOF ASA (renamed from DOF Services AS and in the process of being converted to a public limited liability company), which is the new holding company in the DOF group. Following the completion of the Restructuring, the Company has no longer any ownership to the companies within the DOF group.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO DOF ASA Hilde Drønen, tel. +47 91 66 10 09
This information is subject to the disclosure requirements pursuant to Section 5 -12 of the Norwegian Securities Trading Act.
With a multi-national workforce of about 3,800 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 40 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA: Restructuring completed
March 24, 2023
Reference is made to DOF ASA's (the "Company" or "DOF ASA", and together with
its subsidiaries the "Group") announcements earlier today and at 21:00
yesterday.
The administrator of the bankruptcy estate and the financial creditors of the
Group have now entered into the agreement facilitating that the other companies
in the Group than DOF ASA will remain unaffected by the bankruptcy in DOF ASA.
For a further description of the agreement, reference is made to the two
announcements referred to above.
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 considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Hilde Drønen, CFO, DOF ASA.
With a multi-national workforce of about 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With over 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity. DOF's core businesses are vessel ownership, vessel management,
project management, engineering, vessel operations, survey, remote intervention
and diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA: Agreement between financial creditors and the bankruptcy estate of DOF ASA
February 2, 2023
Reference is made to DOF ASA's (the "Company" or "DOF ASA", and together with
its subsidiaries the "Group") announcement at 21:00 on 1 February 2023 regarding
the request to Hordaland tingrett to open bankruptcy proceedings in DOF ASA and
continuation of the financial restructuring to ensure continued operations of
all other companies in the Group in spite of the bankruptcy in DOF ASA.
Hordaland tingrett has now resolved to open bankruptcy proceedings in DOF ASA
and it is expected that the administrator of the bankruptcy estate shortly will
enter into the agreement with the financial creditors of the Group facilitating
that the other companies in the Group than DOF ASA will remain unaffected by the
bankruptcy in DOF ASA. As a result of said agreement, the bankruptcy of DOF ASA
will be limited solely to such Company and will not affect any other company in
the Group. Such alternative implementation of the agreed financial restructuring
has been structured to avoid any interruption to the ongoing operations of the
Group and to avoid losses for the Group's customers, suppliers and other trade
creditors. Consequently, no other creditors than the financial creditors, nor
any of the employees of the Group, are to be affected by such alternative
implementation of the financial restructuring.
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 considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Hilde Drønen, CFO, DOF ASA.
With a multi-national workforce of about 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With over 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity. DOF's core businesses are vessel ownership, vessel management,
project management, engineering, vessel operations, survey, remote intervention
and diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA: Hordaland tingrett has resolved to open bankruptcy proceedings
February 2, 2023
Reference is made to DOF ASA's (the "Company", "DOF ASA" or "DOF", and together
with its subsidiaries the "Group") previous announcements regarding (i) the
agreement reached with a substantial group of financial creditors and certain
other stakeholders (the "Restructuring Agreement") on a comprehensive financial
restructuring (the "Restructuring"), (ii) the opening of reconstruction
proceedings resolved by Hordaland district (the "Reconstruction") on 2 December
2022 and (iii) the last proposal for a restructuring plan made by the board of
directors of DOF (the "Board") on 27 January 2023 (the "Final Proposal").
The Board worked with alternative refinancing plans for the Group, including
recommending the issuance of equity and warrants, in order to enable existing
shareholders to maintain a higher ownership in the restructured company through
additional investment. Feedback from the Creditors was clear that only
alternatives within the limits of the restructuring plan agreed with the former
board of DOF ASA would be considered. As a result, the current Board had no
alternative but to adjust its proposal to the Final Proposal within the limits
of the Restructuring Agreement.
Following the Final Proposal, the financial creditors made it clear that they
only would consider the Final Proposal if the Board was able to obtain
sufficient shareholder support for the proposal to make it likely that it would
be approved by an extraordinary general meeting of the Company. The Board met
persistent opposition from a group of shareholders and was not able to obtain
such sufficient support. The Board then informed the reconstructor and the
financial creditors accordingly.
On this basis, the financial creditors have requested that the reconstruction
committee reports to the court that there is no basis for a reconstruction and
thus request the court to open bankruptcy proceedings in DOF ASA, cf. the
reconstruction act (Norw: rekonstruksjonsloven) Section 58 (1) no. 1. The
financial creditors have at the same time confirmed that they are ready to enter
into an agreement with the bankruptcy estate to acquire DOF Services AS and its
subsidiaries and thereby facilitate that (i) the Restructuring will be
implemented as planned and (ii) the other companies in the Group than DOF ASA
will remain unaffected by the bankruptcy in DOF ASA. As a result of said
agreement the bankruptcy of DOF ASA will be limited solely to such company and
will not affect any other company in the Group. The agreement is expected to
allow for a short period between signing and completion for the administrator of
the bankruptcy estate of DOF ASA to ascertain that the Restructuring is the most
attractive offer for the Group creditors and other stakeholders.
As described in the stock exchange announcement of DOF on 13 October 2022, the
Restructuring will upon completion of the agreement with the financial creditors
be implemented as planned for this scenario and such alternative implementation
of the Restructuring has been structured to avoid any interruption to the
ongoing operations of the Group and to avoid losses for the Group's customers,
suppliers and other trade creditors. Consequently, no other creditors than the
financial creditors, nor any of the employees of the Group, are to be affected
by such alternative implementation of the Restructuring.
The implementation of the Restructuring with DOF Services AS as the new parent
company of the Group is subject to approval by the bondholders' meetings in each
of DOF Subsea AS' bond loans, DOFSUB07, DOFSUB08 and DOFSUB09. If the
bondholders' meetings do not give their approval, the new parent company will
instead be a new Norwegian holding company to be incorporated by the financial
creditors. Consequently, the matter to be considered by the bondholders will
only comprise the identity of the new parent company in the group. The new
holding company of the group will be applied for listing on Oslo Børs in due
course.
As communicated in the stock exchange announcement on 27 January 2023, the new
Board of DOF has, in addition to seeking alternative solutions to the
Restructuring, assessed the solvency of DOF ASA in a bankruptcy scenario. The
Board has in this respect obtained and assessed independent valuations of the
Group's vessels. The shipbrokers Fearnleys and Clarkson have assessed the value
of the Group's vessels. The advisory firm Deloitte has reviewed these and
assessed them against the company's debt, other liabilities and available liquid
assets in an insolvency liquidation analysis (i.e. a bankruptcy scenario).
Deloitte has also assessed the value of the Group's other activities, including
the shares in DOFCON and the engineering services, also in an insolvency
liquidation analysis. The final report from Deloitte has now been obtained and
the Board has on this basis concluded that, even though there is likely positive
value in DOF ASA in a going concern scenario, there is no basis to contest that
DOF ASA will be insolvent in event of a bankruptcy.
Upon a bankruptcy in DOF ASA, the share capital of the Company will be lost and
there will not be any value left to the shareholders. The Board highly regrets
this result. However, although the bankruptcy will result in shareholder losses,
the process that will follow is structured to avoid any interruption to the
ongoing operations of the Group and to avoid losses for the Group's customers,
suppliers and other trade creditors.
For further information, please contact:
Chairman: Leif Chr. Salomonsen, tel: 992 42 888
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Hilde Drønen, CFO, DOF ASA.
With a multi-national workforce of about 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With over 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity. DOF's core businesses are vessel ownership, vessel management,
project management, engineering, vessel operations, survey, remote intervention
and diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA: Court requested to open bankruptcy proceedings. Insolvency will not be contested by Board. Financial restructuring continues, ensuring continued operation of all other DOF group companies
February 1, 2023
The board of DOF ASA has received an e-mail from a Group of shareholders (the
Group) demanding that an extraordinary general meeting of shareholders be
convened. The reconstructor has notified that he now considers 11 am on 1
February 2023 as the deadline for him to inform creditors that a sufficient
number of shareholders will vote for the board's proposal.
If the creditors are not provided any such assurance, it is the board's
understanding that the reconstructor will ask the Hordaland district court to
terminate the reconstruction process and open bankruptcy in DOF ASA.
The Group, which demands an extraordinary general meeting, asks, inter alia,
that the election of a new board be put on the agenda. Names of new board
members have not yet been announced. The request from the Group is unclear on
several points and the board has asked the Group for clarifications.
However, the request can be interpreted in the direction that shareholders in
the Group will not support the board's proposal for reconstruction. The proposal
implies that the current shareholders will retain 3.75 per cent of the shares in
a restructured and refinanced DOF.
"The shareholders are fully entitled to demand the election of a new board, but
the board does not understand why they should reject the board's proposal for
reconstruction. The board wants dialogue about the way forward, but the Group
has on several occasions rejected this and refused to receive the information
they themselves have repeatedly requested," says Leif Chr. Salomonsen, chair of
DOF ASA.
As communicated in the stock announcement dated 27 January 2022, the board has
received valuations which point in the direction of DOF ASA being insolvent. The
company will therefore go bankrupt if the proposal for reconstruction is not
approved.
The operations of DOF Services AS and its subsidiaries will be unaffected by a
bankruptcy in the parent company DOF ASA. All operational activities will
therefore continue as before. It is today's shareholders who will lose
everything in a bankruptcy.
The company's main shareholder, who represents 31.6 per cent of the shares, has
announced its support for the board's proposal. The Group that is now demanding
an extraordinary general meeting represents, according to the board's
understanding, approx. 13 percent of the shares. Accordingly, the Group does not
have enough influence alone to send the company into bankruptcy.
"We are now in a final and decisive phase of the reconstruction of DOF ASA. It
is very important that all shareholders who are interested in saving their
shareholder values study the board's proposal thoroughly. It is a fact that DOF
ASA has approx. NOK 25 billion in debt, on which neither interest nor
instalments have been paid for over two years. It is urgent to find a solution
now," says Salomonsen.
To maximise the chance of the financial creditors accepting the board's proposal
for restructuring, the board must document that a sufficient amount of the
current shareholders of DOF ASA will support its proposal. The board therefore
asks all shareholders who support the proposal to express this through the
following procedure:
Shareholders are asked to send an e-mail to dof@grette.no, with the text "I/we
hereby confirm that I/we support the board's proposal for a reconstruction plan
according to which, after the reconstruction, the current shareholders will have
a stake in the reorganised company of approx. 3.75 per cent"
In the e-mail, shareholders are also asked to state their name (if applicable,
the name of the company through which the shares are owned), the number of
shares owned as of 31 January 2023, and telephone number.
It is important that the company receives the e-mail by 11 am, 1 February 2023.
For further information, please contact:
Chairman: Leif Chr. Salomonsen, tlf.: 992 42 888
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA - Reconstruction
January 31, 2023
Styret i DOF ASA har mottatt en epost fra en gruppe aksjonærer (Gruppen) med
krav om at det blir innkalt til ekstraordinær generalforsamling. Rekonstruktøren
har varslet at han nå forholder seg til at han innen kl. 11:00 1. februar 2023
må kunne formidle til kreditorene at et tilstrekkelig antall aksjonærer vil
stemme for styrets forslag til rekonstruksjon.
Dersom det ikke skjer er det styrets forståelse at rekonstruktøren vil be
Hordaland tingrett om å innstille rekonstruksjonsprosessen og åpne konkurs i DOF
ASA.
Gruppen som krever innkalt ekstraordinær generalforsamling, ber blant annet om
at valg av nytt styre blir satt på agendaen. Navn på nye styremedlemmer er
foreløpig ikke opplyst. Henvendelsen er uklar på flere punkter og styret har
bedt om en klargjøring fra forslagsstillerne.
Henvendelsen kan imidlertid tolkes som at aksjonærer i Gruppen ikke vil støtte
styrets forslag til rekonstruksjon. Forslaget innebærer at dagens aksjonærer vil
beholde 3,75 prosent av aksjene i et restrukturert og refinansiert DOF.
- Aksjonærene er i sin fulle rett til å kreve valg av nytt styre, men styret
forstår ikke hvorfor de skulle avvise styrets forslag til rekonstruksjon. Styret
ønsker dialog om veien videre, men gruppen har ved flere anledninger avvist
dette og tilbudet om å få mer informasjon slik de flere ganger har bedt om, sier
Leif Chr. Salomonsen, styreleder i DOF ASA.
Som kjent har styret mottatt verdivurderinger som peker i retning av at DOF ASA
er insolvent. Selskapet vil derfor gå konkurs dersom forslaget til
rekonstruksjon ikke blir godkjent.
Virksomheten i DOF Services AS og dets datterselskaper vil være upåvirket av en
konkurs i morselskapet DOF ASA. All operativ virksomhet vil derfor fortsette som
før. Det er dagens aksjonærer som vil tape alt ved en konkurs.
Selskapets hovedaksjonær som representerer 31,6 prosent av aksjene, har meddelt
støtte til styrets forslag. Gruppen som nå krever ekstraordinær
generalforsamling, representerer etter det styret forstår ca. 13 prosent av
aksjene. De har således ikke nok innflytelse til alene å sende selskapet inn i
en konkurs.
- Vi er nå inne i en siste avgjørende og kritisk fase av rekonstruksjonen av DOF
ASA. Det er veldig viktig at alle aksjonærer som er interessert i å redde sine
aksjonærverdier setter seg grundig inn i styrets forslag. Det er et faktum at
konsernet har ca. 25 milliarder kroner i gjeld som det, i det alt vesentlige,
ikke har vært betalt verken renter eller avdrag på i over to år. Vi er allerede
på overtid og trenger en løsning nå, sier Salomonsen.
For å ha størst mulig sannsynlighet for at de finansielle kreditorene godtar
styrets forslag til restrukturering, er styret avhengig av å kunne dokumentere
at forslaget vil oppnå tilstrekkelig støtte fra dagens aksjonærer i DOF ASA.
Styret ber derfor alle aksjonærer som støtter forslaget om å gi uttrykk for
dette gjennom følgende fremgangsmåte:
Aksjonærer bes sende en epost til dof@grette.no, med teksten «Jeg/vi bekrefter
med dette at jeg/vi støtter styrets forslag til rekonstruksjonsplan hvor dagens
aksjonærer etter rekonstruksjonen vil ha en eierandel i det reorganiserte
selskapet på ca. 3,75 %»
I eposten bes i tillegg opplyst navn (ev. navn på selskapet aksjene eies
gjennom), antall aksjer eid pr. 31. januar 2023 og telefonnummer.
Det er viktig at eposten er selskapet i hende innen kl. 11.00, 1. februar 2023.
For ytterligere informasjon, vennligst kontakt:
Styrets leder: Leif Chr. Salomonsen, tel.: +47 992 42 888
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA - Rekonstruksjon
January 31, 2023
The board of directors of DOF ASA has decided to submit a proposal for a
restructuring plan to the reconstructor and the DOF group's financial creditors
and will prepare a notice convening an extraordinary general meeting to consider
this proposal, provided that the financial creditors and the reconstructor
support the proposal.
The restructuring plan will now be submitted to the financial creditors for
approval. At the same time, the Board will work to document support for the plan
from a sufficient number of shareholders. The plan has already received support
from Møgster Offshore AS, which owns approximately 31.6 percent of the shares in
DOF ASA.
· The Board's proposal means that the existing shareholders will own 3.75% of
a strengthened DOF ASA after debt conversion. The company will continue its
operations and the shareholders will retain a share of the value creation that
many expect will occur going forward.
· Based on preceding dialogue, the Board considers that the current proposal
is a reasonable compromise that should receive a sufficient majority among the
company's creditors and shareholders.
· If the proposal is not adopted, there will be no prospect that the company
will be able to achieve a reconstruction and the court will probably open
bankruptcy after a report from the reconstruction committee. The business will
continue to operate as today through the subsidiary DOF Service AS and its
underlying companies. However, shareholder value will in all likelihood be lost.
The restructuring proposal is based on the restructuring agreement that was
negotiated between the company and the creditors and voted down at the
extraordinary general meeting on 11 November 2022.
A key point in the restructuring agreement is how much of the company the
existing shareholders should retain after debt has been converted to equity. The
original proposal would have meant that shareholders would own 4 percent of the
shares in the company. After this proposal was voted down, it was likely that
the shareholders would end up with a 1 percent stake.
The proposal that the board has now submitted means that the existing
shareholders will own 3.75 per cent of the company's shares after debt
conversion. The proposal is otherwise identical to the previous proposal.
- The Board is submitting this proposal for reconstruction after careful
consideration and extensive contact with creditors and shareholders. The Board
of Directors believes that it would be impossible to obtain sufficient support
among shareholders for a solution where they would only own 1 percent of the
company after debt conversion. Similarly, the Board believes that it would be
impossible to achieve acceptance among the creditors for more than 3.75 percent
to the existing shareholders, says Leif Chr. Salomonsen, Chairman of the Board
of DOF ASA.
The work of the new board
At the Annual General Meeting on 14 December 2022, the shareholders of DOF ASA
elected a new Board of Directors. The new Board of Directors noted that leading
shareholders felt that they did not have sufficient information to take a
position on the restructuring proposal presented.
The new board therefore immediately started the work of obtaining an overview of
relevant and updated information about the situation in the company, including
in particular valuations and assessments of liquidity and future cash flow. In
parallel, the board investigated whether it might be possible to obtain
agreement with the financial creditors for any alternative solutions that could
give shareholders a larger share of the company's assets and future value
creation than the original proposal.
In this period, the board has had regular contact and meetings with
representatives of the company's shareholders and the company's creditors and
their advisers. The aim of these contacts and meetings has been to explore the
possibility of other solutions, including refinancing of the debt, sale of ships
and a share issuance. Unfortunately, none of these solutions have been possible
to realize.
The way forward
Based on preceding dialogue, the Board considers that the current proposal is a
reasonable compromise that should receive a sufficient majority among the
company's creditors and shareholders. The company's main shareholder has
confirmed support for the plan subject to the creditors' approval.
In the coming days, the Board will seek to obtain further pre-acceptances from
shareholders. At the same time, the company is preparing a more detailed
statement of the company's results and cash flow in the fourth quarter and for
the year 2022 as a whole and balance sheet values as of 31 December 2022. This
information will be made available to the market prior to the Extraordinary
General Meeting.
No guaranteed solution
While it is considered possible that the Board's proposal will be able to obtain
sufficient support from shareholders and creditors, the Board stresses that
there are no guarantees that the solution will be accepted.
In the current situation of the company, the company's financial creditors could
at any time notify the reconstructor that they will not contribute to a solution
such as the one proposed by the board. In that case, the reconstructor will ask
Hordaland District Court to suspend the restructuring process and open
bankruptcy in DOF ASA. If the solution does not achieve a sufficient majority
among the shareholders, the result will be the same.
It will then be up to Hordaland District Court to assess whether there are
grounds for declaring DOF ASA bankrupt.
Solvent or not
The decisive factor for Hordaland District Court's conclusion will be whether,
based on, inter alia, the report from the reconstruction committee, it is likely
that DOF ASA will be able to achieve a restructuring. Whether the company is
solvent or not is in principle not decisive.
In the event that the court nevertheless decides to look further into the
solvency issue, it will consider whether the value of the assets of DOF ASA
(i.e. shares in the subsidiary DOF Services AS) is worth more than the debt in
DOF ASA, as well as the liquidity. In practice, this question will depend on
whether the value of the assets of the DOF Group that can be realised in a
bankruptcy is greater than the debt. Thus, it is not the value of the assets of
DOF as a going concern that is at issue.
In order to shed light on this question, the Board of Directors of DOF ASA has
obtained and assessed independent valuations of the DOF Group's assets. The
shipbrokers Fearnleys and Clarkson have assessed the value of the DOF Group's
vessels. The advisory firm Deloitte has reviewed these and assessed them against
the company's debt, other liabilities and available liquid assets. Deloitte has
also assessed the value of the DOF Group's other activities, including the
shares in DOFCON and the engineering services.
The assessments now available are based on vessel values as of 31 December 2022.
They show that vessel values in US dollars have increased since 31 September
2022. A weaker dollar has had the opposite effect, removing much of the increase
in value measured in NOK. However, a weaker dollar also reduces the krone value
of the company's debt.
The final report from Deloitte is still pending. The Board of Directors has
therefore not been able to reach a final conclusion as to whether the company
will be considered insolvent, but considers it probable.
The Board's recommendation
If the district court opens bankruptcy in DOF ASA, the creditors will take over
all assets in DOF ASA and the shareholders will lose everything. Even if
Hordaland District Court does not open bankruptcy in DOF ASA, the guarantee
liability that DOF ASA has on behalf of its subsidiaries will remain. It is thus
completely unlikely that the shareholders in any scenario could receive more
value than the Board's proposed solution.
Based on the above analyses and assessments, it is the Board's clear opinion
that the best solution for the company and for all of the company's
stakeholders, shareholders as well as creditors, will be that the Board's
proposal for reconstruction is implemented.
- The Board would have liked to see the shareholders retain a larger share of
the company than the reconstruction suggests. If it had been possible to turn
back the clock and restart negotiations with the creditors today, this might
have been possible. However, it is a fact that the DOF Group has approximately
NOK 25 billion in debt on which, for the most part, neither interest nor
instalments have been paid for more than two years, says Salomonsen.
- "We are already in overtime and need a solution now. The company has been
living at the mercy of its creditors for a long time. With the Board's proposal,
the existing shareholders will own 3.75% of a strengthened DOF ASA, the company
will continue its operations and the shareholders will participate in the value
creation that many expect will take place in the time to come, Salomonsen
concludes.
For further information, please contact:
Chairman: Leif Chr. Salomonsen, tlf.: 992 42 888
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Proposal for a restructuring plan
January 27, 2023
Styret i DOF ASA har besluttet å oversende forslag til rekonstruksjonsplan til
rekonstruktøren og konsernets finansielle kreditorer og vil utarbeide en
innkalling til ekstraordinær generalforsamling for å behandle dette forslaget
forutsatt at de finansielle kreditorene og rekonstruktøren støtter forslaget.
Rekonstruksjonsplanen vil nå bli forelagt de finansielle kreditorene for
godkjenning. Samtidig vil styret arbeide for å dokumentere tilslutning til
planen fra et tilstrekkelig antall aksjonærer. Planen har allerede fått
tilslutning fra Møgster Offshore AS som eier ca. 31,6 prosent av aksjene i DOF
ASA.
· Styrets forslag innebærer at eksisterende aksjonærer vil eie 3,75% av et DOF
ASA styrket etter gjeldskonvertering. Selskapet vil videreføre sin virksomhet og
aksjonærene vil beholde en andel av verdiskapingen som mange forventer vil skje
i tiden som kommer.
· Basert på forutgående sonderinger, anser styret at det nå foreliggende
forslaget er et rimelig kompromiss som bør få tilstrekkelig flertall blant
selskapets kreditorer og aksjonærer.
· Dersom forslaget ikke blir vedtatt vil det ikke være utsikt til at selskapet
vil kunne oppnå en rekonstruksjon og retten vil etter innberetning om dette fra
rekonstruksjonsutvalget trolig åpne konkurs. Virksomheten vil imidlertid drives
videre som i dag gjennom datterselskapet DOF Service AS og dets underliggende
selskaper. Aksjonærverdiene vil imidlertid med overveiende sannsynlighet være
tapt.
Forslaget til rekonstruksjon baserer seg på restruktureringsavtalen som ble
fremforhandlet mellom selskapet og kreditorene og nedstemt på ekstraordinær
generalforsamling 11. november 2022.
Et sentralt punkt i restruktureringsavtalen er hvor stor eierandel selskapets
eksisterende aksjonærer skal beholde etter at gjeld er konvertert til
egenkapital. Det opprinnelige forslaget ville innebære at aksjonærene ville eie
fire prosent av aksjene i selskapet. Etter at dette forslaget ble nedstemt, lå
det an til at aksjonærene ville ende opp med en eierandel på én prosent.
Forslaget som styret nå har oversendt innebærer at de eksisterende aksjonærene
etter gjeldskonvertering vil eie 3,75 prosent av selskapets aksjer. Forslaget er
ellers identisk med det forrige forslaget.
- Styret fremmer dette forslaget til rekonstruksjon etter grundige overveiinger
og utstrakt kontakt med kreditorer og aksjonærer. Styret mener det ville være
umulig å oppnå tilstrekkelig tilslutning blant aksjonærene for en løsning der de
kun ville eie én prosent av selskapet etter gjeldskonvertering. Likeledes vil
det etter styrets mening være umulig å oppnå aksept blant kreditorene for mer
enn 3,75 prosent til de eksisterende aksjonærene, sier Leif Chr. Salomonsen,
styreleder i DOF ASA.
Det nye styrets arbeid
På generalforsamlingen 14. desember 2022 valgte aksjonærene i DOF ASA nytt
styre. Det nye styret noterte seg at toneangivende aksjonærer mente de ikke
hadde tilstrekkelig informasjon til å ta stilling til det fremlagte forslaget om
restrukturering.
Det nye styret startet derfor umiddelbart arbeidet med å få oversikt over
relevant og oppdatert informasjon om situasjonen i selskapet, herunder spesielt
verdivurderinger og vurderinger av likviditet og fremtidig kontantstrøm.
Parallelt utredet styret om det kunne være mulig å oppnå enighet med de
finansielle kreditorene om alternative løsninger som ville kunne gi aksjonærene
en større andel av selskapets verdier og fremtidig verdiskaping enn det
opprinnelige forslaget.
Styret har i perioden hatt jevnlig kontakt og møter med representanter for
selskapets aksjonærer og for selskapets kreditorer og deres rådgivere. Målet med
denne kontakten og møtene har vært å sondere muligheten for andre løsninger,
herunder blant annet refinansiering av gjelden, salg av skip og emisjon.
Dessverre har ingen av disse løsningene latt seg realisere.
Veien videre
Basert på forutgående sonderinger, anser styret at det nå foreliggende forslaget
er et rimelig kompromiss som bør få tilstrekkelig flertall blant selskapets
kreditorer og aksjonærer. Selskapets hovedaksjonær har bekreftet støtte til
planen under forutsetning av at kreditorene gir sin tilslutning.
Styret vil i dagene som kommer søke å innhente ytterligere forhåndsaksepter fra
aksjonærer. Samtidig forbereder selskapet en nærmere redegjørelse av selskapets
resultat og kontantstrøm i fjerde kvartal og for året 2022 som helhet og
balanseverdier per 31. desember 2022. Dette er informasjon som vil bli gjort
tilgjengelig for markedet før den ekstraordinære generalforsamlingen.
Ingen garantert løsning
Selv om det anses som mulig at styrets forslag vil kunne oppnå tilstrekkelig
støtte fra aksjonærer og kreditorer, understreker styret at det ikke kan
utstedes noen garanti for at løsningen aksepteres.
I den situasjonen selskapet nå er, kan selskapets finansielle kreditorer når som
helst meddele rekonstruktøren at de ikke vil bidra til en løsning som den som
foreslås av styret. I så fall vil rekonstruktøren be Hordaland tingrett om å
innstille rekonstruksjonsprosessen og åpne konkurs i DOF ASA. Dersom løsningen
ikke oppnår tilstrekkelig flertall blant aksjonærene, vil resultatet være det
samme.
Det vil da være opp til Hordaland Tingrett å vurdere om det er grunnlag for å
slå DOF ASA konkurs.
Solvens eller ikke
Det avgjørende for Hordaland tingretts konklusjon vil være om det, basert på
blant annet innberetningen fra rekonstruksjonsutvalget, er utsikt til at DOF ASA
vil kunne oppnå en rekonstruksjon. Hvorvidt selskapet er solvent eller ikke er i
utgangspunktet ikke avgjørende.
For det tilfelle at retten likevel vil se nærmere på solvensspørsmålet vil den
se hen til hvorvidt verdien av eiendelene til DOF ASA (det vil si aksjer i
datterselskapet DOF Services AS) er mer verdt enn gjelden i DOF ASA, samt
likviditeten. Dette spørsmålet vil i praksis bero på om verdiene av eiendelene
til DOF-konsernet som kan realiseres i en konkurs er større enn gjelden. Det er
altså ikke verdien av eiendelene i DOF som going concern det handler om.
For å belyse dette spørsmålet har styret i DOF ASA innhentet og vurdert
uavhengige vurderinger av verdiene i DOF-konsernet. Skipsmeglerne Fearnleys og
Clarkson har vurdert verdien på DOF-konsernets skip. Rådgivingsselskapet
Deloitte har gjennomgått disse og vurdert de opp mot selskapets gjeld, andre
forpliktelser og tilgjengelige likvide midler. Deloitte har også vurdert verdien
på DOF-konsernets øvrige virksomhet, herunder eierandelen i DOFCON og prosjekt-
og engineering-virksomheten.
Vurderingene som nå foreligger, er basert på skipsverdier per 31. desember 2022.
De viser at skipsverdiene i amerikanske dollar har økt siden 31. september 2022.
En svakere dollar har motsatt effekt, og fjerner mye av verdiøkningen målt i
kroner. Svakere dollar reduserer imidlertid også kroneverdien av selskapets
gjeld.
Endelig rapport fra Deloitte foreligger fortsatt ikke. Styret har derfor ikke
endelig kunnet konkludere hvorvidt selskapet vil være å anse som insolvent, men
anser det som sannsynlig.
Styrets anbefaling
Dersom tingretten åpner konkurs i DOF ASA vil kreditorene overta alle verdier i
DOF ASA og aksjonærene tape alt. Selv om Hordaland tingrett likevel ikke skulle
åpne konkurs i DOF ASA, vil garantiansvaret som DOF ASA har på vegne av sine
datterselskap bestå. Det er således helt usannsynlig at aksjonærene i noe
scenario ville kunne få mer verdier enn styrets foreslåtte løsning..
Basert på ovenstående analyser og vurderinger er det styrets klare oppfatning at
den beste løsningen for selskapet og for samtlige av selskapets interessenter,
aksjonærer så vel som kreditorer, vil være at styrets forslag til rekonstruksjon
blir gjennomført.
- Styret skulle gjerne sett at aksjonærene fikk beholde en større del av
selskapet enn det forslaget legger opp til. Dersom man hadde kunnet stille
klokken tilbake og startet forhandlingene med kreditorene på nytt i dag, så
hadde det kanskje vært mulig. Det er imidlertid et faktum at konsernet har ca.
25 milliarder kroner i gjeld som det, i det alt vesentlige, ikke har vært betalt
verken renter eller avdrag på i over to år, sier Salomonsen.
- Vi er allerede på overtid og trenger en løsning nå. Selskapet har levd på
kreditorenes nåde i lang tid. Med styrets forslag vil eksisterende aksjonærer
eie 3,75% av et styrket DOF ASA, selskapet vil videreføre sin virksomhet og
aksjonærene vil få ta del i den verdiskapingen som mange forventer vil skje i
tiden som kommer, konkluderer Salomonsen.
For ytterligere informasjon, vennligst kontakt:
Styrets leder: Leif Chr. Salomonsen, tel.: +47 992 42 888
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Forslag til rekonstruksjonsplan
January 27, 2023
DOF is pleased to announce that Petrobras has awarded a new long-term charter
contract to Norskan Offshore Ltda. for an AHTS to operate as AHTS-TS or TO.
Skandi Ipanema has been contracted for 4 years firm + 1 year option with
Petrobras.
The gross value of the contract that is planned to start up to 3[rd] quarter
2023 is approx. USD 51 million.
CEO Mons S. Aase said, I'm very pleased with this award adding more backlog for
our AHTS fleet in Brazil and look forward to deliver high quality services to
Petrobras.
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 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
News
Contract awards
AHTS contract in Brazil
January 25, 2023
DOF ASA (the "Company") has been informed that Bjarte Brøndmo on his own
initiative has resigned as a board member in the Company. The Board of the
Company is still in compliance with the articles of association of the Company
and no extraordinary general meeting will be convened in order to supplement the
Board.
For further information, please contact:
Chairman: Leif Chr. Salomonsen, tlf.: 992 42 888
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA: RESIGNATION OF BOARD MEMBER
January 24, 2023
DOF ASA ("Selskapet") har blitt informert om at Bjarte Brøndmo etter eget ønske
har fratrådt som styremedlem i Selskapet. Selskapets styre er fortsatt i samsvar
med Selskapets vedtekter og det vil ikke bli innkalt til ekstraordinær
generalforsamling for å supplere styret.
For ytterligere informasjon, vennligst kontakt:
Styrets leder: Leif Chr. Salomonsen, tel.: +47 992 42 888
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA: STYREMEDLEMS FRATREDEN
January 24, 2023
Reference is made to DOF ASA's previous announcements on 23 November 2022 and 9
December 2022, regarding the Notice of the Extraordinary General Meeting to
consider the proposal from Bjarte Brønmo and Sans Invest AS to elect a new Board
in DOF ASA.
The Extraordinary General Meeting of DOF ASA was held today on 14 December 2022
at 12:00 CET. A copy of the minutes from the Extraordinary General Meeting are
attached to this notice.
The new Chair of DOF ASA's Board of Directors, Leif Salomonsen states the
following: "The Board of directors will start work immediately. Task number one
is to get a complete overview of the work which has been done so far, the plans
that are in place, and then gradually form an opinion on how to proceed. As part
of this, the Board will work closely with the company's management, its
creditors and other stakeholders that are central to the company's future."
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.
The stock exchange announcement was published by Hilde Drønen, CFO, DOF ASA.
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With over 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity. DOF's core businesses are vessel ownership, vessel management,
project management, engineering, vessel operations, survey, remote intervention
and diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Stock Exchange since 1997.
Historical OSE Notices
DOF ASA - MINUTES FROM THE EXTRAORDINARY GENERAL MEETING
December 14, 2022
The board of directors of the subsidiaries of DOF ASA has received a new letter
from the financial creditors of the DOF Group, in which it is expressed that the
process of completing the Restructuring Agreement will continue and that any
adverse effects of the Restructuring should only apply to DOF ASA which now is
merely a holding company with no operations. The financial creditors further
express its continued support throughout the process. As such, all operations
within the DOF Group will continue as normal.
Enclosed: letter from the financial creditors
For further information, please contact:
CEO Mons Aase, tel. + 47 91 66 10 12
CFO Hilde Drønen, tel. + 47 91 66 10 09
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
LETTER FROM THE FINANCIAL CREDITORS
December 15, 2022
DOF Subsea Asia Pacific Pte Ltd has been awarded a contract to provide
construction support for riser and spool installation including air and
saturation diving in association with a brownfield expansion project in
Malaysia.
The award includes project management, engineering, procurement, transportation
and installation services and is expected to be completed during Q2 2023. The
project will utilise the DSV Skandi Singapore, which, with an in-built
saturation diving system and 140Te AHC crane, is ideally suited to these
operations.
Mons Aase, CEO DOF Subsea AS, said, "We look forward to safely and successfully
delivering this project for our client."
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 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Contract awards
DOF Subsea awarded construction support contract in Malaysia
December 21, 2022
Financial calendar for DOF ASA
FINANCIAL YEAR 2022
24.02.2023 - Quarterly Report - Q4
FINANCIAL YEAR 2023
23.08.2023 - Half-yearly Report
14.04.2023 - Annual Report
25.05.2023 - Annual General Meeting
09.05.2023 - Quarterly Report - Q1
10.11.2023 - Quarterly Report - Q3
23.02.2024 - Quarterly Report - Q4
This information is published pursuant to the requirements set out in the
Continuing obligations.
Historical OSE Notices
Financial calendar
December 22, 2022
Financial calendar for DOF ASA
FINANCIAL YEAR 2022
24.02.2023 - Quarterly Report - Q4
FINANCIAL YEAR 2023
23.08.2023 - Half-yearly Report
14.04.2023 - Annual Report
25.05.2023 - Annual General Meeting
09.05.2023 - Quarterly Report - Q1
10.11.2023 - Quarterly Report - Q3
23.02.2024 - Quarterly Report - Q4
This information is published pursuant to the requirements set out in the
Continuing obligations.
Historical OSE Notices
Financial calendar
December 22, 2022
DOF Subsea Asia Pacific Pte Ltd has been awarded a contract to provide
construction support for riser and spool installation including air and
saturation diving in association with a brownfield expansion project in
Malaysia.
The award includes project management, engineering, procurement, transportation
and installation services and is expected to be completed during Q2 2023. The
project will utilise the DSV Skandi Singapore, which, with an in-built
saturation diving system and 140Te AHC crane, is ideally suited to these
operations.
Mons Aase, CEO DOF Subsea AS, said, "We look forward to safely and successfully
delivering this project for our client."
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 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Contract awards
DOF Subsea awarded construction support contract in Malaysia
December 21, 2022
The board of directors of the subsidiaries of DOF ASA has received a new letter
from the financial creditors of the DOF Group, in which it is expressed that the
process of completing the Restructuring Agreement will continue and that any
adverse effects of the Restructuring should only apply to DOF ASA which now is
merely a holding company with no operations. The financial creditors further
express its continued support throughout the process. As such, all operations
within the DOF Group will continue as normal.
Enclosed: letter from the financial creditors
For further information, please contact:
CEO Mons Aase, tel. + 47 91 66 10 12
CFO Hilde Drønen, tel. + 47 91 66 10 09
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
LETTER FROM THE FINANCIAL CREDITORS
December 15, 2022
Reference is made to DOF ASA's previous announcements on 23 November 2022 and 9
December 2022, regarding the Notice of the Extraordinary General Meeting to
consider the proposal from Bjarte Brønmo and Sans Invest AS to elect a new Board
in DOF ASA.
The Extraordinary General Meeting of DOF ASA was held today on 14 December 2022
at 12:00 CET. A copy of the minutes from the Extraordinary General Meeting are
attached to this notice.
The new Chair of DOF ASA's Board of Directors, Leif Salomonsen states the
following: "The Board of directors will start work immediately. Task number one
is to get a complete overview of the work which has been done so far, the plans
that are in place, and then gradually form an opinion on how to proceed. As part
of this, the Board will work closely with the company's management, its
creditors and other stakeholders that are central to the company's future."
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.
The stock exchange announcement was published by Hilde Drønen, CFO, DOF ASA.
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With over 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity. DOF's core businesses are vessel ownership, vessel management,
project management, engineering, vessel operations, survey, remote intervention
and diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Stock Exchange since 1997.
Historical OSE Notices
DOF ASA - MINUTES FROM THE EXTRAORDINARY GENERAL MEETING
December 14, 2022
Det vises til børsmeldingen publisert av DOF ASA 23. november 2022 angående
innkalling til ekstraordinær generalforsamling den 14. desember 2022 med forslag
fra Bjarte Brøndmo og Sans Invest AS om valg av nytt styre i DOF ASA. Bjarte
Brøndmo/Sans Invest AS har nå fremsatt følgende forslag til nytt styre:
Leif Salomonsen (styreleder)
Beatriz Malo de Molina
Merete Haugli
Tore Grøttum
Bjarte Brønmo
CVer for de foreslåtte styremedlemmene er etterspurt og vil bli lagt ut på
selskapets hjemmeside når de mottas.
Denne informasjonen er informasjonspliktig etter verdipapirhandelloven § 5-12.
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA: Forslag til nytt styre
December 9, 2022
Reference is made to DOF ASA's previous announcement on 23 November 2022
regarding the notice of the Extraordinary General Meeting on 14 December 2022 to
consider the proposal from Bjarte Brøndmo and Sans Invest AS to elect a new
Board in DOF ASA. Bjarte Brøndmo/Sans Invest AS have now submitted the
following proposed new Board:
Leif Salomonsen (chair)
Beatriz Malo de Molina
Merete Haugli
Tore Grøttum
Bjarte Brønmo
CVs for the proposed board members have been requested and will be published on
the company's website when received.
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 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: Proposed new Board
December 9, 2022
Det vises til DOF ASAs ("Selskapet" eller "DOF", og sammen med datterselskapene,
"Gruppen") tidligere børsmeldinger henholdsvis 22. juni 2022 og 13. oktober 2022
vedrørende den finansielle restruktureringsprosessen, og børsmeldingen 11.
november 2022 vedrørende avstemningsresultatet på den ekstraordinære
generalforsamlingen avholdt samme dag ("Generalforsamlingen").
Som følge av manglende godkjenning av den foreslåtte restruktureringen på
Generalforsamlingen og i henhold til Gruppens forpliktelser etter avtalen med en
betydelig gruppe finansielle kreditorer og visse andre interessenter
("Restruktureringsavtalen") om en omfattende finansiell restrukturering
("Restruktureringen"), vil DOF i dag begjære rekonstruksjonsforhandlinger ved
Hordaland tingrett ("Rekonstruksjonen").
Som tidligere kommunisert av Selskapet, har de finansielle kreditorene til
Gruppen gjort det klart at (i) det ikke er rom for aksjonærene til å forhandle
om en gunstigere løsning enn forslaget som ble presentert for
generalforsamlingen den 11. november 2022 der aksjonærene ble tilbudt 4% av
aksjekapitalen etter Restruktureringen og (ii) aksjonærene ikke vil bli tilbudt
mer enn 1% av aksjekapitalen etter Restruktureringen som en del av
Rekonstruksjonen, med mindre noe annet aksepteres av de finansielle kreditorene.
Etter styrets vurdering foreligger det ingen annen løsning som sikrer videre
drift i Gruppen enn den avtalte Restruktureringen. Det er videre gjort klart av
Gruppens finansielle kreditorer at gjennomføring av Restruktureringen skal skje
i henhold til Restruktureringsavtalen. Etter Restruktureringsavtalen er DOF i
den nåværende situasjonen forpliktet til å sørge for at
rekonstruksjonsforhandlinger åpnes. Dette underbygges ytterligere av et brev fra
kreditorene hvor det kreves at Rekonstruksjonen åpnes omgående.
Styret har også vært i dialog med oppnevnt rådgiver for minoritetsaksjonærene
for å fremskaffe ønsket dokumentasjon. Styret har ikke mottatt informasjon som
tilsier at minoritetsaksjonærene har noen reell alternativ løsning til
Restruktureringen.
Som forberedelse til Rekonstruksjonen, og for å sikre videre drift i resten av
Gruppen uavhengig av utfallet av Rekonstruksjonen, har Selskapet overført
majoriteten av sin virksomhet, eiendeler og kontraktsmessige forpliktelser til
sitt heleide datterselskap, DOF Services AS. De ansatte i Selskapet har i
henhold til Restruktureringsavtalen blitt overført til Selskapets heleide
datterselskap DOF AS sammen med tilhørende tredjepartsavtaler som er nødvendige
for å drive konsernet. Gruppens virksomhet forventes derfor å fortsette som
normalt, både gjennom hele rekonstruksjonsprosessen og ved en eventuell
påfølgende konkurs i Selskapet. Som tidligere kommunisert vil ikke kreditorer og
kontraktsparter utover de finansielle kreditorene som er part i
Restruktureringen bli påvirket av Restruktureringen.
I lys av de kontinuerlige spekulasjonene blant minoritetsaksjonærene i DOF som
stiller spørsmål ved prinsippet om likebehandling av alle Selskapets aksjonærer,
og til tross for tidligere meldinger som bekrefter det samme, ser Selskapet nok
en gang et behov for å gjenta at forslaget om Restrukturering som ble presentert
for Generalforsamlingen sørget for likebehandling av alle aksjonærene i
Selskapet. Hovedaksjonæren i DOF har også bekreftet at det ikke er noen avtale
eller ordning om særbehandling av hovedaksjonæren sammenlignet med øvrige
aksjonærer, uavhengig av hvordan Restruktureringen gjennomføres.
For mer informasjon, vennligst kontakt:
Styrets leder Hans Olav Lindal, tlf. 958 39 562
Denne informasjonen anses som innsideinformasjon i henhold til EUs
Markedsmisbruksforordning, og er informasjonspliktig etter verdipapirhandelloven
§ 5-12. Børsmeldingen er publisert av Hilde Drønen, CFO, DOF ASA.
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA: Begjæring om Rekonstruksjon
December 2, 2022
Reference is made to DOF ASA's (the "Company" or "DOF" and together with its
subsidiaries the "Group") previous announcements on 22 June 2022 and 13 October
2022 regarding the financial restructuring process, and the announcement on 11
November 2022 regarding the voting result at the extraordinary general meeting
held the same day ("EGM").
As a result of the failure to obtain approval of the proposed restructuring at
the EGM and pursuant to the Group's obligations under the agreement with a
substantial group of financial creditors and certain other stakeholders (the
"Restructuring Agreement") on a comprehensive financial restructuring (the
"Restructuring"), DOF will today petition for reconstruction proceedings with
Hordaland district court (the "Reconstruction").
As previously communicated by the Company, the financial creditors of the Group
have made it clear (i) that there is no room for the shareholders to negotiate a
more favorable solution than the proposal that was presented to the EGM on 11
November 2022 whereby the shareholders was offered 4% of the share capital
following the Restructuring and (ii) that the shareholders will not be offered
more than 1% of the share capital following the Restructuring as part of the
Reconstruction, unless otherwise agreed by the financial creditors.
The board of directors is of the view that there is no other available solution
that ensures the continued operations in the Group than the agreed
Restructuring. It has also been made clear by the Group's financial creditors
that implementation of the Restructuring must take place in accordance with the
Restructuring Agreement. According to the terms of the Restructuring Agreement,
DOF is in the current situation obliged to procure that the Reconstruction
proceedings are opened. This is further substantiated by a letter from the
creditors requesting Reconstruction to be opened promptly.
The Board has also been in dialogue with the appointed advisor of the minority
shareholders in order to provide the requested documentation. The Board has not
received information which indicates that the minority shareholders have any
viable alternative solution to the Restructuring.
In preparation of the Reconstruction, and in order to secure the continued
operations in the rest of the Group irrespective of the outcome of the
Restructuring in the Company, the Company has transferred the majority of its
business, assets and contractual liabilities to its wholly owned subsidiary DOF
Services AS. The employees of the Company have, in accordance with the
Restructuring Agreement, been transferred to the Company's wholly owned
subsidiary DOF AS together with related third-party agreements necessary to
operate the Group. The Group's operations are therefore expected to continue as
normal both throughout the Reconstruction process and in the event of a
subsequent bankruptcy in the Company. As previously communicated, creditors and
contract parties other than the financial creditors party to the Restructuring
will not be affected by the Restructuring.
In light of continuous speculations among the minority shareholders of DOF
questioning the principle of equal treatment of all the shareholders of the
Company, and despite previous announcements confirming the same, the Company see
once more the need to reiterate that the Restructuring proposal that was
presented to the EGM provided for equal treatment of all the shareholders of the
Company. The main shareholder in DOF has also confirmed that there is no
agreement or arrangement regarding preferential treatment of the main
shareholder compared to other shareholders irrespective of how the Restructuring
is implemented.
For further information, please contact:
Chairman of the Board Hans Olav Lindal, tel. + 47 958 39 562
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Hilde Drønen, CFO, DOF ASA.
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA: Petition for Reconstruction
December 2, 2022
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 7 November 2022 (together
the "Bond Loans"), 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 30 November 2022, with a possibility to further extend
the standstill arrangement with the approval of the ad-hoc group of bondholders
(the "Ad-Hoc Group").
In order to facilitate the implementation of the Restructuring through
reconstruction proceedings, bankruptcy or otherwise, DOF is pleased to announce
that the senior creditors and bondholders that are parties to the Restructuring
Agreement have agreed to extend the Long Stop Date in the Restructuring
Agreement to 31 March 2023, and that the ad-hoc group of bondholders in DOF
Subsea AS' bond loans (FRN DOF Subsea AS Senior Unsecured Bond Issue 2013/2020,
DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN DOF Subsea AS
Senior Unsecured Bond Issue 2018/2023) has extended the standstill arrangements
with the bondholders to 31 March 2023 in accordance with the authority granted
in the bondholders' meetings held on 7 November 2022.
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 over 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity. DOF's core businesses are vessel ownership, vessel management,
project management, engineering, vessel operations, survey, remote intervention
and diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL PERIOD
November 30, 2022
DOF Group is pleased to announce multiple new contracts in Atlantic region and
the long-term charter of the CSV vessel Havila Phoenix.
The region has been awarded an Integrated Field Support Vessel (FSV) contract
with an international operator in West-Africa. The contract is 365 days firm,
with 365 days of options. DOF shall deliver project management, engineering,
procurement and logistics within deep-water construction and maintenance of
existing subsea infrastructure. The project shall utilise Skandi Seven for the
contract.
The region has also been awarded multiple FEED studies towards prospective
floating wind developments in the Atlantic region. DOF shall use its project
management, engineering and logistical expert teams to outline marine operation
solutions, including mooring and dynamic cable installation.
DOF is further pleased to announce the charter of Havila Phoenix on a 3-year
firm plus 2-year option contract, with commencement in Q1, 2023. Havila Phoenix
is a large and modern CSV, equipped with one 250-ton AHC offshore crane, one 20
-ton AHC offshore crane, 2 WROVs and a large construction deck. The vessel will
be utilised within the DOF Subsea's project segment.
Mons Aase, CEO DOF Subsea AS, said, "I`m pleased with the award for a new
integrated FSV contract in West-Africa, once again proving our ability to
deliver complex marine operations and engineering services. I also welcome
Havila Phoenix into our fleet of advanced subsea vessels.
For further information, please 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 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
News
DOF Contract and Fleet update
November 28, 2022
In connection with the extraordinary general meeting of DOF ASA (DOF) to be held
on 14 December 2022, Bjarte Brønmo has, on 24 November 2022, received proxies
for 106 044 787 in DOF to vote for a new board of directors. Brønmo owns 15 770
287 shares in DOF and can therefore vote for in total 121 815 074 shares in DOF
equivalent to 38.49% of the voting shares.
The proxies received are only valid for the EGM on 14 December 2022.
This information is subject to disclosure pursuant to section 4-3, cf 4-2 of the
Norwegian Securities Trading Act.
Historical OSE Notices
Disclosure of voting proxies for the Extraordinary General Meeting of DOF ASA 14 December 2022
November 25, 2022
Det vises til kunngjøring fra DOF ASA ("Selskapet") 17. november 2022 vedrørende
krav om innkalling til ekstraordinær generalforsamling ("EGF") etter
allmennaksjeloven § 5-7(2), som skal avholdes for å behandle forslag om å velge
nytt styre i Selskapet.
Generalforsamlingen vil bli avholdt onsdag 14. desember 2022 kl. 12:00 som et
elektronisk møte. Aksjonærer som ønsker å delta og stemme i EGF må være
registrert med en brukerprofil i møteportalen Orgbrain (www.orgbrain.no) eller
sende inn fullmakt til Selskapet innen kl. 12:00 den 9. desember 2022.
Informasjon om deltakelse og registrering er inkludert i innkallingen vedlagt
denne kunngjøringen og også tilgjengelig på selskapets nettside www.dof.com.
Ytterligere informasjon om den elektroniske deltakelsen vil bli publisert på
selskapets nettside www.dof.com og vil bli distribuert til aksjonærene som
fyller ut og returnerer påmeldingsskjemaet.
Papirversjon av innkallingen vil sendes per post til de aksjeeierne som har
reservert seg mot elektronisk kommunikasjon i VPS Investortjenester.
For nærmere informasjon vennligst kontakt:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
Denne informasjonen er informasjonspliktig etter verdipapirhandelloven § 5-12.
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA: INNKALLING TIL EKSTRAORDINÆR GENERALFORSAMLING
November 23, 2022
Reference is made to the announcement made by DOF ASA (the "Company") on 17
November 2022, regarding a request for an extraordinary general meeting ("EGM")
pursuant to section 5-7(2) of the Norwegian Public Limited Companies Act, to be
held to consider a proposal to elect a new board of directors in the Company.
The EGM will be held on Wednesday 14 December 2022 at 12:00 hours as an
electronic meeting. Shareholders who wish to participate and vote at the EGF
must be registered with a user profile in the meeting portal Orgbrain
(www.orgbrain.no) or submit a proxy to the Company by 12:00 hrs CET on 9
December 2022. Information about participation and registration is included in
the notice attached to this announcement and also available on the Company's
website www.dof.com. Further information about the electronic participation will
be published on the Company's website www.dof.com and distributed to the
shareholders who fill in and return the registration form.
A paper version of the notice will be sent by post to those shareholders who
have reserved themselves against electronic communication on the VPS Investor
Services.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA: NOTICE OF EXTRAORDINARY GENERAL MEETING
November 23, 2022
The board of directors of DOF ASA has pursuant to section 5-7(2) of the
Norwegian Public Limited Companies Act received a request for an extraordinary
general meeting ("EGM") to be held to consider a proposal to elect a new board
of directors in the company. The request has been submitted on behalf of Bjarte
Brønmo and Sans Invest AS holding more than 5% of the share capital. It has been
informed that Leif Salomonsen will be proposed as new chair of the board and
that the other candidates will be presented prior to the general meeting.
The board of directors will convene an EGM to be held no later than 14 December
2022.
We also attach a new letter received from the financial creditors of the DOF
Group, in which it (i) once again is reiterated by the financial creditors that
there is no room for further negotiations, (ii) is confirmed that the financial
creditors stand by their statement that they, if necessary, will contribute to
implementation of the restructuring through a forced reconstruction and/or
bankruptcy in DOF ASA and (ii) is expressed that the financial creditors
thereby, and in order to preserve the interests of the DOF Group's employees,
suppliers and customers, are prepared to contribute to the preservation of the
DOF Group's value as a going concern irrespective of the contribution of the
shareholders. Further to this, the financial creditors have made it clear that
there are no other available alternatives than the negotiated restructuring
solution unless the overdue debt of approximately NOK 23 billion is settled. In
the same letter it is further emphasized that any action that would be contrary
to the interest of the DOF group and the stakeholders of DOF ASA (multitude of
the shareholders, creditors etc.) will expose the board of directors in DOF ASA
at any given time to personal liability.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA: REQUEST FOR NEW EXTRAORDINARY GENERAL MEETING AND NEW LETTER FROM THE FINANCIAL CREDITORS
November 17, 2022
Styret i DOF ASA har i henhold til allmennaksjeloven § 5-7(2) mottatt et krav om
at det avholdes ekstraordinær generalforsamling for å behandle et forslag om
valg av nytt styre i selskapet. Kravet er sendt på vegne av Bjarte Brønmo og
Sans Invest AS som eier mer enn 5 % av aksjekapitalen. Det er opplyst at Leif
Salomonsen vil bli foreslått valgt som ny styreleder og at øvrige kandidater vil
bli presentert før generalforsamlingen.
Styret vil innkalle til ekstraordinær generalforsamling som vil bli avholdt
senest 14. desember 2022.
Vedlagt følger også et nytt brev mottatt fra DOF-konsernets finansielle
kreditorer, hvor det (i) på ny understrekes fra de finansielle kreditorenes side
at det ikke er rom for ytterligere forhandlinger, (ii) bekreftes at de
finansielle kreditorene står ved at de vil medvirke til at restruktureringen om
nødvendig vil bli gjennomført gjennom en tvungen rekonstruksjon og/eller konkurs
i DOF ASA og at (iii) uttrykkes at de finansielle kreditorene på denne måten, og
for å ivareta interessene til DOF-konsernets ansatte, leverandører og kunder, er
innstilt på å medvirke til at DOF-konsernets verdi som "going concern"
opprettholdes uavhengig av aksjonærenes medvirkning. Det er gjort uttrykkelig
klart fra de finansielle kreditorene at det ikke foreligger noen annen løsning
enn den fremforhandlede restruktureringsløsningen, uten oppgjør av hele den
forfalte gjelden på ca. 23 milliarder norske kroner. Det påpekes videre i samme
brev at handlinger som strider mot DOF konsernets interesser, herunder
interessenter i DOF ASA (en betydelig andel av aksjonærer, kreditorer etc.)
innebærer et personlig ansvar for et til enhver tid sittende styre i DOF ASA.
For nærmere informasjon vennligst kontakt:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA: KRAV OM NY EKSTRAORDINÆR GENERALFORSAMLING OG NYTT BREV FRA SELSKAPETS FINANSIELLE KREDITORER
November 17, 2022
Reference is made to the extraordinary general meeting (the "EGM") in DOF ASA
held today. Please find attached the minutes from the EGM.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With over 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity. DOF's core businesses are vessel ownership, vessel management,
project management, engineering, vessel operations, survey, remote intervention
and diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Stock Exchange since 1997.
Historical OSE Notices
DOF ASA: MINUTES FROM EXTRAORDINARY GENERAL MEETING
November 11, 2022
Reference is made to the notice of the extraordinary general meeting (the "EGM")
in DOF ASA ("DOF" and together with its subsidiaries the "Group") published on
21 October 2022.
The EGM has today voted against the resolutions required to implement the
proposed restructuring of the Group in a consensual manner.
The minutes from the EGM will be published shortly.
As informed in the announcement made on 3 November 20221, DOF and the creditors
of the Group have for this scenario agreed to implement the proposed
restructuring of DOF as a forced process pursuant to the Norwegian
Reconstruction Act or through a bankruptcy in DOF, as previously communicated.
Further information will be provided in due course.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With over 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity. DOF's core businesses are vessel ownership, vessel management,
project management, engineering, vessel operations, survey, remote intervention
and diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Stock Exchange since 1997.
Historical OSE Notices
DOF ASA: EXTRAORDINARY GENERAL MEETING VOTED AGAINST THE PROPOSED CONSENSUAL RESTRUCTURING
November 11, 2022
Reference is made to the previous announcement on 24 October 2022 regarding
summons to bondholders' meetings in DOF Subsea AS' three bond loans (FRN DOF
Subsea AS Senior Unsecured Bond Issue 2013/2020 (DOFSUB07, ISIN NO0010971005),
DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 (DOFSUB08, ISIN
NO0010788177) and FRN DOF Subsea AS Senior Unsecured Bond Issue 2018/2023
(DOFSUB09, ISIN NO0010836810)) in which DOF Subsea AS requested the bondholders'
approval of the contemplated restructuring of the DOF group by a consensual
implementation, or, in the event that the Extraordinary General Meeting in DOF
ASA on 11 November 2022 does not approve a consensual restructuring, to complete
the restructuring through alternative implementation steps.
DOF Subsea AS is pleased to announce that the bondholders' meetings were held
today and the proposed resolution received 99.78%, 98.43% and 96.70% 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.
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
With a multi-national workforce of about 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With over 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity. DOF's core businesses are vessel ownership, vessel management,
project management, engineering, vessel operations, survey, remote intervention
and diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
RESULT FROM BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - APPROVAL OF RESTRUCTURING AND ALTERNATVE IMPLEMENTATION STEPS
November 7, 2022
Det vises til børsmeldingen fra DOF ASA ("DOF" og sammen med sine
datterselskaper, "Gruppen") 22. juni 2022 om inngåelse av en avtale med en
betydelig gruppe kreditorer og enkelte andre interessenter om en helhetlig
finansiell restrukturering ("Restruktureringen"), børsmeldingen 13. oktober 2022
med en oppdatering om Restruktureringen og innkallingen datert 21. oktober 2022
til den ekstraordinære generalforsamlingen i DOF som skal avholdes 11. november
2022.
DOF har i dag mottatt et brev fra rådgiverne til de største kreditorene til
Gruppen ("Kreditorbrevet"). Kreditorbrevet er et vedlegg til vedlagte brev fra
styreleder i DOF til aksjonærene.
Aksjonærene oppfordres til å lese brevene og informasjonen som er fremhevet
nedenfor nøye, før de tar noen beslutninger om hvordan de skal stemme på den
ekstraorfinære generalforsamlingen.
Det fremgår av Kreditorbrevet at:
i. det ikke er rom for videre forhandlinger med kreditorene ;
ii. gjennomføringen av Restruktureringen, som foreslått for den ekstraordinære
generalforsamlingen, er det eneste frivillige alternativet til et krav fra
kreditorene om full tilbakebetaling av lånene ; og
iii. dersom aksjonærene ikke fatter de nødvendige vedtakene på den
ekstraordinære generalforsamlingen, vil den foreslåtte Restruktureringen bli
gjennomført som en tvungen prosess i henhold til den norske rekonstruksjonsloven
eller gjennom en konkurs i DOF, som vil gi aksjonærene mindre eller ingen verdi
sammenlignet med den foreslåtte frivillige Restruktureringen.
Som understreket av styreleder i vedlagte brev til aksjonærene i DOF, bør alle
aksjonærer, før de bestemmer seg for hvordan de skal stemme, særlig vurdere
følgende elementer nøye:
i. Aksjonærene i DOF vil motta den høyeste verdien (og den største andelen av
en eventuell fremtidig verdistigning) dersom Restruktureringen blir godkjent i
den ekstraordinære generalforsamlingen ;
ii. den foreslåtte frivillige Restruktureringen gir aksjonærene 4 % av
aksjekapitalen, selv om egenkapitalen i DOF i realiteten er tapt i den rådende
situasjonen. Dette er en gunstig løsning gitt Gruppens nåværende stilling og det
er en gunstig løsning sammenlignet med lignende restruktureringssaker ;
iii. dersom aksjonærene ikke godkjenner Restruktureringen på den ekstraordinære
generalforsamlingen, vil Restruktureringen bli gjennomført som en tvungen
prosess i henhold til rekonstruksjonsloven, og aksjonærene vil i så fall bare
være sikret 1 % av aksjekapitalen etter Restruktureringen ;
iv. i tilfelle Restruktureringen ikke kan gjennomføres i henhold til
rekonstruksjonsloven, vil Restruktureringen bli gjennomført gjennom en konkurs i
DOF og aksjonærene i DOF vil sitte igjen uten noe verdi ; og
v. minoritetsaksjonærgruppens argumenter knyttet til underliggende verdier i
konsernet og videre at konkurs ikke vil bli erklært, er dessverre basert på
grunnleggende misforståelser da konkursalternativet vil bli gjennomført om
nødvendig og de eksisterende aksjonærene da vil sitte igjen uten noe verdi.
For det tilfellet at fullmakt allerede er inngitt, presiseres det at fullmakten,
helt frem til generalforsamlingen (kl. 12.00 den 11. november 2022), vil kunne
trekkes tilbake og endres til en instruks om å stemme for forslagene til vedtak
på generalforsamlingen.
DOF har også merket seg at enkelte minoritetsaksjonærer har gitt uttrykk for at
de ikke har mottatt nødvendig informasjon fra DOF. Det skal i denne forbindelse
bemerkes at representanter for DOF har kontaktet et stort antall aksjonærer for
å forklare informasjonen som er gitt til aksjonærene gjennom børsmeldinger og
innkallingen til den ekstraordinære generalforsamlingen. Enhver aksjonær, som
fortsatt har behov for ytterligere informasjon, er imidlertid velkommen til å
kontakte:
CFO Hilde Drønen, tlf. +47 916 61 009
CFO (Acting) Martin Lundberg, tlf. +47 916 21 057
Group General Counsel Petter O. Pharo, tlf. +47 982 06 477
Denne informasjonen er informasjonspliktig etter verdipapirhandelloven § 5-12.
Med en multinasjonal arbeidsstyrke på rundt 3.900 ansatte, er DOF ASA en
internasjonal gruppe av selskaper som eier og driver en flåte av moderne
offshore/undervannsfartøy, og ingeniørkapasitet for å betjene både offshore- og
subseamarkedet. Med over 40 år i offshorebransjen har Gruppen en sterk posisjon
når det gjelder erfaring, innovasjon, produktspekter, teknologi og kapasitet.
DOFs kjernevirksomhet er fartøyseierskap, fartøysledelse, prosjektledelse,
engineering, fartøysoperasjoner, kartlegging, fjernintervensjon og
dykkeoperasjoner primært for olje- og gassektoren. Fra PSV charter til Subsea
engineering, DOF tilbyr et komplett spekter av offshoretjenester av topp
kvalitet for å legge til rette for en stadig voksende og krevende industri.
Selskapets viktigste driftssentre og forretningsenheter er lokalisert i Norge,
Storbritannia, USA, Singapore, Brasil, Argentina, Canada, Angola og Australia.
DOF ASA har vært notert på Oslo Børs siden 1997.
Historical OSE Notices
DOF ASA: EKSTRAORDINÆR GENERALFORSAMLING DEN 11. NOVEMBER 2022
November 3, 2022
Reference is made to the announcement made by DOF ASA ("DOF" and together with
its subsidiaries the "Group") on 22 June 2022 regarding the execution of an
agreement with a substantial group of creditors and certain other stakeholders
on a comprehensive financial restructuring (the "Restructuring"), the
announcement on 13 October 2022 with an update on the Restructuring process and
the notice published on 21 October 2022 of the extraordinary general meeting in
DOF to be held on 11 November 2022 (the "EGM").
DOF has today received a letter from the advisors of the main creditors of the
Group (the "Creditor Letter"). The Creditor Letter is attached to the enclosed
letter from the chairman of DOF to the shareholders.
The shareholders are urged to read the letters and the information highlighted
below carefully prior to making any decisions on how to vote at the EGM.
It is made clear in the Creditor Letter that:
i. there is no room for further negotiations with the creditors ;
ii. the implementation of the Restructuring as proposed to the EGM is the only
consensual alternative to a claim from the creditors for full repayment of the
loans ; and
iii. in the event that the shareholders fail to approve the required resolutions
at the EGM, the proposed Restructuring will be implemented as a forced process
pursuant to the Norwegian Reconstruction Act or through a bankruptcy in DOF,
providing the shareholders with less or no value compared to the proposed
consensual Restructuring.
As emphasized by the chairman in the attached letter to the shareholders of DOF,
all shareholders should prior to deciding how to vote in particular consider the
following elements carefully:
i. The shareholders of DOF will receive the highest value (and the largest
portion of any future upside) in the event that the Restructuring is approved by
the EGM ;
ii. the proposed consensual Restructuring provides the shareholders with 4 % of
the share capital even if the equity in DOF in reality is lost in the prevailing
financial situation. This is a favorable solution given the existing status of
the Group and also compared to similar restructuring cases ;
iii. in the event that the shareholders fail to approve the Restructuring at the
EGM, the Restructuring will be implemented as a forced process pursuant to the
Norwegian Reconstruction Act in which event the shareholders will only be
secured 1 % of the share capital following the Restructuring ;
iv. in the event that the Restructuring cannot be implemented pursuant to the
Reconstruction Act, the Restructuring will be implemented through a bankruptcy
in DOF and the shareholders of DOF will be left with zero value ; and
v. the arguments presented by the group of minority shareholders relating to
underlying values in the Group and that a bankruptcy will not be declared, are
unfortunately based on fundamental misunderstandings as the bankruptcy
alternative will be adopted if required and the existing shareholders then will
be left with zero value.
It is also emphasised that an already submitted power of attorney, until the EGM
(at 12:00 on 11 November 2022), can be withdrawn and changed to an instruction
to vote in favour of the proposed resolutions at the EGM.
DOF has also noted that certain minority shareholders have expressed that they
have not received required information from DOF. It should in this respect be
noted that representatives of DOF have reached out to a large number of
shareholders in order to explain the information provided to the shareholders
through stock exchange announcements and the notice of the EGM. However, any
shareholder who still require additional information are welcome to contact:
CFO Hilde Drønen, tel. +47 916 61 009
CFO (Acting) Martin Lundberg, tel. +47 916 21 057
Group General Counsel Petter O. Pharo, tel. +47 982 06 477
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With over 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity. DOF's core businesses are vessel ownership, vessel management,
project management, engineering, vessel operations, survey, remote intervention
and diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Stock Exchange since 1997.
Historical OSE Notices
DOF ASA: EXTRAORDINARY GENERAL MEETING ON 11 NOVEMBER 2022
November 3, 2022
The Group's revenue for 3rd quarter (management reporting) totals NOK 2,862
million (NOK 2,052 million) and EBITDA totals NOK 1,030 million (NOK 865
million). The operating profit (EBIT) is NOK 678 million (NOK 488 million). Net
financial cost amounts to NOK -1,126 million (NOK -671 million) incl. unrealised
currency loss of NOK -869 million (NOK -548 million). The net result is a loss
of NOK -519 million (NOK -128 million). The Group's net interest bearing debt is
NOK 23,159 million (NOK 19,847 million) and the book equity is negative with NOK
- 2,212 million (NOK - 1,106 million).
Operations:
. The average utilisation of the fleet was 88% (83%) in the quarter
. High activity and good performance in the subsea regions
. High activity in Brazil. Lower rates and utilisation in the North Sea spot
market especially for the AHTS fleet
. A high tender activity has resulted in an increased order intake the last
two quarters
. The total current fleet includes 54 vessels (incl. vessels on management or
hired in)
- 15 AHTSs, 11 PSVs and 28 Subsea vessels
- One vessel sold and delivered in the quarter
Backlog
. Order intake of NOK 3.9 billion in the quarter
. Total backlog of NOK 21.7 billion by end of the quarter
Finance:
. The Group has signed a Restructuring Agreement with the secured lenders and
a group of bondholders representing 40% of the total outstanding bonds ("The
lenders"), with the purpose of securing a long-term financial solution and
continue as going concern, where the following main terms have been agreed:
- Conversion of approximately NOK 6.2 billion in debt into equity across all
major silos within the Group (DOFCON JV excluded), whereas the holders of
current shares will hold 4% of the shares after the conversion.
- Consolidation of most bilateral facilities at DOF Subsea Group in a single
syndicated loan and refinancing of the DOF Rederi Fleet loan after conversion of
debt.
- Amended terms of the Norskan financing including a split in guaranteed
(approx. 70%) and unguaranteed tranches.
- The Restructuring Agreement remains to be approved by the bondholders in DOF
Subsea AS in a bondholder meeting on 7th of November and by the shareholders in
the Company in an extraordinary general meeting on 11th of November.
- The Group and the lenders have agreed alternative implementation steps of the
restructuring should it not be approved by the shareholders.
Please see enclosed 3rd quarter Financial Report 2022.
Webcast is available Thursday, 27th of October 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 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Financial Report 3rd quarter for DOF ASA
October 27, 2022
The DOF Group is pleased to announce extension of a contract in Brazil and new
contracts in West-Africa and in the North Sea.
Petrobras has awarded an extension of the Skandi Amazonas contract with Norskan
Offshore Ltda until March 2023. Skandi Amazonas is a 21.000 class Brazilian
flagged AHTS vessel.
DOF Subsea has have been awarded a contract to support a FPU for a major
operator in West-Africa. The Group will utilise the vessels Skandi Constructor,
Skandi Iceman and Skandi Hera, and one third-party vessel.
Skandi Captain has secured a contract with a client to support drilling
operations in the Dutch sector of the North Sea. The charter will commence
within November 2022 and is expected to provide 100 days of vessel utilisation.
The estimated firm backlog for these contracts is approximately NOK 260 million.
Mons Aase CEO DOF Group said," I'm very pleased with these awards that on top of
an already high order intake, secures good utilisation for the Group in Q4 and
into Q1 2023".
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 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Contract awards
Contract awards DOF Group
October 26, 2022
Reference is made to the resolutions adopted in the bondholders' meetings in DOF
Subsea AS' three bond loans (FRN DOF Subsea AS Senior Unsecured Bond Issue
2013/2020, DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN DOF
Subsea AS Senior Unsecured Bond Issue 2018/2023) on 30 September 2022, whereby
the bondholders on certain conditions approved to extend their waiver from, and
suspension of, all payment obligations under each of the bond loans until 31
October 2022, with a possibility to further extend the standstill arrangement
currently in place to 30 November 2022 with the approval of the ad-hoc group of
bondholders (the "Ad-Hoc Group").
Reference is further made to the announcements on 22 June 2022 regarding the
execution of an agreement (the "Restructuring Agreement") with a substantial
group of creditors and certain other stakeholders on a comprehensive financial
restructuring (the "Restructuring") and the announcements made on 21 October
2022 regarding the Extraordinary General Meeting to be held on 11 November 2022
relating to the Restructuring and the extension of the standstill arrangements
to 30 November 2022 in accordance with the authority granted to the Ad-Hoc
Group.
The completion of the Restructuring is dependent on the bondholders approval of
the Restructuring pursuant to the terms of the Restructuring Agreement. Further,
in the event the Extraordinary General Meeting on 11 November 2022 does not
approve resolutions required to implement the Restructuring, completion of the
Restructuring is dependent on the bondholders approval to implement the
Restructuring through certain alternative implementation steps. DOF Subsea AS
has therefore requested Nordic Trustee AS to summon bondholders' meetings in the
three bond loans to consider the approval of the Restructuring by a consensual
implementation or through alternative implementation steps. The proposal is
further described in the attached summons to the bondholders in the three bond
loans.
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
With a multi-national workforce of about 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With over 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity. DOF's core businesses are vessel ownership, vessel management,
project management, engineering, vessel operations, survey, remote intervention
and diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - APPROVAL OF RESTRUCTURING AND ALTERNATVE IMPLEMENTATION STEPS
October 24, 2022
Reference is made to the announcement made by DOF ASA ("DOF") and its subsidiary
DOF Subsea AS on 22 June 2022 regarding the execution of an agreement (the
"Restructuring Agreement") with a substantial group of creditors and certain
other stakeholders on a comprehensive financial restructuring (the
"Restructuring") and the announcement on 13 October 2022 regarding the update on
the Restructuring process.
The Extraordinary General Meeting relating to the Restructuring will be held on
Friday 11 November 2022 at 12:00 hours as an electronic meeting. Shareholders
who wish to participate and vote at the Extraordinary General Meeting must be
registered with a user profile in the meeting portal Orgbrain (www.orgbrain.no)
or submit a proxy to the Company by 12:00 hrs CET on 7 November 2022.
Information about participation and registration is included in the notice and
its appendices and is attached to this announcement and also available on the
Company's website www.dof.com. Further information about the electronic
participation will be published on the Company's website www.dof.com and
distributed to the shareholders who fill in and return the registration form.
A paper version of the notice will be sent by post to those shareholders who
have reserved themselves against electronic communication on the VPS Investor
Services.
In addition, DOF is pleased to announce that the senior creditors that are
parties to the Restructuring Agreement have agreed to extend the Long Stop Date
in the Restructuring Agreement to 30 November 2022, and that the ad-hoc group of
bondholders in DOF Subsea AS' bond loans (FRN DOF Subsea AS Senior Unsecured
Bond Issue 2013/2020, DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022
and FRN DOF Subsea AS Senior Unsecured Bond Issue 2018/2023) has extended the
standstill arrangements with the bondholders to 30 November 2022 in accordance
with the authority granted in the bondholders' meetings held on 30 September
2022. The sole purpose of such extensions is to enable that the agreed
Restructuring can be implemented.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With over 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity. DOF's core businesses are vessel ownership, vessel management,
project management, engineering, vessel operations, survey, remote intervention
and diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Stock Exchange since 1997.
Historical OSE Notices
DOF ASA: NOTICE OF EXTRAORDINARY GENERAL MEETING AND NEW LONG STOP DATE FOR THE RESTRUCTURING AGREEMENT
October 21, 2022
DOF ASA will release the Q3 results on Thursday 27th of October 2022. The report
will be available at www.dof.com and www.newsweb.no.
The presentation will be held as a webcast at 08:30 CET the same day on:
http://www.dof.com/webcast.
The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen.
If you have questions, please contact the Company.
Contact:
CEO Mons Aase, Tel + 47 91 66 10 12
CFO Hilde Drønen, Tel + 47 91 66 10 09
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Invitation to presentation of Q3 2022 results
October 19, 2022
DOF Subsea is pleased to announce the award of a 3-year contract for two vessels
with Esso Exploration & Production Guyana Limited. Under the agreement, DOF
Subsea will perform IMR, well intervention support, and light subsea
construction activities to support the growing subsea infrastructures in the
Stabroek Block offshore Guyana.
Two Multipurpose Support Construction Vessels with 250-ton AHC crane and 2 work
class ROV systems will be deployed in Guyana for 3-year terms, plus 2 years
options.
The first vessel will mobilize in late October while the second vessel is
planned to commence in January 2023.
Mons S Aase, CEO, DOF Subsea said, "I am extremely happy with this contract
award from ExxonMobil Guyana, and entering the important and flourishing
Guyanese market. The award further underlines DOF's leading position in the IMR
segment."
The estimated firm backlog for the group is approximately NOK 2.7 billion.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
With a multi-national workforce of about 3,900 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Contract awards
DOF Subsea awarded MPSV Contracts in Guyana
October 21, 2022
DOF Rederi AS, a wholly owned subsidiary of DOF ASA, has signed a 5-year
contract for the PSV Skandi Feistein with Esso Australia Pty Ltd.
The contract will commence in second half 2019. Skandi Feistein is a large PSV
built in Norway in 2011.
Mons S. Aase, CEO DOF ASA comments: "This is a very important win for us. It is
our first long term contract with Esso in Australia and an important step in our
strategy of growing our fleet in the APAC region. I think this award is further
proof of our ability to deliver world class services on a global basis."
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 3,500 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, Egypt, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Contract awards
Long term contract for PSV Skandi Feistein with Esso Australia
August 6, 2019
DOF Subsea Group is proud to announce the successful contract award for a major
operator within the UKCS sector to decommission subsea infrastructure in Q3,
2019. The works will be undertaken by the Skandi Skansen together with DOF owned
AHTS vessels. This is the second award with the same operator in as many months
in the decommissioning segment.
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, Egypt, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Contract awards
Contract award for Skandi Skansen
August 8, 2019
DOF ASA will present the Q2 results 2019 at Norges Rederiforbund, Rådhusgt. 25,
7th floor, Oslo, on Tuesday 20 August 2019 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 Friday 16 August 2019.
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, Egypt, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Invitation to presentation of Q2 2019 results
August 12, 2019
The Group's operating income for 2nd quarter (management reporting) totals NOK
1,854 million (NOK 1,804 million) and the operating profit before depreciation
and impairment (EBITDA) totals NOK 669 million (NOK 560 million). The Ebitda
adjusted for hedge accounting is NOK 712 million (NOK 594 million) and the
operating profit (EBIT) is NOK 181 million (NOK 179 million), of which
depreciation and impairment total NOK 488 million (NOK 380 million).
The average utilisation of the Group's fleet during the 2nd quarter was 74% ; 67%
for the subsea fleet, 69% for the AHTS fleet and 93% for the PSV fleet.
The market has improved for the supply fleet, but the market is still
challenging for the Subsea IMR fleet. The vessels on term contracts have
achieved high utilisation in the quarter.
The Group's backlog is NOK 20 billion.
As reported in 1st quarterly report, the Group experienced that regular
refinancing has been challenging and a short-term refinancing has been secured
during 2nd quarter. The Board and Management are working on a long-term solution
to secure satisfactory financing and liquidity for the Group.
The operational Ebitda in 2nd half 2019 is expected to be higher than 1st half
2019.
Please see enclosed 2nd quarter Financial Report 2019
Webcast is available Tuesday, 20th August 2019 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, Egypt, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Financial Report 2nd quarter for DOF ASA
August 20, 2019
DOF has been awarded two AHTS contracts to support drilling operations in New
Zealand. Skandi Emerald and Skandi Atlantic, built in 2011 and 2012
respectively, have been contracted by OMV NZ for 2 wells firm, plus 2 x 1 well
options, to support drilling rig COSL Prospector. Both vessels are currently
supporting the same rig with another Operator in New Zealand, and commencement
with OMV will be on completion of this campaign during Q4 2019.
Mons S. Aase, CEO DOF ASA comments "I'm very happy with this new award in New
Zealand, securing good backlog for these units into 2020".
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 3,500 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, Egypt, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Contract awards
New contracts
August 20, 2019
Financial calendar for DOF ASA
FINANCIAL YEAR 2019
28.11.2019 - Quarterly Report - Q3
21.02.2020 - Quarterly Report - Q4
Updated financial calendar for 2019.
This information is published pursuant to the requirements set out in the
Continuing obligations.
Historical OSE Notices
Financial calendar
August 27, 2019
Finansiell kalender for DOF ASA
REGNSKAPSÅR 2019
28.11.2019 - Kvartalsrapport - Q3
21.02.2020 - Kvartalsrapport - Q4
Oppdatert finanskalender for 2019.
Denne informasjonen offentliggjøres i henhold til kravene i Løpende
forpliktelser.
Historical OSE Notices
Finansiell kalender
August 27, 2019
Norskan and Petrobras have signed a 1 year extension until September 2020 for
the AHTS Skandi Fluminense. The vessel, built in 2007, is an AHTS 18.000 with 1
WROV operated by DOF Subsea on board.
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 3,500 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, Egypt, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Contract awards
Extension Skandi Fluminense
September 2, 2019
Frederik Wilhelm Mohn has announced that he by his own initiative has resigned
from the Boards of Directors in DOF ASA and DOF Subsea AS with immediate effect.
The companies are working on finding replacements.
Contact person: Chairman Helge Møgster, tel. +47 91661007
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, Egypt, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Board changes
September 9, 2019
As previously reported in DOF ASA's ("DOF" or the "Company") financial report
for Q2 2019, the group experience that regular refinancing has been challenging.
DOF and its 65% subsidiary DOF Subsea AS ("DOF Subsea") are on this basis in the
process of finding a long-term refinancing solution, with a structure that is
aligned with the current market environment. A long-term solution will involve
all stakeholders, including shareholders, banks, and bondholders.
The DOF Group has an order backlog of NOK 20 billion per 30.06 2019.
DOF Subsea is currently making progress in its discussion with its stakeholders,
including a constructive dialogue with key banks to adapt the bank facilities to
the current market environment.
DOF Subsea has today summoned a bondholder meeting in order to postpone an
instalment in DOFSUB07 due 22 October 2019, as further described in the summons.
Based on the current dialogue with stakeholders the best estimate is that it
will be possible to reach an agreement on the long-term solution during the 4th
quarter 2019, but no assurance can be given at this stage.
DOF has for the PSV and AHTS business a constructive dialogue with its key banks
to adjust the amortization profile and covenant structure of its bank financing
to reflect the current market environment.
It is likely that a long-term solution will require an equity injection in DOF
and that a substantial portion of the new equity will be used to support the
refinancing of DOF Subsea. Laco AS, indirectly the largest shareholder in DOF,
is in this respect committed to support the group with NOK 200 million in new
equity, conditional upon a satisfactory refinancing solution for the Group,
including a maturity profile providing satisfactory runway until the expected
timing of the market recovery. The Board of Directors of DOF will work towards a
solution for the equity injection, which takes the interests of all shareholders
into account and which to the extent permitted within applicable statutory
limitations treat all shareholders equally.
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.
This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
Historical OSE Notices
DOF ASA: REFINANCING UPDATE
October 8, 2019
Please find attached the Notice of Extraordinary General Meeting of DOF ASA.
The Extraordinary General Meeting will be held on Wednesday 30 October 2019 at
10.00 hours, in the company's facilities at Storebø in the municipality of
Austevoll.
A printed version of the notice will be sent by post to all shareholders.
Contact persons:
CEO Mons S. Aase, +47 91 66 10 12
CFO Hilde Drønen, +47 91 66 10 09
With a multi-national workforce of about 3,500 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
Notice of Extraordinary General Meeting DOF ASA
October 9, 2019
Reference is made to Refinancing Update dated 8 October 2019.
DOF Subsea has today been notified that Nordic Trustee, on behalf of a group of
bondholders in the DOFSUB07 bond loan, will send out a summons for another
Bondholders meeting to be held on 30 October 2019, which is enclosed.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 48 09 46 99
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, Egypt, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA: REFINANCING UPDATE
October 16, 2019
Equinor Energy AS has exercised a 6 months option connected to the Framework
Agreement awarded in 2018. The vessel will be utilized firm from mid November
2019 until mid May 2020.
The CEO, Mons Aase comments "Skandi Vega has served Equinor since 2009 and we
are satisfied that the vessel is secured firm work through the coming winter
season"
Contact persons:
CEO Mons S. Aase, +47 91 66 10 12
CFO Hilde Drønen, +47 91 66 10 09
With a multi-national workforce of about 3,500 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, Egypt, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Contract awards
Skandi Vega - extention of contract with Equinor Energy AS
October 18, 2019
Reference is made to Refinancing Update dated 16 October 2019.
DOF Subsea has today been notified that Nordic Trustee, on behalf of a group of
bondholders in the DOFSUB07 bond loan, will send out an addendum to the summons
to Bondholders' Meeting dated 8 October, 2019, and a summons a summons for
another Bondholders' meeting to be held on 6 November 2019, both documents
herewith enclosed.
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: Refinancing update
October 22, 2019
Reference is made to Refinancing Update dated 16 October 2019.
DOF Subsea has today been notified that Nordic Trustee, on behalf of a group of
bondholders in the DOFSUB07 bond loan, will send out an addendum to the summons
to Bondholders' Meeting dated 8 October, 2019, and a summons for another
Bondholders' meeting to be held on 6 November 2019, both documents herewith
enclosed.
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
Correction, incl enclosures: DOF ASA Refinancing update
October 22, 2019
DOF Subsea AS: NOTICE FROM BONDHOLDERS' MEETING AND SUMMONS TO NEW BONDHOLDERS'
MEETING
Reference is made to the summons to a bondholders' meeting in DOFSUB07 (ISIN
NO 001 0670144) issued by DOF Subsea AS (the "Company"), as amended by the
addendum dated 22 October 2019. The bondholders' meeting was held today and the
proposed resolution was approved by 97.49% of the votes in cast at the
bondholders' meeting. The bond agreement for DOFSUB07 will therefore be changed
as set out in the summons. The minutes from the bondholders' meeting is
attached.
In accordance with the resolution passed at the bondholders' meeting, the
Company has requested Nordic Trustee AS to issue a summons for a new
bondholders' meeting to be held to approve a framework for the sharing of
information and the appointment of professional advisers to the bondholders in
DOFSUB07. The summons to the new bondholders' meeting, to be held on 6 November
2019 at 13:00 (Oslo time), is attached.
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 - Refinancing update
October 22, 2019
DOF Subsea has secured 2 contracts totaling more than 160 vessel days for Skandi
Seven and Skandi Skansen in Africa.
Skandi Seven has commenced operations for a repeat international energy company
in Angola, delivering integrated FSV services, project management & engineering.
DOF Subsea will during this contract deliver onshore and offshore work scopes
within deep-water field development and maintenance duties towards existing
subsea infrastructure.
Skandi Skansen shall shortly commence mobilization in the North Sea to deliver a
mooring refurbishment and installation project for a key Client in Ghana. In
water depths up to 1000 meters, Skandi Skansen shall execute a variety of
mooring activities.
The CEO, Mons Aase, states that he is very pleased with the contract awards,
increasing the Company's footprint in strategical important areas in the winter
season.
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 Subsea secures contracts in Africa
October 24, 2019
Extraordinary general meeting in DOF ASA was held today, 30 October 2019. All
items were resolved in accordance with the Boards calling notice and the
Nomination committee's recommendation.
Please find attached minutes from the extraordinary general meeting in DOF ASA.
Contact persons:
CEO Mons Aase, tel. +47 91661012
CFO Hilde Drønen, tel. +47 91661009
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
Extraordinary general meeting held
October 30, 2019
DOF Subsea signs today a contract with Kværner to collaborate and deliver Marine
Operations for Equinor`s Hywind Tampen Project. The contract shall be executed
in a 50/50 partnership (joint venture) with Kværner.
"Hywind Tampen will be the world's largest floating offshore wind farm and is
vital for industrialising solutions and reducing costs for future offshore wind
power projects. The deep-water floating renewables market is on the verge of
commercialization, and therefore this contract has strategic importance to DOF
Subsea" says Mons Aase, CEO in DOF Subsea.
The Hywind Tampen project will be installed offshore Norway, west of the city
Bergen and will supply electrical power to the nearby oil and gas platforms
Gullfaks A, B, C and Snorre A and B. The combined effect from the 11 turbines
will be 88 megawatts and will replace about 35 percent of the five platforms'
energy demand. Today, the energy required to run these platforms is supplied by
gas turbines.
The project will reduce Norwegian CO 2 emissions with more than
200?000 tonnes per year, which is equivalent to the emissions from 100?000 cars.
In addition, analysis confirm that the hulls made of concrete have a favourable
CO 2 footprint compared to several other solutions. Hywind Tampen will also be
leveraged to further reduce the CO 2 footprint in future projects.
DOF Subsea and Kværner has entered into a 50/50 joint venture to deliver Hywind
Tampen marine operations. The scope includes full project management,
engineering, assembly site management, mooring system installation, units tow-to
-field and installation of the floating wind turbine units at the Tampen area.
Several state-of-the-art construction vessels will be deployed from DOF Subsea
during project phases, including the 2011 built Skandi Skansen. The vessels,
together with a competent onshore and offshore organisation, shall ensure a safe
and efficient delivery of Hywind Tampen marine operations project.
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 contract for Hywind Tampen is a strategic breakthrough
October 31, 2019
Reference is made to the summons to a bondholders' meeting in DOFSUB07 (ISIN
NO 001 0670144) issued on 22 October 2019. The bondholders' meeting was held
today, and the proposed resolution was approved by 100% of the votes in cast at
the bondholders' meeting. The bond agreement for DOFSUB07 will therefore be
changed as set out in the summons. The minutes from the bondholders' meeting is
attached.
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
Notice from bondholders' meeting DOF Subsea AS
November 6, 2019
DOF Subsea is pleased to announce multiple contract awards from undisclosed
clients in two important growing regions, Trinidad and US GoM.
Skandi Neptune has been awarded a 3-year frame agreement for IMR and light
construction services with a major operator in Trinidad. She will commence
operation in Trinidad late November for the 1[st] offshore inspection campaign.
The Group have also secured several shorter contracts in the GoM to support IMR,
subsea installation and decommissioning operations, securing good utilisation in
the 4[th] quarter for Harvey Deep Sea.
Moreover, Geosea has been awarded a 21-day contract commencing in late November
in the GoM.
In a statement Mons Aase, CEO DOF Subsea, said, "This is important awards for
us, securing good utilisation for our ships in the North America Region, in
addition to creating a strong basis for future work in Trinidad and the GoM."
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 Subsea awarded contracts in Trinidad and GoM
November 7, 2019
DOF (UK) Limited has been awarded a contract for up to six months work for the
Skandi Barra by an undisclosed client. Commencement is planned for late November
2019.
DOF is further pleased to announce multiple vessel contract awards with major
key Client in the Mediterranean Sea. The Group has secured utilisation of two
large pipe carriers (PSVs) and one high specification AHTS for respectively a
minimum 60 and 75 firm days plus options.
The vessels will mobilise from other regions within primo December 2019.
DOF ASA CEO, Mons S. Aase, said "DOF is delighted to further strengthen the
relation with two of our key clients and to secure firm work during winter
season."
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 - New contracts
November 18, 2019
DOF ASA has today entered into a share purchase agreement with FR Dolphin Lux
Holding S.á.r.l., owner of 51,131,358 shares in DOF Subsea AS, and Dolphin
Invest 2 AS, owner of 7,538,163 shares in DOF Subsea AS, both entities
controlled by US based fund First Reserve, for purchase of the aggregate
58,669,521 shares (the "Shares") held by these two companies. The purchase price
for the Shares, which comprise 35,057% of the total volume of shares of DOF
Subsea AS, is NOK 20 mill. The acquisition is closely associated with the
ongoing refinancing of DOF Subsea AS. Post acquisition, DOF ASA will be sole
shareholder of DOF Subsea AS.
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 - Acquisition of shares in DOF Subsea AS
November 18, 2019
DOF Subsea is pleased to announce several contract-awards in the Asia-Pacific
region, securing 130 days vessel and resource utilisation into Q1 2020.
The contracts, for undisclosed clients in New Zealand and South East Asia, will
see Skandi Hercules commence operations in December 2019 for a major operator.
Additionally, Skandi Singapore will commence construction operations in early
January 2020 in South East Asia.
In a statement Mons Aase, CEO DOF Subsea, said, "These are important awards for
us securing good utilisation for our vessel and resources in the Asia Pacific
Region. We look forward to working with our clients to deliver safe and
successful 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 3,500 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 secures several contracts in the APAC region
November 21, 2019
DOF ASA will present the Q3 results 2019 at Norges Rederiforbund, Rådhusgt. 25,
7th floor, Oslo, on Thursday 28 November 2019 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 Tuesday 26 November 2019.
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 Q3 2019 results
November 25, 2019
DOF Subsea is pleased to announce that Fugro has extended the firm period of
hire for Skandi Carla up to end of October 2020.
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 3,500 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 extension for Skandi Carla
November 26, 2019
The Group's operating income for 3[rd]quarter (management reporting) totals NOK
2,057 million (NOK 1,739 million) and the operating profit before depreciation
and impairment (EBITDA) totals NOK 759 million (NOK 535 million). The Ebitda
adjusted for hedge accounting is NOK 803 million (NOK 587 million). Total
impairments of NOK 917 million (NOK 124 million) have been booked in the period,
hence the operating profit (EBIT) is negative with NOK -503 million (NOK 106
million).
The average utilisation of the Group's fleet during the 3rd quarter was 82% ; 81%
for the subsea fleet, 75% for the AHTS fleet and 94% for the PSV fleet.
Improved earnings and utilisation in all segments during the quarter reflecting
increased activity, however still challenging markets for the AHTS and Subsea
IMR fleet.
The Group's backlog is NOK 20 billion.
A long-term refinancing solution is in process with the target to be completed
before year end.
Per November DOF ASA owns 100% of the shares in DOF Subsea AS.
Please see enclosed 3rd quarter Financial Report 2019.
Webcast is available Thursday, 28th November 2019 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 3rd quarter for DOF ASA
November 28, 2019
DOF ASA AND DOF Subsea AS: REFINANCING UPDATE, SUMMONS TO BONDHOLDERS' MEETINGS
IN DOF SUBSEA AS
As previously reported in DOF Subsea AS' ("DOF Subsea" or the "Company")
financial report for Q2 and Q3 2019, the DOF Subsea Group (the "Group")
experience that regular financing and refinancing has been challenging.
The Group has an order backlog of approximately NOK 14 billion per 30 September
2019. The market has improved slightly, and the Company has a higher EBITDA
compared to last year. However, the current EBITDA is still not sufficient to
cover the Group's current amortisation profile.
DOF Subsea is in a process to negotiate a long-term financing solution, with a
financial structure that is aligned with the current market.
The Company is negotiating with its banks and has a conditional commitment from
its largest indirect shareholder Laco AS to, either directly or indirectly,
subscribe for NOK 200 million of new cash equity, subject to agreement with
banks and bondholders. The new equity is expected to be raised through a rights
issue in DOF ASA to be implemented in January 2020 with expected gross proceeds
of between NOK 200 million and NOK 500 million. The detailed terms of the rights
issue have not yet been determined. DOF ASA will in turn inject new equity in
the amount of NOK 200 million in DOF Subsea.
The key terms of the discussed new bank facilities are:
· All bank facilities in consolidated companies are merged to one new USD 680
million facility with maturity in December 2023.
· With the new facility, annual amortisations are reduced and this represents
a reduction in annual amortisations of 66% average over the first 3 years.
· Interest margins largely unchanged
· New covenants to fit the current market situation.
In respect of the Company's outstanding bonds, the Company proposes, as part of
the solution, a structure whereby the bonds are extended beyond the maturity of
the new bank facility.
· DOFSUB07 - extended to 29 December 2023
· DOFSUB08 - extended to 14 August 2024
· DOFSUB09 - extended to 27 December 2024
Please find enclosed Summons to Bondholders' Meeting (the "Proposal") and a
Company presentation. The Company has received indication that 62% of DOFSUB08
voting bonds and 47% of DOFSUB09 voting bonds will support the Proposal.
The Issuer has engaged ABG Sundal Collier ASA and Pareto Securities AS as its
financial advisors (the "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 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
Refinancing update, summons to bondholders' meetings in DOF Subsea AS
December 5, 2019
Please see enclosed summons to bondholders' meeting from the Ad Hoc Group in
DOFSUB07.
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
Summons to bondholders' meeting
December 6, 2019
DOF Subsea has entered into a 2-month long contract with an international energy
client in Africa. The project will utilise Skandi Seven and commence operations
in direct continuation with the ongoing commitment for the vessel.
DOF Subsea will during this project deliver integrated FSV services, project
management and engineering on multiple project packages, mainly within deep
-water construction and maintenance activities.
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 Subsea secures integrated FSV contract in Africa
December 10, 2019
Reference is made to the stock exchange announcement on 30 October 2019 in which
it was announced that the extraordinary general meeting of DOF ASA ("DOF" or the
"Company") had resolved to reduce the share capital of the Company from NOK
1,504,438,895 to NOK 300,887,779, by reducing the nominal value per share from
NOK 5 to NOK 1.
The share capital reduction has now been registered with the Norwegian Register
of Business Enterprises. Following the share capital reduction, the Company's
share capital is NOK 300,887,779, divided into 300,887,779 shares, each with a
nominal value of NOK 1.
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 - New share capital
December 19, 2019
DOF is pleased to announce that Vår Energi has declared a 1 year option on
Skandi Kvitsøy. The extension is valid until February 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 3,500 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 extension
December 20, 2019
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").
Bondholders in the Subordinated Convertible Bond have in accordance with the
terms and conditions of the Subordinated Convertible Bond requested to convert
bonds with an aggregate nominal value of NOK 68,750,000 to new shares in the
Company.
As a result, the share capital of the Company has today, 20 December 2019, been
increased with NOK 6,875,000 by issuance of 6,875,000 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
307,762,779, divided into 307,762,779 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 23 December 2019.
Following the conversion, the new outstanding amount under the Subordinated
Convertible Bond is NOK 86,933,885.
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 - New share capital
December 20, 2019
As previously reported by DOF Subsea AS ("DOF Subsea" or the "Company"), DOF
Subsea has approached banks, bondholders, and shareholders in a process to
negotiate a long-term financing solution aligned with the current market.
The proposal as outlined in the Summons to Bondholders' Meetings dated 5
December 2019 (the "Proposal") was approved by a necessary majority of
Bondholders in all three bond issues, after the Company undertook not to
implement the Proposal until certain changes which have been accepted by the
Company have been approved by the bondholders in each of DOFSUB07, DOFSUB08 and
DOFSUB09. These changes, once approved, will update and supersede the Proposal.
The deferral of the NOK 100 million scheduled instalment that was due under
DOFSUB07 today has become effective in accordance with the terms of the Summons.
For the DOFSUB07 bond, the changes include a 5% PIK Interest and a call option
at 100% of the nominal amount at any time (vs the Proposal with increasing call
option prices). The DOFSUB07 bond shall be redeemed at 100% at maturity. For the
DOFSUB08 bond the maturity date will be extended to January 2025 (vs August 2024
in the Proposal) and for the DOFSUB09 bond the maturity date will be extended to
May 2025 (vs. December 2024 in the Proposal). Laco AS has also agreed to convert
its indirect holding (through Møgster Mohn Offshore AS) of approx. NOK 60m in
nominal value of DOFSUB 07 bonds into shares in DOF ASA, and the Company has
agreed to cancel its treasury bonds. Further details of the changes are included
in the attached schedule.
These changes will be implemented through new bondholder meetings in DOFSUB07,
DOFSUB08 and DOFSUB09. The Ad-Hoc group of bondholders in DOFSUB07 and major
holders of DOFSUB08 and DOFSUB09 bonds have given their pre-approval to these
changes, which will be formalized through follow-up bondholder meetings in
January 2020.
The Company 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 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: RESULT OF BONDHOLDER MEETINGS IN DOF SUBSEA AS, REFINANCING UPDATE
December 20, 2019
Please see enclosed notice from Nordic Trustee.
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 Subsea AS: Withdrawal of summons to Bondholders' Meeting
December 20, 2019
Financial calendar for DOF ASA
FINANCIAL YEAR 2019
21.02.2020 - Quarterly Report - Q4
FINANCIAL YEAR 2020
21.08.2020 - Half-yearly Report
06.04.2020 - Annual Report
28.05.2020 - Annual General Meeting
15.05.2020 - Quarterly Report - Q1
12.11.2020 - Quarterly Report - Q3
25.02.2021 - Quarterly Report - Q4
This information is published pursuant to the requirements set out in the
Continuing obligations.
Historical OSE Notices
Financial calendar
December 23, 2019
As previously announced, the DOF Group is negotiating with its banks and
bondholders with a view to finding sustainable long-term financing structure
that is aligned with the current market environment. The negotiations have been
constructive, and good progress has been made.
On Friday 20 December, the bondholders in each of DOFSUB07, DOFSUB08 and
DOFSUB09 bond loans resolved to continue and extend the engagements on certain
terms and conditions which are deemed beneficial by the bondholders, DOF Subsea
AS and DOF ASA. Reference is made to a separate Press Release sent out on 20
December. The final approval of the terms now agreed will be given in a
bondholders' meeting to be held medio January, 2020.
Banks involved in the DOF Subsea AS refinancing process are showing good will to
contribute to achieving a positive result. The refinancing proposal includes
adjustments to the current amortization profile among others. The negotiations
are still ongoing and a few of the banks, representing less than 10% of the
outstanding loan balances, show reluctance, but will hopefully agree to a
continued beneficial participation.
DOF ASA is engaged in constructive dialogue with the banks in the DOF Rederi AS
fleet facility, and together with DOF Subsea AS with major financing
institutions in Brazil, in order to discuss adjustments to the current
amortization profile, and thereby align, strengthen and support the financial
operations throughout the DOF Group structure.
The Board of Directors and the management believe that a solution is obtainable
early 1[st] quarter., however no assurance can be given the DOF Group will be
successful in this respect. All of the DOF group of companies will in the
meantime relentlessly carry on their business without change. The market will be
kept updated on further progress.
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 - REFINANCING UPDATE
December 23, 2019
Following the recent conversions of the subordinated convertible bond loan of
DOF ASA to new shares in DOF ASA announced by DOF ASA on 20 December 2019, the
ownership percentage of Møgster Mohn Offshore AS ("MMO") in DOF ASA has been
diluted from 50.06% to 48.95%. The number of shares owned by MMO remains the
same (150,638,643 shares) and the downwards passing of the threshold for
notification of large shareholdings is hence a result of the mentioned
conversions of bonds to equity. MMO has no rights to shares.
MMO is majority owned by Laco AS, which is a related party to Helge Møgster,
Chairman of DOF ASA and to Board Member Marianne Møgster.
The above information is mandatory according to the Securities Trading Act
section 4-3.
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: NOTIFICATION OF LARGE SHAREHOLDING
January 9, 2020
DOF Subsea is pleased to announce several contract-awards in the APAC region,
securing further vessel and resource utilisation in Q1 and first part of Q2
2020.
The contracts, for undisclosed clients in Australia, will see Skandi Singapore
commence subsea project operations during Q1 2020 for two major operators in the
region over a period of 50-60 days.
In a statement Mons Aase, CEO of DOF Subsea, said, "These are important awards
for DOF Subsea and continue to build backlog from previous reported wins in Q1
2020, all of which secure good utilisation for our vessel and resources in the
Asia Pacific Region. We look forward to working with our key clients to deliver
safe and successful 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 3,500 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 Australia
January 22, 2020
DOF Subsea is pleased to announce multiple contract awards from undisclosed
clients across the North America region.
The Group has secured contracts for pre-lay and LBL array installation
activities in Guyana, subsea installation work in Trinidad and well-head removal
work in Canada. All three contract awards will utilise Skandi Neptune.
The Harvey Deep Sea has received an award for a large Ocean Bottom Node survey
in the GoM, in addition to other shorter IMR and light construction projects.
The awards will ensure good utilisation across the first half of the year for
the vessel.
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 Subsea awarded multiple contracts across the North America Region
January 29, 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
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
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
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 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
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 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
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
