DOF Subsea Canada is pleased to announce the award of the first SURF project for
the Skandi Constructor from VAALCO ENERGY. DOF Subsea will perform subsea
construction and installation services to support the subsea reconfiguration
associated with the replacement of the existing Floating Production, Storage and
Offloading unit ("FPSO") with a Floating Storage and Offloading vessel ("FSO")
at the Etame field, offshore Gabon. Engineering and design work has commenced
with subsea work forecasted to begin in July and expected to be completed by
September 2022.
The Skandi Constructor was upgraded in 2021 with a 250 ton AHC crane and
outfitted with 2 new XLXc ROV system and is currently working in Trinidad under
multiple contracts managed by DOF Subsea USA performing commissioning and IMR
tasks before returning to the North Sea for other commitment in Q2.
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 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Contract awards
DOF Subsea awarded SURF contract for the Skandi Constructor
March 24, 2022
DOF Subsea Australia is pleased to announce it has been awarded Woodside Energy
Limited's Enfield XT Retrieval and Offshore Support Services.
The campaign execution will involve the recovery of 18 Subsea XTrees,18
Flowbases and associated spool sections, one wellhead severance and recovery of
up to 18 Temporary Guide Bases at the Enfield Field, Australia.
The contract includes Project Management, Engineering, Fabrication, and
decommissioning Services and is expected to be undertaken in Q3 and Q4 2022,
using DOF Subsea's MPSV Skandi Hercules.
Mons Aase, CEO DOF Subsea AS, said, "This is a substantial contract award. It
builds on successful campaigns delivered in the past for our client and grows
our decommissioning track-record in the APAC region. We look forward to working
with Woodside Energy Limited to deliver a safe and efficient project".
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 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Contract awards
Woodside Energy awards DOF Subsea Enfield XT Retrieval and Offshore Support Services Contract.
March 23, 2022
Equinor Energy AS has exercised options to extend the firm periods of the
contracts for Skandi Mongstad for 3 years, and Skandi Vega for 2 years. Both
vessels have worked continuously with Equinor since delivery from the yard in
2008 and 2010, respectively.
In addition, Shell UK Ltd have exercised an option to extend large/modern PSV
Skandi Kvitsøy for 1 year firm, from end March 2022.
DOF ASA CEO, Mons S. Aase, said "DOF is delighted to announce these awards,
which further strengthen our partnerships with key long standing clients in
Norway, and the UK, whilst securing substantial firm backlog for the group".
The subsidiary DOF Rederi has further sold Skandi Rona, a PSV built in 2002,
with delivery in April.
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 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Contract awards
Contract awards
March 15, 2022
In response to recent queries from shareholders regarding whether the financial
restructuring that DOF ASA ("DOF" or the "Company", and together with its
subsidiaries the "DOF Group") is seeking to agree with the creditors of the DOF
Group will be required in light of recent market developments, the Company would
like to reiterate that a financial restructuring of the DOF Group's capital
structure will be required due to the significant debt level of the DOF Group.
As previously communicated by the Company, a robust long-term financing solution
is required for the DOF Group to maintain its status as a going concern. Such
solution is still expected to require conversion of substantial amounts of debt
to equity, which will significantly dilute the current holders of the equity.
The current proposal being discussed with the secured creditors and bondholders
of the DOF Group does not contemplate any unequal treatment of the shareholders
of the Company.
As previously informed, the dialogue with the lenders is complex, but
constructive. A refinancing solution is not yet in place, and no assurance can
at this stage be given that the Company will be able to find a solution with its
creditors. If such solution is agreed, the shareholders are urged to consider
the proposal when presented by the Company.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen tel. +47 91 66 10 09
With a multi-national workforce of about 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA - FINANCIAL RESTRUCTURING
March 11, 2022
Reference is made to previous announcements regarding the extension of
standstill arrangements with the DOF group's secured lenders expiring 28
February 2022 and extension of standstill arrangements with bondholders in DOF
Subsea AS' bond issues also expiring 28 February 2022.
DOF ASA and DOF Subsea AS are pleased to announce that each of the companies
have agreed to further extend the principal and interest suspension agreements
with, or received extensions of similar concessions from, secured lenders
representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS and
in total 95% of the secured debt of companies within the DOF Subsea AS group
(excluding DOF Subsea Brasil Servicos Ltda.) until 31 March 2022.
Reference is further made to the previous announcement on 11 February 2022
regarding summons to bondholders' meetings in DOFSUB07 (ISIN NO0010971005),
DOFSUB08 (ISIN NO0010788177) and DOFSUB09 (ISIN NO0010836810) in which DOF
Subsea AS requested an extension of the standstill period for the three bonds
initially until 31 March 2022 and with the possibility to extend to 30 April
2022 with the approval of an ad-hoc committee of bondholders.
DOF Subsea AS is pleased to announce that the bondholders' meetings were held
today and the proposed resolution received 100.00%, 96.33% and 100.00% of the
votes in DOFSUB07, DOFSUB08, and DOFSUB09, respectively. Approval of the
proposal set out in the summons required 2/3 majority in all three bonds, and
the proposal was consequently approved. Please see the attached minutes from the
bondholders' meetings.
The extensions of the standstill periods will facilitate the DOF group's
continued dialogue with its secured lenders and the bondholders under the DOF
group's bonds regarding a long-term financial restructuring of the DOF group.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
With a multi-national workforce of about 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND RESULT FROM BONDHOLDERS' MEETINGS
February 28, 2022
Following on from the charter of the Ross Candies, DOF Subsea, a subsidiary of
DOF ASA, has entered into an agreement with Otto Candies for the charter of the
Jones Act compliant vessel Chloe Candies for a firm period of two years. The
charter period commenced in May, with the intent to utilise the vessel to
support operations for existing North American clients in the GOM.
In addition, DOF Rederi has sold the vessel Skandi Sotra to an international
buyer with delivery in first half of 2022.
For further information, please contact:
Mons S. Aase, CEO Tel: +47 91 66 10 12
Hilde Drønen, CFO Tel: +47 91 66 10 09
With a multi-national workforce of about 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
DOF Subsea has chartered a second Jones Act vessel to support ongoing operations in the Gulf of Mexico (GOM)
February 28, 2022
The Group's revenue for 4th quarter (management reporting) totals NOK 1,975
million (NOK 1,680 million) and EBITDA totals NOK 753 million (NOK 606 million).
The operating profit (EBIT) is NOK 264 million (NOK -335 million), of which
depreciation and impairment totals NOK 489 million (NOK 941 million). Net result
is NOK -281 million (NOK 238 million).
The Group's revenue in 2021 (management reporting) totals NOK 7,544 million (NOK
7,582 million) and EBITDA totals NOK 2,790 million (NOK 2,990 million). The
EBITDA includes NOK 109 million (NOK 19 million) in gain from sale of assets.
The operating profit (EBIT) in 2021 totals NOK 946 million (NOK -1,771 million).
Net result for the year is NOK -630 million (NOK -4,959 million).
Key information:
Operations
. Average utilisation of the fleet is 82% (68%)
. High utilisation in all segments, but with seasonal variations in some of
the regions
. A good performance from the subsea regions has continued in the quarter
. The total fleet includes 59 vessels (eight vessels on management or hired
in)
o 15 AHTSs, 14 PSVs and 30 Subsea vessels
o Two (owned) vessels in lay-up
o Two vessels agreed sold (one vessel delivered in January 2022)
Finance:
. The Group's financial position is not sustainable, and a long-term
financial solution is necessary to continue as going concern.
. The dialogue with the lenders concerning a robust long-term financial
solution has had progress through the quarter and year to date. There are
certain issues pending, hence the outcome of the restructuring process is still
uncertain.
. The current standstill agreements with the lenders and bondholders mature
on the 28th of February 2022.
Backlog
. Order intake NOK 1 billion in the 4th quarter
. Current backlog is NOK 14.4 billion (NOK 15.3 billion)
Please see enclosed 4th quarter Financial Report 2021.
Webcast is available Friday, 25th of February at 08:30 on www.dof.com.
Contact:
CEO Mons Aase, Tel + 47 91 66 10 12
CFO Hilde Drønen, Tel + 47 91 66 10 09
With a multi-national workforce of about 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Financial Report 4th quarter for DOF ASA
February 25, 2022
DOF ASA will release the Q4 results on Friday 25th of February 2022. The
report will be available at www.dof.com and www.newsweb.no.
The presentation will be held as a webcast at 08:30 CET the same day on:
http://www.dof.com/webcast.
The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen.
If you have questions, please contact the Company.
Contact:
CEO Mons Aase, Tel + 47 91 66 10 12
CFO Hilde Drønen, Tel + 47 91 66 10 09
With a multi-national workforce of about 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
Invitation to presentation of Q4 2021 results
February 16, 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 2021, 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 2021, with a possibility to further extend the standstill arrangement
currently in place to 28 February 2022 with the approval of the ad-hoc committee
of bondholders.
Reference is further made to the announcements on 29 October 2021, 30 November
2021 and 31 January 2022 regarding the ad-hoc committee's approval of extension
of the standstill arrangement with the bondholders described above to 28
February 2022.
Discussions and negotiations on the restructuring of the DOF group (the "Group")
are progressing, and the Group, its secured lenders and the advisers to the
bondholders have since the bondholders' meetings in September 2021 continued
negotiations on an overall financial restructuring of the Group. Further
progress has been made in such negotiations, but there are still certain issues
that remain to be resolved to achieve an overall consensual restructuring of the
Group.
DOF Subsea AS has therefore requested Nordic Trustee AS to summon bondholders'
meetings in the three bond loans to consider the extension of the standstill
period initially until 31 March 2022 and with a possibility to extend the
standstill period on one or more occasions to 30 April 2022 with the approval of
an ad-hoc committee of bondholders. The proposal is further described in the
attached summons to the bondholders in the three bond loans. A request has also
been made to the Group's secured lenders to extend the suspension of payments of
principal and interest that have been granted by a majority of its secured
lenders.
For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO DOF ASA Hilde Drønen, tel. +47 91 66 10 09
With a multi-national workforce of about 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.
Historical OSE Notices
SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO FURTER EXTEND STANDSTILL PERIOD
February 11, 2022
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