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DOF Group ASA - Subsea mooring installation contract award in the APAC region

DOF Group ASA ("DOF") is pleased to announce a Substantial contract award for subsea mooring installation services in the APAC Region...

DOF Group ASA - Subsea mooring installation contract award in the APAC region

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Reference is made to the announcement made by DOF Subsea AS (the "Company") on 22 June 2022 and 21 October 2022 regarding the execution of an agreement (the "Restructuring Agreement") with a substantial group of financial creditors and certain other stakeholders of the DOF group (the "Group") on a comprehensive financial restructuring (the "Restructuring") DOF ASA (its bankruptcy estate) ceases to have any ownership in New DOF ASA (""New DOF"") or in any companies within the Group. As part of the Restructuring the financial creditors have converted approximately NOK 6 billion of debt into equity in New DOF. Following such conversion New DOF has a share capital of NOK 395 626 490 divided into 158 250 596 shares each with a nominal value of NOK 2.50. A new board of directors of New DOF consisting of Svein Harald Øygard (Chair) Harald Thorstein Christine J. Morris Daniela Ribeiro Davila and Harry Knox has also been elected. New DOF will apply for listing on Oslo Børs in the near future. The completion of the Restructuring creates a stable and viable platform for the restructured Group through (i) a substantial conversion of debt into equity (ii) reinstated debt terms supporting liquidity and providing significant maturity runway and (iii) the simplification of the Group’s financing structure. The Restructuring therefore leaves the Group well positioned to support its operations secure new contracts and continue to deliver on the Group’s strategy. CEO Mons Aase commented: “I am very pleased that we today can announce that the restructuring of the DOF Group is concluded. With approximately NOK 6 billion in reduced debt and much improved earnings the financial position of the DOF Group is strong. I would like to thank our customers and creditors for their support and loyalty through the long-lasting refinancing process. I would also like to thank all employees in the DOF Group for their dedication loyalty and hard work. Together with the entire DOF team we now look forward to continuing building DOF as a leading global player within both Offshore Floating Wind and Oil Services. "" As part of the completion of the Restructuring an extraordinary general meeting in the Company was held today. It was resolved to increase the Company's share capital by increasing the nominal value of each of the issued shares by NOK 1.5 from NOK 10 to NOK 11.5 in two separate share capital increases. Thereby the total increase of the Company's share capital was NOK 251 29 143 from NOK 1 673 527 620 to NOK 1 924 556 763. Both share capital increases were subscribed by the Company's parent company New DOF. In accordance with the Restructuring Agreement Nordic Trustee AS (acting on behalf of the bondholders) has transferred a claim in the amount of NOK 3 43 334 302 out of a total claim of NOK 3 718 334 302 against the Company under the three existing bond issuances (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 including accrued but unpaid interest thereon) to New DOF creating a receivable for New DOF against the Company. The share contribution in the abovementioned share capital increase in the Company was settled by way of set-off of this receivable. An amount of NOK 675 0 000 outstanding under the three existing bond issuances has been reinstated into one new bond issue with ISIN NO0012753666 on such terms and conditions as set out in a new bond agreement. A summary of the main terms and conditions are set out below: • Maturity date: The new bonds mature on 17 December 2027 and the Company and New DOF will have the option (subject to certain conditions) to settle the new bonds in cash or by the issue to the bondholders of ordinary shares in New DOF. • Interest: The new bonds will be deemed to have accrued interest from 30 June 2022 at a rate of the aggregate of NIBOR and 2% p.a. payable by issuance of additional bonds under the same ISIN. The first interest payment date will occur on 31 March 2023. • Guarantee: The new bonds will be unsecured but guaranteed by DOF PLSV Investments AS a direct wholly owned subsidiary of the Company which owns 50% of the shares in DOFCON JV. • Listing: The new bonds will not be listed. The conditions precedent for issuing the new bonds have been satisfied and the new bonds have been delivered to the paying agent under the existing bonds. The exchange/conversion in the CSD of the existing bonds into new bonds issued by as the Company and shares in New DOF is expected to occur in accordance with the step plan and indicative timeline published by Nordic Trustee on 20 March 2023. The Company's articles of association have been amended to reflect the Company's new share capital and the share capital increase has been filed with the Norwegian Registry of Business Enterprises. New DOF ASA and DOF Subsea AS have been advised by Evercore ABG Sundal Collier and Pareto Securities as financial advisers and Thommessen as legal advisor in connection with the Restructuring. Nordic Trustee AS has been advised by Arctic Securities and Carnegie as financial advisers and Akin and Wiersholm as legal advisers in connection with the Restructuring. The senior secured lenders to the Group have been advised by PJT as financial adviser and Wikborg Rein as legal adviser in connection with the Restructuring. For further information please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO Hilde Drønen tel. +47 91 66 10 09 CFO DOF Subsea AS Martin Lundberg tel. +47 91 62 10 57 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 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 centres and business units are located in Norway the UK the USA Singapore Brazil Argentina Canada Angola and Australia"

DOF Subsea

DOF Subsea has been awarded an integrated Field Support Vessel (FSV) contract with an international oil company in Angola. The project shall utilise Skandi Seven for a minimum of 303 firm vessel days plus 365 days of options. The Contract also includes the potential supply of additional vessels, as required by client. DOF Subsea shall during the project deliver integrated FSV services, project management, engineering, procurement and logistics within deep-water construction and maintenance of existing subsea assets. Work packages under the contract shall also include services for transportation and installation of flexible products and various subsea equipment. Mons S. Aase, CEO, DOF Subsea said, "I am pleased that DOF Subsea is trusted with another contract in Angola. This project will secure utilisation for our integrated FSV team and assets, strengthening our position as a leading one-stop solutions provider for integrated subsea operations across multiple disciplines. DOF Subsea is continuously working to develop efficient services without compromise to safety." For further information, please contact: Mons S. Aase, CEO, Tel: +47 91 66 10 12 Hilde Drønen, CFO, Tel.: +47 91 66 10 09 With a multi-national workforce of about 3,150 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 35 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry. The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

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DOF Subsea secures Integrated FSV Contract in Africa

September 17, 2020

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 22 April 2020, whereby the bondholders on certain conditions approved a waiver from, and suspension of, all payment obligations under each of the bond loans until 30 September 2020. Discussions and negotiations on the restructuring of the Group are still ongoing. While progress has been made, an agreement for the restructuring of the Group will not be reached before the current deferral and standstill arrangements with the bondholders expire. 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 [15 December 2020] [and with a possibility to extend to 31 January 2021 with the approval of an ad-hoc committee of bondholders]. The proposal is further described in the attached summons to the bondholders in the three bond loans. A corresponding request has been made to the company's secured lenders to extend the suspension of payments of principal and interest that have been granted by a majority of its secured lenders. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO DOF Hilde Drønen tel. +47 91 66 10 09 With a multi-national workforce of about 3,150 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 35 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry. The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

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SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO EXTEND STANDSTILL PERIOD

September 16, 2020

DOF Subsea has been awarded a turnkey contract performing marine operations in connection with a decommissioning project by Teekay Petrojarl Floating Production. The award covers project management, engineering, procurement and all offshore marine operations. The offshore works include preparatory works at the sites including installation of a temporary mooring system, towing operations and recovery of risers and mooring systems. DOF Subsea will utilize a variety of vessels from the DOF Group fleet, deploying Skandi Acergy, Skandi Iceman, Skandi Hera in addition to selected third party vessels to deliver the scope. The project has already commenced and is scheduled to be completed within Q4 2020. Mons S Aase, CEO, DOF Subsea said: "DOF Subsea is pleased to be trusted with this multidisciplinary decommissioning scope by a repeat key client. This project will utilize the strength in our offering to the fullest with our decommissioning team parred with capable offshore vessels. DOF Subsea is continuously working to develop efficient solutions and to deliver as promised without compromise to safety. 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.

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DOF Subsea awarded contract in the Atlantic region

September 1, 2020

DOF Deepwater AS ("DOF Deepwater"), which is jointly owned by DOF ASA ("DOF") and Akastor ASA ("Akastor"), has today entered into a term sheet with its lenders on a restructuring of its debt that is intended to secure continued operations up to the second half of 2023. The closing of the debt restructuring is conditional upon necessary support from DOF's secured lenders. As part of this agreement DOF shall transfer all of its shares in DOF Deepwater to Akastor, who thereby will own all of the shares in DOF Deepwater and assume full operational responsibility over the company and its five vessels (Skandi Emerald, Skandi Peregrino, Skandi Saigon, Skandi Pacific and Skandi Atlantic). DOF will continue as vessel manager for the fleet. As a consequence of the change in ownership DOF and Akastor will however discuss the terms in the management agreements. For further details on the restructuring, reference is made to the Akastor ASA stock exchange notice concerning the same. The terms and conditions of the DOF ASA unsecured guarantee obligation equal to 50% of the current debt in DOF Deepwater will be separately agreed between the DOF ASA group (the "Group") and its secured lenders. The DOF guarantee obligation will also be reduced by any profit received by the lenders to DOF Deepwater under a profit split arrangement following a sale of the DOF Deepwater vessels within a period of 2,5 - 3 years after closing. Closing is subject to final agreements being entered into, and is expected to take place in Q3 2020. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO DOF Hilde Drønen tel. +47 91 66 10 09 With a multi-national workforce of about 3,500 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 35 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry. The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

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DOF ASA: AKASTOR ASA TO ASSUME FULL OWNERSHIP OF A RESTRUCTURED DOF DEEPWATER AS

August 27, 2020

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DOF Subsea awarded multiple contracts by Petrobras

August 27, 2020

The COVID-19 virus has had a major impact on the operations during the 2nd quarter, however the organisation has been able to protect employees and secure ongoing projects and contracts at close to normal. COVID-19 has also led to postponement of projects and lower activity levels in in certain regions in the period. The challenging markets for the Group's fleet have continued resulting in pressure on earnings and utilisation of the Group's assets. During this quarter, the Group has recognised an impairment of NOK 779 million and by June the total impairment is NOK 2.3 billion (management reporting). The restructuring of the Group's debt is ongoing and standstill agreements (excluding the JVs) until the 30th of September have been signed. A standstill for the BNDES facilities has further been agreed until December 2020. The Group's operating income for 2[nd] quarter (management reporting) totals NOK 1,802 million (NOK 1,854 million) and the operating profit before depreciation and impairment (EBITDA) totals NOK 701 million (NOK 712 million adjusted for hedge accounting with NOK 43 million). The operating profit (EBIT) is NOK -354 million (NOK 181 million), of which depreciation and impairment totals NOK 1,056 million (NOK 488 million). The average utilisation of the Group's fleet during the 2nd quarter was 67% ; 75% for the subsea fleet, 48% for the AHTS fleet and 74% for the PSV fleet. General market & operational comments in Q2: · · Contracts and projects have been postponed, terminated or cancelled · Several vessels entered into lay-up. By August, 17 vessels are in lay-up · New contract awards in Brazil · Awards for project work securing reasonable utilisation for the project fleet in Q3 · By August, the Group backlog is NOK 17 billion Please see enclosed 2nd quarter Financial Report 2020. Webcast is available Friday, 21st of August 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 3,150 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 35 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry. The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

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Financial Report 2nd quarter for DOF ASA

August 21, 2020

DOF ASA will release the Q2 results 2020 on Friday 21 August 2020. The presentation will be held as a webcast available on www.dof.com/webcast (https://eur01.safelinks.protection.outlook.com/?url=http%3A % 2F%2Fwww.dof.com%2Fwebcast&data=02%7C01%7CMargrethe.Ostervold%40dof.com%7C4415b2 a fc1524e5de2ba08d83f873334%7Cd5e85ffcd9d84aeda3d78c39e1b52167%7C0%7C0%7C637329197 2 02701416&sdata=XfGXY3uYwRj5lmtmWkF47%2FWsSf0cYVW1RYPPB%2Bjo3H8%3D&reserved=0) at 08:30 CET the same day. The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen. You are invited to attend a conference call following the presentation at 09:30. If you are interested in attending, we request that you register with Margrethe R. Østervold, e-mail mro@dof.com, within Tuesday 18 August at 12:00. Note that a link to join the conference call will be made available via e-mail to those who register, and for convenience, the link will also be publicly available on the DOF webcast webpage (www.dof.com/webcast (https://eur01.safelinks.protection.outlook.com/?url=http%3 A %2F%2Fwww.dof.com%2Fwebcast&data=02%7C01%7CMargrethe.Ostervold%40dof.com%7C4415b 2 afc1524e5de2ba08d83f873334%7Cd5e85ffcd9d84aeda3d78c39e1b52167%7C0%7C0%7C63732919 7 202711406&sdata=azHBQ4iiEPJ5UyefiDYJvf90ogFwA1psl6tDJEDVdi0%3D&reserved=0)) shortly before the start of the conference call. 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 3,400 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