Ordinary general meeting in DOF ASA was held today, 28 May 2020.
All items were resolved in accordance with the Boards calling notice and the
Nomination committee's recommendations.
Please find attached copy of the minutes of the ordinary general meeting in DOF
ASA 2020.
Contact person:
CEO Mons Aase, tel. +47 91661012
CFO Hilde Drønen, tel. +47 91661009
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
Minutes from Ordinary general meeting
May 28, 2020
The impact of the COVID-19 virus and the sharp fall in the oil price have
resulted in postponement and cancellation of several projects and tenders and
disrupted the Group's operations and earnings going forward. Several clients
have terminated contracts and initiated renegotiations in rates in existing
contracts which again have caused pressure on earnings and utilisation of the
Group's assets. Due to significant weaker markets the Group has recognised an
impairment of NOK 1.5 billion (management reporting) in the first quarter. The
Group has further faced a currency loss of NOK 2.9 billion (management
reporting) due to the extreme weakening of the NOK and BRL. Based on these
events the Group's result is negative of NOK -4.1 billion and the book value of
the equity is now negative. The long-term refinancing of the Group has been
postponed and a standstill agreement has been agreed (excl. Brazil and the JVs)
until 30th June.
Despite the events above the operational result for the Group has been good in
first quarter:
The average utilisation of the Group's fleet during the 1[st] quarter was 81% ;
78% for the subsea fleet, 75% for the AHTS fleet and 94% for the PSV fleet.
The Group's operating income for 1[st] quarter (management reporting) totals NOK
2,064 million (NOK 1,633 million) and the operating profit before depreciation
and impairment (EBITDA) totals NOK 804 million (NOK 541 million adjusted for
hedge accounting with NOK 45 million).
General market & operational comments:
· Improved earnings and utilisation in all segments compared to Q1 2019
· Relatively tightened markets until the impacts from COVID-19 and the drop in
oil price
· By May the Group has 18 vessels in lay-up
· The Group's current backlog is NOK 19 billion
Please see enclosed 1[st] quarter Financial Report 2020
Webcast is available Wednesday, 27th of May 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 3,400 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
Financial Report 1st quarter for DOF ASA
May 27, 2020
DOF ASA will release the Q1 results on Wednesday 27 May 2020 at 07:00.
Due to the COVID-19 situation and the government's recommendation to limit
physical meetings, the presentation will be held as a webcast at 08:30 the same
day on:
http://www.dof.com/webcast (https://eur01.safelinks.protection.outlook.com/?url=
h
ttp%3A%2F%2Fwww.dof.com%2Fwebcast&data=02%7C01%7CMargrethe.Ostervold%40dof.com%7
C
de84be5f7cfc42efc48808d7fbe0fada%7Cd5e85ffcd9d84aeda3d78c39e1b52167%7C0%7C0%7C63
7
254816002120311&sdata=Lw%2B0vcpFTKTPdoTxY5yLjg6PMM1FXpkHHJzsr7wkrt4%3D&reserved=
0
).
The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen.
You are invited to attend a conference call after the presentation. If you are
interested in attending, please register to Margrethe R. Østervold, e-mail
mro@dof.com, within Tuesday 26 May at 12:00.
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
Invitation to presentation of Q1 2020 results
May 20, 2020
Laco AS has received a notice from Perestroika AS, whereby Perestroika AS
pursuant to the shareholders agreement for Møgster Mohn Offshore AS ("MMO") has
exercised its right to require that MMO is demerged.
Pursuant to the shareholders agreement, the assets, rights and liabilities of
MMO, including the shares in DOF ASA, shall be divided between the shareholders
of MMO. Such distribution shall be made in accordance with the parties' relative
shareholdings in MMO, provided however, that Laco AS has a right to acquire a
portion of the DOF shares to be distributed to Perestroika AS which is required
for Laco AS to retain an ownership of 40.45% of the shares and votes in DOF ASA.
Such right must be exercised by Laco AS no later than 16 June 2020 and the price
per share to be paid by Laco AS shall be equal to the closing price on 15 May
2020 (i.e. NOK 0.59 per share).
Laco AS has not yet decided whether to exercise such option or not and it is
thus not yet determined what the parties' ownership in DOF ASA will be following
the demerger. Laco AS will send a new announcement when this has been
determined.
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: NOTICE FROM PERESTROIKA AS REGARDING DEMERGER OF MØGSTER MOHN OFFSHORE AS
May 18, 2020
Perestroika AS ("Perestroika"), a company controlled by Frederik W. Mohn, has on
16 May 2020 given notice that it will exit from Møgster Mohn Offshore AS
("MMO"), a company jointly controlled by each of Perestroika and Laco AS
("Laco"). MMO currently owns 150,638,643 shares in DOF ASA ("DOF" or the
"Company"), equal to 48.95% of the shares and votes in DOF.
The exit is expected to be completed by way of a demerger whereby Perestroika's
assets, rights and liabilities, including its relative shareholding in DOF, will
be demerged into a company wholly owned by Perestroika. The demerger process is
expected to be initiated within short, and a separate disclosure will be made
when the demerger is registered in the Norwegian Register of Business
Enterprises.
Following the demerger, Perestroika is expected to own around 50,631,154 shares
in the Company, through a wholly owned subsidiary, corresponding to
approximately 16.45% of the total outstanding shares and votes in DOF. Further
details will be given when the demerger plan has been signed and the alloction
of shares in DOF has been finally determined.
This announcement is subject to disclosure pursuant to section 4-3 of the
Norwegian Securities Trading Act.
Historical OSE Notices
DOF ASA - DISCLOSURE OF LARGE SHAREHOLDING
May 18, 2020
DOF ASA and DOF Subsea AS are pleased to announce that each of the companies
have entered into suspension agreements ("stand-still agreements") with, or
received similar concessions from, secured lenders representing 93 % of the
secured debt of companies within the DOF Group (the "Group") comprised by the
suspension agreements.
Pursuant to said agreements, payments of principal and interest to the secured
lenders, except for payments on the NOK 100 million credit facility provided to
DOF Subsea AS by certain of its lenders on 27 March 2020 to cover its immediate
liquidity needs, are suspended until 30 June 2020 on certain customary terms and
conditions. Such terms and conditions include customary restrictions on the
Group in the relevant period.
The agreements are entered into in order to facilitate the continued dialogue
with the secured lenders and bondholders under the Group's bond loans regarding
a long-term financial restructuring of the Group.
The suspension agreements comprise all companies within the Group, except for
Norskan AS and DOF Subsea Brasil Servicos Ltda. (the "Excluded Entities"). The
secured debt of Norskan Offshore Ltda. is subject to a separate negotiation.
As regards certain secured lenders (other than the secured lenders of the
Excluded Entities) who have not entered into the suspension agreements or
provided a similar concession, DOF ASA and DOF Subsea AS have decided to impose
a unilateral stand still on the payment of principal and interest to such
secured lenders for as long as the suspension agreements remain in force.
Although no assurance can be given to this effect, DOF ASA and DOF Subsea AS
have not received any indications that the secured lenders in question will
invoke the event of default-provisions in the relevant loan agreements as a
result of such decision.
For further information, please contact:
CEO Mons Aase, +47 91 66 10 12
CFO DOF 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
DOF ASA AND DOF SUBSEA AS: STANDSTILL AGREEMENTS WITH SECURED LENDERS
May 15, 2020
Please find attached the Notice of Ordinary General Meeting of DOF ASA.
The Ordinary General Meeting will be held on Thursday 28 May 2020 at 11.00
hours, in the company's facilities at Storebø in the municipality of Austevoll.
Due to the restrictions caused by COVID-19 and the advice from the Norwegian
government in connection therewith, all shareholders are encouraged to exercise
their shareholder rights without physical attendance at the general meeting by
using the enclosed proxy form.
A printed version of the notice will be sent by post to all shareholders.
The Annual report 2019 is available on the company's web site www.dof.com.
The information is subject of the disclosure requirements acc. to § 5-12 vphl
(Norwegian Securities Trading Act).
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 ordinary general meeting DOF ASA
May 7, 2020
DOF Subsea has received a notice of early termination of a two-year charter
contract for the vessel Skandi Acergy, from an international client. The notice
period is 60 days, and the termination of the charter contract will be effective
on 1 July 2020. DOF Subsea is entitled to a termination fee following the
termination.
On the positive side, DOF are pleased to announce that an international
Charterer have awarded Skandi Skansen a contract for a ploughing scope of work
with commencement later this year. Skandi Skansen is a large Anchor Handler /
Installation vessel owned by DOF Installer ASA.
In addition, DOF Subsea is pleased to announce a 6 months firm contract for one
of the older CSVs to an international client. The client has options to extend
the contract by up to 12 months
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
Contract updates DOF Subsea
May 6, 2020
Financial calendar for DOF ASA
FINANCIAL YEAR 2020
21.08.2020 - Half-yearly Report
28.05.2020 - Annual General Meeting
27.05.2020 - 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
May 6, 2020
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