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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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DOF Subsea

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 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 CO2 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 CO2 footprint compared to several other solutions. Hywind Tampen will also be leveraged to further reduce the CO2 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: Mons S. Aase CEO DOF Subsea – Tel: +47 91 66 10 12 Marianne Møgster SVP Finance DOF Subsea – Tel: +47 99 30 69 16 About DOF Subsea: The DOF Subsea Group is a specialist subsea service business that provides subsea construction subsea engineering inspection repair and maintenance and survey services which involve complex and challenging engineering in an international environment. DOF Subsea owns a large fleet of modern subsea construction intervention and survey vessels that enable it to offer differentiated positions with its clients and work in long term relationships which enhance service delivery and reduce the overall risk. The company’s core business is project management engineering vessel operations survey remote intervention and diving operations primarily for the Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com

DOF Subsea

DOF Subsea contract for Hywind Tampen is a strategic breakthrough

October 31, 2019

DOF Subsea

DOF Subsea secures contracts in Africa

October 24, 2019

DOF Subsea

DOF Subsea AS: Notice from bondholders' meeting and summons to second bondholders' meeting

October 22, 2019

DOF Subsea

DOF Subsea AS: REFINANCING UPDATE

October 22, 2019

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

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

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

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

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

Contract extension for Skandi Carla

Notice from Nordic Trustee

DOF Subsea awarded contracts in New Zealand and Asia

DOF Subsea awarded contracts in Trinidad and GoM

DOF Subsea AS: NOTICE FROM BONDHOLDERS' MEETING

DOF Subsea contract for Hywind Tampen is a strategic breakthrough

DOF Subsea secures contracts in Africa

DOF Subsea AS: Notice from bondholders' meeting and summons to second bondholders' meeting

DOF Subsea AS: REFINANCING UPDATE

Minutes from Ordinary general meeting

Financial Report 1st quarter for DOF ASA

Invitation to presentation of Q1 2020 results

DOF ASA: NOTICE FROM PERESTROIKA AS REGARDING DEMERGER OF MØGSTER MOHN OFFSHORE AS

DOF ASA - DISCLOSURE OF LARGE SHAREHOLDING

DOF ASA AND DOF SUBSEA AS: STANDSTILL AGREEMENTS WITH SECURED LENDERS

Notice of ordinary general meeting DOF ASA

Contract updates DOF Subsea

Financial calendar