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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

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DOF Subsea awarded multiple contracts across the North America Region

January 29, 2020

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DOF Subsea awarded contracts Australia

January 22, 2020

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DOF ASA: NOTIFICATION OF LARGE SHAREHOLDING

January 9, 2020

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.

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DOF ASA - REFINANCING UPDATE

December 23, 2019

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Financial calendar

December 23, 2019

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DOF Subsea AS: Withdrawal of summons to Bondholders' Meeting

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.

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DOF ASA AND DOF SUBSEA AS: RESULT OF BONDHOLDER MEETINGS IN DOF SUBSEA AS, REFINANCING UPDATE

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.

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