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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

New face value 20.12.2019

December 19, 2019

Historical OSE Notices

Nytt pålydende 20.12.2019

December 19, 2019

Historical OSE Notices

DOF ASA - New share capital

December 19, 2019

Historical OSE Notices

DOF Subsea secures integrated FSV contract in Africa

December 10, 2019

Historical OSE Notices

Summons to bondholders' meeting

December 6, 2019

DOF ASA AND DOF Subsea AS: REFINANCING UPDATE, SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS As previously reported in DOF Subsea AS' ("DOF Subsea" or the "Company") financial report for Q2 and Q3 2019, the DOF Subsea Group (the "Group") experience that regular financing and refinancing has been challenging. The Group has an order backlog of approximately NOK 14 billion per 30 September 2019. The market has improved slightly, and the Company has a higher EBITDA compared to last year. However, the current EBITDA is still not sufficient to cover the Group's current amortisation profile. DOF Subsea is in a process to negotiate a long-term financing solution, with a financial structure that is aligned with the current market. The Company is negotiating with its banks and has a conditional commitment from its largest indirect shareholder Laco AS to, either directly or indirectly, subscribe for NOK 200 million of new cash equity, subject to agreement with banks and bondholders. The new equity is expected to be raised through a rights issue in DOF ASA to be implemented in January 2020 with expected gross proceeds of between NOK 200 million and NOK 500 million. The detailed terms of the rights issue have not yet been determined. DOF ASA will in turn inject new equity in the amount of NOK 200 million in DOF Subsea. The key terms of the discussed new bank facilities are: · All bank facilities in consolidated companies are merged to one new USD 680 million facility with maturity in December 2023. · With the new facility, annual amortisations are reduced and this represents a reduction in annual amortisations of 66% average over the first 3 years. · Interest margins largely unchanged · New covenants to fit the current market situation. In respect of the Company's outstanding bonds, the Company proposes, as part of the solution, a structure whereby the bonds are extended beyond the maturity of the new bank facility. · DOFSUB07 - extended to 29 December 2023 · DOFSUB08 - extended to 14 August 2024 · DOFSUB09 - extended to 27 December 2024 Please find enclosed Summons to Bondholders' Meeting (the "Proposal") and a Company presentation. The Company has received indication that 62% of DOFSUB08 voting bonds and 47% of DOFSUB09 voting bonds will support the Proposal. The Issuer has engaged ABG Sundal Collier ASA and Pareto Securities AS as its financial advisors (the "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 IMPORTANT INFORMATION This communication may not be published, distributed or transmitted in the United States, Canada, Australia or Japan. These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of DOF ASA or the Company in the United States, Norway or any other jurisdiction. The securities of DOF ASA and the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The securities of DOF ASA and the Company have not been, and will not be, registered under the U.S. Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under the U.S. Securities Act and to "major U.S. institutional investors" under SEC Rule 15a-6 to the United States Exchange Act of 1934. No public offering of the securities will be made in the United States. In any EEA Member State that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented in any relevant Member State) and includes any relevant implementing measure in the relevant Member State. In the United Kingdom, this communication is only addressed to and is only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). These materials are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so. Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. This announcement is made by and, and is the responsibility of, the Company. Pareto Securities AS and ABG Sundal Collier (the "Managers") are acting exclusively for the Company and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, or for advice in relation to the contents of this announcement or any of the matters referred to herein. Neither the Managers nor any of their respective affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein. This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Managers nor any of their respective affiliates accepts any liability arising from the use of this announcement. Each of DOF ASA, the Company, the Managers and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 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

Refinancing update, summons to bondholders' meetings in DOF Subsea AS

December 5, 2019

The Group's operating income for 3[rd]quarter (management reporting) totals NOK 2,057 million (NOK 1,739 million) and the operating profit before depreciation and impairment (EBITDA) totals NOK 759 million (NOK 535 million). The Ebitda adjusted for hedge accounting is NOK 803 million (NOK 587 million). Total impairments of NOK 917 million (NOK 124 million) have been booked in the period, hence the operating profit (EBIT) is negative with NOK -503 million (NOK 106 million). The average utilisation of the Group's fleet during the 3rd quarter was 82% ; 81% for the subsea fleet, 75% for the AHTS fleet and 94% for the PSV fleet. Improved earnings and utilisation in all segments during the quarter reflecting increased activity, however still challenging markets for the AHTS and Subsea IMR fleet. The Group's backlog is NOK 20 billion. A long-term refinancing solution is in process with the target to be completed before year end. Per November DOF ASA owns 100% of the shares in DOF Subsea AS. Please see enclosed 3rd quarter Financial Report 2019. Webcast is available Thursday, 28th November 2019 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 3,500 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

Our newsroom

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

New face value 20.12.2019

Nytt pålydende 20.12.2019

DOF ASA - New share capital

DOF Subsea secures integrated FSV contract in Africa

Summons to bondholders' meeting

Refinancing update, summons to bondholders' meetings in DOF Subsea AS

Financial Report 3rd quarter for DOF ASA

Contract extension for Skandi Carla

Invitation to presentation of Q3 2019 results