Our newsroom

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 contract for Hywind Tampen is a strategic breakthrough

October 31, 2019

DOF Subsea secures contracts in Africa

October 24, 2019

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

DOF Subsea AS: REFINANCING UPDATE

Correction, incl enclosures: DOF ASA Refinancing update

DOF ASA: Refinancing update

Skandi Vega - extention of contract with Equinor Energy AS

October 18, 2019

DOF ASA: REFINANCING UPDATE

October 16, 2019

Notice of Extraordinary General Meeting DOF ASA

October 9, 2019

As previously reported in DOF ASA's ("DOF" or the "Company") financial report for Q2 2019, the group experience that regular refinancing has been challenging. DOF and its 65% subsidiary DOF Subsea AS ("DOF Subsea") are on this basis in the process of finding a long-term refinancing solution, with a structure that is aligned with the current market environment. A long-term solution will involve all stakeholders, including shareholders, banks, and bondholders. The DOF Group has an order backlog of NOK 20 billion per 30.06 2019. DOF Subsea is currently making progress in its discussion with its stakeholders, including a constructive dialogue with key banks to adapt the bank facilities to the current market environment. DOF Subsea has today summoned a bondholder meeting in order to postpone an instalment in DOFSUB07 due 22 October 2019, as further described in the summons. Based on the current dialogue with stakeholders the best estimate is that it will be possible to reach an agreement on the long-term solution during the 4th quarter 2019, but no assurance can be given at this stage. DOF has for the PSV and AHTS business a constructive dialogue with its key banks to adjust the amortization profile and covenant structure of its bank financing to reflect the current market environment. It is likely that a long-term solution will require an equity injection in DOF and that a substantial portion of the new equity will be used to support the refinancing of DOF Subsea. Laco AS, indirectly the largest shareholder in DOF, is in this respect committed to support the group with NOK 200 million in new equity, conditional upon a satisfactory refinancing solution for the Group, including a maturity profile providing satisfactory runway until the expected timing of the market recovery. The Board of Directors of DOF will work towards a solution for the equity injection, which takes the interests of all shareholders into account and which to the extent permitted within applicable statutory limitations treat all shareholders equally. 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. This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.