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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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Contract awards

DOF has been awarded a contract for a construction transport & installation (T&I) project in West Africa

April 3, 2024

Contract awards

DOF Group ASA – Contract award

March 12, 2024

DOF Subsea

Financial report 4th quarter 2023 for DOF Subsea AS

February 23, 2024

The Group's revenue for 4th quarter (management reporting) totals NOK 3,449 million (NOK 3,204 million) and EBITDA totals NOK 1,241 million (NOK 1,125 million). The operating profit (EBIT) of NOK 2,215 million (NOK 1,548 million) is highly impacted by reversal of impairment of NOK 1,479 million (NOK 687 million). Net financial cost amounts of NOK 139 million (NOK 223 million) include unrealised currency gain of NOK 372 million (NOK 1,047 million). The result after taxes is NOK 2,768 million (NOK 1,806 million). The Group’s net interest-bearing debt is NOK 13,883 million (NOK 19,915 million) and the book equity is NOK 10,522 million (NOK 364 million).

Key highlights:
- Another strong quarter, where the Group achieved an EBITDA of NOK 1,241 million (NOK 1,125 million) and a cash flow from operating activities of NOK 1,111 million (NOK 1,553 million).
- The annual EBITDA was NOK 4,949 million (NOK 3,764 million) and the cash flow from operating activities was NOK 4,090 million (NOK 3,777 million).
- By 31.12.2023 the equity ratio is 34% (1%) and NIBD/EBITDA 2.8 (5.4).
- The average utilisation of the owned fleet was 91% (88%) in the quarter.
- The markets in the Group’s regions are good and the activity in Asia-Pacific has particularly increased during the 4th quarter.
- The Group has chartered in the subsea vessel Maersk Installer on a 2-year firm charter to serve the increased demand in the subsea project segment.
- Three PSVs, have been sold in the quarter.
- The total current fleet includes 57 vessels (incl. 12 vessels on management or hired in):
-- 16 AHTSs, 11 PSVs and 30 Subsea vessels.
- In January, the DOF Group has been ranked among the best companies with the 2nd highest score in the Petrobras PEOTRAM 2023 audit and retained its A- score on the CDP Climate Change 2023.
- The order intake in 4th quarter is USD 147 million.
- Firm backlog by end December of USD 1,946 million.

The Group will report in USD from the 1st quarter 2024 and onwards.

Statement from the CEO, Mons Aase: “We deliver another solid quarter and are experiencing continued strong markets within all fleet segments, and I am especially pleased to see an increasing activity in the Asia-Pacific region. The Group has again achieved a high score in the Petrobras Peotram audit which is a confirmation of the high quality of our operations in Brazil. We expect the backlog to continue to grow due to several ongoing tenders. We see increased activity within the AHTS segment and expect more firm contracts going forward. The current backlog for the Group is 84% for 2024 which gives good visibility of the earnings in 2024. The EBITDA guiding for 2024 is in the range of USD 470-520 million”.

Please see enclosed 4th quarter Financial Report 2023.
>>> DOF Group ASA Financial Report Q4 2023 (PDF, 4 mbs)

Webcast is available Friday, 23rd of February at 08:30 on www.dof.com/webcast.

For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: +47 916 21 057
E-mail: martin.lundberg@dof.com

‍

News

Reference is made to the announcement made by DOF ASA ("DOF") and its subsidiary DOF Subsea AS on 22 June 2022 regarding the execution of an agreement (the "Restructuring Agreement") with a substantial group of creditors and certain other stakeholders on a comprehensive financial restructuring (the "Restructuring") and the announcement on 13 October 2022 regarding the update on the Restructuring process. The Extraordinary General Meeting relating to the Restructuring will be held on Friday 11 November 2022 at 12:00 hours as an electronic meeting. Shareholders who wish to participate and vote at the Extraordinary General Meeting must be registered with a user profile in the meeting portal Orgbrain (www.orgbrain.no) or submit a proxy to the Company by 12:00 hrs CET on 7 November 2022. Information about participation and registration is included in the notice and its appendices and is attached to this announcement and also available on the Company's website www.dof.com. Further information about the electronic participation will be published on the Company's website www.dof.com and distributed to the shareholders who fill in and return the registration form. A paper version of the notice will be sent by post to those shareholders who have reserved themselves against electronic communication on the VPS Investor Services. In addition, DOF is pleased to announce that the senior creditors that are parties to the Restructuring Agreement have agreed to extend the Long Stop Date in the Restructuring Agreement to 30 November 2022, and that the ad-hoc group of bondholders in DOF Subsea AS' bond loans (FRN DOF Subsea AS Senior Unsecured Bond Issue 2013/2020, DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN DOF Subsea AS Senior Unsecured Bond Issue 2018/2023) has extended the standstill arrangements with the bondholders to 30 November 2022 in accordance with the authority granted in the bondholders' meetings held on 30 September 2022. The sole purpose of such extensions is to enable that the agreed Restructuring can be implemented. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. With a multi-national workforce of about 3,900 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 40 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 Stock Exchange since 1997.

Historical OSE Notices

DOF ASA: NOTICE OF EXTRAORDINARY GENERAL MEETING AND NEW LONG STOP DATE FOR THE RESTRUCTURING AGREEMENT

October 21, 2022

DOF Subsea is pleased to announce the award of a 3-year contract for two vessels with Esso Exploration & Production Guyana Limited. Under the agreement, DOF Subsea will perform IMR, well intervention support, and light subsea construction activities to support the growing subsea infrastructures in the Stabroek Block offshore Guyana. Two Multipurpose Support Construction Vessels with 250-ton AHC crane and 2 work class ROV systems will be deployed in Guyana for 3-year terms, plus 2 years options. The first vessel will mobilize in late October while the second vessel is planned to commence in January 2023. Mons S Aase, CEO, DOF Subsea said, "I am extremely happy with this contract award from ExxonMobil Guyana, and entering the important and flourishing Guyanese market. The award further underlines DOF's leading position in the IMR segment." The estimated firm backlog for the group is approximately NOK 2.7 billion. 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 3,900 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 40 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 Subsea awarded MPSV Contracts in Guyana

October 21, 2022

Historical OSE Notices

Invitation to presentation of Q3 2022 results

October 19, 2022

Historical OSE Notices

OSLO BØRS - TRADING RESUMPTION

October 13, 2022

Historical OSE Notices

OSLO BØRS - TRADING RESUMPTION

October 13, 2022

Reference is made to the announcement made by DOF ASA ("DOF", and together with its subsidiaries, the "Group") and its subsidiary DOF Subsea AS on 22 June 2022 regarding the execution of an agreement (the "Restructuring Agreement") with a substantial group of creditors and certain other stakeholders on a comprehensive financial restructuring (the "Restructuring"). DOF is pleased to report that the Group has continued support from its financial creditors and largest shareholder and that good progress is being made to agree the necessary documents for the completion of the Restructuring. Based on the current timeline, DOF expects that the extraordinary general meeting relating to the Restructuring will be held in the week commencing 7 November 2022. In accordance with the timeline, DOF is seeking a one month extension of the Long Stop Date in the Restructuring Agreement. The parties to the Restructuring Agreement have, as set out in the announcement on 22 June 2022, engaged in good faith discussions to agree alternative steps to implement the Restructuring in the event that the extraordinary general meeting of DOF does not pass the resolutions required to implement the Restructuring. Following such discussions, the parties to the Restructuring Agreement have today entered into an addendum to the Restructuring Agreement (the "Addendum") detailing the steps that will be taken by the creditors, subject to satisfaction or waiver of certain customary conditions, to implement the Restructuring in such event. In the event that the extraordinary general meeting of DOF rejects the resolutions required to implement the Restructuring, DOF shall subject to the terms of the Addendum, procure that reconstruction proceedings are opened under the Norwegian Reconstruction Act of 7 May 2020 and propose a reconstruction with the following key elements: (i) a portion of DOF's direct financial indebtedness will be converted into equity ; and (ii) no other liabilities of DOF or the Group will be affected by the reconstruction. All other elements of the Restructuring will be implemented following completion of the reconstruction. Implementation of the reconstruction proposal will require that an additional extraordinary general meeting of DOF approves the proposal with at least 50% of the shares represented at the general meeting. If the Restructuring is implemented by way of a reconstruction, the existing shares in DOF will represent 1% of the fully diluted shares in DOF post completion, unless otherwise agreed among the Group's creditors, compared to 4% of the fully diluted shares in DOF if the Restructuring Agreement is adopted as proposed in the first extraordinary general meeting. If the reconstruction proposal cannot be implemented, either because the required majority at the second extraordinary general meeting is not obtained or for other reasons, bankruptcy proceedings will be opened in DOF. Pursuant to the Addendum, the creditors of the Group have agreed to establish a new company ("Newco") that will make an offer to acquire the entire business of the Group from the bankruptcy estate through an acquisition, directly or indirectly, of its subsidiaries against a subordination of their claims against DOF. No cash consideration will be offered. If such offer is successful, Newco will become the new parent company in the Group, and an application will be made for the listing of the shares of Newco on Oslo Børs or Euronext Expand Oslo. If the Restructuring is implemented following a bankruptcy in DOF, the existing shareholders in DOF will not retain any equity interest in the restructured group. The board of directors and management of DOF firmly believe that it is in the best interest of DOF's shareholders that the Restructuring is implemented on a consensual basis and that the shareholders will obtain the best recovery by supporting the Restructuring at the extraordinary general meeting of DOF. However, if a consensual solution is not possible, the board of directors must have regard to the interest of its creditors as the main economic stakeholders of the Group, as well as seeking to secure the continued operations of the business of the Group to the benefit of its customers, employees and other stakeholders. To this end, the board of directors is of the opinion that the implementation of the Restructuring through the alternative implementation steps agreed in the Addendum will be the best option available to DOF and the Group if the shareholders do not support the Restructuring at the extraordinary general meeting. All scenarios above, including in case of a formal bankruptcy in the parent company DOF ASA to effect the Restructuring, are structured to avoid any interruption to the ongoing operations of the Group and to avoid losses for the Group's customers, suppliers and other trade creditors. Consequently, no other creditors than the financial creditors are envisaged to be affected by such alternative implementations of the Restructuring Agreement. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. With a multi-national workforce of about 3,900 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 40 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 Stock Exchange since 1997.

Historical OSE Notices

DOF ASA: UPDATE ON RESTRUCTURING PROCESS

October 13, 2022

Det vises til børsmelding fra DOF ASA ("DOF", og sammen med datterselskapene, "Gruppen") og datterselskapet DOF Subsea AS 22. juni 2022 om inngåelse av en avtale ("Restruktureringsavtalen") med en betydelig andel kreditorer og andre interessenter om en helhetlig finansiell restrukturering ("Restruktureringen"). DOF er tilfreds med å kunne meddele at Gruppen fortsatt har støtte fra sine finansielle kreditorer og sin største aksjonær, og at det er gjort betydelige fremskritt med sluttføring av nødvendig dokumentasjon for gjennomføring av Restruktureringen. I henhold til gjeldende tidslinje forventer DOF at den ekstraordinære generalforsamlingen knyttet til Restruktureringen vil bli avholdt i uken som starter 7. november 2022. I samsvar med dette vil DOF søke om én måneds forlengelse av "Long Stop Date" i Restruktureringsavtalen. Partene i Restruktureringsavtalen har, som det fremgår av børsmelding den 22. juni 2022, fortsatt diskusjonen for å enes om alternative løsninger for å gjennomføre Restruktureringen for det tilfelle at den ekstraordinære generalforsamlingen i DOF ikke godkjenner vedtakene som kreves for å gjennomføre Restruktureringen. Som et resultat av ovennevnte diskusjoner, har partene i Restruktureringsavtalen i dag inngått en tilleggsavtale til Restruktureringsavtalen ("Tilleggsavtalen"). Partene har der blitt enige om de konkrete tiltak, som vil bli iverksatt av kreditorene for å kunne gjennomføre Restruktureringen, med forbehold om oppfyllelse eller fritak av visse standardbetingelser. For det tilfelle at den ekstraordinære generalforsamlingen i DOF stemmer ned de vedtak, som kreves for å kunne gjennomføre Restruktureringen, er DOF, i henhold til vilkårene i Tilleggsavtalen, forpliktet til å åpne rekonstruksjonsforhandlinger etter rekonstruksjonsloven av 7. mai 2020 og foreslå en rekonstruksjon med følgende nøkkelelementer: i. en del av DOFs direkte finansielle gjeld vil bli konvertert til egenkapital ; og ii. ingen andre forpliktelser for DOF eller Gruppen vil bli påvirket av rekonstruksjonen. Alle andre elementer av Restruktureringen vil bli iverksatt etter at rekonstruksjonen er gjennomført. Gjennomføringen av rekonstruksjonsforslaget vil kreve at en ny ekstraordinær generalforsamling i DOF godkjenner forslaget med minst 50 % av aksjene representert på generalforsamlingen. Dersom Restruktureringen gjennomføres ved en rekonstruksjon, vil de eksisterende aksjene i DOF representere 1 % av de fullt utvannede aksjene i DOF etter ferdigstillelse, med mindre annet blir avtalt mellom Gruppens kreditorer. Til sammenligning vil de eksisterende aksjonærene representere 4 % av de fullt utvannede aksjene i DOF dersom Restruktureringsavtalen blir vedtatt som foreslått på første ekstraordinære generalforsamling. Dersom rekonstruksjonsforslaget ikke kan gjennomføres, enten fordi nødvendig flertall på den andre ekstraordinære generalforsamlingen ikke oppnås eller av andre grunner, vil det bli åpnet konkursbehandling i DOF. I henhold til Tilleggsavtalen har kreditorene i Gruppen avtalt å etablere et nytt selskap ("Newco") som vil gi et tilbud om å overta hele Gruppens virksomhet fra konkursboet gjennom et oppkjøp, direkte eller indirekte, av datterselskapene, mot at deres krav mot DOF blir underordnet. Det vil ikke bli tilbudt kontantvederlag. Dersom et slikt tilbud aksepteres, vil Newco bli det nye morselskapet i Gruppen, og det vil bli søkt om notering av aksjene til Newco på Oslo Børs eller Euronext Expand Oslo. Dersom Restruktureringen gjennomføres etter en konkurs i DOF, vil eksisterende aksjonærer i DOF ikke motta noen egenkapitalandel i den restrukturerte gruppen. Styret og ledelsen i DOF er overbevist om at det er i aksjonærenes interesse at Restruktureringen gjennomføres på et frivillig grunnlag og at aksjonærene vil oppnå best mulig resultat ved å støtte Restruktureringen på den ekstraordinære generalforsamlingen i DOF. Dersom en frivillig løsning ikke oppnås, må styret imidlertid ta hensyn til kreditorenes interesser som Gruppens viktigste økonomiske interessenter, samt søke å sikre videre drift av Gruppens virksomhet til fordel for sine kunder, ansatte og andre interessenter. Styret er av den oppfatning at gjennomføringen av Restruktureringen gjennom de alternative gjennomføringsstegene som er avtalt i Tilleggsavtalen, vil være det beste alternativet for DOF og konsernet dersom aksjonærene ikke støtter restruktureringen på den ekstraordinære generalforsamlingen. Alle alternativene ovenfor, inkludert formell konkurs i morselskapet DOF ASA, for å kunne gjennomføre Restruktureringen, er strukturert for å unngå negative konsekvenser for den løpende driften av Gruppen og for å unngå tap for Gruppens kunder, leverandører og andre handelskreditorer. Følgelig er ingen andre kreditorer enn de finansielle kreditorene forutsatt å bli berørt av slike alternative implementeringer av Restruktureringsavtalen. For mer informasjon, vennligst kontakt: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 Denne informasjonen er informasjonspliktig etter verdipapirhandelloven § 5-12. Med en multinasjonal arbeidsstyrke på rundt 3.900 ansatte, er DOF ASA en internasjonal gruppe av selskaper som eier og driver en flåte av moderne offshore/undervannsfartøy, og ingeniørkapasitet for å betjene både offshore- og subseamarkedet. Med over 40 år i offshorebransjen har Gruppen en sterk posisjon når det gjelder erfaring, innovasjon, produktspekter, teknologi og kapasitet. DOFs kjernevirksomhet er fartøyseierskap, fartøysledelse, prosjektledelse, engineering, fartøysoperasjoner, kartlegging, fjernintervensjon og dykkeoperasjoner primært for olje- og gassektoren. Fra PSV charter til Subsea engineering, DOF tilbyr et komplett spekter av offshoretjenester av topp kvalitet for å legge til rette for en stadig voksende og krevende industri. Selskapets viktigste driftssentre og forretningsenheter er lokalisert i Norge, Storbritannia, USA, Singapore, Brasil, Argentina, Canada, Angola og Australia. DOF ASA har vært notert på Oslo Børs siden 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

DOF has been awarded a contract for a construction transport & installation (T&I) project in West Africa

DOF Group ASA – Contract award

Financial report 4th quarter 2023 for DOF Subsea AS

Financial Report 4th quarter for DOF Group ASA

DOF Group ASA – Project award

DOF Group's 2023 CDP score is A-

DOF Group ASA – Contract extension

Invitation to presentation of Q4 2023 results

DOF Group ASA – CFO stepping down, Head of Investor Relations to take over

DOF ASA: NOTICE OF EXTRAORDINARY GENERAL MEETING AND NEW LONG STOP DATE FOR THE RESTRUCTURING AGREEMENT

DOF Subsea awarded MPSV Contracts in Guyana

Invitation to presentation of Q3 2022 results

OSLO BØRS - TRADING RESUMPTION

OSLO BØRS - TRADING RESUMPTION

DOF ASA: UPDATE ON RESTRUCTURING PROCESS

DOF ASA: Oppdatering på restruktureringsprosessen

OSLO BØRS - TRADING SUSPENSION

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