DOF ASA (DOF) 🚢

[TekBot]

Financial Report 1st quarter for DOF ASA

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
…

Vis børsmeldingen

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.

Kilde

[E24Bot]

Milliardsmell for kriserammede Dof

Milliardsmell for kriserammede Dof

[TekBot]

Minutes from Ordinary general meeting

Ordinary general meeting in DOF ASA was held today, 28 May 2020.

All items were resolved in accordance with the Boards calling notice and the
…

Vis børsmeldingen

Nomination committee’s recommendations.

Please find attached copy of the minutes of the ordinary general meeting in DOF
ASA 2020.

Contact person:

CEO Mons Aase, tel. +47 91661012

CFO Hilde Drønen, tel. +47 91661009

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.

Kilde

[TekBot]

DOF ASA: STANDSTILL AGREEMENT WITH THE INTERNATIONAL SECURED LENDERS OF NORSKAN

Further to the stock exchange announcement from DOF ASA and DOF Subsea AS on 15
May 2020, DOF ASA (“DOF”) is pleased to announce that Norskan Offshore Ltda.
(“Norskan”) now also has entered into a suspension agreement ("stand-still
…

Vis børsmeldingen

agreement") with its international secured lenders. Pursuant to said agreement,
payments of principal and interest to the secured lenders are suspended until 30
June 2020 on certain customary terms and conditions. Such terms and conditions
include customary restrictions on Norskan in the relevant period.

The agreement is part of the efforts of the DOF Group to facilitate the
continued dialogue with the secured lenders and bondholders under the DOF
Group’s bond loans regarding a long-term financial restructuring of the Group.
Norskan will continue its constructive dialogue with BNDES regarding suspension
of interest payments and instalments to BNDES.

For further information, please contact:

Mons S. Aase, CEO, Tel: +47 91 66 10 12
Hilde Drønen, CFO, 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.

Kilde

[TekBot]

Contract awards in Brazil

The DOF Group is pleased to announce several contract awards for its fleet in
Brazil for

…

Vis børsmeldingen

Petróleo Brasileiro S.A. (“Petrobras”) supporting Petrobras’ exploration and
production activities on the Brazilian continental shelf. The vessels are owned
and operated by Norskan and DOF Subsea Brasil will be responsible for the ROV
operations on the vessels. Both companies are 100 % owned subsidiaries of DOF
ASA.

Skandi Urca and Skandi Fluminense have been awarded 2+2 year contracts with
commencement in September 2020 and Skandi Paraty has been awarded a one-year
contract that commenced at the beginning of June. All vessels are Brazilian
built AHTS vessels and all equipped with Work Class ROV’s for operations down to
3.000m water depth.

Mons Aase, CEO in DOF Group, states that he is very pleased with the contract
awards, which confirm the DOF Group’s strong position in the South America
region

For further information, please contact:

Mons S. Aase, CEO, Tel: +47 91 66 10 12

Hilde Drønen, CFO, 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.

Kilde

[TekBot]

Summons to Bondholders’ Meeting

Bondholders holding in excess of 10% of the DOFSUB07 have requested that the
Bond Trustee issues a request for a Bondholders’ Meeting pursuant to Clause 16
(Bondholders’ Meeting) of the Bond Agreement to consider the appointment of new
…

Vis børsmeldingen

advisors to the Bond Trustee in connection with the contemplated financial
restructuring of the Issuer and its subsidiaries. See enclosed Summons for a
meeting on 30 June 2020.

For further information, please contact:

Mons S. Aase, CEO, Tel: +47 91 66 10 12
Hilde Drønen, CFO, 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.

Kilde

[TekBot]

DOF ASA: DEMERGER OF MØGSTER MOHN OFFSHORE AS

Reference is made to the announcement made by Laco AS on 18 May 2020 regarding
the exercise of a right, pursuant to a shareholders agreement, by Perestroika AS
to demerge Møgster Mohn Offshore AS (“MMO”).
…

Vis børsmeldingen

Laco AS has decided not to exercise the option referred to in the announcement
to acquire shares in DOF ASA to retain an ownership of 40.45% of the shares and
votes in DOF ASA.

The demerger of MMO is in process, and an announcement will be made once the
general meeting resolution in MMO for the demerger has been made. Following the
decision not to exercise the above mentioned option, Laco AS will indirectly own
approximately 100,007,312 shares in DOF ASA (representing 32.49% of the
outstanding shares) upon completion of the de-merger.

For further information, please contact:

Mons S. Aase, CEO, Tel: +47 91 66 10 12

Hilde Drønen, CFO, 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.

Kilde

[TekBot]

DOF ASA: DEMERGER OF MØGSTER MOHN OFFSHORE AS AND DISCLOSURE OF LARGE SHAREHOLDINGS

Reference is made to the announcement made on 16 June 2020 regarding the
demerger of Møgster Mohn Offshore AS (“MMO”).

…

Vis børsmeldingen

The general meeting of MMO has today resolved the demerger. Upon completion of
the demerger, after the statutory creditor notice period, 50,631,329 of the
150,638,643 shares MMO owns in DOF ASA will be transferred to Perestroika
Industri AS, which will result in Perestroika Industri AS holding shares
representing 16.45% of the outstanding shares in DOF ASA.

Perestroika Industri AS is a company wholly owned by Perestroika AS, which in
turn is owned by Frederik W. Mohn.

MMO will following completion of the demerger hold 100,007,314 shares,
representing 32.49% of the outstanding shares in DOF ASA.

Laco AS, as the majority shareholder in MMO, will after completion of the
demerger indirectly own approximately 100,004,814 shares (representing 32.49% of
the outstanding shares) in DOF ASA.

For further information, please contact:

Mons S. Aase, CEO, Tel: +47 91 66 10 12

Hilde Drønen, CFO, 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.

Kilde

[TekBot]

Result of Bondholders’ Meeting

We refer to summons dated 16 June 2020, issued at the request of bondholders
holding in excess of 10% of the DOFSUB07, to consider the appointment of new
advisors in connection with the contemplated financial restructuring of the
…

Vis børsmeldingen

Issuer and its subsidiaries.

In a bondholders’ meeting held today 30 June 2020, the proposal to change
advisors did not get the votes required under the bond agreements.

See enclosed Result of the meeting on 30 June 2020.

For further information, please contact:

Mons S. Aase, CEO Tel: +47 91 66 10 12

Hilde Drønen, CFO 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.

Kilde

[TekBot]

DOF Subsea awarded contracts in APAC region

DOF Subsea is pleased to announce two significant contract awards in the APAC
region.

…

Vis børsmeldingen

In Australia: Chevron Australia has awarded DOF Subsea an IMR Services Contract
to Support Chevron’s North-West Shelf and near shore subsea assets in Australia
with DP Vessels, ROVs, AUVs, Intervention, Inspection, Management and
Engineering Services. This key award builds on previous successful IMR campaigns
over the life of the existing IMR services contract and secures a further 5-year
term under the new contract.

In South East Asia: DOF Subsea has secured a substantial contract for a moorings
replacement and rectification project. With onshore works underway, the offshore
campaign is scheduled mid Q3 2020. The project will provide significant
utilisation for resources and vessels - Skandi Hercules and Skandi Singapore -
throughout Q3 and early Q4 2020.

Mons S Aase, CEO, DOF Subsea, said, “These key contract awards build on
successful campaigns delivered in the past for our clients and grow our track
-record in the APAC region. We look forward to working with our clients to
deliver projects safely and efficiently.”

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.

Kilde

[TekBot]

DOF Rederi AS - Sale of vessels

DOF Rederi AS, a wholly owned subsidiary of DOF ASA, has completed the sale of
the AHTS Skandi Giant (built in 2002) to an international buyer.

…

Vis børsmeldingen

DOF Rederi AS has also entered into a sales agreement with a yard in Turkey for
recycling of the vessel “Skandi Hav” (built in 1983). Delivery to the recycling
yard is expected to take place in September this year.

The sale of the vessels will only have an immaterial accounting effect for 3Q
2020.

For further information, please contact:

Mons S. Aase, CEO, DOF ASA. Tel: +47 91 66 10 12

Hilde Drønen, CFO DOF ASA. 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.

Kilde

[TekBot]

DOF Subsea awarded multiple contracts in the Atlantic region

DOF Subsea is proud to announce multiple new contracts in the Atlantic region.

The contract awards include work within our core service lines - Survey, Inspection, Maintenance & Repair and Decommissioning. A selection of the vessels in the DOF Subsea fleet shall be deployed to undertake the work, including Skandi Acergy, Skandi Seven and Skandi Skansen. The work is planned for execution in Q3 and Q4 2020 and totals above 150 offshore vessel days.
…

Vis børsmeldingen

Mons S Aase, CEO, DOF Subsea said, “DOF Subsea is dedicated to deliver safe and efficient subsea solutions. These awards secure good utilization for both personnel and subsea vessels in the Atlantic region for Q3 and Q4 2020. We look forward to working with our clients to deliver the projects safely and efficiently.”

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 Offshore Energy, Marine Telecommunications and Renewables markets.

www.dofsubsea.com

Kilde

[TekBot]

Invitation to presentation of Q2 2020 results

DOF ASA will release the Q2 results 2020 on Friday 21 August 2020.

The presentation will be held as a webcast available on
…

Vis børsmeldingen

www.dof.com/webcast (https://eur01.safelinks.protection.outlook.com/?url=http%3A%
2F%2Fwww.dof.com%2Fwebcast&data=02%7C01%7CMargrethe.Ostervold%40dof.com%7C4415b2a
fc1524e5de2ba08d83f873334%7Cd5e85ffcd9d84aeda3d78c39e1b52167%7C0%7C0%7C6373291972
02701416&sdata=XfGXY3uYwRj5lmtmWkF47%2FWsSf0cYVW1RYPPB%2Bjo3H8%3D&reserved=0) at
08:30 CET the same day.

The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen.

You are invited to attend a conference call following the presentation at
09:30. If you are interested in attending, we request that you register with
Margrethe R. Østervold, e-mail mro@dof.com, within Tuesday 18 August at 12:00.
Note that a link to join the conference call will be made available via e-mail
to those who register, and for convenience, the link will also be publicly
available on the DOF webcast webpage
(www.dof.com/webcast (https://eur01.safelinks.protection.outlook.com/?url=http%3A
%2F%2Fwww.dof.com%2Fwebcast&data=02%7C01%7CMargrethe.Ostervold%40dof.com%7C4415b2
afc1524e5de2ba08d83f873334%7Cd5e85ffcd9d84aeda3d78c39e1b52167%7C0%7C0%7C637329197
202711406&sdata=azHBQ4iiEPJ5UyefiDYJvf90ogFwA1psl6tDJEDVdi0%3D&reserved=0))
shortly before the start of the conference call.

Contact:

CEO Mons S. 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.

Kilde

[TekBot]

Financial Report 2nd quarter for DOF ASA

The COVID-19 virus has had a major impact on the operations during the 2nd
quarter, however the organisation has been able to protect employees and secure
ongoing projects and contracts at close to normal. COVID-19 has also led to
…

Vis børsmeldingen

postponement of projects and lower activity levels in in certain regions in the
period. The challenging markets for the Group’s fleet have continued resulting
in pressure on earnings and utilisation of the Group’s assets. During this
quarter, the Group has recognised an impairment of NOK 779 million and by June
the total impairment is NOK 2.3 billion (management reporting). The
restructuring of the Group’s debt is ongoing and standstill agreements
(excluding the JVs) until the 30th of September have been signed. A standstill
for the BNDES facilities has further been agreed until December 2020.

The Group’s operating income for 2[nd] quarter (management reporting) totals NOK
1,802 million (NOK 1,854 million) and the operating profit before depreciation
and impairment (EBITDA) totals NOK 701 million (NOK 712 million adjusted for
hedge accounting with NOK 43 million). The operating profit (EBIT) is NOK -354
million (NOK 181 million), of which depreciation and impairment totals NOK 1,056
million (NOK 488 million).

The average utilisation of the Group’s fleet during the 2nd quarter was 67%; 75%
for the subsea fleet, 48% for the AHTS fleet and 74% for the PSV fleet.

General market & operational comments in Q2:

·
· Contracts and projects have been postponed, terminated or cancelled
· Several vessels entered into lay-up. By August, 17 vessels are in lay-up
· New contract awards in Brazil
· Awards for project work securing reasonable utilisation for the project
fleet in Q3
· By August, the Group backlog is NOK 17 billion

Please see enclosed 2nd quarter Financial Report 2020.

Webcast is available Friday, 21st of August 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 3,150 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.

Kilde

[E24Bot]

Ny smell for kriserammede Dof – tapte 675 millioner i andre kvartal

Ny smell for kriserammede Dof – tapte 675 millioner i andre kvartal

[TekBot]

DOF Subsea awarded multiple contracts by Petrobras

DOF Subsea is proud to announce four new contracts with Petrobras.

The contracts include work within our core service lines for Survey and
…

Vis børsmeldingen

Inspection. At least three vessels from the DOF fleet shall be mobilised to
perform flexible pipeline, risers and subsea equipment inspection in Campos
Basin, Santos Basin, Marlin Field and Espírito Santos Basin.

The contracts are worth more than USD 110 million with planned commencement in
Q4 2020 and estimated to be performed within 550 days.

Mons S Aase, CEO, DOF Subsea said, “I am very pleased for these awards securing
utilisation for our personnel and our assets and adding important back log to
the Group. It further strengthens our leading position in Brazil within IMR and
confirms our long relationship with Petrobras.”

DOF Subsea is dedicated to deliver safe and efficient subsea solutions.

For further information, please contact:

Mons S. Aase, CEO Tel: +47 91 66 10 12
Hilde Drønen, CFO Tel: +47 91 66 10 09

With a multi-national workforce of about 3,150 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.

Kilde

[TekBot]

DOF ASA: AKASTOR ASA TO ASSUME FULL OWNERSHIP OF A RESTRUCTURED DOF DEEPWATER AS

DOF Deepwater AS (“DOF Deepwater”), which is jointly owned by DOF ASA (“DOF”)
and Akastor ASA (“Akastor”), has today entered into a term sheet with its
lenders on a restructuring of its debt that is intended to secure continued
…

Vis børsmeldingen

operations up to the second half of 2023. The closing of the debt restructuring
is conditional upon necessary support from DOF’s secured lenders. As part of
this agreement DOF shall transfer all of its shares in DOF Deepwater to Akastor,
who thereby will own all of the shares in DOF Deepwater and assume full
operational responsibility over the company and its five vessels (Skandi
Emerald, Skandi Peregrino, Skandi Saigon, Skandi Pacific and Skandi Atlantic).
DOF will continue as vessel manager for the fleet. As a consequence of the
change in ownership DOF and Akastor will however discuss the terms in the
management agreements. For further details on the restructuring, reference is
made to the Akastor ASA stock exchange notice concerning the same.

The terms and conditions of the DOF ASA unsecured guarantee obligation equal to
50% of the current debt in DOF Deepwater will be separately agreed between the
DOF ASA group (the “Group”) and its secured lenders. The DOF guarantee
obligation will also be reduced by any profit received by the lenders to DOF
Deepwater under a profit split arrangement following a sale of the DOF Deepwater
vessels within a period of 2,5 - 3 years after closing.

Closing is subject to final agreements being entered into, and is expected to
take place in Q3 2020.

For further information, please contact:

CEO Mons Aase, tel. +47 91 66 10 12

CFO DOF 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.

Kilde

[TekBot]

DOF Subsea awarded contract in the Atlantic region

DOF Subsea has been awarded a turnkey contract performing marine operations in
connection with a decommissioning project by Teekay Petrojarl Floating
Production.
…

Vis børsmeldingen

The award covers project management, engineering, procurement and all offshore
marine operations. The offshore works include preparatory works at the sites
including installation of a temporary mooring system, towing operations and
recovery of risers and mooring systems.

DOF Subsea will utilize a variety of vessels from the DOF Group fleet, deploying
Skandi Acergy, Skandi Iceman, Skandi Hera in addition to selected third party
vessels to deliver the scope. The project has already commenced and is scheduled
to be completed within Q4 2020.

Mons S Aase, CEO, DOF Subsea said: "DOF Subsea is pleased to be trusted with
this multidisciplinary decommissioning scope by a repeat key client. This
project will utilize the strength in our offering to the fullest with our
decommissioning team parred with capable offshore vessels. DOF Subsea is
continuously working to develop efficient solutions and to deliver as promised
without compromise to safety.

For further information, please contact:

Mons S. Aase, CEO Tel: +47 91 66 10 12
Hilde Drønen, CFO 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.

Kilde

[TekBot]

SUMMONS TO BONDHOLDERS’ MEETINGS IN DOF SUBSEA AS - REQUEST TO EXTEND STANDSTILL PERIOD

Reference is made to the resolutions adopted in the bondholders’ meetings in DOF
Subsea AS’ three 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
…

Vis børsmeldingen

Subsea AS Senior Unsecured Bond Issue 2018/2023) on 22 April 2020, whereby the
bondholders on certain conditions approved a waiver from, and suspension of, all
payment obligations under each of the bond loans until 30 September 2020.

Discussions and negotiations on the restructuring of the Group are still
ongoing. While progress has been made, an agreement for the restructuring of the
Group will not be reached before the current deferral and standstill
arrangements with the bondholders expire. DOF Subsea AS has therefore requested
Nordic Trustee AS to summon bondholders’ meetings in the three bond loans to
consider the extension of the standstill period initially until [15 December
2020] [and with a possibility to extend to 31 January 2021 with the approval of
an ad-hoc committee of bondholders].

The proposal is further described in the attached summons to the bondholders in
the three bond loans. A corresponding request has been made to the company’s
secured lenders to extend the suspension of payments of principal and interest
that have been granted by a majority of its secured lenders.

For further information, please contact:

CEO Mons Aase, tel. +47 91 66 10 12

CFO DOF Hilde Drønen tel. +47 91 66 10 09

With a multi-national workforce of about 3,150 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.

Kilde

[TekBot]

DOF Subsea secures Integrated FSV Contract in Africa

DOF Subsea has been awarded an integrated Field Support Vessel (FSV) contract
with an international oil company in Angola. The project shall utilise Skandi
Seven for a minimum of 303 firm vessel days plus 365 days of options. The
…

Vis børsmeldingen

Contract also includes the potential supply of additional vessels, as required
by client.

DOF Subsea shall during the project deliver integrated FSV services, project
management, engineering, procurement and logistics within deep-water
construction and maintenance of existing subsea assets.

Work packages under the contract shall also include services for transportation
and installation of flexible products and various subsea equipment.

Mons S. Aase, CEO, DOF Subsea said, “I am pleased that DOF Subsea is trusted
with another contract in Angola. This project will secure utilisation for our
integrated FSV team and assets, strengthening our position as a leading one-stop
solutions provider for integrated subsea operations across multiple disciplines.
DOF Subsea is continuously working to develop efficient services without
compromise to safety.”

For further information, please contact:

Mons S. Aase, CEO, Tel: +47 91 66 10 12
Hilde Drønen, CFO, Tel.: +47 91 66 10 09

With a multi-national workforce of about 3,150 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.

Kilde