Reference is made to previous announcements regarding the extension of
standstill arrangements with the DOF group's secured lenders expiring 15 June
2022 and extension of standstill arrangements with bondholders in DOF Subsea AS'
bond issues also expiring 15 June 2022.
DOF ASA and DOF Subsea AS are pleased to announce that each of the companies
have agreed to further extend the principal and interest suspension agreements
with, or received extensions of similar concessions from, secured lenders
representing in total all of the secured debt of DOF ASA and DOF Rederi AS and
in total 95% of the secured debt of companies within the DOF Subsea AS group
(excluding DOF Subsea Brasil Servicos Ltda.) until 22 June 2022, and that DOF
Subsea AS has received confirmation from the ad hoc group of bondholders that
they have agreed to further extend the suspension, deferral and standstill
agreement currently in place for the bond issues to 22 June 2022 in accordance
with the resolutions of the bondholders' meeting held 29 April 2022.
The extensions of the standstill periods will facilitate the DOF group's
continued dialogue with its secured lenders and the bondholders under the DOF
group's bonds regarding a long-term financial restructuring of the DOF group.
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 3,800 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
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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