The Group's revenue for 2nd quarter (management reporting) totals
Operations:
- Average utilisation of the fleet in 2nd quarter was 85% (80%).
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Good performance in the subsea segment, especially in
Brazil andAtlantic regions. - Increased activity in the North Sea OSV market.
- Stable operations within the PSV and AHTS segments.
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The total current fleet includes 55 vessels (incl. vessels on management or hired in)
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15 AHTSs, 11 PSVs and 29
Subsea vessels - Four older vessels sold since year-end (two delivered in the quarter)
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15 AHTSs, 11 PSVs and 29
Finance:
- In June the Group signed a Restructuring Agreement with the secured lenders and a group of bondholders representing 40% of the total outstanding bonds, for the purpose of securing a long-term financial solution and maintaining as going concern, where the following main terms have been agreed:
-
Conversion of
NOK 5.7 billion in debt into equity across all major silos within the Group (DOFCON JV excluded), whereas the holders of current shares will hold 4% of the shares after the conversion. -
Consolidation of most bilateral facilities at
DOF Subsea Group in a single syndicated loan and refinancing of the DOF Rederi Fleet loan after conversion of debt. - Amended terms of the Norskan financing including a split in guaranteed (approx. 70%) and unguaranteed tranches on the BNDES facilities.
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The Restructuring Agreement remains to be approved by the bondholders in
DOF Subsea AS and the shareholders in the Company. The standstill arrangements will continue until completion of the restructuring within the final deadline on the 31st ofOctober 2022 .
-
Conversion of
- High unrealised currency loss on long-term debt due to a significant strengthened USD to BRL and NOK in the period.
Backlog
- Order intake
NOK 4.5 billion in the 2nd quarter. -
Current backlog is
NOK 19 billion (NOK 13.2 billion ), of which DOFCON JV backlog representsNOK 5.4 billion . After balance date three vessels have been awarded contracts withPetrobras , at a gross value ofUSD 253 million .
Please see enclosed 2nd quarter Financial Report 2022.
Webcast is available Thursday, 25th of August at 08:30 on www.dof.com.
Contact:
CEO Mons Aase, Tel + 47 91 66 10 12
CFO
With a multi-national workforce of about 3,800 personnel,
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
The company's main operation centers and business units are located in
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