DOF Gets Refinancing Support, New Board Members Proposed

Oslo-listed DOF has secured bondholders’ approval for its refinancing plan which should lead the company trough the prolonged industry downturn.

The company plans to improve its liquidity position by NOK 4,5 billion and reduce its net debt by up to 2,9 billion.

According to DOF, the financial restructuring would be achieved by raising up to NOK 1,2 billion of new equity through a rights offerings (cash in excess of NOK 850 million to be
used to repurchase bonds at 50 % discount).

Furthermore, DOF would convert all bond loans of NOK ~2,000 million to a NOK 1,000 million subordinated convertible bond (at 50% of par value); Soften the secured debt terms in “DOF Rederi” by reducing installment by 75 % on 27 vessels, and implement further cost-cutting measures, including reduction of staff, salary and benefits.

In addition to refinancing approval, Kathryn M. Baker, Lars Purlund, Marianne Møgster have been proposed by the nomination committee to be elected as new board members of DOF, to replace Nina Sandnes, Olav Kristian Falnes and Karoline Møgster.

Subsea World News Staff

Share this article

Follow Subsea World News


<< Mar 2019 >>
25 26 27 28 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

Subsea Valley

This yearly gathering has grown from 200 to 2000 delegates in only 5 years and is now one of the leading energy conferences in Europe…

read more >

Shallow and Deepwater Mexico Oil and Gas Conference

Shallow and Deepwater Mexico is a community gathering for the offshore sector focusing on the future of offshore in Mexico…

read more >

OMC 2019

OMC is the largest exhibition and conference dedicated to the Offshore, and Oil & Gas Industry…

read more >

SubOptic 2019

SubOptic is the longest running and most comprehensive conference series in the world for the submarine fiber industry…

read more >