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

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