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

12 Apr 2022 10:50 CEST

Bedrijfsnaam

Dof Subsea AS 18/23 FRN, DOF Subsea AS 17/22 9,50% USD

ISIN

NO0010836810, NO0010788177

Markt

Oslo Børs

Symbool

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
Subsea AS Senior Unsecured Bond Issue 2018/2023) on 28 February 2022, whereby
the bondholders on certain conditions approved to extend their waiver from, and
suspension of, all payment obligations under each of the bond loans until 31
March 2022, with a possibility to further extend the standstill arrangement
currently in place to 30 April 2022 with the approval of the ad-hoc committee of
bondholders.

Reference is further made to the announcements on 31 March 2022 regarding the
ad-hoc committee's approval of extension of the standstill arrangement with the
bondholders described above to 30 April 2022.

Discussions and negotiations on the restructuring of the DOF group (the "Group")
are progressing, and the Group, its secured lenders and the advisers to the
bondholders have since the bondholders' meetings in February 2022 continued
negotiations on an overall financial restructuring of the Group. Further
progress has been made in such negotiations, but there are still certain issues
that remain to be resolved to achieve an overall consensual restructuring of the
Group. Consequently, no assurances can be made that the terms of a binding
restructuring agreement will be agreed.

DOF Subsea AS has requested Nordic Trustee AS to summon bondholders' meetings in
the three bond loans to consider the extension of the standstill period
initially until 31 May 2022 and with a possibility to extend the standstill
period on one or more occasions to 30 September 2022 with the approval of an
ad-hoc committee of bondholders to facilitate the finalisation of the
negotiation and documentation of the proposed consensual restructuring. The
proposal is further described in the attached summons to the bondholders in the
three bond loans. A request will also be made to the Group's secured lenders to
correspondingly extend the suspension of payments of principal and interest that
have been granted by a majority of its secured lenders as necessary to finalise
the restructuring.

For further information, please contact:

Mons S. Aase, CEO, DOF Subsea. Tel: +47 91 66 10 12
Martin Lundberg, CFO, DOF Subsea. Tel +47 91 62 10 57

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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 Oil and Gas, Marine
Telecommunications and Renewables markets.

www.dofsubsea.com


Bron

DOF Subsea AS

Provider

Oslo Børs Newspoint