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

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 1 February 2021, 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 2021, with a possibility to further extend the standstill arrangement currently in place to 30 June 2021 with the approval of the ad-hoc committee of bondholders.

Reference is further made to previous announcements on 28 March 2021, 30 April 2021 and 31 May 2021, respectively, regarding the ad-hoc committee's approval of further extensions of the standstill arrangement with the bondholders described above, ultimately expiring on 30 June 2021.

Discussions and negotiations with the DOF group's secured lenders and advisers to the bondholders, respectively, regarding an overall financial restructuring of the group are still ongoing. However, further discussions and negotiations will be required to determine whether an agreement for an overall restructuring of the DOF group can be found.

DOF Subsea AS has therefore requested Nordic Trustee AS to summon bondholders' meetings in the three bond loans to consider the extension of the standstill period initially until 31 August 2021 and with a possibility to extend to 30 September 2021 with the approval of an ad-hoc committee of bondholders. The proposal is further described in the attached summons to the bondholders in the three bond loans. A request has also been made to the DOF group's secured lenders to extend the suspension of payments of principal and interest that have been granted by a majority of its secured lenders.

>>> Summons to Bondholders’ Meeting (PDF)

For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO DOF Hilde Drønen tel. +47 91 66 10 09
CFO DOF Subsea Martin Lundberg, tel. +47 91 62 10 57

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