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DOF Subsea AS

08/31/2021 | Press release | Distributed by Public on 08/31/2021 09:09

DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND BONDHOLDERS

Reference is made to previous announcement on 30 June 2021 regarding extension of standstill arrangement with secured lenders expiring 31 August 2021 and extension of standstill arrangement with bondholders in DOF Subsea AS' bond issues also expiring 31 August 2021.

DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have agreed to further extend the principal and interest suspension agreements with, or received extensions of similar concessions from, secured lenders representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS and in total 88% of the secured debt of companies within the DOF Subsea AS group (excluding DOF Subsea Brasil Servicos Ltda.) until 30 September 2021, and that DOF Subsea AS has received confirmation from the ad hoc group of bondholders that they have agreed to further extend the suspension, deferral and standstill agreement currently in place for the bond issues to 30 September 2021.

The extensions of the standstill periods will facilitate the DOF group's continued dialogue with its secured lenders and the bondholders under the DOF group's bonds regarding a long-term financial restructuring of the DOF group.

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