Offshore

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22.06.2022 kl 08:39 2321

ighlights of the restructuring include:

· A substantial conversion of debt into equity (NOK 5.7 billion) across all
major silos within the Group.
· A material reduction in the amount of reinstated debt and the terms of the
reinstated debt being revised to provide liquidity for operations and a
significant runway prior to final maturity of the reinstated debt
· Based on prevailing foreign exchange rates, the aggregate amount of
reinstated debt will be approximately NOK 13.0 billion.
· This represents a substantial reduction from approximately NOK 18.7
billion of pre-transaction debt claims.
· Approximately NOK 675m of the DOFSUB Group bonds will be reinstated into a
new bond recovery instrument maturing in December 2027.

· The consolidation of most bilateral facilities at DOFSUB Group to create a
single syndicated loan.
· Upon completion of the Restructuring, the existing shares in DOF shall
represent 4% of the issued shares in DOF, converting bondholders would represent
53.33% of the shares in DOF, whereas the holders of all other conversion
liabilities would represent 42.67% of the shares in DOF, in each case on a fully
diluted basis.
· As part of the transaction, a process for identifying a world class board
with industrial, strategic, finance and international expertise has been
initiated.

The Restructuring Agreement has been entered into with a majority of the Group's
key stakeholders, including all of the Group's secured finance providers (except
for BNDES (Banco Nacional de Desenvolvimento Ecônomico e Social, which has
separately indicated that it supports the Restructuring) (collectively, the
"Senior Finance Parties") and an ad hoc group of bondholders in DOF Subsea's
three bond issues controlling in aggregate approx. 40 per cent. of the total
outstanding principal amount of the bonds (the "Ad Hoc Group").

DOF's largest single shareholder Møgster Offshore AS and Helge A. Møgster, which
in aggregate controls 31.6% of the shares in DOF, have separately confirmed that
they support the Restructuring.

"The agreement that has been reached is a key milestone in the restructuring of
our balance sheet. I am grateful to all our employees, customers, partners,
suppliers, creditors and shareholders for their continuing support through this
process. The vital concessions from creditors will give us a more sustainable
debt level. With this firm financial footing and our continuing best-in-class
fleet and operational capabilities, DOF is positioned to maintain its leadership
position in the market" says CEO Mons Aase.

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