DOF's rescue plan meets resistance from creditors
A group of creditors on a bond loan exceeding NOK 460 million are not currently supportive of Norwegian offshore company DOF's rescue plan proposal.
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A group of creditors on a bond loan exceeding NOK 460 million are not currently supportive of Norwegian offshore company DOF's rescue plan proposal.
Offshore shipping company Dof booked a new, major deficit in the third quarter, in which a massive fleet impairment factored in. The company hopes to settle a solution for refinancing before the end of the year.
DOF Subsea's bondholders have just agreed to postpone the strained shipping line's debt payment. The carrier must provide more information at a new meeting in early November.
Of a global fleet of 4,000 PSV and AHTS vessels, upwards of 500 should be scrapped, according to Fearnley Offshore Supply. Severe overcapacity of supply ships remain an obstacle to an upturn in the sector, where Norwegian players in particular are plagued by towering debt.
Three board members, all appointed by major shareholder FRC, have chosen to leave Dof Subsea's board of directors. Monday, another major stakeholder, Frederik W. Mohn, also left the offshore carrier's board.
Offshore shipping company DOF booked a new deficit in the second quarter that is significantly smaller than at the same time last year, however. The company continues negotiations with its creditors to find a long-term solution.
More mergers between companies in the offshore industry are likely to happen, assesses DNB's Head of Ocean Industries Kristin Holth to ShippingWatch. The industry is characterized by large amounts of debt.
Dof Subsea, which is struggling to settle a restructuring plan, has agreed with its creditors to postpone debt payments on a loan to the fall. The shipping company is also looking to change loan agreements.
Offshore oil and gas bankers in Oslo are warning that the industry is far from out of the woods as a recovery is slow to take hold.
Norwegian offshore company DOF will probably breach its financial covenants in the near future. Management intends to engage in dialog with creditors to find a solution.
In the first two months of the year, DOF Subsea has secured contracts totaling more than NOK 1 billion. The latest orders are for projects in the Atlantic and North Sea.
DOF Subsea's deficit grew significantly in the third quarter, though the offshore shipping company reports more activity for several of the ships.
The Norwegian offshore shipping company saw its operating profit dip in the first quarter, though the bottom line is positive following a restructuring last year. The company eyes positive developments in the market.
Two of the biggest carriers in Norwegian offshore, Solstad Farstad and DOF Subsea, note in their annual reports that there is increased tender activity in the oil market, which indicates a better market in the future. The market has bottomed out, says Solstad Farstad.
Norway's DOF, which has been through a financial crisis and a subsequent restructuring, is looking to raise NOK 500 million in a new share issue. The fresh funds will pad the carrier ahead to 2022, reports Sysla.
Norway's DOF, which has been through a financial crisis and a subsequent restructuring, is looking to raise NOK 500 million in a new share issue. The fresh funds will pad the carrier ahead to 2022, reports Sysla.
Q3 did not go according to plan for Norway's DOF which landed an operating deficit of NOK 41 million in the wake of major impairments. There were many challenges but the rising oil price incites hope in the company's board of directors.
Norwegian offshore carrier DOF suffered a setback in the second quarter this year, yet still believes in a gradual recovery on the offshore market from the second half of 2017.
Norwegian offshore carrier DOF exits 2016 with a profit after taxes in spite of a significant deficit in the fourth quarter triggered by major depreciations and impairments.
Norwegian offshore carrier DOF has just taken over a contract with Petrobas in Brazil, which until yesterday belonged to Subsea 7. The contract termination will generate a USD 106 million loss for Subsea 7.
Norwegian offshore carrier DOF has received new share capital after a series of lenders have traded their bonds for newly issued shares. The maneuver is part of the rescue plan the carrier settled last summer.
Norwegian offshore carrier DOF's operating profit dropped big-time in the third quarter, though the bottom line returned to black as a restructuring was settled in the period. Four vessels were idled at the end of the quarter.
The two Norwegian offshore carriers DOF and Havila have taken serious blows during the downturn in the Norwegian offshore industry, and the hits continue. Their plan for survival is a three-pronged strategy in DOF's case, and for Havila it is a matter of serious cleanup.
The largest offshore carrier in Norway, DOF, is cutting back on employee salaries worldwide. But Norwegian seafarers oppose the move, reports offshore.no.
The large number of idled offshore ships has brought the North Sea spot market closer to balance, where the active part of the fleet is virtually sold out, notes Westshore Shipbrokers. However Clarksons believe that sustainable rates will first emerge in 2008.
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