DOF ASA and DOF Subsea AS report that each of the companies have agreed to extend the principal and interest suspension agreements with, or received extension of similar concessions from, secured lenders representing in total 91% of the secured debt of DOF ASA and its subsidiaries (other than the DOF Subsea AS group) and in total 88% of the secured debt of companies within the DOF Subsea AS group.

Pursuant to said agreements, payments of principal and interest to the secured lenders, except for servicing of the NOK 100 million credit facility provided to DOF Subsea AS by certain of its lenders on 27 March 2020 to cover its immediate liquidity needs (the "MNOK 100 Credit Facility"), are suspended until 30 April 2021 on certain customary terms and conditions. Such terms and conditions include customary restrictions on the DOF group (the "Group") in the relevant period and customary termination rights for the secured lenders.

The MNOK 100 Credit Facility referred to above has also been extended.

The stand-still from BNDES to Norskan Offshore Ltda. has been extended to and including 10 May 2021, except in respect of certain loan facilities which are not eligible for further stand-still periods as the maximum stand-still periods under applicable regulations have been exhausted. The other secured lenders have accepted that Norskan Offshore Ltda. services interest and amortisations under these facilities.

The extensions of the stand-still periods are entered into to facilitate the Group's continued dialogue with its secured lenders and the bondholders under the Group's bond loans regarding a long-term financial restructuring of the Group. The discussions with the Group's main creditors remain constructive, and the Group expects that further progress towards a consensual solution will be made over the coming months.

The suspension agreements comprise all companies within the Group, except for DOF Subsea Brasil Servicos Ltda. As regards the secured lenders (other than the secured lenders of DOF Subsea Brasil Servicos Ltda.) who have not entered into the suspension agreements or provided a similar concession, DOF ASA and DOF Subsea AS will continue to impose an unilateral stand still on the payment of principal and interest to such secured lenders for as long as the suspension agreements remain in force. Such unilateral stand still is required to comply with the terms of the suspension agreements.

KeyFacts Energy Industry Directory: DOF Subsea