Norwegian offshore vessels player DOF has completed its financial restructuring with creditors taking over the company.
The move saw the conversion of approximately NOK6bn ($572m) of debt into equity in ‘New DOF’ which has a share capital of around NOK295.6m ($37.6m) divided into 158.2m shares, each with a nominal value of NOK2.50.
A new board of directors of New DOF, consisting of Svein Harald Øygard as chairman, Harald Thorstein, Christine J. Morris, Daniela Ribeiro Davila and Harry Knox, has also been elected.
The Austevoll-headquartered DOF, with a fleet of more than 50 OSVs, and around 70 remotely operated vehicles (ROVs), was founded in 1981 by Helge Møgster. The new company is expected to return to the Oslo stock exchange in the near future.
“Together with the entire DOF team we now look forward to continuing building DOF as a leading global player within both Offshore Floating Wind and Oil Services,” remarked Mons Aase, chief executive of DOF.
