DOF shareholder commits to $21.8m injection to aid refinancing

DOF shareholder commits to $21.8m injection to aid refinancing

Norwegian OSV specialist DOF continue to search for a long-term refinancing solution as it continues to find the market challenging.

DOF and 65%-owned subsidiary DOF Subsea are seeking refinancing solutions involving stakeholders including shareholders, banks, and bondholders.

DOF says it is likely to require an equity injection which will be used to support the refinancing of DOF Subsea. The company’s largest shareholder, Laco AS, has committed to NOK200m ($21.8m) in new equity to support a refinancing solution.

Meanwhile, DOF Subsea has called a bondholder meeting in order to postpone an instalment due later this month, and is working to finalise a refinancing agreement before the end of the year.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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