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DOF reveals major refinancing plan

Norwegian offshore services provider DOF has announced that it is working on an overall refinancing plan to secure the company with satisfactory financing and liquidity throughout an expected demanding period.

The company has been in dialogue with its senior lenders, larger bondholders and shareholders, as well as prospective new equity investors over the past months.

DOF intends to secure financing through various methods including the issue of new shares and conversion of all outstanding bonds to subordinated bonds.

The transactions are expected to improve the company’s liquidity by NOK4.5bn ($685m) over a 5-year period and reduce net debt by around NOK3bn ($457m).

All relevant banks have in-principle agreed to the refinancing, subject to relevant credit committee approvals and customary closing conditions.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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