A new board of directors has been proposed for the financially troubled Norwegian offshore vessel owner and operator DOF. In addition to Leif Salomonsen who was put forward by the company’s minority shareholders as the new chairman, four new candidates have been presented ahead of the general meeting to be held later this month.
Beatriz Malo de Molina, who sits on the boards of a number of companies, including as chair of Crux and board member of NEL, EMGS and Horisont Energi has been nominated. Merete Haugli is intended for the seat with extensive board experience including Farstad Shipping and Solstad Offshore. In addition, a place on the DOF board is wanted for Tore Grøttum, who is a partner in Finance Resources, as well as Bjarte Brønmo, who is currently DOF’s second-largest shareholder after Helge Møgster.
DOF filed a petition for reconstruction proceedings with the Hordaland district court earlier this month after rebel shareholders who control over 30% of the company rejected a debt restructuring plan. The scheme was voted down in November following which minority shareholders Bjarte Brønmo and Sans Invest asked for an extraordinary general meeting to elect the new board. The proposal needs at least 50% of the votes to be adopted.
Brønmo has amassed around 17m shares in the company, corresponding to about 5.37% of the total outstanding shares and votes. Meanwhile, Sans Invest, a company controlled by George W. Bjørnestad, has added about 1m shares and now controls 5.29% of DOF’s share capital.
