DOF's Skandi Vega Firm with Equinor till May 2022


October 2, 2020
Skandi Vega - Lodin Johannes/

Skandi Vega - Lodin Johannes/

Norwegian energy company Equinor has extended the contract for the 2010-built Skandi Vega anchor handler, owned by DOF.

DOF, which employs 3,500 people worldwide, said Thursday that Equinor had declared an option to extend the firm period of Skandi Vega from 6 months to 2 years.

The 109.5 meters long vessel, which has worked for Equinor since 2019, will now stay with the Norwegian oil giant until May 2022.

Lenders give breathing room

Separately, DOF and DOF Subsea said Thursday that each of the companies had agreed to extend the principal and interest suspension agreements with, or received an extension of similar concessions from, secured lenders representing in total 83% 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.

Under the agreements reached 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 March 27, 2020 to cover its immediate liquidity needs are suspended until January 31, 2021.

"The extensions of the stand-still periods are entered into in order to facilitate the continued constructive dialogue with the secured lenders and
bondholders under the Group's bond loans regarding a long-term financial restructuring of the Group," DOF said.

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