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DOF refinances in US$1.1Bn deal after securing FPSO installation project
The Norwegian offshore support vessel owner has restructured its corporate entities and refinanced its debt to simplify ownership and prepare for growth
DOF Group has refinanced its debt in a US$1,025M term loan and US$50M revolving credit facility to repay existing debt and for general corporate purposes.
The Oslo, Norway-listed OSV owner received support from a syndicate of 10 banks after agreeing to simplify its group structure by collapsing several of the financial silos.
DOF Offshore Holding has become the holding company for vessel-owning entities across the group, except for vessels owned in DOF Subsea Brasil, Norskan and the DOFCON joint venture, in which DOF has 50% ownership.
The term loan has a five-year tenor and seven-year repayment profile, and includes an undrawn, uncommitted basket amount of US$200M for incremental requirements and already specified purposes.
Availability of the new financing is conditional upon satisfaction of customary conditions and the applicable main covenants.
“We appreciate the support from our existing and new banks in connection with this refinancing,” said DOF Group chief executive and winner of OSJ Industry Leader Award 2025, Mons Aase.
“This loan demonstrates access to competitive funding and is a testament to the strong market position within offshore and subsea services the team at DOF has built.”
DOF plans to restart quarterly dividends to shareholders in Q2 2025. It said Norskan and DOFCON would remain as separate financial silos with existing financing at favourable terms.
In Q2 2025, DOF’s vessels will support the installation of a unnamed floating production storage and offloading (FPSO) vessel offshore West Africa in a contract that is valued between US$15M and US$25M. DOF is responsible for project management, engineering, logistical services and offshore execution.
Two of its anchor handling tug, supply vessels will be employed to assist in this FPSO installation project.
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