DOF ASA News
DOF Installer ASA – Private placement of shares completed
Reference is made to the press release dated 26 October 2010 regarding the contemplated private placement of shares in DOF Installer ASA (“DOF Installer”). On 2 November 2010, DOF Installer completed the private placement raising gross proceeds of NOK 200 million. The private placement is subject to approval at the Extraordinary General Meeting in DOF Installer to be held on 25 November 2010. DOF Installer is a subsidiary of the DOF Subsea group which is owned 51% by DOF ASA.
As a result of the private placement, and subject to the approval by the Extraordinary General Meeting of DOF Installer, a total of 10,000,000 new shares will be issued at a subscription price of NOK 20 per share. The total number of shares outstanding after the private placement will be 23,931,000. DOFCON AS, a wholly owned subsidiary of DOF Subsea AS and the largest shareholder of DOF Installer, will own approximately 78.5% of the share capital of DOF Installer after the private placement.
Proceeds from the private placement will primarily be used to partly finance the take-out payment to the yard and start-up costs in connection with the delivery of Skandi Hercules, as well as to fund various milestone payments on offshore cranes and other vessel equipment.
For further information, please contact:
Mons Aase, CEO
Tel: +47 91 66 10 12