DOF ASA News
DOF ASA – Contemplated Private Placement of Shares in DOF Installer ASA
Date: 10 May 2011
DOF Installer ASA (“DOF Installer”), a subsidiary of the DOF Subsea group which is owned 51% by DOF ASA, intends to raise gross proceeds of NOK 200 million through a private placement of shares by issuing a total of 10 million new shares at a subscription price of NOK 20 per share. The total number of shares outstanding following completion of the contemplated private placement will be 33.9 million. The application period will commence on Tuesday 10 May 2011 and close on Thursday 19 May 2011 at 17:00 hours (CET).
DOFCON AS, a wholly owned subsidiary of DOF Subsea AS and the largest shareholder of DOF Installer, has committed to subscribe for, and will be allocated, approximately 79% of the new shares to be issued in the contemplated private placement in order to maintain its existing ownership, and has in addition fully underwritten the remaining portion of the private placement.
Proceeds from the contemplated private placement of shares 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 Skansen and general corporate purposes, as well as to fund various milestone payments on offshore cranes and other vessel equipment.
For further details in relation to the contemplated private placement, please refer to the investor presentation enclosed to the press release issued by DOF Installer (ticker: “DOFI”) on the OTC website (www.nfmf.no). Pareto Securities AS has been retained as manager in relation to the contemplated private placement of shares.
For further information, please contact:
Mons Aase, CEO
Tel: +47 91 66 10 12