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Jun162017

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DOF Subsea Financial News

Update on the review of possibilities for an initial public offering ("IPO")

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DOF Subsea - update on the review of possibilities for an initial public offering ("IPO")  
 
Reference is made to the press release on 11 May 2017, where DOF Subsea AS ("DOF Subsea" or the "Company") and its shareholders announced the review of a potential listing on the Oslo Stock Exchange.
 
Since the review started, the general market sentiment for the oil service sector has been volatile, and oil price as well as pricing of oil services stocks has dropped significantly. Despite receiving solid support for the DOF Subsea business case, the shareholders have concluded to await an improvement in stock market conditions before initiating an IPO.  
 
The shareholders,  DOF ASA ("DOF") owning 51% and funds managed by First Reserve Corporation ("FRC") owning 49%, state that they consider the Company's position to be strong with a substantial pipeline of new contracts starting in 2017.  
 
For further information, please contact:
Mons S. Aase, CEO, DOF Subsea. Tel: +47 91 66 10 12
Marianne Møgster, SVP Finance, DOF Subsea. Tel:+47 99 30 69 16