Offshore

Frodon
22.05.2019 kl 22:05 5418

"Financial Report 1st quarter for DOF ASA

As a result of the continued challenging market situation, the Group has experienced that regular rollover (or refinancing) of existing loan facilities is very challenging. This new situation is likely to result in the Group being in breach of its financial covenants in the near future and the Group being unable to repay (or rollover) certain of its existing loans when they fall due. The management will commence a dialogue with the involved parties and believes it is possible to reach agreements to solve the expected challenging situation for the Group, although no assurance can be given that the Group will be successful in this respect. The effects of such breach are further described in note 9 (Net interest bearing debt) to the quarterly accounts"

https://newsweb.oslobors.no/message/477674

Note 9 Interest bearing liabilities

Covenants regarding non-current liabilities to credit institutions:

DOF ASA

DOF ASA Group shall have a book equity higher than NOK 3,000 million, free cash deposits shall at all times be minimum NOK
500 million excluding DOF Subsea AS (and it’s subsidiaries) and market value of the vessels on aggregated level shall at all times
be higher than 100% of outstanding secured debt.

DOF Subsea AS

DOF Subsea AS shall have a book equity higher than NOK 3,000 million, free cash deposits shall at all times be minimum NOK 500 million (based on the proportional consolidation method of accounting for joint ventures), value adjusted equity shall be at least 30% and market value vessels shall at all times be at least 110-130% of outstanding secured debt.

A possible breach of the financial covenants going forward will result in a reclassification of the Groups non-current debt to credit institution and bond loans from non-current debt to current debt. If a breach should occur under a credit facility or the Group should be unable to repay (or rollover) a credit facility when due, and the Group is unable to obtain a waiver from the relevant creditor(s), the Group will be in default of the relevant credit facility with potential cross-default under other credit facilities within the Group. Per March 2019 the consequence will be that the amount of current debt will increase by NOK 10.8 billion".
Redigert 22.05.2019 kl 22:12

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