DOF ASA and DOF Subsea AS have entered into suspension agreements with, or received similar concessions from, secured lenders representing 93% of the secured debt of companies within the DOF Group comprised by the suspension agreements, the company said on May 15.  
Pursuant to said agreements, payments of principal and interest to the secured lenders, except for payments on the NOK 100 million (US$10 million) credit facility provided to DOF Subsea AS by certain of its lenders on March 27, 2020, to cover its immediate liquidity needs, are suspended until June 30, 2020, on certain customary terms and conditions. Such terms and conditions include customary restrictions on the group in the relevant period.
The agreements are entered into in order to facilitate the continued dialogue with the secured lenders and bondholders under the group's bond loans regarding a long-term financial restructuring of the group.  
The suspension agreements comprise all companies within the group, except for Norskan AS and DOF Subsea Brasil Servicos Ltda. The secured debt of Norskan Offshore Ltda. is subject to separate negotiation.
The companies also decided to impose a unilateral standstill on the payment of principal and interest to such secured lenders for as long as the suspension agreements remain in force. Although no assurance can be given to this effect, DOF ASA and DOF Subsea AS have not received any indications that the secured lenders in question will invoke the event of default-provisions in the relevant loan agreements as a result of such decision.