DOF Subsea finds itself in challenging position

Norwegian subsea service business DOF Subsea has found itself in a challenging financial position as a result of the continued challenging market situation with low vessel utilization and depressed dayrates.

In its financial report for the second quarter 2019 published in late August, DOF Subsea said that its current earnings were not sufficient to support the current amortization plan and that there were imbalances in earnings and liquidity between entities within the group.

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