Norway's DOF Group has moved subsidiary DOF Subsea's finance chief to a new role to ensure it secures a $2bn refinancing deal with creditors.
Jan Nore will now be head of restructuring, reporting to a steering committee led by DOF chairman Hans Olav Lindal, a Norwegian lawyer who was also brought in to spearhead talks with banks and bondholders.
This means Martin Lundberg has been promoted as acting CFO of DOF Subsea from 1 January.
Lundberg has been with DOF Subsea since 2010, and has held various positions within the corporate finance team.
Mission to end in May?
Nore is heading the internal refinancing project team until the end of May 2021.
"As CFO and executive vice president since 2009, Jan has contributed tremendously in developing our financial organisation globally and significantly supported DOF in becoming a world class integrated offshore company," said group chief executive Mons Aase.
"He has built a strong global team and I am grateful for his many contributions to our Subsea business."
DOF revealed on Thursday it was still facing problems with rebel banks despite signing up more lenders to a standstill deal.
The Oslo-listed company said 91% of banks are now on board with a debt freeze to 31 January, against 83% at the beginning of October.
Account blocked
But one of the secured lenders in DOF Subsea had already requested repayment of a $47m loan.
DOF said this bank has now blocked the earnings account for the financed vessel.
And another lender has notified DOF of its right to block the earnings account from a second ship owned by DOF Subsea.
There was better news from Brazil, however, where a deal with the Brazilian Development Bank for another subsidiary, Norskan Offshore, will expire on 31 December.
This includes a 75% reduced amortisation schedule as part of a package introduced by the government due to the Covid-19 outbreak.
The Brazilian government has now approved an extension of this arrangement to 30 June.
