Major DOF shareholder Helge Mogster has turned down the chance to maintain his stake in the restructuring offshore support vessel (OSV) owner.
His Laco investment company has decided not to exercise its option to buy stock to keep its ownership at 40.45% in a company hit hard by the offshore shipping slump.
The option arose from a decision to demerge the shareholdings of Laco and another major investor, Norwegian tanker owner Frederik Mohn.
The demerger is now in process, DOF said.
Stake reduced
Laco's stake in the group will now be cut to just under 32.5%.
Mohn's Perestroika company is exiting a 50/50 joint venture — Mogster Mohn Offshore (MMO) — that controls about 49% of the company.
Mohn stood down from the DOF board last year. The demerger will see Perestroika own 16.45% of DOF, it emerged last month.
Mogster stood down as chairman in April to bring in experienced lawyer Hans Olav Lindal to help push through a debt deal with banks.
In May, DOF won a debt standstill deal from most of its lenders, but has also halted payments to those banks that have not signed up.
The company admitted it could not guarantee it will not face default action, but said it had not received any indications that any proceedings would be initiated.
DOF said agreements to halt principal and interest instalments are in place until 30 June for 93% of the debt as it seeks a longer-term solution.
The shipowner has interest-bearing liabilities of about NOK 21bn ($2bn).
