DOF Group ASA's (“DOF” or the “Group”) revenue for 1st quarter (management reporting) totals USD 428 million (USD 330 million) and EBITDA totals USD 158 million (USD 114 million). The operating profit (EBIT) is USD 99 million (USD 70 million). Net financial gain amount to USD 8 million (USD -52 million) including unrealised currency gain of USD 53 million (loss USD -21 million). The result after taxes is USD 75 million (USD 6 million). The Group’s net interest-bearing debt is USD 1,383 million (USD 1,358 million). The equity is USD 1,861 million (USD 1,029 million) giving an equity ratio of 46% (34%).
Key highlights in 1st quarter:
• The Group delivered EBITDA of USD 158 million (USD 114 million)
• Utilisation of 83% (87%)
• The NIBD/LTM EBITDA is 2.4x
• The refinancing of the Group successfully closed in Q1 2025
• Initiating quarterly dividends, with first dividend payment in June 2025 of USD 0.3 per share
• Firm backlog by end March is USD 3.10 billion (USD 1.94 billion)
Note: all numbers commented above are based on management reporting.
Statement from the CEO
The DOF Group is delivering a good start to 2025 with strong project execution and a solid first quarter EBITDA of USD 158 million, representing an improvement from Q4 2024 and close to 40% increase from first quarter last year.
The performance is, as expected, impacted by the integration of the DOF Denmark fleet to the DOF commercial platform with multiple vessel mobilisations and transits affecting the utilisation. The DOF Denmark EBITDA contribution for the quarter was USD 27 million and the utilisation of the fleet was 68%. We remain confident that the contribution from the DOF Denmark fleet will improve through 2025.
We have secured multiple large contracts in the first quarter utilising the inhouse capabilities of the subsea regions and the large fleet of high-end vessels. This together with the strong backlog and the continued high tendering activity gives confidence in the continued performance of the group. The EBITDA guidance range for 2025 is narrowed to USD 730 – 790 million.
The refinancing process was concluded in March as planned and we look forward to making our first quarterly dividend payment of USD 0.3 per share in June. We expect significant backlog additions in the next months to further increase earnings visibility. When the increased visibility materialises, we will target the upper end of the communicated leverage range of 1.5 – 2.0x NIBD / LTM EBITDA and thus see potential to increase the quarterly dividends going forwards by returning excess cash to our shareholders.
Please see enclosed 1st quarter Financial Report 2025 and presentation.
A webcast, followed by a Q&A session, will be available Friday, 16 May at 14:00 CEST on www.dof.com/webcast.
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
Please select a category before following further instructions.
Thank you for your interest in DOF. If your inquiry did not match any of the categories that we provide, please write a short summary of your inquiry, where you are located, and your contact details, and we will send your inquiry to the best fit resource in our organisation. Please note that, due to privacy laws in multiple countries, DOF does not handle CV’s or job applications through this form and any job-related inquiry will be deleted upon receiving it. Thank you for understanding.
Thank you for your interest in DOF. If your inquiry did not match any of the categories that we provide, please write a short summary of your inquiry, where you are located, and your contact details, and we will send your inquiry to the best fit resource in our organisation. Please note that, due to privacy laws in multiple countries, DOF does not handle CV’s or job applications through this form and any job-related inquiry will be deleted upon receiving it. Thank you for understanding.
DOF makes available a 3rd party supported “Ethics Helpline” for reporting serious concerns, including whistleblowing. Please visit our Ethics Helpline information page here: https://www.dof.com/who-we-are/hseq/whistleblowing
If this is an emergency, please contact the duty phone: +47 56 18 10 93. Otherwise, your inquiry will be sent to a DOF Corporate Communication responsible.
Thank you for your interest in DOF. In the following form, let us know generally where in the world you are situated, what type of services you are interested in, and your contact details, and we will send your inquiry to the most relevant commercial resource.
Thank you for your interest in DOF. Due to privacy laws in multiple countries, DOF does not handle CV’s or open applications through direct e-mail. If you want to send an open application, visit our career page. If you would like to speak to a DOF representative, please use our contact page and contact by telephone the regional office that is closest to you.
Thank you for your interest in DOF. Would you like to subscribe to our press releases? Add your details below and write in the "Message" field, "I would like to subscribe to DOF news and announcements" and our 3rd party subscription tool will send you notifications when we publish share notices on our website. If you want to get in touch with our Investor Relations manager, please either leave your details or provide an introduction and we will send your inquiry forward.