Financial Report 3rd quarter for DOF Group ASA

The Group's revenue for 3[rd] quarter (management reporting) totals NOK 3,372 million (NOK 2,850 million) and EBITDA totals NOK 1,295 million (NOK 1,032 million). The operating profit (EBIT) is NOK 889 million (NOK 680 million). Net financial cost amounts to NOK -551 million (NOK -1,092 million) incl. unrealised currency loss of NOK -249 million (NOK -834 million) and a net positive result of NOK 285 million (NOK -482 million). The Group's net interest bearing debt is NOK 14,571 million (NOK 22,398 million) and the book equity is NOK 7,955 million (NOK -1,428 million).

Key highlights:
- Another strong quarter and the Group achieved an EBITDA of NOK 1,295 million and a margin of 38%.
- Cash flow from operations activities at NOK 1,107 million.
- The average utilisation of the owned fleet was 85%.
- The markets have continued to be strong, with high tender activity.
- A purchase option related to the Skandi Iceman has been exercised at a price below market values.
- Skandi Neptune (agreed sold in 2021) has been delivered to new owners.
- Stril Explorer has been chartered in on a 3-year contract (+ 4 annual options) to support PIDF contract in Brazil.
- After balance date the Group has agreed to acquire 3 "non-core" PSVs from the lenders in DOF Rederi, whereof two of these vessels are in process to be sold.
- The total current fleet includes 54 vessels (incl. vessels on management or hired in):
-- 14 AHTSs, 11 PSVs and 29 Subsea vessels.
- A strong order intake of NOK 4.3 billion in the 3rd quarter.
- Firm backlog by end September of NOK 22.3 billion.

Statement from the CEO, Mons Aase: "We deliver another solid quarter with improved cash flow and experiencing strong markets within all fleet segments. In 3rd quarter the performance has again been good within the subsea project activity and the extension of the PIDF contract in Brazil and the SURF contract in West-Africa are just reflecting the high activity within subsea. We have also experienced strong markets in the North Sea especially for the PSV fleet. Petrobras is out with several tenders, and we expect the backlog in Brazil to grow further at improved rates. Based on the good performance so far and the high backlog for Q4, the EBITDA guidance for the year has been increased to NOK 4.75-4.85 billion, from NOK 4.5-4.75 billion".

Please see enclosed 3rd quarter Financial Report 2023.
Webcast is available Friday, 10th of November at 08:30 on
>>> DOF Group ASA Financial Report Q3 2023 (PDF, 5 mbs)

For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: +47 916 21 057

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