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DOF Group ASA's (“DOF” or the “Group”) revenue for 4th quarter (management reporting) totals USD 445 million (USD 319 million) and EBITDA totals USD 152 million (USD 115 million). The operating profit (EBIT) is USD 190 million (USD 196 million) including reversal of impairment of USD 98 million (USD 128 million). Net financial costs amount to USD -111 million (USD 15 million) including unrealised currency loss of USD -67 million (gain USD 37 million). The result after taxes is USD 96 million (USD 250 million). The Group’s net interest-bearing debt is USD 1,378 million (USD 1,365 million). The equity is USD 1,772 million (USD 1,034 million) giving an equity ratio of 43% (34%).

Key highlights in 4th quarter:
• DOF Denmark transaction closed November 1st.
• The Group delivered EBITDA of USD 519 million excluding DOF Denmark and gain on sale of assets, against a guidance range of USD 510-520 million at the latest quarterly presentation.
• EBITDA contribution from the subsea regions in 2024 totaling at USD 134 million, compared to USD 88 million in 2023.
• Strong cash flow from operating activities of USD 201 million (USD 90 million) in the quarter.  
• The NIBD/LTM EBITDA by year-end excluding DOF Denmark it is 2.1x (2.8x)
• The refinancing of the Group is on schedule to successfully close in Q1 2025 allowing quarterly dividend distribution.
• First dividend payment in Q2 2025 of USD 0.3 per share.
• The board will at the annual general meeting seek authority to implement a share buy-back program.
• Firm backlog by end December is USD 3.25 billion (USD 1.94 billion), including backlog for DOF Denmark of USD 730 million.
Note: all numbers commented above are based on management reporting and include DOF Denmark unless otherwise specified.

Statement from the CEO

“Closing of the DOF Denmark transaction during Q4 marks a significant milestone in DOF’s history. Not only do we add 22 high-end vessels to the DOF fleet, but also the competence and experience of new colleagues. Together we will benefit from increased scale, capabilities and reach and continue to deliver world-class offshore and subsea services.

The 4th quarter of 2024 is another quarter of solid performance, and the full-year EBITDA of USD 519 million excluding DOF Denmark and gain on sale of assets ends at the upper end of our guidance. The good result is driven by excellent performance across segments, including a particularly strong EBITDA contribution from the subsea regions of USD 134 million for the full year. DOF Denmark saw some one-off effects related to transits and vessel upgrades that will partly continue into the first half of 2025 before we will be able to fully enjoy the potential of the new additions to the DOF fleet going forward.

I am further pleased to see that the overall backlog and contract coverage in 2025 is strong, and that we continue to build backlog at attractive terms thanks to our world-class organisation with global placing power. The tender activity remains high, as seen in Brazil with multiple ongoing tenders and in general a high activity level among many of our clients.  

The refinancing process progress as planned, and we remain confident to conclude it during the 1st quarter of 2025 allowing us to start dividend payments.

The EBITDA guidance for 2025 is in the range of USD 720 – 800 million.”

Please see enclosed 4th quarter Financial Report 2024 and presentation.
>>> DOF Group ASA Q4 2024 Financial Report (PDF)

A webcast, followed by a Q&A session, will be available Monday, 24th of February at 14:00 CET on www.dof.com/webcast.

Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
E-mail: eirik.vardoy@dof.com

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DOF Group ASA (“DOF”) is pleased to announce two contracts for two subsea construction projects for two international oil companies in the Gulf of Mexico. Skandi Implementer, which recently departed Mexico following contract termination after payment default from a client, will be deployed for the projects. Total expected duration for the projects is approximately two months in total.

The vessel will complete the integration of survey services and two of DOF’s ROVs in late February before starting the project mobilization.

Mons Aase, CEO DOF Group ASA, said “We are pleased to be able to quickly secure work for Skandi Implementer following the recent contract termination. Beyond contributing with asset utilization and backlog, these contract awards represent advancing another of our I-class vessels into our subsea project business in line with our plan to add subsea service scopes to our most recent additions to the fleet through the DOF Denmark transaction.”

For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

DOF Group ASA will present its Q4 2024 results on Monday 24th of February 2025 at 14:00 CET. The report will be available at www.dof.com and www.newsweb.no.

The presentation will be digital only and will be available on https://www.dof.com/webcast, and a recording of the presentation will be published on the same webpage after the event.

The presentation will be held by CEO Mons S. Aase and CFO Martin Lundberg.

For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA. Phone: +47 948 36 464

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DOF Group ASA (“DOF”) is pleased to announce two subsea contract awards for offshore execution in 2025 in the APAC region.

The first of the recent subsea service contracts secured in the APAC region will utilise the DSV Skandi Singapore with related saturation diving services to be executed in Malaysian waters. The vessel will be engaged on the contract for an expected 30 days commencing Q2 2025.

The second contract award, for construction support services in Indonesia, will utilise one of the region’s multipurpose vessels for offshore execution in Q3 2025 with an expected duration of seven weeks.  

Both contracted scopes include DOF’s in-house project management and engineering, related subsea and logistics support.

Mons Aase, CEO DOF Group ASA, said: “These contract awards secure backlog for the APAC region with an estimated combined value of over USD 30m.”

For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

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DOF Group ASA (“DOF”) has terminated the contract for Skandi Implementer with a client in Mexico following payment default.

DOF plans to have Skandi Implementer fitted with two of DOF’s ROVs and pursue opportunities in the global subsea market.

For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

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DOF Group ASA (the "Company") has been informed that Petter Pharo, Group General Counsel, has today purchased 600 shares in the Company as further specified in the attached notification form.

This information is subject to the disclosure requirements pursuant to article 19 of the EU Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

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DOF Group ASA (“DOF”) today hosts a presentation about DOF Denmark at 14:00 CET. The presentation is digital only and is available on www.dof.com/webcast. A recording of the presentation will be published on the same webpage after the event.

The presentation material is attached hereto and is also available on DOF’s website under Reports & Presentations.

For further information, please contact:

Martin Lundberg, SVP Finance DOF Group ASA
Phone: +47 91 62 10 57

Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

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Financial calendar for DOF Group ASA

‍FINANCIAL YEAR 2024
‍24.02.2025 - Quarterly Report - Q4

‍FINANCIAL YEAR 2025
‍20.08.2025 - Half-yearly Report
04.04.2025 - Annual Report
20.05.2025 - Annual General Meeting

16.05.2025 - Quarterly Report - Q1
05.11.2025 - Quarterly Report - Q3
19.02.2026 - Quarterly Report - Q4

This information is published pursuant to the requirements set out in the Continuing obligations.

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DOF Group ASA ("DOF") is pleased to invite investors, analysts and other stakeholders to a presentation about DOF Denmark (renamed from Maersk Supply Service A/S as of closing of the acquisition on 1 November 2024) on 18 December 2024 at 14:00 CET.

The presentation is expected to last approximately one hour and will provide further insight about DOF Denmark, followed by a Q&A session.

The presentation will be digital only and will be available on https://www.dof.com/webcast, and a recording of the presentation will be published on the same webpage after the event.

Please note that the date of the presentation differs from the date initially communicated at DOF's Q3-24 presentation.

For further information, please contact:

Martin Lundberg, SVP Finance DOF Group ASA
Phone: +47 91 62 10 57

Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

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DOF ASA's Brazilian subsidiary Norskan has been awarded two contracts.

Skandi Paraty (AHTS 21,000 with ROV operated by DOF Subsea Brasil) has been awarded an 1-year contract extension with Petrobras until July 2022.

Skandi Iguaçu is on-hire with Equinor on a spot contract utilisation in July and August, 2021.



For further information, please contact:

CEO Mons S. Aase, +47 91 66 10 12

CFO Hilde Drønen, +47 91 66 10 09



With a multi-national workforce of about 3,150 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity.
DOF's core businesses are vessel ownership, vessel management, project
management, engineering, vessel operations, survey, remote intervention and
diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.