DOF Group ASA will present its Q1 2025 results on Friday 16 May 2025 at 14:00 CEST. 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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With reference to the press release published via OTC on 11.06.2024: OTC newsfeed (URL)
Supplemental materials:
>>> DOF Installer ASA Notice of the Annual General Meeting (PDF)
>>> DOF Installer ASA Annual Report 2023 (PDF)
>>> Vedtekter DOF Installer ASA per 25 Mai 2011 (PDF)
>>> Utkast vedtekter DOF Installer ASA for beslutning i generalforsamling 27. juni 2024 (PDF)
Supporting link:
Link for registration and powers of attorney:
>>> Registration is closed and the link has been removed.
DOF has been awarded a Very Large contract by Equinor for the delivery of Inspection, Maintenance and Repair (IMR) services for a duration up to 3 years firm + 3 annual options.
The work includes subsea operations covering IMR activities throughout Equinor's assets on the Norwegian Continental Shelf. DOF shall also deliver its full suite of project management, engineering, procurement and logistical solutions.
DOF shall deploy the purpose-built IMR vessel M/V REM Inspector, which shall be equipped with DOF's MHS (Module Handling System) and 3 ROVs (Remotely Operated Vehicle). Offshore startup is tentatively planned to April 2025.
Mons S. Aase stated: “We are extremely proud to have secured a contract from Equinor to provide IMR activities. This is a substantial and important contract win for DOF, and a testament to the expertise, experience and capability of our team. We look forward to contributing to the success of Equinor, and working together in the years to come”.
Project preparations have already started, and DOF shall run the project from its Bergen, Norway office.
For further information, please contact:
Mons S. Aase, CEO, DOF Group ASA. Tel: +47 91 66 10 12
Hilde Drønen, CFO, DOF Group ASA. Tel: +47 91 66 10 09
DOF Group defines a Very Large Contract as a contract with value between USD 100 million to USD 200 million.
DOF is pleased to announce, as part of an ongoing tender process, an awarded Major Contract by Petrobras for the pipelay support vessel (PLSV) Skandi Vitória with a 3-year firm plus option contract commencing in 2025.
The vessel is Brazilian-built and flagged and owned by DOFCON Navegação Ltda., a joint venture between DOF Subsea (50%) and TechnipFMC (50%).
Mons S. Aase, CEO DOF Group ASA, said, “We are pleased to announce this award under the ongoing PLSV tender and continue the discussion with Petrobras on the ongoing PLSV tender.”
For further information, please contact:
Mons S. Aase, CEO, DOF Group ASA. Tel: +47 91 66 10 12
Hilde Drønen, CFO, DOF Group ASA. Tel: +47 91 66 10 09
DOF Group defines a Major Contract as a contract with value between USD 200 million to USD 300 million.
The annual general meeting (AGM) of DOF Group ASA was held today as a digital meeting with online participation. All proposals on the agenda were adopted, cf. the notice of the AGM that was published on 2 May 2024.
The AGM elected five board members. Svein Harald Øygard was re-elected as chair of the board, Harald Lauritz Thorstein, Daniela Maia Ribeiro Fernandez Davila and Christine J. Brennet were re-elected as board members, and Adrian Geelmuyden was elected as a new board member. The election and re-elections are for the period until the annual general meeting in 2025. The board of DOF Group ASA thus consists of the following persons:
- Svein Harald Øygard (chair of the board)
- Harald Lauritz Thorstein
- Daniela Davila
- Christine J. Brennet
- Adrian Geelmuyden
The complete minutes of the annual general meeting are attached to this release and are also available on www.dof.com
For further information, please contact:
Mons S. Aase, CEO, DOF Group ASA
Phone: + 47 91 66 10 12
E-mail: mons.aase@dof.com
Hilde Drønen, CFO, DOF Group ASA
Phone: + 47 91 66 10 09
E-mail: hilde.dronen@dof.com
Related:
>>> All AGM related materials can be found here: www.dof.com/shareholder-information/agm
In connection with the annual general meeting of DOF Group ASA (the "Company") to be held on 23rd of May 2024, Svein Harald Øygard, in his capacity as chair of the board of directors of the Company, has received proxies without voting instructions for 9 000 885 shares, representing 5.10 % of the total number of shares and votes in the Company. The proxies received include 684,783 shares, representing 0.38765 % of the total number of shares in the Company, held by Energy Investors AS, a close associate of Svein Harald Øygard. The proxies are only valid for the annual general meeting on 23rd of May 2024.
The reporting currency has been changed from NOK to USD from 1st of January 2024.
The Group's revenue for 1st quarter(management reporting) totals USD 330 million (USD 295 million) and EBITDAtotals USD 114 million (USD 104 million). The operating profit (EBIT) is USD 70million (USD 69 million). Net financial costs amount to USD -52 million (USD-44 million) including unrealised currency loss of USD -26 million (USD -6million). The result after taxes is USD 6 million (USD -1 million). The Group’snet interest-bearing debt is USD 1,358 million (USD 1,466 million). The equityis USD 1,029 million (USD 592 million) giving an equity ratio of 34% (22%).
Key highlights in 1st quarter:
- Average utilisation ofthe owned fleet 87% (91%).
- Good performance in allthe regions.
- Two PSVs have been sold;Skandi Captain (built 2004) delivered in March and Skandi Gamma (built 2009)delivered in April.
- The total current fleetincludes 57 vessels (incl. 13 vessels on management or hired in):
-- 16 AHTSs, 10 PSVs and 31 Subsea vessels.
- DOF has been ranked with the 2ndhighest score in the Petrobras PEOTRAM 2023 audit.
- The order intake in 1stquarter was USD 188 million.
- The firm backlog by end March is USD1,852 million (USD 2,109 million) and order intake after balance date is approx. USD 250 million.
Note: all number above are based on management reporting
Statement from the CEO, Mons S. Aase: “We deliver another solid quarter despite a normal low season in certain regions. The Group has been awarded several contracts particularly for the AHTS and subsea fleet. The tender activity has continued to be high, hence, expect the backlog to continue to grow for the remainder of the year. The current contract coverage for the Group is 88% for 2024 and 61% for 2025 which gives good visibility on the earnings the next 18 to 24 months. The repair of Skandi Buzios is going according to plan and the vessel will be on route to Brazil during 2nd quarter. The recently published Integrated Annual Report for 2023confirms the Group’s commitment to continue having sustainable operations and reduce the CO2 emissions from the fleet going forward. The EBITDA guiding for2024 is adjusted from USD 470 -520 million to USD 490-520 million”.
Please see enclosed 1st quarter Financial Report 2024.
>>> DOF Group ASA Financial Report Q1 2024 (PDF)
A webcast, followed by a Q&A session, will be available Wednesday, 15th of May at 08:30 on www.dof.com/webcast
A conference call will be arranged at 15:00, and for those who want to attend please use the following link: https://channel.royalcast.com/landingpage/hegnarmedia/20240515_22/
For further information, please contact:
Mons S. Aase, CEO, DOF Group ASA
Phone: + 47 91 66 10 12
E-mail: mons.aase@dof.com
Hilde Drønen, CFO, DOF Group ASA
Phone: + 47 91 66 10 09
E-mail: hilde.dronen@dof.com
DOF Group ASA will present the Q1 results on Wednesday 15th of May 2024. The report will be available at www.dof.com and www.newsweb.no.
The presentation of the quarterly results will be held at 08:30 CEST at Hotel Continental, Stortingsgt 24-26, Oslo, and as a webcast at the same time on: https://www.dof.com/webcast
The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen.
Due to practical reasons, we ask those of you interested in attending the presentation at Hotel Continental to please register to Margrethe R. Østervold, e-mail mro@dof.com, within Monday 13th of May.
For further information, please contact:
CEO Mons Aase, Tel + 47 91 66 10 12
CFO Hilde Drønen, Tel + 47 91 66 10 09
The annual general meeting of DOF Group ASA will be held on Thursday 23rd of May 2024 at 12:00 CEST.
The general meeting will be held digitally through Lumi. It will not be possible to attend in person. Registration of attendance must be received no later than 21st of May 2024 at 12:00 CEST. For digital participation, please use the link https://dnb.lumiagm.com/126195550. Reference and PIN codes to the meeting are available on VPS Investor Services, or in the form attached to the notice to the individual shareholder. Shareholders may vote in advance, or submit a proxy, with or without voting instructions, by 21st of May 2024 at 12:00 CEST.
The notice is attached, and all relevant documents is available on the Company's website: www.dof.com/agm2024
The notice of general meeting will be sent by post to shareholders who have not given explicit consent for electronic communication of notices.
Contact persons:
CEO Mons S. Aase, +47 91 66 10 12
CFO Hilde Drønen, +47 91 66 10 09
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
DOF is pleased to announce that Petrobras has awarded new long-term charter and service contracts to Norskan Offshore Ltda. and DOF Subsea Servicos Brasil Ltda, after a competitive tender process.
The vessel Skandi Amazonas (324 t BP) that was on the spot market is chartered for 3 years firm with 2 years mutually agreed option via Petrobras tender issued late in 2023, to operate as a AHTS 270t BP. Vessel is now in process to be adapted to Petrobras contract with expectations to be delivered by mid-May / mid-June 2024.
Skandi Rio (206 t BP), currently operating for Petrobras and equipped with DOF Subsea’s work class ROV, have been contracted for more 4 years firm + 1 year option with Petrobras, as a AHTS 180t BP + ROV, via the same tender as Skandi Amazonas. Contract commencement is planned within 3Q2024 in sequence to the current contract.
Both contracts will generate revenue beyond USD 192 M.
Mons S. Aase, CEO DOF Group ASA, said: “Building backlog into 2028 at today’s strong market rates is positive and we look forward to continue delivering Petrobras quality services.”
The DOF Group is pleased to announce a new contract award for its fleet in Brazil for Petróleo Brasileiro S.A. ("Petrobras"). The AHTS18000 Skandi Rio will support Petrobras' exploration and production activities on the Brazilian continental shelf. The vessel is owned and operated by Norskan Offshore Ltda. while DOF Subsea Brasil Servicios Ltda. will be responsible for the ROV operations. Both companies are 100% owned subsidiaries of DOF ASA.
The contract duration is for 3+1-year with expected commencement in December/January. Skandi Rio is a Brazilian built and flagged AHTS vessel equipped with Work Class ROV's for operations down to 3.000m water depth.
Mons Aase, CEO in DOF Group, states: I am very pleased with the contract award, which confirm the DOF Group's strong position in the South America region.
For further information, please contact:
Mons S. Aase, CEO Tel: +47 91 66 10 12
Hilde Drønen, CFO Tel: +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 over 35 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.