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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Please find attached the DOF Group ASA Integrated Annual Report 2023
>>> DOF Integrated Annual Report 2023 (PDF)
For further information please contact:
Mons S. Aase, CEO, Tel: +47 91 66 10 12
Hilde Drønen, CFO, Tel: + 47 91 66 10 09
FINANCIAL YEAR 2024
21.08.2024 - Half-yearly Report
22.04.2024 - Annual Report
23.05.2024 - Annual General Meeting
15.05.2024 - Quarterly Report - Q1
07.11.2024 - Quarterly Report - Q3
21.02.2025 - Quarterly Report - Q4
DOF Group ASA has updated its financial calendar for 2024, specifically that the annual report will be published today, the 22nd of April 2024.
This information is published pursuant to the requirements set out in the Continuing obligations.
The Board of Directors has today approved DOF Group ASA Integrated Annual Report 2023. The General Meeting is scheduled for Thursday 23rd of May 2024 in accordance with the financial calendar. Notice of General Meeting and the agenda with attachments will be published through Oslo Børs and www.dof.com. The Notice of General Meeting will be sent by post to shareholders who have not given explicit consent for electronic communication of notices.
For further information please contact:
Mons S. Aase, CEO, Tel: +47 91 66 10 12
Hilde Drønen, CFO, Tel: + 47 91 66 10 09
Find below links to DOF company ARP reporting for year 2023.
Click the company name to visit the equalitycheck.com hosted report:
> DOF AS
> DOF Subsea AS
> DOF Subsea Norway AS
> DOF Subsea Norway Offshore AS
> DOF Sjø AS
> DOF Management AS
DOF Rederi AS has sold the 2011 built PSV, Skandi Gamma.
The vessel will be delivered to the new owners in April and DOF will continue as technical and commercial manager for the vessel.
Mons S. Aase, CEO DOF Group AS, says: "The sale of another PSV is in line with our long-term strategy to focus on the integrated subsea services and the short to medium term focus on optimising the combination of earnings and vessel values from our PSV fleet. With this sale the leverage of DOF Rederi AS is further reduced to approximately 1.5x NIBD/EBITDA using 2023 earnings".
For further information, please contact:
Mons Aase, CEO, DOF Group ASA
Phone: +47 91661012
Hilde Drønen, CFO, DOF Group ASA
Phone: +47 91661009
E-mail: hilde.dronen@dof.com
DOF has been awarded a contract for a construction transport & installation (T&I) project in West Africa.
The project includes installation of flexible product and various subsea structures.
DOF shall utilise the vessel Maersk Installer for the project, with a duration between 100 - 150 days.
Mons S. Aase CEO DOF Group ASA, comments: "With the recently announced award from Shell this is the second large job won for the Maersk Installer in the last few weeks. After this award the backlog for Maersk Installer is strong in 2nd half 2024. This award once again demonstrates DOF`s capability to deliver deep-water installation scopes to the energy sector. We look forward to delivering this project safely to our client".
Preparations has already started, and offshore execution is planned to Q3, 2024. The contract value is in the range USD 19 - 29 million.
For further information, please contact:
Mons S. Aase, CEO DOF Group ASA
Phone: + 47 91 66 10 12
E-mail: mons.aase@dof.com
DOF has been awarded a Substantial Subsea Engineering Procurement Removal and Disposal (EPRD) Contract from A/S Norske Shell in the Atlantic region, with more than 100 combined days utilisation of the vessels Skandi Hera and Maersk Installer. DOF shall deliver an integrated solution of project management, engineering, design, analysis and survey. The scope includes recovery and recycling of umbilicals, risers, rigid spools, manifolds and other subsea structures and infrastructure, at the Knarr and Gaupe fields.
Mons S. Aase, CEO DOF Group ASA, comments: "The award continues to demonstrate DOF’s inhouse capability of offering turnkey solutions to our existing and new customers, building on our established capability offering in the decommissioning market."
Preparations have commenced and the project will be run from our offices in Bergen and Aberdeen with offshore execution planned in Q2 and Q3 2025.
For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: + +47 916 21 057
E-mail: martin.lundberg@dof.com
DOF Group defines a Substantial contract as a contract with value between NOK 250 million to NOK 500 million
The Group's revenue for 4th quarter (management reporting) totals NOK 3,449 million (NOK 3,204 million) and EBITDA totals NOK 1,241 million (NOK 1,125 million). The operating profit (EBIT) of NOK 2,215 million (NOK 1,548 million) is highly impacted by reversal of impairment of NOK 1,479 million (NOK 687 million). Net financial cost amounts of NOK 139 million (NOK 223 million) include unrealised currency gain of NOK 372 million (NOK 1,047 million). The result after taxes is NOK 2,768 million (NOK 1,806 million). The Group’s net interest-bearing debt is NOK 13,883 million (NOK 19,915 million) and the book equity is NOK 10,522 million (NOK 364 million).
Key highlights:
- Another strong quarter, where the Group achieved an EBITDA of NOK 1,241 million (NOK 1,125 million) and a cash flow from operating activities of NOK 1,111 million (NOK 1,553 million).
- The annual EBITDA was NOK 4,949 million (NOK 3,764 million) and the cash flow from operating activities was NOK 4,090 million (NOK 3,777 million).
- By 31.12.2023 the equity ratio is 34% (1%) and NIBD/EBITDA 2.8 (5.4).
- The average utilisation of the owned fleet was 91% (88%) in the quarter.
- The markets in the Group’s regions are good and the activity in Asia-Pacific has particularly increased during the 4th quarter.
- The Group has chartered in the subsea vessel Maersk Installer on a 2-year firm charter to serve the increased demand in the subsea project segment.
- Three PSVs, have been sold in the quarter.
- The total current fleet includes 57 vessels (incl. 12 vessels on management or hired in):
-- 16 AHTSs, 11 PSVs and 30 Subsea vessels.
- In January, the DOF Group has been ranked among the best companies with the 2nd highest score in the Petrobras PEOTRAM 2023 audit and retained its A- score on the CDP Climate Change 2023.
- The order intake in 4th quarter is USD 147 million.
- Firm backlog by end December of USD 1,946 million.
The Group will report in USD from the 1st quarter 2024 and onwards.
Statement from the CEO, Mons Aase: “We deliver another solid quarter and are experiencing continued strong markets within all fleet segments, and I am especially pleased to see an increasing activity in the Asia-Pacific region. The Group has again achieved a high score in the Petrobras Peotram audit which is a confirmation of the high quality of our operations in Brazil. We expect the backlog to continue to grow due to several ongoing tenders. We see increased activity within the AHTS segment and expect more firm contracts going forward. The current backlog for the Group is 84% for 2024 which gives good visibility of the earnings in 2024. The EBITDA guiding for 2024 is in the range of USD 470-520 million”.
Please see enclosed 4th quarter Financial Report 2023.
>>> DOF Group ASA Financial Report Q4 2023 (PDF, 4 mbs)
Webcast is available Friday, 23rd of February at 08:30 on www.dof.com/webcast.
For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: +47 916 21 057
E-mail: martin.lundberg@dof.com
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.