DOF Group ASA’s board of directors has decided to propose to the annual general meeting on 20 May 2025 to pay an ordinary dividend of USD 0.30 per share on the basis of the annual accounts for 2024, and that the annual general meeting authorises the board of directors to resolve further dividend distributions based on the 2024 annual accounts.
Dividend amount: USD 0.30 per share
Declared currency: USD
Last day including right: 20 May 2025
Ex-date: 21 May 2025
Record date: 22 May 2025
Payment date: 5 June 2025
Date of approval: 20 May 2025
Other information: The distribution of the cash dividend is subject to approval by the AGM of DOF Group ASA to be held on 20 May 2025. The dividend will, subject to approval, be paid in NOK and the amount in NOK will be announced at a later date.
This information is published in accordance with the requirements of the Continuing Obligations.
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”) 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
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
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.
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
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.
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
The contract will utilise one of DOF’s project vessels in the region and includes project management, engineering, logistics support and all related subsea activities. Offshore services are expected to commence in Q1 2025 for approximately 150 days.
Mons Aase, CEO DOF Group ASA, said, “This award secures further backlog for the APAC region with an estimated value of over AUD 20m. We look forward to delivering a safe and successful project.”
For further information, please contact:
Martin Lundberg, SVP Finance DOF Group ASA
Phone: +47 91 62 10 57
E-mail: martin.lundberg@dof.com
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
E-mail: eirik.vardoy@dof.com
Find below the Purchase Order General Terms and Conditions for the different DOF companies. These shall apply unless otherwise agreed In Writing between the Parties. SUPPLIER's general terms and conditions, exceptions, qualifications, or other terms and conditions shall not apply unless explicitly accepted In Writing by DOF.
Our General Terms and Conditions:
>>> DOF Management AS (Australia, Norway, U.K.)
>>> Norskan Offshore Ltda (Brazil)
NOTE: These shall apply unless otherwise agreed In Writing between the Parties. The Statement is owned by the DOF Group's VP Global Supply Chain.
DOF Group ASA's (“DOF” or the “Group”) revenue for 3rd quarter (management reporting) totals USD 376 million (USD 322 million) and EBITDA totals USD 141 million (USD 123 million). The operating profit (EBIT) is USD 88 million (USD 85 million). Net financial costs amount to USD -9 million (USD -52 million) including unrealised currency gain of USD 17 million (USD -24 million). The result after taxes is USD 69 million (USD 27 million). The Group’s net interest-bearing debt is USD 1,143 million (USD 1,372 million). The equity is USD 1,195 million (USD 749 million) giving an equity ratio of 39% (27%).
Key highlights in 3rd quarter:
• The Group achieved an EBITDA of USD 141 million (USD 123 million).
• The net profit was USD 69 million (USD 27 million) and has been positively impacted by an unrealised non-cash currency gain of USD 17 million (USD -24 million) due to a strengthened BRL to USD in the quarter.
• The Group’s cash flow from operating activities was USD 124 million (USD 141 million) in the quarter.
• The equity ratio has improved from 27% to 39% due to strong results the last 12 months and a private placement of USD 75 million in July.
• The Net interest-bearing debt (NIBD) has been reduced from USD 1,372 million to USD 1,143 million. The NIBD/LTM EBITDA by end September is 2.3x (3.0x)
• The average utilisation of the fleet has been 92% (85%) in the quarter.
• The performance has been good in the APAC, North America and the Atlantic regions, and stable in Brazil.
• The total fleet consists of 57 vessels (incl. 14 vessels on management or hired in):
o 16 AHTSs, 10 PSVs and 31 Subsea vessels.
• The order intake in 3rd quarter was USD 0.5 billion.
• Firm backlog by end September is USD 2.75 billion (USD 2.1 billion). Order intake after balance date is approximately USD 90 million.
• The Group has on 1st of November completed the acquisition of Maersk Supply Service A/S (“MSS”) which has been renamed to DOF Denmark A/S and will be incorporated in the accounts from 1st of November.
Note: all numbers commented above are based on management reporting
Statement from the CEO:
“After completion of the MSS acquisition, we look forward to further developing the DOF Group with an advanced fleet of CSVs and high-end AHTS vessels and the combined competence and capabilities in DOF and MSS. Our main focus now is to ensure a good integration process of the two companies with a common target to deliver world-class services to our customers.
I am further pleased to see the continuing good performance from our subsea regions and am optimistic that the Group’s subsea project activity will continue to grow both due to the recent awarded contracts and ongoing tenders. The activity in the North Sea spot market for AHTS and PSV has slowed down the last two months especially on the UK sector, but we see the opposite in Brazil where Petrobras is out with several tenders and also in Asia-Pacific where we recently were awarded another very good PSV contract.
The expected improved earnings in the second half are confirmed by the 3rd quarter result, hence we change the EBITDA guiding to USD 510-520 million. The uncertainty in 4th quarter is limited as the reported backlog for 4thquarter is higher than the reported revenue in 3rd quarter.
With reference to our Capital Markets Day in September, we have now started the refinancing process of the Group to position the Company with the target to pay dividends from 2nd quarter 2025 and onwards. The progress is good and strong indications of interest from banks to participate in the refinancing.”
Please see enclosed 3rd quarter Financial Report 2024.
>>> DOF Group ASA Q3 2024 Financial Report (PDF)
A webcast, followed by a Q&A session, will be available Thursday, 7th of November at 08:30 CET on www.dof.com/webcast.
For further information, please contact:
Martin Lundberg, SVP Finance DOF Group ASA
Phone: +47 91 62 10 57
E-mail: martin.lundberg@dof.com
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
E-mail: eirik.vardoy@dof.com
