DOF is pleased to announce the award of two contracts in the APAC region.
DOF Group ASA ("DOF") is pleased to announce the award of two contracts in the APAC region.
The first is for a three-year frame agreement for the provision of subsea inspection, maintenance and repair services with associated assets in the APAC region. A call off under the contract has also been confirmed and will utilise DSV Skandi Singapore and all related diver-less subsea services on a brownfield tieback campaign scheduled to be conducted in H1 2026.
The second is for a hook up campaign which will utilise MPSV Skandi Hercules with the work also scheduled to be conducted in H1 2026.
Both contracts include the provision of DOF’s full suite of in-house project management, engineering, procurement and logistics support services. The combined duration of the two offshore campaigns is estimated to be between 90 and 120 days. The combined value of the two contract is ‘Substantial’ which DOF defines as contracts with a value of USD 25M – 50M. Mons S. Aase, CEO DOF ASA, comments:
“We look forward to delivering safe, efficient, world class subsea and marine services, further enhancing our reputation as a trusted partner in the APAC region".
Contact information:
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 the award of two contracts in the APAC region.
The first is for a three-year frame agreement for the provision of subsea inspection, maintenance and repair services with associated assets in the APAC region. A call off under the contract has also been confirmed and will utilise DSV Skandi Singapore and all related diver-less subsea services on a brownfield tieback campaign scheduled to be conducted in H1 2026.
The second is for a hook up campaign which will utilise MPSV Skandi Hercules with the work also scheduled to be conducted in H1 2026.
Both contracts include the provision of DOF’s full suite of in-house project management, engineering, procurement and logistics support services. The combined duration of the two offshore campaigns is estimated to be between 90 and 120 days. The combined value of the two contract is ‘Substantial’ which DOF defines as contracts with a value of USD 25M – 50M. Mons S. Aase, CEO DOF ASA, comments:
“We look forward to delivering safe, efficient, world class subsea and marine services, further enhancing our reputation as a trusted partner in the APAC region".
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone + 47 94 83 64 64
DOF Group ASA (“DOF”) is pleased to announce the award of several new contracts in the Atlantic region.
The contracts will be executed primarily using DOF’s regional fleet during the fourth quarter of 2025 and the first quarter of 2026. In total, the awards represent more than 250 firm vessel days, excluding any additional options. The combined contract value exceeds USD 60 million, also excluding optional work.
Skandi Hera and Skandi Master will both be utilised in subsea mode in West Africa under direct contracts with an operator. Skandi Hera will perform trenching and burial services, while Skandi Master will be deployed for commissioning and start-up activities on a tie-back project. Both engagements are expected to have a duration of up to two months.
Skandi Installer is scheduled for several subsea projects in the North Sea, covering both the Norwegian Continental Shelf and the UK Continental Shelf. The vessel will first execute a decommissioning project for a UK operator before mobilising to a Norwegian operator to install subsea production equipment and carry out various well-related activities.
Havila Phoenix will be utilised on an IMR project on the Norwegian Continental Shelf and will also provide support on one of Skandi Installer’s projects. Skandi Installer’s commitments total more than 130 firm vessel days, while Havila Phoenix’s commitments account for more than 45 firm vessel days. Mons S. Aase, CEO of DOF Group ASA, commented:
“We are very pleased to see a strong order intake across the North Sea winter season, highlighting both the capability of our fleet and DOF’s proven project execution expertise in harsh weather conditions. We look forward to delivering these projects safely and on schedule, and we thank both our valued repeat clients and new customers for their continued trust in DOF.”
All contracts include project management, logistics, engineering, and offshore execution scopes, which will be delivered by DOF’s teams across Norway and Scotland.
Furthermore, DOF is pleased to announce the award for multi-year contract in the North America region for Shell. The contract is defined as Significant, excluding any variation works.
DOF shall under this contract deliver an integrated solution for Inspection, Maintenance and Repair services (IMR) including vessel and ROVs for Shell Trinidad and Tobago Limited.
The contract covers work in 2025, 2026 and 2027 and is for a total of 190 days across the three years.
DOF defines a Significant contract as a contract with value between USD 15 million and 25 million.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone + 47 94 83 64 64
Five of DOF's Brazilian-flagged AHTS vessels, all with ROVs on board: Skandi Fluminense, Skandi Paraty, Skandi Angra, Skandi Urca and Skandi Iguaçu, have had their current contracts with Petrobras extended until Q1 2027.
The new 4-year contracts for the five vessels that were signed and announced in May-June 2025 with original planned commencement in Q1 2026 have had commencement postponed until Q1 2027 with all other terms and conditions unchanged, meaning that the new contracts will run until Q1 2031.
Petrobras and DOF have in addition agreed to extend the two current RSV contracts for the vessels Skandi Chieftain and Skandi Olympia with new duration until the end of 2026. Commencement of the new 4-year contracts for Skandi Chieftain and Skandi Olympia signed and announced in October 2025 will thus be postponed until the start of 2027.
The seven contract extensions add more than USD 160 million to DOF’s backlog.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone + 47 94 83 64 64
DOF Group ASA (the "Company") is pleased to announce that it has successfully listed the bonds issued by the Company under the initial issue ("Initial Issue") of senior unsecured USD 150,000,000 bonds as part of the DOF Group ASA 8.125% senior unsecured USD 250,000,000 bonds 2025/2030 with ISIN NO NO0013647701, on Euronext Oslo Børs as of today.
The listing documents can be accessed here:
https://www.dof.com/documents/dof-group-asa-securities-note
https://www.dof.com/documents/dof-group-asa-registration-document
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone + 47 94 83 64 64
The shares in DOF Group ASA will be traded ex dividend of USD 0.35 per share as of today, 19 November 2025. Please note that the payment will be made in NOK at NOK 3.53759 per share. The payment will be made on 27 November 2025.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA(“DOF”) is pleased to announce that bp has awarded it a 3-year firm commitment contract (with a further 2 x 1-year options) for the provision of subsea services in the North Sea.
Under the agreement, DOF will deploy a high-capability subsea support vessel to support BP with Subsea Construction, Inspection, Repair, and Maintenance (SCIRM) operations. Offshore operations are expected to commence in the first quarter of 2026. Mons S. Aase, DOF Group ASA CEO, said:
“We are proud to be awarded a contract with bp for subsea services in the North Sea. This agreement represents a significant step forward for DOF and our UK subsea organization. We are committed to delivering best-in-class services, with an uncompromising focus on safety and operational performance in the years ahead.”
Financial details related to the agreement, including rates and overall revenue, will remain undisclosed.
Preparations are already underway, with DOF providing a comprehensive scope encompassing project management, engineering, logistics, and offshore execution as part of the service.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA's (“DOF” or the “Group”) revenue for 3rd quarter (management reporting) totals USD 501 million (USD 376 million) and EBITDA totals USD 205 million (USD 141 million). The operating profit (EBIT) is USD 138 million (USD 88 million). Net financial cost amounts to USD -1 million (USD -9 million), including unrealised currency gain of USD 20 million (gain USD 17 million). The result after taxes is USD 107 million (USD 69 million). The Group’s net interest-bearing debt is USD 1,332 million (USD 1,141 million). The equity is USD 1,978 million (USD 1,195 million) giving an equity ratio of 46% (39%).
Key Highlights in 3rd quarter
• The Group delivered EBITDA of USD 205 million (USD 141 million), including gain on sale of two vessels of USD 12 million
• Utilisation of 87% (92%)
• The NIBD/LTM EBITDA is 1.9x
• Quarterly dividend payment in November 2025 increased to USD 0.35 per share
• Firm backlog by end September is USD 4.7 billion (USD 2.75 billion)
Note: all numbers commented above are based on management reporting
Statement from the CEO
The third quarter of 2025 was another strong quarter in both operational and financial performance for DOF Group ASA.
This quarter was marked by a continued commitment to operational excellence, reflected in strong performance across all business units. Client feedback has been exceptionally positive, highlighting our reliability, responsiveness, and value creation. These results reinforce the strength of our operating model and the dedication of our teams in consistently exceeding client expectations.
The high number of contract awards continued in Q3 and the backlog exceeds USD 5.1 billion as of this report, of which the backlog for execution in 2026 is USD 1.5 billion, providing a strong foundation and a high degree of visibility for next year’s earnings.
We have advanced our fleet optimisation strategy through the divestment of three smaller AHTS vessels during the quarter, further high-grading and strengthening the overall quality of our fleet.
By issuing a USD 150 million bond loan, financing the newbuild Skandi Norseman and repaying the only near-term maturity, we have further strengthened the financial position of the Group. This, together with the strong operational results and increased backlog allows us to increase the Q3 dividend to USD 0.35/share payable in November.
The outlook for the rest of 2025 remains strong, and we narrow our EBITDA guidance range to USD 750 – 760 million.
Please see enclosed 3rd quarter Financial Report 2025 and presentation.
A webcast, followed by a Q&A session, will be available on Wednesday, 5 November at 14:00 CET on www.dof.com/webcast.
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA("DOF") is pleased to announce that three PLSVs (pipelay support vessels) owned through a joint venture between DOF (50%) and TechnipFMC (50%)have secured contract extensions with Petrobras in Brazil.
Skandi Vitória and Skandi Niterói have had their current contracts extended from Q4-2025 until Q1-2027. The 3-year contracts announced in June 2024 will now commence following the extension period. Skandi Açu has had its current contract extended from Q3-2026 until Q1-2027. The 3-year contract announced in August 2024 will now commence following the extension period. The contract extensions add approximately USD 100 million of backlog to DOF. All other terms and conditions of the 3-year contracts previously announced remain unchanged.
Mons Aase, CEO DOF Group ASA,said: "We are happy to extend the firm backlog of these three high-end vessels into 2030. Together with other contracts previously announced, DOF now has 17 vessels in Brazil with firm backlog extending towards and into the next decade."
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA (“DOF”) is pleased to announce that the contracts of Skandi Nomad and Skandi Constructor, both operating in Guyana, have been extended by one year each. Following the extensions, Skandi Nomad is contracted until Q4-2026 and Skandi Constructor until Q2-2027.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64