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DOF Group ASA - Invitation to presentation of Q1 2025 results

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DOF Group received 2023 ExxonMobil Ruby Supplier Award

December 7, 2023

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Contract award and charter in vessel

November 15, 2023

The Group's revenue for 3[rd] quarter (management reporting) totals NOK 3,372 million (NOK 2,850 million) and EBITDA totals NOK 1,295 million (NOK 1,032 million). The operating profit (EBIT) is NOK 889 million (NOK 680 million). Net financial cost amounts to NOK -551 million (NOK -1,092 million) incl. unrealised currency loss of NOK -249 million (NOK -834 million) and a net positive result of NOK 285 million (NOK -482 million). The Group's net interest bearing debt is NOK 14,571 million (NOK 22,398 million) and the book equity is NOK 7,955 million (NOK -1,428 million).

Key highlights:
- Another strong quarter and the Group achieved an EBITDA of NOK 1,295 million and a margin of 38%.
- Cash flow from operations activities at NOK 1,107 million.
- The average utilisation of the owned fleet was 85%.
- The markets have continued to be strong, with high tender activity.
- A purchase option related to the Skandi Iceman has been exercised at a price below market values.
- Skandi Neptune (agreed sold in 2021) has been delivered to new owners.
- Stril Explorer has been chartered in on a 3-year contract (+ 4 annual options) to support PIDF contract in Brazil.
- After balance date the Group has agreed to acquire 3 "non-core" PSVs from the lenders in DOF Rederi, whereof two of these vessels are in process to be sold.
- The total current fleet includes 54 vessels (incl. vessels on management or hired in):
-- 14 AHTSs, 11 PSVs and 29 Subsea vessels.
- A strong order intake of NOK 4.3 billion in the 3rd quarter.
- Firm backlog by end September of NOK 22.3 billion.

Statement from the CEO, Mons Aase: "We deliver another solid quarter with improved cash flow and experiencing strong markets within all fleet segments. In 3rd quarter the performance has again been good within the subsea project activity and the extension of the PIDF contract in Brazil and the SURF contract in West-Africa are just reflecting the high activity within subsea. We have also experienced strong markets in the North Sea especially for the PSV fleet. Petrobras is out with several tenders, and we expect the backlog in Brazil to grow further at improved rates. Based on the good performance so far and the high backlog for Q4, the EBITDA guidance for the year has been increased to NOK 4.75-4.85 billion, from NOK 4.5-4.75 billion".

Please see enclosed 3rd quarter Financial Report 2023.
Webcast is available Friday, 10th of November at 08:30 on www.dof.com/webcast.
>>> DOF Group ASA Financial Report Q3 2023 (PDF, 5 mbs)

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

‍

News

DOF ASA AND DOF Subsea AS: REFINANCING UPDATE, SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS As previously reported in DOF Subsea AS' ("DOF Subsea" or the "Company") financial report for Q2 and Q3 2019, the DOF Subsea Group (the "Group") experience that regular financing and refinancing has been challenging. The Group has an order backlog of approximately NOK 14 billion per 30 September 2019. The market has improved slightly, and the Company has a higher EBITDA compared to last year. However, the current EBITDA is still not sufficient to cover the Group's current amortisation profile. DOF Subsea is in a process to negotiate a long-term financing solution, with a financial structure that is aligned with the current market. The Company is negotiating with its banks and has a conditional commitment from its largest indirect shareholder Laco AS to, either directly or indirectly, subscribe for NOK 200 million of new cash equity, subject to agreement with banks and bondholders. The new equity is expected to be raised through a rights issue in DOF ASA to be implemented in January 2020 with expected gross proceeds of between NOK 200 million and NOK 500 million. The detailed terms of the rights issue have not yet been determined. DOF ASA will in turn inject new equity in the amount of NOK 200 million in DOF Subsea. The key terms of the discussed new bank facilities are: · All bank facilities in consolidated companies are merged to one new USD 680 million facility with maturity in December 2023. · With the new facility, annual amortisations are reduced and this represents a reduction in annual amortisations of 66% average over the first 3 years. · Interest margins largely unchanged · New covenants to fit the current market situation. In respect of the Company's outstanding bonds, the Company proposes, as part of the solution, a structure whereby the bonds are extended beyond the maturity of the new bank facility. · DOFSUB07 - extended to 29 December 2023 · DOFSUB08 - extended to 14 August 2024 · DOFSUB09 - extended to 27 December 2024 Please find enclosed Summons to Bondholders' Meeting (the "Proposal") and a Company presentation. The Company has received indication that 62% of DOFSUB08 voting bonds and 47% of DOFSUB09 voting bonds will support the Proposal. The Issuer has engaged ABG Sundal Collier ASA and Pareto Securities AS as its financial advisors (the "Advisors") with respect to the Proposal. Accordingly, Bondholders may contact ABG Sundal Collier ASA at +47 22 01 61 66 or Pareto Securities AS Fixed Income Sales at +47 22 87 87 70 for further information. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 IMPORTANT INFORMATION This communication may not be published, distributed or transmitted in the United States, Canada, Australia or Japan. These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of DOF ASA or the Company in the United States, Norway or any other jurisdiction. The securities of DOF ASA and the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The securities of DOF ASA and the Company have not been, and will not be, registered under the U.S. Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under the U.S. Securities Act and to "major U.S. institutional investors" under SEC Rule 15a-6 to the United States Exchange Act of 1934. No public offering of the securities will be made in the United States. In any EEA Member State that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented in any relevant Member State) and includes any relevant implementing measure in the relevant Member State. In the United Kingdom, this communication is only addressed to and is only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). These materials are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so. Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. This announcement is made by and, and is the responsibility of, the Company. Pareto Securities AS and ABG Sundal Collier (the "Managers") are acting exclusively for the Company and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, or for advice in relation to the contents of this announcement or any of the matters referred to herein. Neither the Managers nor any of their respective affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein. This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Managers nor any of their respective affiliates accepts any liability arising from the use of this announcement. Each of DOF ASA, the Company, the Managers and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. With a multi-national workforce of about 3,500 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.

Historical OSE Notices

Refinancing update, summons to bondholders' meetings in DOF Subsea AS

December 5, 2019

The Group's operating income for 3[rd]quarter (management reporting) totals NOK 2,057 million (NOK 1,739 million) and the operating profit before depreciation and impairment (EBITDA) totals NOK 759 million (NOK 535 million). The Ebitda adjusted for hedge accounting is NOK 803 million (NOK 587 million). Total impairments of NOK 917 million (NOK 124 million) have been booked in the period, hence the operating profit (EBIT) is negative with NOK -503 million (NOK 106 million). The average utilisation of the Group's fleet during the 3rd quarter was 82% ; 81% for the subsea fleet, 75% for the AHTS fleet and 94% for the PSV fleet. Improved earnings and utilisation in all segments during the quarter reflecting increased activity, however still challenging markets for the AHTS and Subsea IMR fleet. The Group's backlog is NOK 20 billion. A long-term refinancing solution is in process with the target to be completed before year end. Per November DOF ASA owns 100% of the shares in DOF Subsea AS. Please see enclosed 3rd quarter Financial Report 2019. Webcast is available Thursday, 28th November 2019 at 08:30 on www.dof.com. Contact: CEO Mons Aase, Tel +47 91 66 10 12 CFO Hilde Drønen, Tel +47 91 66 10 09 With a multi-national workforce of about 3,500 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.

Historical OSE Notices

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