The Group's revenue for 1st quarter (management reporting) totals USD 330 million...
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
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Hilde Drønen, CFO of DOF Group ASA, has decided to step down from her role by the end of 2024. Drønen has served the position as CFO since 2005.
Martin Lundberg, SVP Finance and Head of Investor Relations, will be appointed as the new CFO for the Group and will work closely with Mrs. Drønen until the end of the year.
CEO Mons S. Aase says: “I’ve been working together with Hilde for more than 25 years and I am thankful for her huge contribution and capacity through all these years. Hilde has provided the company with strong financial leadership and has been instrumental in positioning DOF for long-term success and especially through the recent financial restructuring”.
Hilde Drønen says: “It has been an exciting journey working for DOF and I feel privileged and proud being part of the DOF team. I am very confident that Martin is the right person in his new role due to his extensive knowledge and experience in DOF.”
Lundberg joined DOF in 2010. He was promoted to CFO DOF Subsea from January 2021 until being appointed SVP Finance/Head of IR in 2023.
We will soon start the search for a replacement for Mr. Lundberg as Head of IR and any candidates are welcome to contact Mrs. Drønen (+47 91661009) or Mr. Lundberg (+47 91621057).
For further information please contact: Mons Aase, + 47 91661012
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DOF is pleased to announce a contract award and a contract extension securing further backlog for the APAC region.
The latest contract secured for the region will utilise Skandi Hercules and see the vessel fully utilised off the Australian coast into Q3 2024. The contracted scope includes project management and engineering, logistics support and execution of various inspection, maintenance, and repair (IMR) activities.
In addition, a contract extension has been secured for Skandi Singapore with the vessel fully committed through Q3 2024 with further options available into Q1 2025.
The combined value is in excess of USD 20 million for the firm part.
Mons Aase, CEO DOF Group ASA, said: "I am very pleased with these awards bringing the APAC region close to full utilisation for first half 2024 at improved rates and margins."
For further information, please contact:
Martin Lundberg, SVP Finance, and Investor Relations DOF Group ASA
Phone: +47 91 62 10 57
E-mail: martin.lundberg@dof.com
DOF has been awarded a contract by Altera Infrastructure to install one FPSO (Floating Production, Storage and Offloading unit) and one FSO (Floating Storage unit) for the phase 2 development of the Baleine field in Cote d'Ivoire, West Africa, operated by Eni with Petroci Holding as partner.
The project includes the complete installation of seabed mooring systems, flowline between FSO and FPSO, and associated equipment.
DOF`s contract scope includes project management, engineering, transportation, installation and hook-up of floating units in the field. DOF shall mobilize Skandi Skansen to the project, totaling more than 130 vessel days.
"This award recognizes DOF`s solid performance within installation of floating units. We look forward to executing the project safely and successfully", says Mons S. Aase, CEO in DOF Group.
Project Management and engineering will commence immediately from DOF`s offices in Bergen, Norway and Aberdeen, Scotland. Offshore operations are planned to take part from Q3, 2024.
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 is very pleased to announce a Substantial Contract with an international oil company for the PSV Skandi Kvitsøy. The vessel will work in Australian waters and further strengthen the DOF Group’s presence in Australia. Commencement will be Q1 2024 with 2-year firm and 2 years options.
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.
DOF is very pleased to announce a Large Contract with Equinor Energy for the AHTS Skandi Iceman. The award means that the DOF Group will have two anchor handlers supporting Equinor’s Norwegian operations until 2027 at the earliest with Skandi Vega having been on charter to Equinor since delivery 2010. This contract will build on the long-term relationship between the DOF Group and Equinor for AHTS services. The contract also includes ROV services provided by the DOF Group. Commencement will be Q2 2024 with 3-year firm and 3x1 year options.
Mons Aase, CEO DOF Group ASA, said, “This award demonstrates the performance of our anchor handling vessels and our crews. We are very happy to see Equinor selecting DOF for another long term AHTS contract”
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 Large Contract as a contract with value between NOK 500 million to NOK 1 billion
Find below links to DOF company ARP reporting for year 2022.
Click the company name to visit the equalitycheck.com hosted report:
> DOF Subsea AS
> DOF Subsea Norway AS
> DOF Subsea Norway Offshore AS
> DOF Management AS
> DOF Sjø AS
DOF Group is pleased to announce that Prime Energy Resources Development B.V. (Prime Energy) has extended the contract for provision of the MPSV Skandi Hawk to the end of 2027.
DOF has been providing MPSV and subsea services to Prime Energy (formerly Shell Philippines Exploration B.V) in support of the Malampaya gas field operations offshore Philippines since April 2015 and subsea support and IRM services for 13 years prior to that. An agreement has now been reached to extend the existing contract including Project Management and Engineering services, Subsea Inspection, Repair and Maintenance Services and the Multipurpose Platform Supply Vessel (MPSV) Skandi Hawk from February 2024 until 31 December 2027 in support of the continued operation and growth of the Malampaya field operations.
Mons Aase, CEO DOF Group ASA, said: “This is a substantial contract extension with an estimated value of over USD 60M. It builds on the successful partnership between our team in APAC with Prime Energy and the Malampaya field since production commenced and we look forward to continuing to support Prime Energy in the years to come.”
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