DOF Group ASA (“DOF”) is pleased to announce two new contracts in Brazil.
Skandi Logger, an AHTS with 250t bollard pull built in 2009, has been contracted for a 4-year engagement with Petrobras, following the same competitive AHTS tender process that resulted in the contracts of Skandi Iguaçu, Skandi Angra, Skandi Paraty and Skandi Urca as previously announced. For this contract, expected to start in February 2026, Skandi Logger will be reflagged to Brazilian Flag.
Resulting from another competitive tender process, Skandi Achiever has been contracted as RSV for a 4-year engagement with Petrobras. Expected commencement is in December 2025, in direct continuation of her current contract with another client in Brazil. Petrobras’ contract foresees the utilisation of Achiever's 2 WROVs and subsea crane.
The two contracts have a combined value of more than USD 275 million.
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 new contracts in Brazil.
Skandi Logger, an AHTS with 250t bollard pull built in 2009, has been contracted for a 4-year engagement with Petrobras, following the same competitive AHTS tender process that resulted in the contracts of Skandi Iguaçu, Skandi Angra, Skandi Paraty and Skandi Urca as previously announced. For this contract, expected to start in February 2026, Skandi Logger will be reflagged to Brazilian Flag.
Resulting from another competitive tender process, Skandi Achiever has been contracted as RSV for a 4-year engagement with Petrobras. Expected commencement is in December 2025, in direct continuation of her current contract with another client in Brazil. Petrobras’ contract foresees the utilisation of Achiever's 2 WROVs and subsea crane.
The two contracts have a combined value of more than USD 275 million.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA ("DOF") is pleased to announce the award of multiple contracts for the Skandi Inventor in the Atlantic region, securing more than 100 days of firm work, with additional options available.
The Skandi Inventor, a state-of-the-art DP3 construction vessel equipped with a 400-ton Active Heave Compensated (AHC) crane and a large working deck, has recently undergone significant upgrades. The vessel is now fitted with two brand new Work Class ROVs (WROVs) and a modern survey suite, all of which will be fully operated by DOF.
Mons S. Aase, CEO of DOF Group, commented: “We are pleased to welcome the Skandi Inventor to the North Sea and to see immediate project intake across Q2, Q3 and Q4 2025. These awards reflect DOF’s strong position across both Oil & Gas and Renewable segments.”
Preparations are already underway, with DOF delivering a full scope of project management, engineering, logistics, and offshore execution as part of the awarded campaigns.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA ("DOF") is pleased to announce a Substantial contract extension for the AHTS vessel Skandi Cutter. The vessel is currently operating in Canada on a contract ending at the end of 2025, and will continue with the current client under the extended contract for a firm period of three years with two further annual extension options.
DOF defines a Substantial contract as a contract with value between USD 25 million and USD 50 million.
For further information, please contact:
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 0.30 per share as from today, 21 May 2025. Please note that the payment will be made in NOK at NOK 3.09447 per share. The payment will be made on 5 June 2025.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
The annual general meeting of DOF Group ASA was held today as a digital meeting with online participation. All proposals on the agenda were adopted, cf. the notice of the annual general meeting that was published on Oslo Stock Exchange on 29 April 2025.
The annual general meeting approved a dividend of USD 0.30 per share. The dividend will accrue to shareholders as of 20 May 2025, as registered in Euronext Securities Oslo (ESO) on 22 May 2025. The Company's shares will be traded on the Oslo Stock Exchange exclusive of the right to the dividend from and including 21 May 2025. Payment will be made on 5 June 2025. The dividend will be paid in NOK following conversion through a spot exchange based on an observable USDNOK exchange rate at the date of the annual general meeting.
The annual general meeting further authorised the board of directors to resolve dividend payments based on the company's approved annual accounts for 2024. The authorisation is valid until the next annual general meeting, but no later than 30 June 2026.
The annual general meeting re-elected Svein Harald Øygard as chair of the board, and Harald Lauritz Thorstein, Daniela Maia Ribeiro Fernandez Davila, Christine J. Morris (Brennet), and Adrian Geelmuyden as members of the board. The re-elections are for the period until the annual general meeting in 2026. The board of DOF Group ASA thus consists of the following members:
• Svein Harald Øygard (chair)
• Erik Bergöö (vice chair)
• Harald Lauritz Thorstein
• Daniela Davila
• Christine J. Morris (Brennet)
• Adrian Geelmuyden
• Kristin Holth
The complete minutes of the annual general meeting are attached to this release and are also available on www.dof.com
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA (“DOF”) is pleased to announce four long-term charter and service contract awards with Petrobras in Brazil following a competitive tender process.
Skandi Iguaçu, one of the biggest AHTS vessels ever built in Brazil with a 350mt+ bollard pull (“BP”) and large winch storage capacity has been contracted for 4 years with expected commencement in February 2026 in sequence with its current contract.
Furthermore, Skandi Angra (280mt BP), Skandi Paraty (288mt BP) and Skandi Urca (260mt BP) have all been contracted for 4 years with expected commencement in January 2026 in sequence with their current contracts. The scope for these three contracts includes work class ROVs rated to operate at water depths of up to 3,000 meters.
The combined value of the contracts is approximately USD 480 million.
Mons S. Aase, CEO DOF Group ASA, said: “We are happy to announce these contract awards which build backlog into 2030 at solid terms. The contract awards demonstrate our operational pedigree and reinforce our position as a leading player within the high-end AHTS vessel segment in Brazil.”
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
Maersk Supply Service Holding A/S (”MSSH”) has on 16 May 2025 distributed its holding of 61,569,664 ordinary shares in DOF corresponding to 25% of the total share capital and 25% of the total voting rights in DOF to its direct shareholder APMH Invest XXIV ApS who has further distributed the shareholding to its direct shareholder A.P. Møller Maritime ApS (“A. P. Møller Maritime”). Accordingly, MSSH no longer holds any shares or voting rights in DOF and A.P. Møller Maritime now holds 61,569,664 ordinary shares in DOF corresponding to 25% of the total share capital and 25% of the total voting rights in DOF.
The foregoing calculations are based on 246,278,655 outstanding shares in DOF.
A.P. Møller Maritime is a person closely associated with Erik Bergöö, member of the board of directors of DOF. Please see further specifications in the attached notification form.
A.P. Møller Maritime is a wholly owned subsidiary of APMH Invest A/S, which in turn is a wholly owned subsidiary of A.P. Møller Holding A/S, which is a wholly owned subsidiary of A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal.
This information is subject to the disclosure requirements set out in sections 4-2 and 5-12 of the Norwegian Securities Trading Act, as well as Article 19 of the EU Market Abuse Regulation.
In connection with the annual general meeting of DOF Group ASA (the "Company") to be held on 20 May 2025, Svein Harald Øygard, in his capacity as chair of the board of directors of the Company, has received proxies without voting instructions for 70,000,630 shares and votes, representing 28.42 % of the total number of shares and votes in the Company. The proxies are in addition to 716,026 shares and votes, representing 0.29% of the total number of shares and votes in the Company, held by Energy Investors AS, a close associate of Svein Harald Øygard. The proxies are only valid for the annual general meeting on 20 May 2025.
DOF Group ASA's (“DOF” or the “Group”) revenue for 1st quarter (management reporting) totals USD 428 million (USD 330 million) and EBITDA totals USD 158 million (USD 114 million). The operating profit (EBIT) is USD 99 million (USD 70 million). Net financial gain amount to USD 8 million (USD -52 million) including unrealised currency gain of USD 53 million (loss USD -21 million). The result after taxes is USD 75 million (USD 6 million). The Group’s net interest-bearing debt is USD 1,383 million (USD 1,358 million). The equity is USD 1,861 million (USD 1,029 million) giving an equity ratio of 46% (34%).
Key highlights in 1st quarter:
• The Group delivered EBITDA of USD 158 million (USD 114 million)
• Utilisation of 83% (87%)
• The NIBD/LTM EBITDA is 2.4x
• The refinancing of the Group successfully closed in Q1 2025
• Initiating quarterly dividends, with first dividend payment in June 2025 of USD 0.3 per share
• Firm backlog by end March is USD 3.10 billion (USD 1.94 billion)
Note: all numbers commented above are based on management reporting.
Statement from the CEO
The DOF Group is delivering a good start to 2025 with strong project execution and a solid first quarter EBITDA of USD 158 million, representing an improvement from Q4 2024 and close to 40% increase from first quarter last year.
The performance is, as expected, impacted by the integration of the DOF Denmark fleet to the DOF commercial platform with multiple vessel mobilisations and transits affecting the utilisation. The DOF Denmark EBITDA contribution for the quarter was USD 27 million and the utilisation of the fleet was 68%. We remain confident that the contribution from the DOF Denmark fleet will improve through 2025.
We have secured multiple large contracts in the first quarter utilising the inhouse capabilities of the subsea regions and the large fleet of high-end vessels. This together with the strong backlog and the continued high tendering activity gives confidence in the continued performance of the group. The EBITDA guidance range for 2025 is narrowed to USD 730 – 790 million.
The refinancing process was concluded in March as planned and we look forward to making our first quarterly dividend payment of USD 0.3 per share in June. We expect significant backlog additions in the next months to further increase earnings visibility. When the increased visibility materialises, we will target the upper end of the communicated leverage range of 1.5 – 2.0x NIBD / LTM EBITDA and thus see potential to increase the quarterly dividends going forwards by returning excess cash to our shareholders.
Please see enclosed 1st quarter Financial Report 2025 and presentation.
A webcast, followed by a Q&A session, will be available Friday, 16 May at 14:00 CEST on www.dof.com/webcast.
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
