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
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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
(15.05.2025) Reference is made to item 13 in the Notice of DOF Group ASA's Annual General Meeting, regarding the approval of the Board of Directors' guidelines for salary and other remuneration to senior executives and board members, in accordance with section 6-16a of the Norwegian Public Limited Liability Companies Act. Reference is made to item 13 in the Notice of DOF Group ASA's Annual General Meeting, regarding the approval of the Board of Directors' guidelines for salary and other remuneration to senior executives and board members, in accordance with section 6-16a of the Norwegian Public Limited Liability Companies Act.
Following the Notice, the Board of Directors has decided to include a limitation on the maximum gain a participant in the share option program, which is planned to be implemented during the course of 2025, can receive. This decision is made to comply with Section 12 of the Norwegian Code of Practice for Corporate Governance (NUES).
The maximum gain for each participant under the program in any calendar year, upon the exercise of options, shall not exceed three times the gross base salary of the participant in the same calendar year.
As the aforementioned limit on maximum gain under the share option program is not considered material and is considered favourable for shareholders, all received proxies and advanced votes pertaining to item 13 in the Annual General Meeting to be held on 20 May 2025 will be considered valid unless revoked by the shareholder.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA. Phone: +47 948 36 464
DOF Group ASA will present its Q1 2025 results on Friday 16 May 2025 at 14:00 CEST. The report will be available at www.dof.com and www.newsweb.no.
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.
The presentation will be held by CEO Mons S. Aase and CFO Martin Lundberg.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA. Phone: +47 948 36 464
DOF has announced an investment in a first of its kind, modular cable repair spread designed to transform how offshore wind operators respond to cable faults. Uniquely engineered for compatibility across our fleet, the system offers an industry-first combination of fleet-wide flexibility, road transportability, and rapid deployment capabilities.
Developed in collaboration with engineering specialists, Royal IHC, the spread allows for mobilisation and commissioning within 48 hours, using just 12 lifting operations. A vast improvement on traditional fixed systems, which are often limited to single-vessel availability.
“This is a genuine step change in how the industry can respond to cable fault downtime,” said Dag Raymond Rasch, Executive Vice President DOF Atlantic.
“Our cable repair spread reflects DOF’s ability to rapidly address clients’ needs. We’re not just adapting oil and gas equipment – this system has been purpose-built for offshore wind, with flexibility, efficiency and uptime at its core.”
The new system includes a compact quadrant handler, tensioner, roller tables, and over-boarding chute – all designed for plug-and-play operation. Its minimal footprint improves deck efficiency while maintaining cable integrity through all lay and recovery modes.
This follows the successful completion of a high-profile subsea cable repair project for Shell in the Netherlands in 2024, where DOF deployed its owned vessels and existing repair spread to restore service with minimal interruption.
“By owning both the vessels and the modular repair spread, DOF offers clients a level of control and responsiveness that’s otherwise difficult to achieve,” added Dag Raymond, “Improving response times and reduced downtime for clients – especially under emergency conditions.”
DOF has already secured multiple frame agreements with leading offshore wind operators in Europe, the USA, and APAC, reinforcing the global relevance of its cable repair service line with a dedicated fleet, modular technology, and proven operational pedigree.
DOF Group ASA (“DOF”) is pleased to announce that Skandi Achiever has been awarded an offshore service and survey contract in Brazil in support of a SURF project with operations planned to start in early May and covering three campaigns during 2025.
Furthermore, Skandi Salvador has had its charter, service, and survey contract with Subsea7 in support of SURF projects in Brazil extended until July 2025. The contract foresees additional options.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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
The annual general meeting of DOF Group ASA will be held on Tuesday, 20 May 2025 at 12:00 CEST.
The general meeting will be held digitally through Lumi. It will not be possible to attend in person. Registration of attendance must be received no later than 19 May 2025 at 12:00 CEST. For digital participation, please use the link https://dnb.lumiagm.com/196203609. Reference and PIN codes for the meeting are available on VPS Investor Services, or on the form attached to the notice to the individual shareholder. Shareholders may vote in advance, or submit a proxy, with or without voting instructions, by 19 May 2025 at 12:00 CEST.
The notice is attached, and all relevant documents are available on DOF Group ASA’s website: www.dof.com/agm2025.
The notice of the general meeting will be sent by post to shareholders who have not given explicit consent for electronic communication of notices.
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
DOF Group ASA ("DOF") is pleased to announce a Substantial contract award for subsea mooring installation services in the APAC Region. The contract will utilise Skandi Hercules with related moorings and installation subsea services. The scope of work includes DOF's in-house project management and engineering, procurement and logistics support services.
Offshore execution in West Australian waters is scheduled in Q3 2025 with the vessel engaged on the project for approximately 2 months.
Mons Aase, CEO DOF Group ASA, said: "The award secures substantial backlog for the APAC region in the second half of 2025, and we look forward to delivering a safe and successful project."
DOF defines a Substantial contract as a contract with value between USD 25 million and 50 million.
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 Kristin H. Holth, member of the board of directors, has purchased 2,500 shares in the Company through her related party Kricon AS as further specified in the attached notification form. Following the transaction, Kristin H. Holth holds 2,500 shares in the Company.
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.