The Group's revenue for 4th quarter (management reporting) totals NOK 3,449 million (NOK 3,204 million) and EBITDA totals NOK 1,241 million (NOK 1,125 million). The operating profit (EBIT) of NOK 2,215 million (NOK 1,548 million) is highly impacted by reversal of impairment of NOK 1,479 million (NOK 687 million). Net financial cost amounts of NOK 139 million (NOK 223 million) include unrealised currency gain of NOK 372 million (NOK 1,047 million). The result after taxes is NOK 2,768 million (NOK 1,806 million). The Group’s net interest-bearing debt is NOK 13,883 million (NOK 19,915 million) and the book equity is NOK 10,522 million (NOK 364 million).

Key highlights:
- Another strong quarter, where the Group achieved an EBITDA of NOK 1,241 million (NOK 1,125 million) and a cash flow from operating activities of NOK 1,111 million (NOK 1,553 million).
- The annual EBITDA was NOK 4,949 million (NOK 3,764 million) and the cash flow from operating activities was NOK 4,090 million (NOK 3,777 million).
- By 31.12.2023 the equity ratio is 34% (1%) and NIBD/EBITDA 2.8 (5.4).
- The average utilisation of the owned fleet was 91% (88%) in the quarter.
- The markets in the Group’s regions are good and the activity in Asia-Pacific has particularly increased during the 4th quarter.
- The Group has chartered in the subsea vessel Maersk Installer on a 2-year firm charter to serve the increased demand in the subsea project segment.
- Three PSVs, have been sold in the quarter.
- The total current fleet includes 57 vessels (incl. 12 vessels on management or hired in):
-- 16 AHTSs, 11 PSVs and 30 Subsea vessels.
- In January, the DOF Group has been ranked among the best companies with the 2nd highest score in the Petrobras PEOTRAM 2023 audit and retained its A- score on the CDP Climate Change 2023.
- The order intake in 4th quarter is USD 147 million.
- Firm backlog by end December of USD 1,946 million.

The Group will report in USD from the 1st quarter 2024 and onwards.

Statement from the CEO, Mons Aase: “We deliver another solid quarter and are experiencing continued strong markets within all fleet segments, and I am especially pleased to see an increasing activity in the Asia-Pacific region. The Group has again achieved a high score in the Petrobras Peotram audit which is a confirmation of the high quality of our operations in Brazil. We expect the backlog to continue to grow due to several ongoing tenders. We see increased activity within the AHTS segment and expect more firm contracts going forward. The current backlog for the Group is 84% for 2024 which gives good visibility of the earnings in 2024. The EBITDA guiding for 2024 is in the range of USD 470-520 million”.

Please see enclosed 4th quarter Financial Report 2023.
>>> DOF Group ASA Financial Report Q4 2023 (PDF, 4 mbs)

Webcast is available Friday, 23rd of February at 08:30 on www.dof.com/webcast.

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 Subsea is pleased to announce multiple contract awards from undisclosed clients in two important growing regions, Trinidad and US GoM. Skandi Neptune has been awarded a 3-year frame agreement for IMR and light construction services with a major operator in Trinidad. She will commence operation in Trinidad late November for the 1[st] offshore inspection campaign. The Group have also secured several shorter contracts in the GoM to support IMR, subsea installation and decommissioning operations, securing good utilisation in the 4[th] quarter for Harvey Deep Sea. Moreover, Geosea has been awarded a 21-day contract commencing in late November in the GoM. In a statement Mons Aase, CEO DOF Subsea, said, "This is important awards for us, securing good utilisation for our ships in the North America Region, in addition to creating a strong basis for future work in Trinidad and the GoM." For further information, please contact: Mons S. Aase, CEO, tel: +47 91 66 10 12 Hilde Drønen, CFO, 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

DOF Subsea awarded contracts in Trinidad and GoM

November 7, 2019

Historical OSE Notices

Notice from bondholders' meeting DOF Subsea AS

November 6, 2019

DOF Subsea signs today a contract with Kværner to collaborate and deliver Marine Operations for Equinor`s Hywind Tampen Project. The contract shall be executed in a 50/50 partnership (joint venture) with Kværner. "Hywind Tampen will be the world's largest floating offshore wind farm and is vital for industrialising solutions and reducing costs for future offshore wind power projects. The deep-water floating renewables market is on the verge of commercialization, and therefore this contract has strategic importance to DOF Subsea" says Mons Aase, CEO in DOF Subsea. The Hywind Tampen project will be installed offshore Norway, west of the city Bergen and will supply electrical power to the nearby oil and gas platforms Gullfaks A, B, C and Snorre A and B. The combined effect from the 11 turbines will be 88 megawatts and will replace about 35 percent of the five platforms' energy demand. Today, the energy required to run these platforms is supplied by gas turbines. The project will reduce Norwegian CO 2 emissions with more than 200?000 tonnes per year, which is equivalent to the emissions from 100?000 cars. In addition, analysis confirm that the hulls made of concrete have a favourable CO 2 footprint compared to several other solutions. Hywind Tampen will also be leveraged to further reduce the CO 2 footprint in future projects. DOF Subsea and Kværner has entered into a 50/50 joint venture to deliver Hywind Tampen marine operations. The scope includes full project management, engineering, assembly site management, mooring system installation, units tow-to -field and installation of the floating wind turbine units at the Tampen area. Several state-of-the-art construction vessels will be deployed from DOF Subsea during project phases, including the 2011 built Skandi Skansen. The vessels, together with a competent onshore and offshore organisation, shall ensure a safe and efficient delivery of Hywind Tampen marine operations project. For further information, please 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.

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DOF Subsea contract for Hywind Tampen is a strategic breakthrough

October 31, 2019

Historical OSE Notices

Extraordinary general meeting held

October 30, 2019

DOF Subsea has secured 2 contracts totaling more than 160 vessel days for Skandi Seven and Skandi Skansen in Africa. Skandi Seven has commenced operations for a repeat international energy company in Angola, delivering integrated FSV services, project management & engineering. DOF Subsea will during this contract deliver onshore and offshore work scopes within deep-water field development and maintenance duties towards existing subsea infrastructure. Skandi Skansen shall shortly commence mobilization in the North Sea to deliver a mooring refurbishment and installation project for a key Client in Ghana. In water depths up to 1000 meters, Skandi Skansen shall execute a variety of mooring activities. The CEO, Mons Aase, states that he is very pleased with the contract awards, increasing the Company's footprint in strategical important areas in the winter season. For further information, please contact: Mons S. Aase, CEO Tel: +47 91 66 10 12 Hilde Drønen, CFO 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

DOF Subsea secures contracts in Africa

October 24, 2019

DOF Subsea AS: NOTICE FROM BONDHOLDERS' MEETING AND SUMMONS TO NEW BONDHOLDERS' MEETING Reference is made to the summons to a bondholders' meeting in DOFSUB07 (ISIN NO 001 0670144) issued by DOF Subsea AS (the "Company"), as amended by the addendum dated 22 October 2019. The bondholders' meeting was held today and the proposed resolution was approved by 97.49% of the votes in cast at the bondholders' meeting. The bond agreement for DOFSUB07 will therefore be changed as set out in the summons. The minutes from the bondholders' meeting is attached. In accordance with the resolution passed at the bondholders' meeting, the Company has requested Nordic Trustee AS to issue a summons for a new bondholders' meeting to be held to approve a framework for the sharing of information and the appointment of professional advisers to the bondholders in DOFSUB07. The summons to the new bondholders' meeting, to be held on 6 November 2019 at 13:00 (Oslo time), is attached. For further information, please 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

DOF ASA - Refinancing update

October 22, 2019

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