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

As previously reported in DOF ASA's ("DOF" or the "Company") financial report for Q2 2019, the group experience that regular refinancing has been challenging. DOF and its 65% subsidiary DOF Subsea AS ("DOF Subsea") are on this basis in the process of finding a long-term refinancing solution, with a structure that is aligned with the current market environment. A long-term solution will involve all stakeholders, including shareholders, banks, and bondholders. The DOF Group has an order backlog of NOK 20 billion per 30.06 2019. DOF Subsea is currently making progress in its discussion with its stakeholders, including a constructive dialogue with key banks to adapt the bank facilities to the current market environment. DOF Subsea has today summoned a bondholder meeting in order to postpone an instalment in DOFSUB07 due 22 October 2019, as further described in the summons. Based on the current dialogue with stakeholders the best estimate is that it will be possible to reach an agreement on the long-term solution during the 4th quarter 2019, but no assurance can be given at this stage. DOF has for the PSV and AHTS business a constructive dialogue with its key banks to adjust the amortization profile and covenant structure of its bank financing to reflect the current market environment. It is likely that a long-term solution will require an equity injection in DOF and that a substantial portion of the new equity will be used to support the refinancing of DOF Subsea. Laco AS, indirectly the largest shareholder in DOF, is in this respect committed to support the group with NOK 200 million in new equity, conditional upon a satisfactory refinancing solution for the Group, including a maturity profile providing satisfactory runway until the expected timing of the market recovery. The Board of Directors of DOF will work towards a solution for the equity injection, which takes the interests of all shareholders into account and which to the extent permitted within applicable statutory limitations treat all shareholders equally. 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. This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

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