2 September 2025: DOF Group ASA (“DOF”) has today successfully priced a 5-year USD 150 million senior unsecured bond ...
2 September 2025: DOF Group ASA (“DOF”) has today successfully priced a 5-year USD 150 million senior unsecured bond (the “Bonds”). The Bonds will carry a fixed coupon of 8.125% p.a., payable semi-annually.
The net proceeds from the bond issue shall be applied to refinance existing debt and for general corporate purposes. An application will be made to list the Bonds on the Oslo Stock Exchange.
DNB Carnegie and Pareto Securities acted as Joint Global Coordinators and Joint Bookrunners, and Clarksons Securities and Danske Bank as Joint Bookrunners in the transaction.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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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
DOF is pleased to announce multiple subsea service contracts in the Asia Pacific region utilising CSV Skandi Hercules for offshore execution in 2024.
Three subsea service contracts have been secured from Australian-based operators. The contracts will utilise Skandi Hercules, adding approximately 6 months of utilisation in 2024 and into Q1 2025. The contracted scope includes the team's inhouse capability to deliver project management and engineering, logistics support and execution of various remediation activities, pre-commissioning and commissioning support, and field decommissioning operations.
Mons Aase, DOF Group ASA CEO, said, "These awards secure substantial backlog for the APAC region with an estimated combined value of over USD 36 million."
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
In an innovative move, DOF has recently announced the successful execution of its first-ever official ROV offshore mission piloted from onshore. The success of remote ROV operations is a significant milestone for DOF, and Dag-Raymond Rasch, DOF's EVP Atlantic, says:
“I’m enthusiastic about the successful implementation of ROV remote operations and the positive impact this will have on our company’s future. Going forward, we will mature the technology further and commercialise it to offer bespoke remote solutions to our clients”.
The rapid evolution of technology has played a pivotal role in the success of remote operations. Video conferencing, collaborative tools, and cloud-based solutions have become indispensable assets for businesses.
All this in conjunction with DOF’s in house operational competence, ROV integration competence and asset management have made a strong platform for developing DOF’s onshore control center in Bergen.
Remote operations are here to stay, and the future of work is set to become more remote, bringing about positive changes in how DOF plans and executes projects. Remote work will also enable DOF to access work sites and undertake a wider range of projects.
DOF has secured an EPRD project for a North Sea operator, including the project management, engineering, logistics and execution of an FPSO cessation project. DOF shall disconnect, transport and pre-moor the floating unit, and retrieve and recycle the mooring system.
Project management and engineering starts immediately, while offshore execution is planned in Q3 2024 utilising in total four vessels, including Skandi Hera and Skandi Iceman.
In the APAC region, DOF has been awarded a contract to provide field decommissioning support in association with a depleted field off the Australian coast.
The award includes project management, engineering, procurement, and offshore services and is expected to be completed over a five-to-seven-week period commencing in December 2023. The project will utilise the CSV Skandi Hercules which, with two permanently installed WROV systems and a 250Te AHC crane, is ideally suited to these operations.
The combined revenue from the two projects is estimated to approximately USD 30 million.
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 is pleased to announce the chartering of the Connor Bordelon to support the North America operation in the US Gulf of Mexico for 1-year term with a 1-year option.
The Time charter will commence in March 2024 when DOF will mobilize 2 Heavy-work class ROVs and survey as part of the integrated spread to ensure client coverage between the end of the charter of the Ross Candies in February 2024 and the start of charter of Cade Candies in 2025. The Connor Bordelon is an USA 78m DP II vessel with a 60ton AHC Crane capable to reach 3,000m water depth, 60 accommodation, Helideck and 572m2 open deck.
"The combination of the vessel capability and terms, the Jones Act Compliance and its low fuel consumption, makes of the Connor Bordelon one of the most cost cost-effective IMR and light Construction vessel in the GoM for the next 2-years offered in combination with the capabilities of the Cade Candies" Marco Sclocchi, EVP North America explains.
Mons Aase, DOF’s Group CEO added "We believe that DOF’s sustainable presence in the GoM is a key part of the Group global strategy for integrated offshore services and we welcome Bordelon Marine as key partner together with Otto Candies for our Jones Act Complaint operation".
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 Rederi AS, a fully owned subsidiary of DOF Group ASA, has today entered into an agreement to sell the 2004 built, medium-size PSV Skandi Captain to an international buyer.
The vessel will be delivered in Q1 2024 and the sale will have a positive accounting effect.
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
1st of December 2023 - DOF has been selected as one of ExxonMobil’s 2023 Ruby award winners. Nominees are evaluated on a variety of criteria, including on-time delivery, safety, responsiveness, service quality, innovation capabilities and commitment to sustainability. Ruby award winners are nominated and selected for their support of a specific commodity or company affiliate.
DOF has demonstrated a strong commitment towards delivering value and enabling successful outcomes across ExxonMobil’s Upstream off-shore operations.
Specifically, DOF nomination was led by ExxonMobil Affiliate in Equatorial Guinea as a result of the challenging Zafiro Project and reinforced by the Guyana Affiliate for the ongoing MPSV support to the Well Subsea Execution Team.
Between the 2 endeavors, DOF sourced and mobilized a total of 8 vessel spreads, to support both Subsea Construction and Mooring operation and delivering “ad hoc” engineering solution during the various project phases with no incidents to people and to the environment.
“We’re thrilled to recognize DOF for driving value and win-win solutions with ExxonMobil’s Upstream affiliates,” said John Rudisill ExxonMobil Upstream Procurement Manager. “DOF achieved a high-performance standard to meet ExxonMobil’s business needs.”
“DOF welcomes such remarkable recognition and truly appreciates the cooperation with ExxonMobil delivery team as a testimony of DOF’s values” DOF’s CEO Mons Aase commented. “We want again, acknowledge each and every one in the Projects Team, Vessel & Offshore operations, across the region that made this possible”.
DOF Group is pleased to announce a contract with Subsea7 for a Time Charter of Skandi Acergy, adding a minimum of 18 months firm backlog, at a value in the range USD 85 – 105 million, to the Group. Commencement is expected to be Q1 2025 after the vessels current commitments.
Skandi Acergy is a 2008 built large construction vessel equipped with a 400 ton crane and 2000m2 deck and have installed 2 ROV systems that DOF will operate under the contract.
DOF Group is further pleased to announce an agreement with Maersk Supply Service to charter in Maersk Installer on a 2 years firm Time Charter with options thereafter. Commencement is scheduled for end of Q1 2024.
Maersk Installer is a state-of-the-art large construction vessel. The vessel was delivered in 2017 and is amongst the newest and most modern subsea vessels on the market, it’s equipped with 1 x 400 ton AHC crane and 1 x 100 ton AHC crane to give maximum flexibility for utilising the large, 1850 m2 deck. With DP3, SPS and designed for maximum efficiency, reliability and redundancy DOF view the vessel as a perfectly fit into the DOF Group Fleet and look forward to offering the vessel to Clients world-wide.
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
The Group's revenue for 3[rd] quarter (management reporting) totals NOK 3,372 million (NOK 2,850 million) and EBITDA totals NOK 1,295 million (NOK 1,032 million). The operating profit (EBIT) is NOK 889 million (NOK 680 million). Net financial cost amounts to NOK -551 million (NOK -1,092 million) incl. unrealised currency loss of NOK -249 million (NOK -834 million) and a net positive result of NOK 285 million (NOK -482 million). The Group's net interest bearing debt is NOK 14,571 million (NOK 22,398 million) and the book equity is NOK 7,955 million (NOK -1,428 million).
Key highlights:
- Another strong quarter and the Group achieved an EBITDA of NOK 1,295 million and a margin of 38%.
- Cash flow from operations activities at NOK 1,107 million.
- The average utilisation of the owned fleet was 85%.
- The markets have continued to be strong, with high tender activity.
- A purchase option related to the Skandi Iceman has been exercised at a price below market values.
- Skandi Neptune (agreed sold in 2021) has been delivered to new owners.
- Stril Explorer has been chartered in on a 3-year contract (+ 4 annual options) to support PIDF contract in Brazil.
- After balance date the Group has agreed to acquire 3 "non-core" PSVs from the lenders in DOF Rederi, whereof two of these vessels are in process to be sold.
- The total current fleet includes 54 vessels (incl. vessels on management or hired in):
-- 14 AHTSs, 11 PSVs and 29 Subsea vessels.
- A strong order intake of NOK 4.3 billion in the 3rd quarter.
- Firm backlog by end September of NOK 22.3 billion.
Statement from the CEO, Mons Aase: "We deliver another solid quarter with improved cash flow and experiencing strong markets within all fleet segments. In 3rd quarter the performance has again been good within the subsea project activity and the extension of the PIDF contract in Brazil and the SURF contract in West-Africa are just reflecting the high activity within subsea. We have also experienced strong markets in the North Sea especially for the PSV fleet. Petrobras is out with several tenders, and we expect the backlog in Brazil to grow further at improved rates. Based on the good performance so far and the high backlog for Q4, the EBITDA guidance for the year has been increased to NOK 4.75-4.85 billion, from NOK 4.5-4.75 billion".
Please see enclosed 3rd quarter Financial Report 2023.
Webcast is available Friday, 10th of November at 08:30 on www.dof.com/webcast.
>>> DOF Group ASA Financial Report Q3 2023 (PDF, 5 mbs)
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
