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DOF Group ASA's (“DOF” or the “Group”) revenue for 3rd quarter (management reporting) totals USD 376 million (USD 322 million) and EBITDA totals USD 141 million (USD 123 million). The operating profit (EBIT) is USD 88 million (USD 85 million). Net financial costs amount to USD -9 million (USD -52 million) including unrealised currency gain of USD 17 million (USD -24 million). The result after taxes is USD 69 million (USD 27 million). The Group’s net interest-bearing debt is USD 1,143 million (USD 1,372 million). The equity is USD 1,195 million (USD 749 million) giving an equity ratio of 39% (27%).

Key highlights in 3rd quarter:
• The Group achieved an EBITDA of USD 141 million (USD 123 million).
• The net profit was USD 69 million (USD 27 million) and has been positively impacted by an unrealised non-cash currency gain of USD 17 million (USD -24 million) due to a strengthened BRL to USD in the quarter.
• The Group’s cash flow from operating activities was USD 124 million (USD 141 million) in the quarter.
• The equity ratio has improved from 27% to 39% due to strong results the last 12 months and a private placement of USD 75 million in July.
• The Net interest-bearing debt (NIBD) has been reduced from USD 1,372 million to USD 1,143 million. The NIBD/LTM EBITDA by end September is 2.3x (3.0x)
• The average utilisation of the fleet has been 92% (85%) in the quarter.
• The performance has been good in the APAC, North America and the Atlantic regions, and stable in Brazil.
• The total fleet consists of 57 vessels (incl. 14 vessels on management or hired in):
o 16 AHTSs, 10 PSVs and 31 Subsea vessels.
• The order intake in 3rd quarter was USD 0.5 billion.
• Firm backlog by end September is USD 2.75 billion (USD 2.1 billion). Order intake after balance date is approximately USD 90 million.  
• The Group has on 1st of November completed the acquisition of Maersk Supply Service A/S (“MSS”) which has been renamed to DOF Denmark A/S and will be incorporated in the accounts from 1st of November.
Note: all numbers commented above are based on management reporting

Statement from the CEO:
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“After completion of the MSS acquisition, we look forward to further developing the DOF Group with an advanced fleet of CSVs and high-end AHTS vessels and the combined competence and capabilities in DOF and MSS. Our main focus now is to ensure a good integration process of the two companies with a common target to deliver world-class services to our customers.  

I am further pleased to see the continuing good performance from our subsea regions and am optimistic that the Group’s subsea project activity will continue to grow both due to the recent awarded contracts and ongoing tenders. The activity in the North Sea spot market for AHTS and PSV has slowed down the last two months especially on the UK sector, but we see the opposite in Brazil where Petrobras is out with several tenders and also in Asia-Pacific where we recently were awarded another very good PSV contract.

The expected improved earnings in the second half are confirmed by the 3rd quarter result, hence we change the EBITDA guiding to USD 510-520 million. The uncertainty in 4th quarter is limited as the reported backlog for 4thquarter is higher than the reported revenue in 3rd quarter.  

With reference to our Capital Markets Day in September, we have now started the refinancing process of the Group to position the Company with the target to pay dividends from 2nd quarter 2025 and onwards. The progress is good and strong indications of interest from banks to participate in the refinancing.”  

Please see enclosed 3rd quarter Financial Report 2024.

>>> DOF Group ASA Q3 2024 Financial Report (PDF)

A webcast, followed by a Q&A session, will be available Thursday, 7th of November at 08:30 CET on www.dof.com/webcast.

For further information, please contact:

Martin Lundberg, SVP Finance DOF Group ASA
Phone: +47 91 62 10 57
E-mail: martin.lundberg@dof.com

Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
E-mail: eirik.vardoy@dof.com

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Austevoll, 5 November 2024: Reference is made to the stock exchange announcement made by DOF Group ASA ("DOF" or the "Company") on 2 July 2024 in which it was announced that DOF, through DOF Offshore Holding Denmark ApS on certain terms and conditions would acquire all the shares in Maersk Supply Service A/S (renamed to DOF Denmark A/S on the date hereof)("MSS") from Maersk Supply Service Holding ApS ("MSSH") (the "Transaction"). Reference is further made to the stock exchange announcement by the Company on 1 November 2024 in which it was announced that (i) the Transaction had been completed, and (ii) the board of directors of the Company had resolved to issue 58,883,073 consideration shares (the "Consideration Shares") and 2,686,591 new shares (the "New Shares") to MSSH, in order settle part of the purchase price under the Transaction.

The Consideration Shares and the New Shares issued to MSSH to settle the Company's obligation under the Transaction have been delivered on a separate ISIN pending publication of a listing prospectus (the "Prospectus") approved by the Financial Supervisory Authority of Norway (Nw.: Finanstilsynet).

The Financial Supervisory Authority of Norway has today, on 5 November 2024, approved a prospectus (the "Prospectus") for the listing of the Consideration Shares and the New Shares on the Oslo Stock Exchange.

The Prospectus will, subject to regulatory restrictions in certain jurisdictions, be available on the Company's website, www.dof.com.
>>> DOF Group ASA - PROSPECTUS (PDF, 10 mbs)

The Consideration Shares and the New Shares will be delivered to the ordinary ISIN of the Company and become tradable on the Oslo Stock Exchange under the ticker "DOFG".

For further information, please contact:

Martin Lundberg, SVP Finance DOF Group ASA
Phone: +47 91 62 10 57
E-mail: martin.lundberg@dof.com

Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
E-mail: eirik.vardoy@dof.com

Important notice:
This announcement is not being made in or into the United States of America, Canada, Australia, Japan, Hong Kong or in any other jurisdiction where it would be prohibited by applicable law. This distribution does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States. The shares referred to herein have not been and will not be registered under the United States Securities Act of 1933, and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless the securities are registered under the Act, or an exemption from the registration requirements of the Act is available.

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Oslo, 4 November 2024, Notification of trade

In connection with the settlement of the acquisition of Maersk Supply Service A/S, DOF Group ASA (the "Company"), issued 61,569,664 new shares in the Company on 1 November 2024. Geveran Trading Co. Ltd. owns 18,550,894* shares in the Company which, following the share issuance, represents a total of 7.53* % of the Company's issued shares and voting rights (based on 246,278,655 shares issued by the Company).

This disclosure is made pursuant to section 4-2 of the Norwegian Securities Trading Act and is subject to the disclosure requirement pursuant to section 5-12 of the Norwegian Securities Trading Act.

'*The original announcement contained incorrect information concerning Geveran's shareholding and the subsequent ownership percentage. The information has been updated in this announcement.

Reference is made to the stock exchange announcement made by DOF Group ASA ("DOF") on 1 November 2024, regarding the completion of DOF's acquisition of Maersk Supply Service A/S (renamed DOF Denmark A/S) from Maersk Supply Service Holding A/S, and the private placement of new shares in DOF as further detailed therein (together, the "Transactions").

Funds and accounts managed, advised, and sub advised by Cross Ocean Adviser LLP and its affiliates ("Cross Ocean") own 10,820,784 shares in DOF. Following completion of the Transactions, including the private placement in which Cross Ocean did not participate, Cross Ocean has passively crossed below the 5% threshold. Cross Ocean has an aggregated holding corresponding to 4.39% of the total share capital and voting rights in DOF following registration of the share capital increases pertaining to the Transactions.

Cross Ocean Adviser LLP acting for and on behalf of itself, its affiliates and the funds that it and they advise and sub-advise is the disclosing party on an aggregated level. The shares are held Cross Ocean AGG II Sarl acting for and on behalf of its compartment 12, Cross Ocean ESS III S.à r.l., Cross Ocean ESS IV S.à r.l., Cross Ocean SIF ESS (K) S.à r.l.,  Cross Ocean GSS Lux Holdings, S.à r.l.,  Cross Ocean Global SIF (A) S.à r.l., and Cross Ocean SIF (H) LP which are managed, advised, and sub-advised by Cross Ocean Adviser LLP and Cross Ocean Partners Management LP respectively.

Cross Ocean, to our knowledge, is not ultimately controlled by any natural person or legal entity and has no rights to further shares or votes in DOF.

This information is subject to the disclosure requirements set out in section 4-4, cf. section 4 2, of the Norwegian Securities Trading Act.
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Austevoll, 1 November 2024: Reference is made to the stock exchange announcement made by DOF Group ASA ("DOF" or the "Company") today, on 1 November 2024, in which it was announced that the board of directors of the Company had resolved to issue 58,883,073 consideration shares (the "Consideration Shares") and 2,686,591 new shares (the "New Shares") to Maersk Supply Service Holding ApS ("MSSH"), based on the authorisation granted by the extraordinary general meeting of the Company on 26 July 2024.

The share capital increase pertaining to the issuance of the Consideration Shares and the New Shares has today been registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret). The Consideration Shares and the New Shares will be issued on a separate ISIN number pending approval and publication of the listing prospectus for such shares, which is expected to take place next week.

Following the share capital increase, the Company's share capital is NOK 615,696,637.50, divided into 246,278,655 shares, each with a nominal value of NOK 2.5.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Martin Lundberg, SVP Finance DOF Group ASA
Phone: +47 91 62 10 57
E-mail: martin.lundberg@dof.com

Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
E-mail: eirik.vardoy@dof.com

Reference is made to the announcement made by DOF Group ASA (“DOF” or the “Company”) on 1 November 2024, regarding the completion of DOF’s acquisition of Maersk Supply Service A/S (renamed DOF Denmark A/S on the date hereof) from Maersk Supply Service Holding A/S (the “MSS Transaction”).

DOF, offering a full spectrum of top-quality offshore services to facilitate an ever-growing and demanding industry, announces as of 1st of November 2024, the acquisition of MSS is now complete.

As of the closing of the MSS Transaction, DOF and MSS operations, except for Maersk Offshore Wind and MSS’s operations in Brazil which are not included in the MSS Transaction, will be combined under the DOF Group and DOF brand.

Following the completion of the acquisition, the DOF Group has undergone a significant increase in scale. From today, DOF has a workforce of more than 5,000 people and operate a fleet of 78 vessels, of which 65 are owned. The core businesses remain unchanged, offering world-class vessels and integrated offshore services for the oil and gas industry, and for a growing offshore wind market.

Mons Aase, CEO DOF Group ASA, said “We would like to use this opportunity to welcome all our new colleagues to DOF. We very much look forward to collectively developing the combined company further, as a global leading offshore service provider.”

With a multinational workforce of more than 5,000 personnel, DOF Group 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 40 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, 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 centres and business units are located in Norway, Denmark, the UK, the USA, the Philippines, Singapore, Brazil, Argentina, Canada, Angola, and Australia.

Reference is made to the announcement made by DOF Group ASA (”DOF” or the ”Company”) today regarding the completion of DOF’s acquisition of Maersk Supply Service A/S (renamed DOF Denmark A/S on the date hereof) from Maersk Supply Service Holding A/S (”MSSH”) (the ”MSS Transaction”), as well as the private placement of new shares in DOF as announced by the Company on 2 - 3 July 2024 (the ”Private Placement”), where MSSH was allocated 2,686,591 shares in DOF in a separate tranche (”Tranche 2”), subject to completion of the MSS Transaction.

Following completion of the MSS Transaction and MSSH’s subscription of (i) 58,883,073 consideration shares and (ii) 2,686,591 Tranche 2 shares, to be issued by DOF, MSSH will hold 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 after the issuance of the new consideration shares in the MSS Transaction and the Tranche 2 shares in the Private Placement.

The shares will be issued on a separate interim ISIN 0013378869 pending publication of a listing prospectus by DOF.

MSSH is controlled by APMH Invest XXIV ApS, which in turn is controlled by A.P. Møller Maritime ApS. A.P. Møller Maritime ApS 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 section 4-2 of the Norwegian Securities Trading Act.

Austevoll, 1 November 2024: Reference is made to the stock exchange announcements made by DOF Group ASA ("DOF" or the "Company") on 2 July 2024 in which it was announced (i) that DOF, through DOF Offshore Holding Denmark ApS on certain terms and conditions would acquire all the shares in Maersk Supply Service A/S (renamed to DOF Denmark A/S on the date hereof) from Maersk Supply Service Holding ApS ("MSSH") (the "Transaction") whereby MSSH at completion of the Transaction would receive a combination of USD 577 million in cash (adjusted based on the locked-box accounts and subject to further adjustments at closing) and 58,883,073 new shares in DOF (the "Consideration Shares"), and (ii) that the Company had launched a private placement of new shares in the Company to raise gross proceeds of the NOK equivalent of USD 100 million ("Private Placement") in order to part-finance the Transaction. Reference is further made to the stock exchange announcement by the Company on 3 July 2024 in which it was announced that the Private Placement had been successfully placed and that MSSH, subject to completion of the Transaction, would subscribe for and be allocated 2,686,591 new shares in DOF (the "New Shares") and to the stock exchange announcement made on 7 October 2024 in which it was announced that the subsequent offering was cancelled.

DOF is pleased to announce that the Transaction has today been completed.

Through this transaction the DOF Group has undergone a significant increase in scale. From today, DOF has a workforce of more than 5000 people and operate a fleet of 78 vessels of which 65 are owned. The core businesses remain unchanged, offering world-class vessels and integrated offshore services for the oil and gas industry, and for a growing offshore wind market

Mons Aase, CEO DOF Group ASA, said “We would like to use this opportunity to welcome all our new colleagues to DOF. We very much look forward to collectively further developing the combined company as a global leading offshore service provider.”

In order settle part of the purchase price under the Transaction and to complete the Private Placement, the board of directors of the Company has also resolved to issue the 58,883,073 Consideration Shares and the 2,686,591 New Shares to MSSH, based on the authorisation granted by the extraordinary general meeting of the Company on 26 July 2024.

Following the registration of the share capital increase in the Norwegian Registry of Business Enterprises, the Company's share capital will be NOK 615,696,637.50 divided into 246,278,655 shares, each with a nominal value of NOK 2.5. Following completion of the Transaction and registration of the share capital increase, MSSH holds 25% of the total share capital and voting rights in the Company.

For further information, please contact:

Martin Lundberg, SVP Finance DOF Group ASA
Phone: +47 91 62 10 57
E-mail: martin.lundberg@dof.com

Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
E-mail: eirik.vardoy@dof.com

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

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DOF Group ASA will present its Q3 2024 results on Thursday 7th of November 2024. The report will be available at www.dof.com and www.newsweb.no.

The presentation of the quarterly results will be held at 08:30 CET at Norges Rederiforbund, Rådhusgaten 25, 7th floor, Oslo, and as a webcast at the same time on: https://www.dof.com/webcast

‍The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen.

Due to practical reasons, we ask those of you interested in attending the presentation at Norges Rederiforbund, Oslo to please register to Margrethe R. Østervold, e-mail mro@dof.com, within Tuesday 5th of November.

For further information, please contact:
Martin Lundberg, SVP Finance DOF Group ASA. Phone: +47 916 21 057
Eirik Vardøy, Investor Relations DOF Group ASA. Phone: +47 948 36 464

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