DOF Group ASA (“DOF”) is pleased to announce two new contracts in Brazil.
Skandi Logger, an AHTS with 250t bollard pull built in 2009, has been contracted for a 4-year engagement with Petrobras, following the same competitive AHTS tender process that resulted in the contracts of Skandi Iguaçu, Skandi Angra, Skandi Paraty and Skandi Urca as previously announced. For this contract, expected to start in February 2026, Skandi Logger will be reflagged to Brazilian Flag.
Resulting from another competitive tender process, Skandi Achiever has been contracted as RSV for a 4-year engagement with Petrobras. Expected commencement is in December 2025, in direct continuation of her current contract with another client in Brazil. Petrobras’ contract foresees the utilisation of Achiever's 2 WROVs and subsea crane.
The two contracts have a combined value of more than USD 275 million.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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DOF is pleased to announce that we have signed a LOI with a major Oil Company for extension of a large Subsea service contract in the Atlantic region.
Commencement will be in November 2023. Estimated revenue from the contract is approximately USD 60 million.
Mons S. Aase, CEO DOF Group ASA, says: “I’m very pleased with this award adding further backlog for the Group. This award and the award in Brazil announced yesterday lifts our secured backlog for 2024 to above NOK 10.5 billion. Compared to revenue LTM at NOK 11.9 billion we already have a strong basis for further earnings growth in 2024.”
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 proud to announce three new service contracts with Petrobras.
The contracts were originated by a competitive bid process won by DOF and include work within our core service lines for Survey and Inspection.
These contracts represent a continuation of the services handled by DOF on the PIDF123 contracts signed with Petrobras in 2020 and under operation since December of that year.
At least three vessels shall be utilised to perform flexible pipeline, risers and subsea equipment inspection in Campos Basin, Santos Basin, and Espírito Santos Basin. More than 3,200 inspections are expected to be executed.
The contracts are worth more than USD 260 million with planned commencement in Q4 2023 / Q1 2024 and estimated to be performed within 2 years.
Mons S. Aase, CEO DOF Group ASA said: "This is an important win securing high utilisation for us in Brazil and lifting the Group backlog to above NOK 25 billion. I’m very proud for the continued trust Petrobras give us for doing complex IMR work in very deep water."
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
Reference to the stock exchange notice September 6th 2021. The vessel Skandi Neptune has today been delivered to its new owner.
The sale proceeds will be used to repay debt.
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 has successfully attained the esteemed ‘Granted’ status within the Fit for Offshore Renewables (F4OR) initiative. This great achievement is a benchmark of DOF’s continued development in the renewable energy sector. The F4OR program was created by the renowned UK technology,innovation, and research institution known as the Offshore Renewable Energy(ORE) Catapult. Its primary goal is to strengthen the growth of a world-class, domestic supply chain centered around the offshore renewable energy sector.
DOF achieved the F4OR status in August of this year, after having undertaken the rigorous 12 months program with stringent performance criteria. This demonstrates that DOF has the relevant experience, competence and capabilities needed to meet the expected standards within the offshore windfarm sector.
"We are proud to be granted the highly regarded F4OR status. The program is a key milestone as we expand our renewables capabilities in the offshore wind sector "states Jan Kristian Haukeland, EVP Renewables, DOF Group ASA.
Haukeland adds, “as a result of the F4OR program, we expect to see an increased interest in DOF’s services to the offshore wind sector as we bring a wealth of knowledge and experience to the UK market, particularly in Floating Offshore Wind”.
For further information, please contact: Jan Kristian Haukeland, EVP Renewables, DOF ASA: Tel:+47 952 361 19.
DOF is pleased to invite you to a Capital Markets Day on Tuesday 19 September 2023 at 12:00-15:30 CEST. The presentation will be held physically at Pareto Securities’ offices at Dronning Mauds gate 3. Refreshments and networking opportunities will be available after the presentations.
CEO, CFO, IR, and managers of the renewables, Brazilian and US divisions will cover among others the following topics:
- General business update
- Brazil market
- US and Guyana market
- Floating Offshore wind
- Business outlook
- Q&A
Registration:
Click here to register
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 2nd quarter (management reporting) totals NOK 3,524 million (NOK 2,500 million) and EBITDA totals NOK 1,349 million (NOK 851 million). EBITA margin of 38% (34%). The operating profit (EBIT) is NOK 1,412 million (NOK 505 million). Net financial cost amounts to NOK -48 million including unrealised currency gain/loss on long-term debt. The net result is NOK 1,140 million (NOK -1,285 million). The Group’s net interest bearing debt is NOK 15,557 million (NOK 21.337 million) and the book equity is NOK 7,809 million (NOK -1,018 million).
Key highlights:
- Record high Group EBITDA of NOK 1,349 million (NOK 851 million) and a margin of 38%
- The Group’s fleet achieved an average utilisation of 88% (86%) in the quarter.
- Margins, rates and vessel values have continued the positive trend seen in previous quarters.
- DOF Group ASA completed re-listing at Oslo Børs after completion of a public offering of 20.1 million new shares corresponding gross proceeds of NOK 564 million.
- In May the Group exercised its option to purchase the Skandi Hera (AHTS) and the Skandi Darwin (Subsea) and after balance date an option related to the Skandi Iceman (AHTS) was exercised. All at prices significantly below market values.
- The total current fleet includes 55 vessels (incl. vessels on management or hired in):
o 14 AHTSs, 11 PSVs and 30 Subsea vessels.
- Order intake of NOK 1.6 billion in the 2nd quarter.
- Firm backlog by end June of NOK 20.8 billion (contracts awarded after balance date represent a value of approximately NOK 1 billion)
Please see enclosed 2nd quarter Financial Report 2023.
>>> DOF Group ASA Q2 Financial Report 2023 (PDF)
Webcast is available Wednesday, 23rd of August at 08:45 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
DOF Group ASA will release the Q2 results on Wednesday 23rd of August 2023. The report will be available at www.dof.com and www.newsweb.no.
The presentation will be held on "Vestland på Børs", Scandic Flesland Airport Hotel, and as a webcast at 08:45 CET the same day on:
https://www.dof.com/webcast.
The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen.
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 has been awarded a significant SURF Contract in the region of USD 80-100 million for a tier 1 Contractor and Operator in West Africa, with 326 days firm utilisation, and 75 optional days, for the Skandi Acergy commencing in Q4 2023. In addition to the Vessel utilisation, DOF Subsea Atlantic shall offer an integrated solution of Project Management, Engineering, Design, Analysis and Survey attached to the Skandi Acergy scope. The scope includes, pre-commissioning, SSIV umbilical, spools, risers, flying leads, subsea structures and survey.
Mons S. Aase, CEO DOF Group ASA, comments: "The award continues to demonstrate DOF Subsea inhouse capability of offering turnkey solutions to our existing and new customers, building on our established capability offering in the SURF market. The award secures high utilisation for a key asset and reflects the higher margin environment we experience in the market."
The project will be run from our offices in Bergen and Aberdeen.
For further information, please contact:
Mons S. Aase, CEO DOF Group ASA
Phone: +47 91 66 10 12
E-mail: Mons.Aase@dof.com
Austevoll, Norway, 3 August 2023: The DOF Group ASA has today exercised its option to secure the long-term ownership of the vessel Skandi Iceman. The option price of the vessel is lower than the current market value.
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 ASA's Brazilian subsidiary Norskan has been awarded two contracts.
Skandi Paraty (AHTS 21,000 with ROV operated by DOF Subsea Brasil) has been awarded an 1-year contract extension with Petrobras until July 2022.
Skandi Iguaçu is on-hire with Equinor on a spot contract utilisation in July and August, 2021.
For further information, please contact:
CEO Mons S. Aase, +47 91 66 10 12
CFO Hilde Drønen, +47 91 66 10 09
With a multi-national workforce of about 3,150 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 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, 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.