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DOF Group ASA (“DOF”) is pleased to announce four long-term charter and service contract awards with Petrobras in Brazil following a competitive tender process.

Skandi Iguaçu, one of the biggest AHTS vessels ever built in Brazil with a 350mt+ bollard pull (“BP”) and large winch storage capacity has been contracted for 4 years with expected commencement in February 2026 in sequence with its current contract.

Furthermore, Skandi Angra (280mt BP), Skandi Paraty (288mt BP) and Skandi Urca (260mt BP) have all been contracted for 4 years with expected commencement in January 2026 in sequence with their current contracts. The scope for these three contracts includes work class ROVs rated to operate at water depths of up to 3,000 meters.

The combined value of the contracts is approximately USD 480 million.

Mons S. Aase, CEO DOF Group ASA, said: “We are happy to announce these contract awards which build backlog into 2030 at solid terms. The contract awards demonstrate our operational pedigree and reinforce our position as a leading player within the high-end AHTS vessel segment in Brazil.”  

For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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Maersk Supply Service Holding A/S (”MSSH”) has on 16 May 2025 distributed its holding of 61,569,664 ordinary shares in DOF corresponding to 25% of the total share capital and 25% of the total voting rights in DOF to its direct shareholder APMH Invest XXIV ApS who has further distributed the shareholding to its direct shareholder A.P. Møller Maritime ApS (“A. P. Møller Maritime”). Accordingly, MSSH no longer holds any shares or voting rights in DOF and A.P. Møller Maritime now holds 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.

A.P. Møller Maritime is a person closely associated with Erik Bergöö, member of the board of directors of DOF. Please see further specifications in the attached notification form.

A.P. Møller Maritime 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 sections 4-2 and 5-12 of the Norwegian Securities Trading Act, as well as Article 19 of the EU Market Abuse Regulation.

In connection with the annual general meeting of DOF Group ASA (the "Company") to be held on 20 May 2025, Svein Harald Øygard, in his capacity as chair of the board of directors of the Company, has received proxies without voting instructions for 70,000,630 shares and votes, representing 28.42 % of the total number of shares and votes in the Company. The proxies are in addition to 716,026 shares and votes, representing 0.29% of the total number of shares and votes in the Company, held by Energy Investors AS, a close associate of Svein Harald Øygard. The proxies are only valid for the annual general meeting on 20 May 2025.

DOF Group ASA's (“DOF” or the “Group”) revenue for 1st quarter (management reporting) totals USD 428 million (USD 330 million) and EBITDA totals USD 158 million (USD 114 million). The operating profit (EBIT) is USD 99 million (USD 70 million). Net financial gain amount to USD 8 million (USD -52 million) including unrealised currency gain of USD 53 million (loss USD -21 million). The result after taxes is USD 75 million (USD 6 million). The Group’s net interest-bearing debt is USD 1,383 million (USD 1,358 million). The equity is USD 1,861 million (USD 1,029 million) giving an equity ratio of 46% (34%).

Key highlights in 1st quarter:
•    The Group delivered EBITDA of USD 158 million (USD 114 million)
•    Utilisation of 83% (87%)
•    The NIBD/LTM EBITDA is 2.4x  
•    The refinancing of the Group successfully closed in Q1 2025
•    Initiating quarterly dividends, with first dividend payment in June 2025 of USD 0.3 per share
•    Firm backlog by end March is USD 3.10 billion (USD 1.94 billion)

Note: all numbers commented above are based on management reporting.

Statement from the CEO
The DOF Group is delivering a good start to 2025 with strong project execution and a solid first quarter EBITDA of USD 158 million, representing an improvement from Q4 2024 and close to 40% increase from first quarter last year.

The performance is, as expected, impacted by the integration of the DOF Denmark fleet to the DOF commercial platform with multiple vessel mobilisations and transits affecting the utilisation. The DOF Denmark EBITDA contribution for the quarter was USD 27 million and the utilisation of the fleet was 68%. We remain confident that the contribution from the DOF Denmark fleet will improve through 2025.

We have secured multiple large contracts in the first quarter utilising the inhouse capabilities of the subsea regions and the large fleet of high-end vessels. This together with the strong backlog and the continued high tendering activity gives confidence in the continued performance of the group. The EBITDA guidance range for 2025 is narrowed to USD 730 – 790 million.

The refinancing process was concluded in March as planned and we look forward to making our first quarterly dividend payment of USD 0.3 per share in June. We expect significant backlog additions in the next months to further increase earnings visibility. When the increased visibility materialises, we will target the upper end of the communicated leverage range of 1.5 – 2.0x NIBD / LTM EBITDA and thus see potential to increase the quarterly dividends going forwards by returning excess cash to our shareholders.

Please see enclosed 1st quarter Financial Report 2025 and presentation.

A webcast, followed by a Q&A session, will be available Friday, 16 May at 14:00 CEST on www.dof.com/webcast.

Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

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(15.05.2025) Reference is made to item 13 in the Notice of DOF Group ASA's Annual General Meeting, regarding the approval of the Board of Directors' guidelines for salary and other remuneration to senior executives and board members, in accordance with section 6-16a of the Norwegian Public Limited Liability Companies Act. Reference is made to item 13 in the Notice of DOF Group ASA's Annual General Meeting, regarding the approval of the Board of Directors' guidelines for salary and other remuneration to senior executives and board members, in accordance with section 6-16a of the Norwegian Public Limited Liability Companies Act.

Following the Notice, the Board of Directors has decided to include a limitation on the maximum gain a participant in the share option program, which is planned to be implemented during the course of 2025, can receive. This decision is made to comply with Section 12 of the Norwegian Code of Practice for Corporate Governance (NUES).

The maximum gain for each participant under the program in any calendar year, upon the exercise of options, shall not exceed three times the gross base salary of the participant in the same calendar year.

As the aforementioned limit on maximum gain under the share option program is not considered material and is considered favourable for shareholders, all received proxies and advanced votes pertaining to item 13 in the Annual General Meeting to be held on 20 May 2025 will be considered valid unless revoked by the shareholder.

For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA. Phone: +47 948 36 464

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DOF Group ASA will present its Q1 2025 results on Friday 16 May 2025 at 14:00 CEST. The report will be available at www.dof.com and www.newsweb.no.

The presentation will be digital only and will be available on https://www.dof.com/webcast, and a recording of the presentation will be published on the same webpage after the event.

The presentation will be held by CEO Mons S. Aase and CFO Martin Lundberg.  

For further information, please contact:  
Eirik Vardøy, Investor Relations DOF Group ASA. Phone: +47 948 36 464

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DOF has announced an investment in a first of its kind, modular cable repair spread designed to transform how offshore wind operators respond to cable faults. Uniquely engineered for compatibility across our fleet, the system offers an industry-first combination of fleet-wide flexibility, road transportability, and rapid deployment capabilities.

Developed in collaboration with engineering specialists, Royal IHC, the spread allows for mobilisation and commissioning within 48 hours, using just 12 lifting operations. A vast improvement on traditional fixed systems, which are often limited to single-vessel availability.

“This is a genuine step change in how the industry can respond to cable fault downtime,” said Dag Raymond Rasch, Executive Vice President DOF Atlantic.

“Our cable repair spread reflects DOF’s ability to rapidly address clients’ needs. We’re not just adapting oil and gas equipment – this system has been purpose-built for offshore wind, with flexibility, efficiency and uptime at its core.”  

The new system includes a compact quadrant handler, tensioner, roller tables, and over-boarding chute – all designed for plug-and-play operation. Its minimal footprint improves deck efficiency while maintaining cable integrity through all lay and recovery modes.

This follows the successful completion of a high-profile subsea cable repair project for Shell in the Netherlands in 2024, where DOF deployed its owned vessels and existing repair spread to restore service with minimal interruption.  

“By owning both the vessels and the modular repair spread, DOF offers clients a level of control and responsiveness that’s otherwise difficult to achieve,” added Dag Raymond, “Improving response times and reduced downtime for clients – especially under emergency conditions.”

DOF has already secured multiple frame agreements with leading offshore wind operators in Europe, the USA, and APAC, reinforcing the global relevance of its cable repair service line with a dedicated fleet, modular technology, and proven operational pedigree.

DOF Group ASA (“DOF”) is pleased to announce that Skandi Achiever has been awarded an offshore service and survey contract in Brazil in support of a SURF project with operations planned to start in early May and covering three campaigns during 2025.

Furthermore, Skandi Salvador has had its charter, service, and survey contract with Subsea7 in support of SURF projects in Brazil extended until July 2025. The contract foresees additional options.

For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

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DOF Group ASA’s board of directors has decided to propose to the annual general meeting on 20 May 2025 to pay an ordinary dividend of USD 0.30 per share on the basis of the annual accounts for 2024, and that the annual general meeting authorises the board of directors to resolve further dividend distributions based on the 2024 annual accounts.

Dividend amount: USD 0.30 per share

Declared currency: USD

Last day including right: 20 May 2025

Ex-date: 21 May 2025

Record date: 22 May 2025

Payment date: 5 June 2025

Date of approval: 20 May 2025

Other information: The distribution of the cash dividend is subject to approval by the AGM of DOF Group ASA to be held on 20 May 2025. The dividend will, subject to approval, be paid in NOK and the amount in NOK will be announced at a later date.

This information is published in accordance with the requirements of the Continuing Obligations.

For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64