DOF Group ASA ("DOF") informs that Equinor Energy AS has exercised its option to extend the firm period of the contract for Skandi Flora and Skandi Mongstad by 1 year. The extension is applicable from October 2025. Both vessels have one further one-year extension option from October 2026 available.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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DOF Group ASA's (“DOF” or the “Group”) revenue for 2nd quarter (management reporting) totals USD 507 million (USD 361 million) and EBITDA totals USD 214 million (USD 122 million). The operating profit (EBIT) is USD 150 million (USD 111 million). Net financial gain amount to USD 10 million (USD -91 million) including unrealised currency gain of USD 37 million (loss USD -62 million). The result after taxes is USD 136 million (USD 6 million). The Group’s net interest-bearing debt is USD 1,368 million (USD 1,286 million). The equity is USD 1,942 million (USD 1,045 million) giving an equity ratio of 46% (35%).
Key Highlights in 2nd quarter
- The Group delivered EBITDA of USD 214 million (USD 122 million) including USD 5 million insurance settlement
- Utilisation of 88% (89%)
- The NIBD/LTM EBITDA is 2.1x
- Quarterly dividend payment in September 2025 of USD 0.3 per share
-Firm backlog by end June is USD 3.7 billion (USD 2.6 billion)
Note: all numbers commented above are based on management reporting
Statement from the CEO
The second quarter of 2025 was a quarter of strong operational and financial performance for DOF Group ASA, capitalising on the momentum that we have been building.
I am pleased that we are now starting to see the earnings potential of the DOF Denmark fleet materialise. After a period of transits and mobilisations following closing of the acquisition in November 2024, the DOF Denmark fleet demonstrated increased utilisation at 82% and EBITDA at USD 45 million for Q2. Beyond that, I am also very happy to see the strong performance of the ‘legacy’ DOF fleet, delivering EBITDA of USD 169 million compared to USD 122 million in Q2 2024.
The quarter contained significant additions to the backlog driven by new long-term contract awards in Brazil. Further contract announcements have followed in the start of Q3, and the total backlog including additions after the balance date for Q2 now exceeds USD 4 billion. The backlog provides good earnings visibility for the years to come, with several vessels having secured work through this decade at attractive terms.
We commenced our quarterly dividend payments in June with USD 0.3 per share, and the next one is coming up in September. Based on the Group’s solid earnings, outlook and financial position, we are committed to continue to deliver attractive cash returns to our shareholders.
The outlook for the rest of 2025 remains strong, and we narrow our EBITDA guidance range to USD 740 – 770 million.
Please see enclosed 2nd quarter Financial Report 2025 and presentation.
A webcast, followed by a Q&A session, will be available on Wednesday, 20 August at 14:00 CEST on www.dof.com/webcast.
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
The board of directors of DOF Group ASA (the "Company") has resolved to distribute a dividend in the amount of USD 0.30 per share. The resolution has been made by use of the authorisation granted by the Company's annual general meeting on 20 May 2025.
- Dividend amount: USD 0.30 per share
- Declared currency: USD
- Last day including right: 26 August 2025
- Ex-date: 27 August 2025
- Record date: 28 August 2025
- Payment date: 4 September 2025
- Date of approval: 19 August 2025
- Other information: The dividend will 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 Oslo Børs Rule Book II and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA will release its Q2 results on Wednesday, 20 August 2025. The report will be available at www.dof.com and www.newsweb.no.
A presentation of the quarterly results will be held at "Vestland på Børs" at Scandic Flesland Airport Hotel at 08:45 CEST, and as a webcast at 14:00 CEST the same day at: https://www.dof.com/webcast. 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.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA (“DOF”) is pleased to announce two new long-term contracts in Brazil.
Following the same competitive tender process that resulted in the previously announced contract award of Skandi Achiever on a 4-year charter as RSV, Skandi Carla and Geoholm have also been contracted on 4-year charters with Petrobras. Skandi Carla will operate with one work class ROV and subsea crane, while Geoholm will utilize its subsea crane and two work class ROVs on board. Both vessels are expected to commence their contracts in December 2025.
The two contracts have a combined value of more than USD 275 million.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA (“DOF”) is pleased to announce two new contracts in Brazil.
Skandi Fluminense, a 2007 Brazilian-built anchor handling tug supply (AHTS) vessel with 211t bollard pull, and Skandi Lifter, a foreign-flagged 250t AHTS built in 2009 have each been contracted on 4-year contracts with Petrobras, following the same competitive AHTS tender process that resulted the contracts of Skandi Logger, Skandi Iguaçu, Skandi Angra, Skandi Paraty and Skandi Urca, previously announced. Skandi Fluminense is expected to commence in January 2026 and Skandi Lifter in February 2026. Skandi Lifter will be reflagged to Brazilian flag prior to contract commencement.
AHTS vessels are specialized vessels mainly used in the offshore energy industry. Their primary functions include anchor handling, platform towing, logistical support, and emergency response.
The two contracts have a combined value of more than USD 220 million.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Denmark A/S, a subsidiary of DOF Group ASA, has signed agreements to sell the Skandi Tender (AHTS built in 2009) and Skandi Trader (AHTS built in 2008) to an international buyer. The sale of Skandi Trader is contingent upon the buyer’s inspection. Both vessels are planned to be delivered to the new owner in September 2025.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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
DOF Group ASA ("DOF") is pleased to announce the award of multiple contracts for the Skandi Inventor in the Atlantic region, securing more than 100 days of firm work, with additional options available.
The Skandi Inventor, a state-of-the-art DP3 construction vessel equipped with a 400-ton Active Heave Compensated (AHC) crane and a large working deck, has recently undergone significant upgrades. The vessel is now fitted with two brand new Work Class ROVs (WROVs) and a modern survey suite, all of which will be fully operated by DOF.
Mons S. Aase, CEO of DOF Group, commented: “We are pleased to welcome the Skandi Inventor to the North Sea and to see immediate project intake across Q2, Q3 and Q4 2025. These awards reflect DOF’s strong position across both Oil & Gas and Renewable segments.”
Preparations are already underway, with DOF delivering a full scope of project management, engineering, logistics, and offshore execution as part of the awarded campaigns.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA ("DOF") is pleased to announce a Substantial contract extension for the AHTS vessel Skandi Cutter. The vessel is currently operating in Canada on a contract ending at the end of 2025, and will continue with the current client under the extended contract for a firm period of three years with two further annual extension options.
DOF defines a Substantial contract as a contract with value between USD 25 million and USD 50 million.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64