DOF Group ASA's (“DOF” or the “Group”) revenue for 3rd quarter (management reporting) totals USD 501 million (USD 376 million) and EBITDA totals USD 205 million (USD 141 million). The operating profit (EBIT) is USD 138 million (USD 88 million). Net financial cost amounts to USD -1 million (USD -9 million), including unrealised currency gain of USD 20 million (gain USD 17 million). The result after taxes is USD 107 million (USD 69 million). The Group’s net interest-bearing debt is USD 1,332 million (USD 1,141 million). The equity is USD 1,978 million (USD 1,195 million) giving an equity ratio of 46% (39%).
Key Highlights in 3rd quarter
• The Group delivered EBITDA of USD 205 million (USD 141 million), including gain on sale of two vessels of USD 12 million
• Utilisation of 87% (92%)
• The NIBD/LTM EBITDA is 1.9x
• Quarterly dividend payment in November 2025 increased to USD 0.35 per share
• Firm backlog by end September is USD 4.7 billion (USD 2.75 billion)
Note: all numbers commented above are based on management reporting
Statement from the CEO
The third quarter of 2025 was another strong quarter in both operational and financial performance for DOF Group ASA.
This quarter was marked by a continued commitment to operational excellence, reflected in strong performance across all business units. Client feedback has been exceptionally positive, highlighting our reliability, responsiveness, and value creation. These results reinforce the strength of our operating model and the dedication of our teams in consistently exceeding client expectations.
The high number of contract awards continued in Q3 and the backlog exceeds USD 5.1 billion as of this report, of which the backlog for execution in 2026 is USD 1.5 billion, providing a strong foundation and a high degree of visibility for next year’s earnings.
We have advanced our fleet optimisation strategy through the divestment of three smaller AHTS vessels during the quarter, further high-grading and strengthening the overall quality of our fleet.
By issuing a USD 150 million bond loan, financing the newbuild Skandi Norseman and repaying the only near-term maturity, we have further strengthened the financial position of the Group. This, together with the strong operational results and increased backlog allows us to increase the Q3 dividend to USD 0.35/share payable in November.
The outlook for the rest of 2025 remains strong, and we narrow our EBITDA guidance range to USD 750 – 760 million.
Please see enclosed 3rd quarter Financial Report 2025 and presentation.
A webcast, followed by a Q&A session, will be available on Wednesday, 5 November at 14:00 CET on www.dof.com/webcast.
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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DOF Group ASA (“DOF”) is pleased to announce the award of three Petrobras service contracts (PIDF) in Brazil.
The contracts awarded are for execution of subsea inspections as part of Petrobras’ subsea inspection program, supporting the assessment of the integrity of Petrobras’ subsea facilities.
This award is the result of a competitive tender process and marks the third consecutive contract of this type secured by DOF in Brazil.Over the course of previous contracts, DOF has successfully and safely completed more than 7,000 inspections, reinforcing its leading position as a trusted partner for Petrobras in subsea operations.
The three new contracts have a combined value of approximately USD 390 million and encompass more than 4,000 planned inspections. To deliver on these requirements, DOF expects to deploy at least three vessels equipped with work-class ROVs, and one of the vessels specially outfitted and crewed to perform shallow air diving inspections.
Operations under these contracts, which will be managed in combination, will cover Brazil’s three main offshore basins (Santos, Campos and Espirito Santo) and are expected to commence in the first half of 2026 for a duration of three years.
Mons S. Aase, CEO DOF Group ASA, said: “We a thrilled to continue to deliver on our commitment to excellence and innovation in subsea inspection services for Petrobras. The inspection-based nature of the contracts as opposed to a day rate structure offers valued flexibility to our growing fleet in Brazil.”
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA (“DOF”) is pleased to announce three new short-term contracts in Brazil.
A major oil company with significant presence in Brazil has contracted Skandi Salvador and Geoholm for short-term engagements in the Espirito Santo& Santos Basin.
Geoholm has been delivered in the middle of September and will perform work supporting mooring operations with the utilization of one ROV for approximately two weeks.
Skandi Salvador will support subsea equipment retrieval on a 10-day work charter starting the last week of September.
Skandi Salvador will also support subsea and a well intervention operation with the utilization of one work class ROV and subsea crane, expected to commence operations early November 2025 on a 60-day charter contract.
The aggregate contract value for the three contracts is Limited, which DOF defines as a contract with value of less than USD 15 million.
Contact information:
Eirik Vardøy,
Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA (“DOF”) is pleased to announce a contract extension for Skandi Patagonia.
The new contract will see the vessel,a CSV built in 2000 with a 50t crane and offering diving service capacities,continue with its current client, Total Energies, in Argentina for a period of three years, with two further one-year extension options. The new contract will be effective from January 2026.
Mons Aase, DOF Group ASA CEO, said:
"We are looking forward to continuingour support of Total Energies in Argentina with Skandi Patagonia, a vessel which has been operating in the same region with the same client since it was delivered from the yard in year 2000. This contract is a testament to our successful collaboration, and shows that a well-maintained vessel can extend the useful lifetime and provide attractive returns".
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA (“DOF”) has been informed that Svein Harald Øygard, Chair of the Board, has purchased 43,974 shares in DOF as further specified in the attached notification form. Following the transaction, Svein Harald Øygard holds,directly and indirectly through a wholly owned company, 760,000 shares in DOF.
This information is subject to the disclosure requirements pursuant to Article 19 of the EU Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.
DOF Denmark A/S, a subsidiary of DOF Group ASA, has signed an agreement to sell the Skandi Handler (AHTS built in 2002). Vessel is planned to be delivered to the new owner in Q4 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 a contract award for moorings hook-up services in the APAC region.
The contract will utilise Skandi Hercules with related mooring and subsea installation services. The scope of work includes DOF’s full suite of in-house project management, engineering, procurement and logistics support services.
Offshore execution is scheduled in Q1 2026, and the vessel utilisation under the contract is expected to be approximately four weeks.
The size of the contract is Limited, which DOF defines as a contract with a value of up to USD 15 million.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA (“DOF”) will today host a Capital Markets Day from 11:30 CEST. The presentation will be held by DOF’s CEO Mons Aase, CFO Martin Lundberg and other key executives across the company. The presentation material is attached to this release and will be available on DOF’s website.
A live webcast 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.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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
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