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...
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
Select a category.
No articles found.
DOF is pleased to announce a contract award for subsea decommissioning services in APAC.
The contract award includes project management, engineering, logistics support and execution of decommissioning activities utilising Skandi Hercules. The offshore campaign will be conducted in Western Australian waters and is expected to commence in Q4 2024 for approximately 50 days.
Mons Aase, CEO DOF Group ASA, said, “This award secures further backlog for the APAC region and we look forward to delivering a safe and successful project.”
The value of the contract is Limited, which DOF defines as a contract value below USD 15 million.
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
DOF Subsea (DOF) is pleased to announce a contract extension and a contract award securing further backlog for the APAC region.
A contract extension has been secured for Skandi Singapore with the vessel fully committed through Q4 2024 with further options available into Q1 2025.
In addition, the latest contract secured for the region will utilise Skandi Singapore and see the vessel deployed off the Australian coast during Q1 2024. The contracted scope includes project management and engineering, fabrication, field reconfiguration and installation activities associated with extending the production life of existing offshore facilities.
Mons Aase, CEO DOF Group ASA, said, “These awards secure further backlog for the APAC region with an estimated combined value of over USD 13M”.
For further information, please contact:
Martin Lundberg, SVP Finance, and Investor Relations DOF Group ASA
Phone: +47 91 62 10 57
E-mail: martin.lundberg@dof.com
The Group's revenue for 2nd quarter (management reporting) totals USD 361 million (USD 330 million) and EBITDA totals USD 122 million (USD 121 million). The operating profit (EBIT) is USD 111 million (USD 128 million). Net financial costs amount to USD -91 million (USD -4 million) including unrealised currency loss of USD -62 million (USD 8 million). The result after taxes is USD 6 million (USD 103 million). The Group's net interest-bearing debt is USD 1,286 million (USD 1,444 million). The equity is USD 1,045 million (USD 725 million) giving an equity ratio of 35% (26%).
Key highlights in 2nd quarter:
- The Group has on 2[nd] of July signed an agreement to acquire all the shares in Maersk Supply Service A/S from Maersk Supply Service Holding A/S ("MSSH"). The acquisition will be settled partly in cash representing USD 577 million and partly in shares representing 25% ownership for MSSH.
- As part of the transaction the Company completed a private placement of in total USD 75 million in July.
- The Group achieved an EBITDA of USD 122 million (USD 121 million).
- The net profit of USD 6 million (USD 100 million) has been impacted by an unrealised currency loss of USD -62 million (USD 8 million). This is a non-cash accounting effect primarily due to consolidation of the BRL accounts in Norskan affected by a weaker BRL to USD in the quarter.
- The Group's cash flow from operating activities was USD 119 million (USD 75 million) in the quarter.
- The equity ratio has improved from 26% to 35%. The Net interest-bearing debt (NIBD) has been reduced from USD 1,444 million to USD 1,286 million and the NIBD/LTM EBITDA by end June is 2.7x (3.3x).
- The average utilisation of the fleet was 89% (88%) in the quarter.
- The performance has been good in the APAC and the Atlantic regions, but lower in Brazil due to class dockings, planned maintenance and mobilisation to new contracts in the quarter.
- The total current fleet consists of 57 vessels (incl. 14 vessels on management or hired in):
-- 16 AHTSs, 10 PSVs and 31 Subsea vessels.
- The order intake in 2[nd] quarter was USD 1.05 billion.
- Firm backlog by end June is USD 2.6 billion (USD 1.9 billion). Order intake after balance date is approximately USD 400 million.
- Updated EBITDA guidance for the year is USD 500-520 million.
Note: all number above are based on management reporting
Statement from the CEO, Mons Aase: "The MSS transaction marks a strategic milestone for the Group and under the DOF brand we will create a leading offshore services provider and strengthen our global position through the combined company. With the world's largest fleet of CSVs and high-end AHTS vessels, we will enhance the customer experience through increased scale, global reach, and industry-leading services, combining the strong capabilities and experience of DOF and Maersk Supply Service. I look forward to further developing the DOF Group together with my new and existing colleagues, ensuring the continued delivery of world-class services to our customers and further appreciate A.P. Møller Holding becoming a major shareholder.
The order intake has been high so far this year which gives good visibility on earnings in the next 24 months. We expect improved earnings in second half compared to first half due to i.a. Skandi Buzios being back on hire, Skandi Amazonas commencing a new 3-year contract after being partly off-hire, higher project activity in several regions, and certain one-off effects which impacted first half earnings. The updated EBITDA guiding is USD 500-520 million.
Please see enclosed 2nd quarter Financial Report 2024.
A webcast, followed by a Q&A session, will be available Wednesday, 21st of August at 14:00 CEST on www.dof.com/webcast.
For further information, please contact:
Mons S. Aase, CEO, DOF Group ASA
Phone: + 47 91 66 10 12
E-mail: mons.aase@dof.com
Hilde Drønen, CFO, DOF Group ASA
Phone: + 47 91 66 10 09
E-mail: hilde.dronen@dof.com
DOF Group ASA is pleased to invite investors, analysts and other stakeholders to its Capital Markets Day on Tuesday 10 September 2024 at 11:30 - 15:00 CEST in Oslo.
The presentation will be held by DOF's CEO Mons Aase, CFO Hilde Drønen and other key executives across the company, and will cover the following topics:
- Introduction
- Operational deep dives
- Maersk Supply Service transaction highlights
- Finance update
- DOF's ESG commitment
- Q&A
Practical information:
Location: The event will take place at the office of Pareto Securities in Dronning Mauds gate 3, 0155 Oslo.
Date and time: 10 September 2024. The presentation will start at 11:30 CEST.
Refreshments will be served from 11:00 CEST.
Please use the following link to register physical attendance: https://invitepeople.com/events/df84de9e09
A live webcast for those not attending in person 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.
For further information, please contact:
Mons S. Aase, CEO, DOF Group ASA
Phone: + 47 91 66 10 12
Hilde Drønen, CFO, DOF Group ASA
Phone: + 47 91 66 10 09
DOF Subsea is pleased to announce an agreement for the extension for the vessel Skandi Africa. The new commitment will now run until May 2028 and will commence in direct continuation with the current commitment.
Skandi Africa is a high-end subsea vessel designed for harsh environment and deepwater subsea construction and flexlay operations.
DOF Subsea CEO, Mons S. Aase, stated, "Skandi Africa is the most sophisticated vessel in our fleet and we are looking forward to continuing the journey, delivering successful installation campaigns."
For further information, please contact:
Mons S. Aase, CEO, DOF Group ASA. Tel: +47 91 66 10 12
Hilde Drønen, CFO, DOF Group ASA. Tel: +47 91 66 10 09
DOF is pleased to announce a new long-term contract with Petrobras out of the last pipelay support vessel (PLSV) tender and an extension of the current contract for the PLSV Skandi Açu. The existing contract has been extended to mid-2026. This extension will be followed by the new 3-year contract ending mid-2029.
We are also pleased to advise that PLSV Skandi Buzios went back on-hire to Petrobras on August 1st, 2024.
Both vessels are owned by Techdof AS, a joint venture between DOF Subsea (50%) and TechnipFMC (50%).
Mons S. Aase, CEO DOF Group ASA, said, “We are pleased to announce another award under this PLSV tender, adding important back log to the Group, and it confirms our long relationship with Petrobras".
For further information, please contact:
Mons S. Aase, CEO, DOF Group ASA. Tel: +47 91 66 10 12
Hilde Drønen, CFO, DOF Group ASA. Tel: +47 91 66 10 09
DOF Group ASA will release the Q2 results on Wednesday 21st of August 2024. The report will be available at www.dof.com and www.newsweb.no.
The presentation of the quarterly results will be held on "Vestland på Børs", Scandic Flesland Airport Hotel at 10:45 CEST, and as a webcast at 14:00 CEST 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:
CEO Mons Aase, Tel + 47 91 66 10 12
CFO Hilde Drønen, Tel + 47 91 66 10 09
Austevoll, 26 July 2024: Reference is made to the stock exchange announcement made by DOF Group ASA (the "Company", OSE ticker code "DOFG") on 2 July 2024 regarding an agreement to acquire Maersk Supply Service A/S (the "Transaction"), and on 5 July 2024 regarding an extraordinary general meeting to be held on 26 July 2024 (the "EGM"). The EGM was held today as a digital meeting with online participation. All proposals on the agenda were adopted, cf. the notice of the EGM that was published on 5 July 2024.
The EGM elected two new board members: Erik Bergöö as the vice chairperson of the board and Kristin H. Holth as a new board member. The elections are subject to, and apply for a period of two years from, closing of the Transaction. The new members of the board accede their positions at the time of completion of the Transaction. The board of DOF Group ASA will thus, following the completion of the Transaction, consist of the following persons:
Svein Harald Øygard (chair of the board)
Erik Bergöö (vice chairperson of the board)
Harald Lauritz Thorstein
Daniela Davila
Christine J. Brennet
Adrian Geelmuyden
Kristin Holth
The complete minutes of the extraordinary general meeting are attached to this release and are also available on www.dof.com.
For further information, please contact:
Mons S. Aase, CEO, DOF Group ASA
Phone: + 47 91 66 10 12
E-mail: mons.aase@dof.com
Hilde Drønen, CFO, DOF Group ASA
Phone: + 47 91 66 10 09
E-mail: hilde.dronen@dof.com
Austevoll, 22 July 2024: Reference is made to the stock exchange announcement made by DOF Group ASA (the "Company", OSE ticker code "DOFG") on 2 July 2024 regarding an agreement to acquire Maersk Supply Service A/S (the "Transaction"), and on 5 July 2024 regarding the extraordinary general meeting to be held on 26 July 2024 (the "EGM").
The nomination committee of the Company has submitted its recommendation to the EGM. Subject to the Transaction being completed, the nomination committee of the Company has proposed to elect two new members to the board of directors, based on a proposal from Maersk Supply Services Holding ApS. The following board members are nominated:
- Erik Bergöö (nominated as vice chairperson of the board).
- Kristin Holth (nominated as new board member).
The new members of the board will, if elected, accede their positions at the time of completion of the Transaction.
In addition, the nomination committee of the Company has nominated Martin Larsen as the new chairperson of the nomination committee. The new chairperson of the nomination committee will, if elected, accede his position at the time of completion of the Transaction.
The nomination committee's recommendation, including a brief description of the candidates, is enclosed hereto and will be made available on the Company's website www.dof.com.
For further information, please contact:
Mons S. Aase, CEO, DOF Group ASA
Phone: + 47 91 66 10 12
E-mail: mons.aase@dof.com
Hilde Drønen, CFO, DOF Group ASA
Phone: + 47 91 66 10 09
E-mail: hilde.dronen@dof.com