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DOF Group ASA - Two long term contracts awarded with Petrobras in Brazil

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Contract awards

The reporting currency has been changed from NOK to USD from 1st of January 2024.

The Group's revenue for 1st quarter(management reporting) totals USD 330 million (USD 295 million) and EBITDAtotals USD 114 million (USD 104 million). The operating profit (EBIT) is USD 70million (USD 69 million). Net financial costs amount to USD -52 million (USD-44 million) including unrealised currency loss of USD -26 million (USD -6million). The result after taxes is USD 6 million (USD -1 million). The Group’snet interest-bearing debt is USD 1,358 million (USD 1,466 million). The equityis USD 1,029 million (USD 592 million) giving an equity ratio of 34% (22%).

Key highlights in 1st quarter:
- Average utilisation ofthe owned fleet 87% (91%).
- Good performance in allthe regions.
- Two PSVs have been sold;Skandi Captain (built 2004) delivered in March and Skandi Gamma (built 2009)delivered in April.
- The total current fleetincludes 57 vessels (incl. 13 vessels on management or hired in):
-- 16 AHTSs, 10 PSVs and 31 Subsea vessels.
- DOF has been ranked with the 2^ndhighest score in the Petrobras PEOTRAM 2023 audit.
- The order intake in 1^stquarter was USD 188 million.
- The firm backlog by end March is USD1,852 million (USD 2,109 million) and order intake after balance date is approx. USD 250 million.
Note: all number above are based on management reporting

Statement from the CEO, Mons S. Aase: “We deliver another solid quarter despite a normal low season in certain regions. The Group has been awarded several contracts particularly for the AHTS and subsea fleet. The tender activity has continued to be high, hence, expect the backlog to continue to grow for the remainder of the year. The current contract coverage for the Group is 88% for 2024 and 61% for 2025 which gives good visibility on the earnings the next 18 to 24 months. The repair of Skandi Buzios is going according to plan and the vessel will be on route to Brazil during 2nd quarter. The recently published Integrated Annual Report for 2023confirms the Group’s commitment to continue having sustainable operations and reduce the CO2 emissions from the fleet going forward. The EBITDA guiding for2024 is adjusted from USD 470 -520 million to USD 490-520 million”.

Please see enclosed 1st quarter Financial Report 2024.
>>> DOF Group ASA Financial Report Q1 2024 (PDF)

A webcast, followed by a Q&A session, will be available Wednesday, 15th of May at 08:30 on www.dof.com/webcast

A conference call will be arranged at 15:00, and for those who want to attend please use the following link: https://channel.royalcast.com/landingpage/hegnarmedia/20240515_22/

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

‍

News

Financial Report 1st quarter for DOF Group ASA

May 14, 2024

News

Invitation to presentation of Q1 2024 results

May 8, 2024

News

Notice of annual general meeting DOF Group ASA

May 2, 2024

Reference is made to previous announcement on 30 September 2021 regarding the extension of standstill arrangements with the group's secured lenders expiring 31 October 2021 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 31 October 2021. DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have agreed to further extend the principal and interest suspension agreements with, or received extensions of similar concessions from, secured lenders representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS and in total 95% of the secured debt of companies within the DOF Subsea AS group (excluding DOF Subsea Brasil Servicos Ltda.) until 30 November 2021, and that DOF Subsea AS has received confirmation from the ad hoc group of bondholders that they have agreed to further extend the suspension, deferral and standstill agreement currently in place for the bond issues to 30 November 2021 in accordance with the resolutions of the bondholders' meeting held 30 September 2021. The extensions of the standstill periods will facilitate the DOF group's continued dialogue with its secured lenders and the bondholders under the DOF group's bonds regarding a long-term financial restructuring of the DOF group. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. With a multi-national workforce of about 3,800 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.

Historical OSE Notices

DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND BONDHOLDERS

October 29, 2021

Reference is made to previous announcements regarding the extension of standstill arrangements with the DOF group's secured lenders expiring 30 September 2021 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 30 September 2021. DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have agreed to extend the principal and interest suspension agreements with, or received extensions of similar concessions from, secured lenders representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS and in total 95% of the secured debt of companies within the DOF Subsea AS group excluding DOF Subsea Brasil Servicos Ltda. until 31 October 2021. Reference is further made to the previous announcement on 16 September 2021 regarding summons to bondholders' meetings in DOFSUB07 (ISIN NO0010971005), DOFSUB08 (ISIN NO0010788177) and DOFSUB09 (ISIN NO0010836810) in which DOF Subsea AS requested an extension of the standstill period for the three bonds initially until 31 October 2021 and with the possibility to extend to 28 February 2022 with the approval of an ad-hoc committee of bondholders. DOF Subsea AS is pleased to announce that the bondholders' meetings were held today and the proposed resolution received 99.66%, 93.90% and 100.00% of the votes in DOFSUB07, DOFSUB08, and DOFSUB09, respectively. Approval of the proposal set out in the summons required 2/3 majority in all three bonds, and the proposal was consequently approved. Please see the attached minutes from the bondholders' meetings. The extensions of the standstill periods will facilitate the DOF group's continued dialogue with its secured lenders and the bondholders under the DOF group's bonds regarding a long-term financial restructuring of the DOF group. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. With a multi-national workforce of about 3,800 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.

Historical OSE Notices

DOF ASA AND DOF SUBSEA AS: EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND RESULT FROM BONDHOLDERS' MEETINGS

September 30, 2021

Reference is made to the resolutions adopted in the bondholders' meetings in DOF Subsea AS' three bond loans (FRN DOF Subsea AS Senior Unsecured Bond Issue 2013/2020, DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN DOF Subsea AS Senior Unsecured Bond Issue 2018/2023) on 30 June 2021, whereby the bondholders on certain conditions approved to extend their waiver from, and suspension of, all payment obligations under each of the bond loans until 31 August 2021, with a possibility to further extend the standstill arrangement currently in place to 30 September 2021 with the approval of the ad-hoc committee of bondholders. Reference is further made to the announcement on 31 August 2021 regarding the ad -hoc committee's approval of extension of the standstill arrangement with the bondholders described above to 30 September 2021. Discussions and negotiations on the restructuring of the DOF group (the "Group") are progressing, and the Group, its secured lenders and the advisers to the bondholders have since the bondholders' meetings in June 2021 continued negotiations on an overall financial restructuring of the Group. Further progress has been made in such negotiations, but there are still certain issues that remain to be resolved to achieve an overall consensual restructuring of the Group. DOF Subsea AS has therefore requested Nordic Trustee AS to summon bondholders' meetings in the three bond loans to consider the extension of the standstill period initially until 31 October 2021 and with a possibility to extend the standstill period on one or more occasions to 28 February 2022 with the approval of an ad-hoc committee of bondholders. The proposal is further described in the attached summons to the bondholders in the three bond loans. A request has also been made to the Group's secured lenders to extend the suspension of payments of principal and interest that have been granted by a majority of its secured lenders. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. With a multi-national workforce of about 3,800 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 over 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.

Historical OSE Notices

SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO FURTER EXTEND STANDSTILL PERIOD

September 16, 2021

Historical OSE Notices

New contracts in Brazil

September 14, 2021

Further to the notifications made by minority shareholders in DOF ASA (the "Company", and together with its subsidiaries the "Group") and the press coverage relating to such group of shareholders, DOF ASA would like to reiterate the information previously provided by the Company, that a robust long-term financing solution is required for the Group to maintain its status as a going concern. In the meantime the Group is dependent on continued standstill agreements with its creditors. Based on the financial situation of the Group, such solution is expected to require conversion of debt to equity, which consequently will significantly dilute the current holders of the equity. There are no market developments or changes of the outlook of the Group justifying another conclusion, and the shareholders are urged to take this into account when considering alternatives. The restructuring solutions being discussed with the secured creditors of the Group do not involve any element of new equity in the form of cash and no inequal treatment of the shareholders of the Company is currently contemplated. As previously informed, the dialogue with the lenders is complex, but constructive. A refinancing solution is not yet in place, and no assurance can at this stage be given that the Company will be able to find a solution with its creditors. This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen tel. +47 91 66 10 09 With a multi-national workforce of about 3,800 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.

Historical OSE Notices

DOF ASA: NOTIFICATIONS FROM MINORITY SHAREHOLDERS

September 8, 2021

Historical OSE Notices

Sale of vessel

September 6, 2021

Historical OSE Notices

Contract award Skandi Achiever and restructuring update

September 2, 2021

Reference is made to previous announcement on 30 June 2021 regarding extension of standstill arrangement with secured lenders expiring 31 August 2021 and extension of standstill arrangement with bondholders in DOF Subsea AS' bond issues also expiring 31 August 2021. DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have agreed to further extend the principal and interest suspension agreements with, or received extensions of similar concessions from, secured lenders representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS and in total 88% of the secured debt of companies within the DOF Subsea AS group (excluding DOF Subsea Brasil Servicos Ltda.) until 30 September 2021, and that DOF Subsea AS has received confirmation from the ad hoc group of bondholders that they have agreed to further extend the suspension, deferral and standstill agreement currently in place for the bond issues to 30 September 2021. The extensions of the standstill periods will facilitate the DOF group's continued dialogue with its secured lenders and the bondholders under the DOF group's bonds regarding a long-term financial restructuring of the DOF group. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen tel. +47 91 66 10 09 With a multi-national workforce of about 3,800 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.

Historical OSE Notices

DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND BONDHOLDERS

August 31, 2021

The Group's revenue for 2nd quarter (management reporting) totals NOK 2,003 million (NOK 1,802 million) and the EBITDA totals NOK 680 million (NOK 701 million). The operating profit (EBIT) is NOK 148 million (NOK -354 million), of which depreciation and impairment totals NOK 531 million (NOK 1,056 million). Net profit is NOK 580 million (NOK -675 million). The average utilisation of the Group's owned fleet during the 2nd quarter 2021 was 80% ; versus 70% the same period last year Operations: . The markets have continued to be challenging . High activity in the subsea project segments and mobilisations have impacted the cash flow in the quarter . Still challenging operations due to COVID-19, but the situation in Brazil has improved . 3 vessels in lay-up (one owned) versus 12 in lay-up the same period last year . 1 vessel sold, and 1 vessel recycled in the quarter . Current backlog is NOK 13.2 billion, and in addition NOK 1,7 billion is secured after end of period The Group has continued the discussions with the lenders on a long-term refinancing solution for the Group. The current standstill agreements with the secured lenders and bond holders mature on 31 August. Please see enclosed 2nd quarter Financial Report 2021. Webcast is available Tuesday, 24th of August at 08:30 on www.dof.com. Contact: CEO Mons Aase, Tel + 47 91 66 10 12 CFO Hilde Drønen, Tel + 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.

Historical OSE Notices

Financial Report 2nd quarter for DOF ASA

August 24, 2021

Our newsroom

DOF Group ASA - Two long term contracts awarded with Petrobras in Brazil

DOF Group ASA - Two long term contracts awarded with Petrobras in Brazil

DOF Group awarded multiple contracts with Petrobras

Latest event: DOF Installer ASA, Annual General Meeting 2024

Event support - DOF Installer ASA - AGM 2024

DOF Group awarded long-term contract for IMR services by Equinor

DOF Group announces awarded contract for Skandi Vitoria with Petrobras

DOF GROUP ASA - Annual general meeting

Disclosure of voting rights at annual general meeting

Financial Report 1st quarter for DOF Group ASA

Invitation to presentation of Q1 2024 results

Notice of annual general meeting DOF Group ASA

DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND BONDHOLDERS

DOF ASA AND DOF SUBSEA AS: EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND RESULT FROM BONDHOLDERS' MEETINGS

SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO FURTER EXTEND STANDSTILL PERIOD

New contracts in Brazil

DOF ASA: NOTIFICATIONS FROM MINORITY SHAREHOLDERS

Sale of vessel

Contract award Skandi Achiever and restructuring update

DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND BONDHOLDERS

Financial Report 2nd quarter for DOF ASA