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DOF Group ASA – Ex dividend USD 0.30 today

The shares in DOF Group ASA will be traded ex-dividend of USD 0.30 per share as from today...

DOF Group ASA – Ex dividend USD 0.30 today

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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

Contract awards

The DOF group awarded multiple contracts with Petrobras

April 30, 2024

News

DOF Group ASA – Integrated Annual Report 2023

April 22, 2024

News

Financial calendar

April 22, 2024

Historical OSE Notices

DOF Rederi AS - Sale of vessels

August 12, 2020

DOF Subsea is pleased to announce two significant contract awards in the APAC region. In Australia: Chevron Australia has awarded DOF Subsea an IMR Services Contract to Support Chevron's North-West Shelf and near shore subsea assets in Australia with DP Vessels, ROVs, AUVs, Intervention, Inspection, Management and Engineering Services. This key award builds on previous successful IMR campaigns over the life of the existing IMR services contract and secures a further 5-year term under the new contract. In South East Asia: DOF Subsea has secured a substantial contract for a moorings replacement and rectification project. With onshore works underway, the offshore campaign is scheduled mid Q3 2020. The project will provide significant utilisation for resources and vessels - Skandi Hercules and Skandi Singapore - throughout Q3 and early Q4 2020. Mons S Aase, CEO, DOF Subsea, said, "These key contract awards build on successful campaigns delivered in the past for our clients and grow our track -record in the APAC region. We look forward to working with our clients to deliver projects safely and efficiently." 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 3,500 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 35 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 Subsea awarded contracts in APAC region

August 7, 2020

DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have entered into suspension agreements ("stand-still agreements") with, or received similar concessions from, secured lenders representing 91% of the secured debt of companies within the DOF ASA group (excluding DOF Subsea AS) and 88% of the secured debt of companies within the DOF Subsea AS. Pursuant to said agreements, payments of principal and interest to the secured lenders, except for servicing of the NOK 100 million credit facility provided to DOF Subsea AS by certain of its lenders on 27 March 2020 to cover its immediate liquidity needs, are suspended until 30 September 2020 on certain customary terms and conditions. Such terms and conditions include customary restrictions on DOF group (the "Group") in the relevant period. With this continued support from the secured lenders, the standstill under DOF Subsea AS' bond loans will also continue until 30 September 2020 pursuant to the resolutions made at the bondholders' meetings for DOFSUB07, DOFSUB08 and DOFSUB09 on 22 April 2020. The NOK 100 million credit facility referred to above, which originally expired on 30 June 2020, has also been extended to 30 September 2020 with an agreed repayment of NOK 15 million at the end of each month commencing on 30 June 2020. The agreements are entered into in order to facilitate the continued dialogue with the secured lenders and bondholders under the Group's bond loans regarding a long-term financial restructuring of the Group. The suspension agreements comprise all companies within the Group, except for DOF Subsea Brasil Servicos Ltda. As regards the secured lenders (other than the secured lenders of DOF Subsea Brasil Servicos Ltda.) who have not entered into the suspension agreements or provided a similar concession, DOF ASA and DOF Subsea AS have decided to impose an unilateral stand still on the payment of principal and interest to such secured lenders for as long as the suspension agreements remain in force. One of such secured lenders has requested repayment of in total USD 47 million from DOF Subsea Rederi AS, and also provided notice of repayment to DOF Subsea AS under its guarantee for such debt. Pursuant to the suspension agreement, neither DOF Rederi AS nor DOF Subsea AS is permitted to make any payment to such secured lender, but the Group will, together with its other secured lenders, continue the dialogue with the secured lender to seek to resolve the situation. None of the other lenders who have not entered into the suspension agreements have taken any similar steps under their loans. 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 3,400 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 35 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

STANDSTILL AGREEMENTS WITH SECURED LENDERS AND EXTENSION OF SHORT TERM CREDIT FACILITY

June 30, 2020

Historical OSE Notices

Result of Bondholders' Meeting

June 30, 2020

Reference is made to the announcement made on 16 June 2020 regarding the demerger of Møgster Mohn Offshore AS ("MMO"). The general meeting of MMO has today resolved the demerger. Upon completion of the demerger, after the statutory creditor notice period, 50,631,329 of the 150,638,643 shares MMO owns in DOF ASA will be transferred to Perestroika Industri AS, which will result in Perestroika Industri AS holding shares representing 16.45% of the outstanding shares in DOF ASA. Perestroika Industri AS is a company wholly owned by Perestroika AS, which in turn is owned by Frederik W. Mohn. MMO will following completion of the demerger hold 100,007,314 shares, representing 32.49% of the outstanding shares in DOF ASA. Laco AS, as the majority shareholder in MMO, will after completion of the demerger indirectly own approximately 100,004,814 shares (representing 32.49% of the outstanding shares) in DOF ASA. For further information, please contact: Mons S. Aase, CEO, Tel: +47 91 66 10 12 Hilde Drønen, CFO, Tel: +47 91 66 10 09 With a multi-national workforce of about 3,500 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 35 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: DEMERGER OF MØGSTER MOHN OFFSHORE AS AND DISCLOSURE OF LARGE SHAREHOLDINGS

June 17, 2020

Historical OSE Notices

DOF ASA: DEMERGER OF MØGSTER MOHN OFFSHORE AS

June 16, 2020

Historical OSE Notices

Summons to Bondholders' Meeting

June 16, 2020

The DOF Group is pleased to announce several contract awards for its fleet in Brazil for Petróleo Brasileiro S.A. ("Petrobras") supporting Petrobras' exploration and production activities on the Brazilian continental shelf. The vessels are owned and operated by Norskan and DOF Subsea Brasil will be responsible for the ROV operations on the vessels. Both companies are 100 % owned subsidiaries of DOF ASA. Skandi Urca and Skandi Fluminense have been awarded 2+2 year contracts with commencement in September 2020 and Skandi Paraty has been awarded a one-year contract that commenced at the beginning of June. All vessels are Brazilian built AHTS vessels and all equipped with Work Class ROV's for operations down to 3.000m water depth. Mons Aase, CEO in DOF Group, states that he is very pleased with the contract awards, which confirm the DOF Group's strong position in the South America region For further information, please contact: Mons S. Aase, CEO, Tel: +47 91 66 10 12 Hilde Drønen, CFO, Tel: +47 91 66 10 09 With a multi-national workforce of about 3,500 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 35 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

Contract awards in Brazil

June 16, 2020

Further to the stock exchange announcement from DOF ASA and DOF Subsea AS on 15 May 2020, DOF ASA ("DOF") is pleased to announce that Norskan Offshore Ltda. ("Norskan") now also has entered into a suspension agreement ("stand-still agreement") with its international secured lenders. Pursuant to said agreement, payments of principal and interest to the secured lenders are suspended until 30 June 2020 on certain customary terms and conditions. Such terms and conditions include customary restrictions on Norskan in the relevant period. The agreement is part of the efforts of the DOF Group to facilitate the continued dialogue with the secured lenders and bondholders under the DOF Group's bond loans regarding a long-term financial restructuring of the Group. Norskan will continue its constructive dialogue with BNDES regarding suspension of interest payments and instalments to BNDES. For further information, please contact: Mons S. Aase, CEO, Tel: +47 91 66 10 12 Hilde Drønen, CFO, Tel: +47 91 66 10 09 With a multi-national workforce of about 3,500 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 35 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: STANDSTILL AGREEMENT WITH THE INTERNATIONAL SECURED LENDERS OF NORSKAN

May 29, 2020

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DOF Group ASA – Ex dividend USD 0.30 today

DOF Group ASA – Ex dividend USD 0.30 today

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

The DOF group awarded multiple contracts with Petrobras

DOF Group ASA – Integrated Annual Report 2023

Financial calendar

DOF Rederi AS - Sale of vessels

DOF Subsea awarded contracts in APAC region

STANDSTILL AGREEMENTS WITH SECURED LENDERS AND EXTENSION OF SHORT TERM CREDIT FACILITY

Result of Bondholders' Meeting

DOF ASA: DEMERGER OF MØGSTER MOHN OFFSHORE AS AND DISCLOSURE OF LARGE SHAREHOLDINGS

DOF ASA: DEMERGER OF MØGSTER MOHN OFFSHORE AS

Summons to Bondholders' Meeting

Contract awards in Brazil

DOF ASA: STANDSTILL AGREEMENT WITH THE INTERNATIONAL SECURED LENDERS OF NORSKAN