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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

DOF Subsea is proud to announce the extension of the four PIDF Contracts with Petrobras. These extensions will demand a fleet of at least 3 vessels operating for 18 months, to the end of 2023 and in direct continuation to the original schedule performing flexible pipelines, risers and subsea equipment inspection in Campos Basin, Santos Basin, Marlin Field and Espírito Santos Basin. Inspections will be evaluated and processed by the DOF Subsea Engineering team in Brazil that is responsible for delivering technical reports regarding the conditions of the subsea facilities in Brazil. Adding more than USD 100 million in backlog, these contract extensions are confirmation of DOF Subsea's safe and excellent delivery of the project, reinforcing our relationship with Petrobras and our capacity to deliver on time and within budget. Mons S Aase, CEO, DOF Subsea said, "I am very pleased for these awards securing utilisation for our personnel and our assets and adding important back log to the Group. It further strengthens our leading position in Brazil within IMR and confirms our long relationship with Petrobras." DOF Subsea is dedicated to deliver safe and efficient subsea solutions. 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 Subsea contract extension with Petrobras

June 21, 2022

Reference is made to previous announcements regarding the extension of standstill arrangements with the DOF group's secured lenders expiring 15 June 2022 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 15 June 2022. 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 all 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 22 June 2022, 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 22 June 2022 in accordance with the resolutions of the bondholders' meeting held 29 April 2022. 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 RESULT FROM BONDHOLDERS' MEETINGS

June 15, 2022

Reference is made to previous announcements regarding the extension of standstill arrangements with the DOF group's secured lenders expiring 31 May 2022 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 31 May 2022. 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 15 June 2022, 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 15 June 2022 in accordance with the resolutions of the bondholders' meeting held 29 April 2022. 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 RESULT FROM BONDHOLDERS' MEETINGS

May 31, 2022

Historical OSE Notices

New contracts in Brazil

May 30, 2022

Historical OSE Notices

Ordinary general meeting

May 24, 2022

The Group's revenue for 1st quarter (management reporting) totals NOK 2,174 million (NOK 1,514 million) and EBITDA totals NOK 767 million (NOK 492 million). The operating profit (EBIT) is NOK 321 million (NOK 45 million), of which depreciation and impairment totals NOK 446 million (NOK 447 million). Net financial cost amounts to NOK 630 million (NOK -720 million) including unrealised currency gain of NOK 1,010 million (NOK -480 million). The profit is NOK 824 million (NOK -801 million). Key information: Operations · Average utilisation of the fleet in 1[st] quarter was 82% (67%). · Variable performance from the Subsea regions. · Good performance from the DOFCON JV. · High tender activity within all segments. · The total current fleet includes 55 vessels (incl. vessels on management or hired in) · 15 AHTSs, 11 PSVs and 29 Subsea vessels · One (owned) vessel in lay-up · Four vessels agreed sold since year-end Finance · Even though the markets have improved, the Group is not in a position to pay its debts without a significant conversion of debt into equity and thereby continue as a going concern. · The Group's financial position is not sustainable, and the equity is lost. · The restructuring proposal currently discussed with the creditors include conversion of a significant amount of debt to equity and soft terms of the existing loan facilities. The dialogue with the lenders is constructive, but a refinancing solution is not yet in place. · The current standstill agreements with the lenders and bondholders mature on the 31[st] of May. · High unrealised currency gain on long-term debt due to a significant strengthened BRL to USD in the period. After balance date the result from movements in the FX rates have the opposite effect. Backlog · Order intake NOK 1.3 billion in the 1st quarter. · Current backlog is NOK 14.6 billion (NOK 14.2 billion), of which joint venture backlog is NOK 5.2 billion (NOK 5.5 billion). Please see enclosed 1st quarter Financial Report 2022. Webcast is available Thursday, 19th of May 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 3,800 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

Financial Report 1st quarter for DOF ASA

May 19, 2022

DOF is pleased to announce that Petrobras has awarded new long-term charter and service contracts to Norskan Offshore Ltda. and DOF Subsea Serviços Brasil Ltda. for 4 x AHTS vessels and ROVs. The vessels, Skandi Angra, Skandi Paraty, Skandi Urca and Skandi Fluminense, (AHTS 18000 class), currently operating for Petrobras and equipped with DOF Subsea's work class ROVs, have been contracted for 3 years firm + 2 years options with Petrobras. The gross value of the contracts is approx. USD 260 million and with planned commencement in Q4 2022. Mons S. Aase, CEO, DOF Subsea said, "I am very pleased for these awards securing utilisation for our personnel and our assets and adding important backlog to the Group. It further strengthens our leading position in Brazil and confirms our long relationship with Petrobras." DOF Group is dedicated to deliver safe and efficient subsea solutions. For further information, please contact: Mons S. Aase, CEO, DOF ASA. Tel: +47 91 66 10 12 Hilde Drønen, CFO, DOF ASA. 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

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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 Subsea contract extension with Petrobras

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

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

New contracts in Brazil

Ordinary general meeting

Financial Report 1st quarter for DOF ASA

The DOF group awarded multiple contracts with Petrobras

Invitation to presentation of Q1 2022 results

Contract extension for Skandi Africa