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 (the "Company") is pleased to announce that it has successfully listed the bonds issued by the Company under the initial issue ("Initial Issue") of senior unsecured USD 150,000,000 bonds as part of the DOF Group ASA 8.125% senior unsecured USD 250,000,000 bonds 2025/2030 with ISIN NO NO0013647701, on Euronext Oslo Børs as of today.
The listing documents can be accessed here:
https://www.dof.com/documents/dof-group-asa-securities-note
https://www.dof.com/documents/dof-group-asa-registration-document
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone + 47 94 83 64 64
The shares in DOF Group ASA will be traded ex dividend of USD 0.35 per share as of today, 19 November 2025. Please note that the payment will be made in NOK at NOK 3.53759 per share. The payment will be made on 27 November 2025.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA(“DOF”) is pleased to announce that bp has awarded it a 3-year firm commitment contract (with a further 2 x 1-year options) for the provision of subsea services in the North Sea.
Under the agreement, DOF will deploy a high-capability subsea support vessel to support BP with Subsea Construction, Inspection, Repair, and Maintenance (SCIRM) operations. Offshore operations are expected to commence in the first quarter of 2026. Mons S. Aase, DOF Group ASA CEO, said:
“We are proud to be awarded a contract with bp for subsea services in the North Sea. This agreement represents a significant step forward for DOF and our UK subsea organization. We are committed to delivering best-in-class services, with an uncompromising focus on safety and operational performance in the years ahead.”
Financial details related to the agreement, including rates and overall revenue, will remain undisclosed.
Preparations are already underway, with DOF providing a comprehensive scope encompassing project management, engineering, logistics, and offshore execution as part of the service.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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
DOF Group ASA("DOF") is pleased to announce that three PLSVs (pipelay support vessels) owned through a joint venture between DOF (50%) and TechnipFMC (50%)have secured contract extensions with Petrobras in Brazil.
Skandi Vitória and Skandi Niterói have had their current contracts extended from Q4-2025 until Q1-2027. The 3-year contracts announced in June 2024 will now commence following the extension period. Skandi Açu has had its current contract extended from Q3-2026 until Q1-2027. The 3-year contract announced in August 2024 will now commence following the extension period. The contract extensions add approximately USD 100 million of backlog to DOF. All other terms and conditions of the 3-year contracts previously announced remain unchanged.
Mons Aase, CEO DOF Group ASA,said: "We are happy to extend the firm backlog of these three high-end vessels into 2030. Together with other contracts previously announced, DOF now has 17 vessels in Brazil with firm backlog extending towards and into the next decade."
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA (“DOF”) is pleased to announce that the contracts of Skandi Nomad and Skandi Constructor, both operating in Guyana, have been extended by one year each. Following the extensions, Skandi Nomad is contracted until Q4-2026 and Skandi Constructor until Q2-2027.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA (“DOF”) is pleased to announce two new long-term contracts in Brazil.
Following the same competitive tender process that resulted in the contract awards of Skandi Achiever, Skandi Carla, Geoholm and Skandi Salvador on the RSV 2024 tender, Skandi Chieftain and Skandi Olympia have also been awarded 4-year charters with Petrobras. Both vessels will operate with one WROV and are expected to be delivered in October 2026.
The two contracts have a combined value of approximately USD200 million.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA (“DOF”) is pleased to announce several project awards in the North America region. The awards will utilise vessels already in the region, securing more than 300 days of firm vessel utilisation for a combined contract value of more than USD 60 million, with further options available.
Skandi Skansen will be utilised for a mooring project in Guyana with expected commencement in October 2025 and an expected duration of approximately six weeks with further options.
Skandi Implementer has secured two jobs in Mexico with international oil companies for subsea cable repair and subsea installation services with execution during Q4 2025 and expected combined duration of more than two months.
Furthermore, the third-party vessel Cade Candies will be used to provide Walk to Work services off the East Coast of the USA with expected commencement in Q2 2026 and duration of approximately eight months with further options.
Mons Aase, DOF Group ASA CEO, said: “I am very happy to seethe strong momentum in the North America region continue with these project awards, securing utilisation for project vessels in the region. I am especially pleased that Skandi Implementer has been working non-stop in the region after we terminated her original long-term contract in Mexico in early 2025.”
Contactinformation:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF Group ASA (“DOF”) is pleased to announce that DOF Seadragon Canada Ltd. (the “Issuer”), a wholly owned subsidiary of DOF, has successfully closed and funded a USD 140 million issuance of Senior Secured US Private Placement Notes amortising over a 15 year term until its final due date in 2042. The notes will carry a fixed rate coupon of 6.24%, payable quarterly.
The net proceeds from the notes issuance will be used to finance the construction and delivery of one Multi-Purpose Field Support Vessel, currently under construction in Poland and for general corporate purposes. The vessel is expected to be delivered during the first half of 2027 and subsequently commence a 15-year firm contract in Canada, with further extension options covering an additional 10 years.
The transaction has been structured as a ring fenced,non-recourse project financing covering both construction and operational phases of the vessel. The structure enables the Issuer to pay dividends to its owner from the first year of operations, while DOF will not need to contribute with cash towards yard installments or interest. The funding will be split across four delayed draw downs aligned with the yard’s payment schedule.
DNB Markets, Inc., a part of DNB Carnegie and DNB Bank ASA,acted as sole placement agent for the Issuer in the private placement of the notes.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
DOF ASA's Brazilian subsidiary Norskan has been awarded two contracts.
Skandi Paraty (AHTS 21,000 with ROV operated by DOF Subsea Brasil) has been awarded an 1-year contract extension with Petrobras until July 2022.
Skandi Iguaçu is on-hire with Equinor on a spot contract utilisation in July and August, 2021.
For further information, please contact:
CEO Mons S. Aase, +47 91 66 10 12
CFO Hilde Drønen, +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.