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DOF Group ASA (“DOF”) is pleased to announce that it has been awarded a Substantial* contract by Statnett, Norway’s transmission system operator, for the replacement of high-voltage subsea power cables across Ofotfjorden in the north of Norway.

The project comprises partial removal of ageing subsea power cables between Lødingen and Barøya, and the installation of four new 170kV submarine cables bundled with fibre optic lines. The campaign includes bundled cable laying in water depths ranging from 10m to 450m.

Main execution is planned between May and September 2027 totalling approximately 40 days from a high-capacity construction vessel in DOF’s fleet, supported by preparatory survey, logistics and onshore works throughout 2026 and 2027.

Mons S. Aase, DOF Group ASA CEO, comments: “We are proud that Statnett has placed its confidence in DOF for this critical infrastructure project. The Ofotfjorden cable replacement is a comprehensive scope that plays directly to our strengths: engineering capability, subsea execution, and seamless integration of vessels, equipment, and our specialist teams. This award reinforces our track record within power cable installation and demonstrates the market’s trust in DOF as a reliable partner for complex subsea operations. We look forward to working closely with Statnett to deliver a safe, efficient, and high-quality project for Norway’s electricity network.”

Preparatory works including project management, engineering and procurement starts immediately from DOF’s Norwegian and Scottish offices.

*DOF defines a Substantial contract as a contract with value between USD 25 and 50 million.

Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

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Reference is made to DOF Group ASA’s (“DOF”) Q4-25 results presentation on 19 February 2026 where an updated amortisation profile on the DOF Shipowning senior secured term loan facility (the “Term Loan”) was introduced, subject to certain final approvals. DOF has today been informed that all necessary credit approvals are in place to amend the amortisation profile of the Term Loan. Further reference is made to the stock exchange notice published by DOF on 18 March 2025 for the original conditions of the Term Loan. Under the amendment, the scheduled amortisation profile of the Term Loan is reduced by 40% going forwards, resulting in a reduction in scheduled annual amortisation instalments on the Term Loan from USD 144 million to USD 86 million. The amendment includes certain conditions, including that the leverage ratio measured by NIBD/NTM EBITDA stays below 2.0x.

As of 31 December 2025, the outstanding balance on the Term Loan was USD 903 million.

Martin Lundberg, CFO DOF Group ASA, commented: “We appreciate the support shown from our lenders in getting this amendment in place. Reducing the annual amortisation profile increases flexibility and the cash flow available for shareholder returns while maintaining a solid balance sheet and sustainable leverage within our target range of 1.5 – 2.0x.”

Contact information:

Eirik Vardøy, Investor Relations DOF Group ASA

Phone: +47 94 83 64 64

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The shares in DOF Group ASA will be traded ex dividend of USD 0.35 per share as of today, 25 February 2026. Please note that the payment will be made in NOK at NOK 3.344635 per share. The payment will be made on 5 March 2026.

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

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DOF Group ASA (“DOF”) is pleased to announce that it has entered into an agreement to purchase the very high-end AHTS vessels Aurora Saltfjord and Aurora Sandefjord (“the Vessels”). The Vessels are 2011-built anchor handling tug supply (AHTS) vessels featuring a bollard pull of almost 400 metric tonnes, making it among the most powerful AHTS vessels globally. As a step to high-grade the AHTS fleet aligned with the company’s strategy, DOF has agreed to sell the AHTS vessel Skandi Laser (2010 built, 252mt bollard pull) subject to final documentation. The vessel has recently been working on a subsea project in West Africa and in the spot market. The net investment from the transactions is approximately USD 100 million, of which approximately USD 30m is expected to be cash and the rest financed with available debt funding. The divestment of Skandi Laser is expected to result in a gain on book value of approximately USD 12m to be recorded in Q2 2026.

Transaction highlights and rationale:
- High-grading of DOF’s AHTS fleet by acquiring two of the most capable vessels in the market combined with selling one smaller and less capable vessel
- The Vessels are among the most recently built in its segment (AHTS >300mt bollard pull), a segment which sees no newbuilding activity due to prohibitive newbuilding costs  
- The purchase price is EV/EBITDA accretive on vessel earnings alone when compared to backward-looking earnings of vessels of similar capability in DOF’s fleet
- The Vessels add significant capacity to execute subsea projects and contribute with meaningful subsea regions earnings on top of vessel earnings
- Very strong market outlook for projects that require high-end AHTS vessels in the years to come
- High-end AHTS capacity has been a constraint for DOF in recent tendering activity
- Limited net cash effect by combining the purchase with a sale together with headroom in debt financing facilities, meaning that the Vessels are expected to quickly contribute with net positive dividend capacity  
- The high-grading strategy aims to be net neutral with regards to acquisition costs and divestments proceeds

Mons S. Aase, CEO DOF Group ASA, comments: “Through these transactions, we further enhance DOF’s position as a leading player in the high-end AHTS market. This is a vessel segment which is core to our strategy of being a leading player for mooring projects globally, and Skandi Saltfjord and Skandi Sandefjord will add valuable capacity to deliver integrated offshore services to our clients. The AHTS market has lagged the broader subsea vessel market somewhat, and we now see clear signs that the AHTS market is catching up driven by strong demand across geographies. We already have project backlog for Skandi Skansen in 2027, showing that clients are securing this type of critical capacity earlier than previously, and we further see a strong pipeline of prospects that suit high-end AHTS vessels. Our recent vessel transactions, with the sale of three smaller and older vessels last year together with these transactions, follows our strategy of high-grading the DOF fleet. We expect to continue our fleet optimisation efforts, and will prioritise divestment of vessels that are not core to our strategy going forwards with the target to balance out the net total investment cost.”

Aurora Sandefjord is expected to be delivered in April 2026, and Aurora Saltfjord is expected to be delivered in June/July 2026. Skandi Laser is expected to be delivered to its new owner in May 2026. DOF will continue to have management responsibilities of Skandi Laser.

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 4th quarter (management reporting) totals USD 577 million (USD 445 million) and EBITDA totals USD 220 million (USD 152 million). The operating profit (EBIT) is USD 174 million (USD 190 million) and includes reversal of impairment of USD 9 million (USD 98 million). Net financial cost amounts to USD -47 million (USD -111 million), including unrealised currency gain of USD 23 million (loss USD -67 million). The result after taxes is USD 148 million (USD 96 million). The Group’s net interest-bearing debt is USD 1,321 million (USD 1,378 million). The equity is USD 2,044 million (USD 1,772 million) giving an equity ratio of 46% (43%).

Key Highlights in 4th quarter

- The Group delivered EBITDA of USD 220 million (USD 152 million) including gain on sale of one vessel of USD 4 million

- Utilisation of 87% (85%)

- Very strong cash flow from operations of USD 249 million (USD 196 million)

- The NIBD/LTM EBITDA is 1.7x  

- Dividend for the quarter of USD 0.35 per share declared

- Firm backlog by end December is USD 5.1 billion (USD 3.25 billion)

Note: all numbers commented above are based on management reporting

Statement from the CEO
‍The fourth quarter of 2025 rounds off an excellent year for DOF which has included many milestones that I am proud of.

The full-year operational EBITDA of USD 781 million is in the upper quartile of our initial guiding, and exceeds our most recent guiding driven by strong project completion in the subsea regions and less planned downtime than anticipated in Norskan.  

I am pleased to see the DOF Denmark fleet deliver full-year EBITDA of USD 181 million, including gain on sale of USD 15 million, in line with our guidance of USD 150 – 200 million, in a year which in the first half was characterised by planned transitions and mobilisations for the fleet. This number excludes additional subsea region earnings facilitated by the vessels and shows that the transaction rationale which we presented in July 2024 remains sound. In 2026 we will discontinue reporting on DOF Denmark separately as the lines between the legacy and acquired fleet vanish.

The subsea regions deliver an exceptional quarter with USD 48 million of EBITDA. The earnings for this segment can by nature of project milestones be somewhat bumpy from quarter to quarter, so what I am even more happy to see is the continued strong activity for tendering and project awards across all regions.  

Building backlog continued as a key theme through Q4, adding another USD 950 million in the quarter. This caps off a record-breaking year where we have added almost USD 4 billion in new backlog, bringing the year-end total backlog to USD 5.1 billion. As a result, the backlog coverage is not only very strong for 2026, but also for the years to come after.

The outlook is strong with continued high demand for DOF’s services across various project scopes. Based on a very robust backlog coverage, uplift in rates on several vessels and continued high subsea project and tendering activity, we initiate our 2026 EBITDA guiding with a range of USD 830 - 880 million.

Please see enclosed 4th quarter Financial Report 2025 and presentation.

A webcast, followed by a Q&A session, will be available on Thursday, 19 February 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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The board of directors of DOF Group ASA (the "Company") has resolved to distribute a dividend in the amount of USD 0.35 per share. The resolution has been made by use of the authorisation granted by the Company's annual general meeting on 20 May 2025.

• Dividend amount: USD 0.35 per share

• Declared currency: USD

• Last day including right: 24 February 2026

• Ex-date: 25 February 2026

• Record date: 26 February 2026

• Payment date: 5 March 2026

• Date of approval: 18 February 2026

• Other information: The dividend will be paid in NOK and the amount in NOK will be announced at a later date.

This information is published in accordance with the requirements of the Oslo Børs Rule Book II and 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 the award of a Substantial* contract for a project in Argentina. The project is scheduled for offshore operations across two campagins in Q2 and Q3-Q4 of 2026 and will encompass mooring pre-lay, pipeline end manifold installation / construction management, tie-in spools installation, hook-up and pre-commissioning of two CALM buoys, and diving services. DOF will utilise Skandi Hera and Skandi Patagonia for the project with an expected combined duration of more than 250 days.

Preparations are underway, with DOF providing project management, engineering, construction management, logistics and offshore execution led by DOF’s North America subsea region.

* DOF defines a Substantial contract as a contract with value between USD 25 and 50 million.

Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

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DOF Group ASA will release its Q4 results on Thursday, 19 February 2026 at 07:00 CET. The report will be available at www.dof.com and www.newsweb.no.

A presentation of the quarterly results will be held as a webcast at 14:00 CET on 19 February, available at https://www.dof.com/webcast. A recording of the presentation will be published on the same webpage after the event.

The presentation will be held by CEO Mons S. Aase and CFO Martin Lundberg.

Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 948 36 464

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DOF Group ASA ("DOF") is pleased to announce the award of a Limited* contract for Skandi Skansen in the North Sea. Under the contract, DOF will provide vessel and ROV services for a duration of 30 days with planned commencement in Q2 of 2026.

Furthermore, the PSV Skandi Kvitsøy had a 6-month option with its current client in Australia declared. The contract is now firm until September 2026 with further options until Q1-2028. The value of the declared 6-month option period is Limited*.

*DOF defines a Limited contract as a contract with value below USD 15 million.

Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64