Financial Report 1st quarter 2016 for DOF ASA

Group operating income for Q1 (management reporting) totals NOK 2,182 million (NOK 2,521 million) and operating profit before depreciation and amortisation (EBITDA) totals NOK 733 million (NOK 767 million).  EBITDA incl. gain from sale of assets totals NOK 803 million (NOK 992 million). Operating profit (EBIT) is NOK 205 million (NOK 723 million). Impairment loss of NOK 330 million is booked in 1st quarter.

The average utilisation of the Group’s fleet during Q1 was 83%; 82% for the Subsea fleet, 76% for the AHTS fleet and 90% for the PSV fleet. The Group operated two vessels (partly owned) in the North Sea spot market and had four vessels partially in lay-up in 1st quarter.

The contract coverage for the remainder of 2016 is 73%; 82% for the PSV fleet, 73% for the AHTS fleet and 68% for the Subsea fleet.

The subsidiary DOF Subsea delivered Skandi Protector to new owners in January. Two newbuilds have been delivered after balance date. One PLSV owned by DOF Subsea and Technip and one AHTS owned by Norskan, were delivered in April. Both newbuilds were secured firm contracts on delivery.

Please see enclosed Q1 Financial Report 2016.

Webcast is available Friday 13.05.2016 at 08:30 on
www.dof.no.

Contact:
CEO Mons Aase, Tel.
+47 91 66 10 12
CFO Hilde Drønen, Tel + 47 91 66 10 09


With a multi-national workforce in excess of 4,000 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 30 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, Argentine, Egypt, Angola, and Australia.


DOF ASA is listed on the Oslo Exchange since 1997.

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