Financial Report 2nd quarter 2016 for DOF ASA

Group operating income for Q2 (management reporting) totals NOK 2,439 million (NOK 2,778 million) and operating profit before depreciation and amortisation (EBITDA) totals NOK 757 million (NOK 838 million).  EBITDA incl. gain from sale of assets totals NOK 760 million (NOK 976 million). Operating profit (EBIT) is NOK 222 million (NOK 410 million) impacted by impairment loss of NOK 260 million (NOK 262 million).

The average utilisation of the Group’s fleet during Q2 was 88%; 86% for the Subsea fleet, 85% for the AHTS fleet and 93% for the PSV fleet. The Group operated three vessels (whole and partly owned) in the North Sea spot market and had two vessels partially in lay-up in 2nd quarter.

The contract coverage for the remainder of 2016 is 79%; 87% for the PSV fleet, 71% for the AHTS fleet and 78% for the Subsea fleet.

The Group has completed an overall refinancing plan in August, including restructuring of bond debt in DOF ASA, refinancing of several bank facilities and a right issue.

DOF Subsea was in July awarded a 5-year contract with Shell at the Prelude field in Australia, the contract includes charter of one vessel and IRM services.

The newbuilds Skandi Paraty and Skandi Acu have been delivered and are on-hire on long term contracts with Petrobras.

Please see enclosed Q2 Financial Report 2016.

Webcast is available today, 17.08.2016 at 08:30 on

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.