Financial Report 4th quarter 2016 for DOF ASA

Group operating income for Q4 (management reporting) totals NOK 1,912 million (NOK 2,610 million). Operating profit before depreciation and impairment (EBITDA) totals NOK 695 million (NOK 818 million). Operating profit (EBIT) is NOK -21 million (NOK 395 million), of which NOK 717 million (NOK 424 million) represents impairment loss and depreciation in the period. Profit before taxes is NOK - 625 million (NOK - 134 million). 

Group operating revenue in 2016 is NOK 8 569 million (NOK 10 809 million), EBITDA NOK 2,986 million (NOK 3 719 million) and profit before taxes is NOK 403 million (NOK - 335 million).

The average utilisation of the Group’s fleet during Q4 was 82%; 79% for the subsea fleet, 78% for the AHTS fleet and 89% for the PSV fleet. The Group operated during Q4 three vessels in the North Sea spot market and two vessels in the short term market in Asia. By end of the year the Group had six vessels in lay-up. DOF Subsea has had eight vessels in the project subsea market during Q4 and achieved 74% utilization. Two vessels were sold and delivered to new owners in November. 

By year end the Group contract value totalled approx. NOK 27 billion. The contract coverage for 2017 is 57%.

Please see enclosed Q4 Financial Report 2016.

Webcast is available Wednesday 17.02.2017 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.