Financial Report 1st quarter for DOF ASA
The Group's revenue for 1st quarter (management reporting) totals NOK 2,174 million (NOK 1,514 million) and EBITDA totals NOK 767 million (NOK 492 million). The operating profit (EBIT) is NOK 321 million (NOK 45 million), of which depreciation and impairment totals NOK 446 million (NOK 447 million). Net financial cost amounts to NOK 630 million (NOK -720 million) including unrealised currency gain of NOK 1,010 million (NOK -480 million). The profit is NOK 824 million (NOK -801 million).
Key information:
Operations
- Average utilisation of the fleet in 1st quarter was 82% (67%).
- Variable performance from the Subsea regions.
- Good performance from the DOFCON JV.
- High tender activity within all segments.
- The total current fleet includes 55 vessels (incl. vessels on management or hired in)
- 15 AHTSs, 11 PSVs and 29 Subsea vessels
- One (owned) vessel in lay-up
- Four vessels agreed sold since year-end
Finance
- Even though the markets have improved, the Group is not in a position to pay its debts without a significant conversion of debt into equity and thereby continue as a going concern.
- The Group’s financial position is not sustainable, and the equity is lost.
- The restructuring proposal currently discussed with the creditors include conversion of a significant amount of debt to equity and soft terms of the existing loan facilities. The dialogue with the lenders is constructive, but a refinancing solution is not yet in place.
- The current standstill agreements with the lenders and bondholders mature on the 31st of May.
- High unrealised currency gain on long-term debt due to a significant strengthened BRL to USD in the period. After balance date the result from movements in the FX rates have the opposite effect.
Backlog
- Order intake NOK 1.3 billion in the 1st quarter.
- Current backlog is NOK 14.6 billion (NOK 14.2 billion), of which joint venture backlog is NOK 5.2 billion (NOK 5.5 billion).
Please see enclosed 1st quarter Financial Report 2022.
Webcast is available Thursday, 19th of May at 08:30 on www.dof.com.
Contact:
CEO Mons Aase, Tel + 47 91 66 10 12
CFO Hilde Drønen, Tel + 47 91 66 10 09
With a multi-national workforce of about 3,800 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.