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Financial Report 1st quarter for New DOF ASA

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The Group's revenue for 1st quarter (management reporting) totals NOK 3,020 million (NOK 2,149 million) and EBITDA totals NOK 1,064 million (NOK 756 million). The operating profit (EBIT) is NOK 701 million (NOK 311 million). Net financial cost amounts to NOK -442 million (NOK 675 million) incl. realised and unrealised currency loss of NOK -56 million (NOK 1,053 million). The net result is a loss of NOK -8 million (NOK 815 million). The Group’s net interest bearing debt is NOK 15,356 million (NOK 19,294 million) and the book equity is positive by NOK 6,204 million (NOK -65 million).

Operations:

  • The financial restructuring of the DOF Group was completed on the 22nd of March and has created a stable financial platform for the Group through a substantial conversion of debt to equity.
  • A process to list the new holding company at the Oslo Stock Exchange has been initiated.
  • To better present the Group’s operations and strategy, a new segment reporting is established from 1st quarter 2023.
  • The fleet had an average utilisation of 92% (83%) in the quarter.
  • The Group achieved an EBITDA (based on management reporting) in 1st quarter of NOK 1,064 million (NOK 756 million).
  • The good operational result for the Group in the quarter is mostly based on activity from the subsea regions and start-up of several new contracts awarded in 2022.
  • The total current fleet includes 55 vessels (incl. vessels on management or hired in):
    • 15 AHTSs, 11 PSVs and 29 Subsea vessels.

Backlog

  • Order intake of NOK 2.7 billion in the 1st quarter. 
  • The current backlog is NOK 22.1 billion (NOK 14.6 billion).

Please see enclosed 1st quarter Financial Report 2023.

Contact:

Martin Lundberg, SVP Finance and Investor Relations:
+47 916 21 057, martin.lundberg@dof.com

 

With a multi-national workforce of about 3,900 personnel, DOF group 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.
 

 

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