Financial Report 2nd quarter for DOF ASA

The Group's revenue for 2nd quarter (management reporting) totals NOK 2,003 
million (NOK 1,802 million) and the EBITDA totals NOK 680 million (NOK  701
million). The operating profit (EBIT) is NOK 148 million (NOK -354 million), of
which depreciation and impairment totals NOK 531 million (NOK 1,056 million).
Net profit is NOK 580 million (NOK -675 million).

The average utilisation of the Group's owned fleet during the 2nd quarter 2021
was 80%; versus 70% the same period last year

Operations:
•    The markets have continued to be challenging
•    High activity in the subsea project segments and mobilisations have impacted the cash flow in the quarter
•    Still challenging operations due to COVID-19, but the situation in Brazil has improved
•    3 vessels in lay-up (one owned) versus 12 in lay-up the same period last year
•    1 vessel sold, and 1 vessel recycled in the quarter
•    Current backlog is NOK 13.2 billion, and in addition NOK 1,7 billion is secured after end of period

The Group has continued the discussions with the lenders on a long-term refinancing solution for the Group. The current standstill agreements with the secured lenders and bond holders mature on 31 August.

Please see enclosed 2nd quarter Financial Report 2021.

Webcast is available Tuesday, 24th of August 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 3,150 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.