Financial Report 3rd quarter 2015 for DOF ASA

DOF Group operating income for Q3 based on management reporting totals NOK 2,901 million (NOK 2,772 million) and operating profit before depreciation and amortisation (EBITDA) totals NOK 925 million (NOK 914 million). EBITDA including gain from sale of assets totals NOK 933 million. Group income year to date totals NOK 8,200 million (NOK 7,803 million) and EBITDA is NOK 2,901 million (NOK 2,740 million). EBITDA includes gain from sale of assets of NOK 371 million (NOK 204 million).

The average utilisation of the Group’s fleet during Q3 was 90%. An utilisation of 88% for the subsea fleet, 89% for the AHTS fleet and 96% for the PSV fleet. The Group operated during Q3 four (wholly/partly owned) vessels in the North Sea spot market. Two older vessels were laid up during the period and one vessel was sold. DOF Subsea had 11 vessels operating in the subsea project market with an utilisation for 76%, five vessels were chartered from external owners, of which two are redelivered in October.

The contract coverage excluding options for the combined fleet is 90% in Q4 2015 and contract coverage for the next 12 months period is 71%.

The Group has secured new contracts this quarter representing a value of NOK 4 625 million including a 10 years contract in Canada.

DOF Subsea took delivery of Skandi Africa ("ship of the year) early October, and the vessel has started on a five years contract with Technip.

Please see enclosed Q3 Financial Report

Webcast is available Friday 13.11.2015 at 08:30 on www.dof.no.

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 almost 5,000 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.