Financial Report 3rd quarter 2016 for DOF ASA
Group operating income for Q3 (management reporting) totals NOK 2,036 million (NOK 2,901 million). Operating profit before depreciation and impairment (EBITDA) totals NOK 727 million (NOK 933 million). Operating profit (EBIT) is NOK -495 million (NOK 542 million), of which NOK 928 million (NOK 118 million) represents impairment loss in Q3. Profit before taxes is NOK 565 million (NOK -439 million), and highly impacted by the restructuring bond debt in August.
The average utilisation of the Group’s fleet during Q3 was 83%. The utilisation of the subsea fleet was 79%, the AHTS fleet 75% and the PSV fleet 96%. The Group operated during Q3 five (wholly and partly owned) vessels in the North Sea spot market, in addition to one vessel in the short term market in Asia. At the end of the quarter, the Group had four vessels in lay-up, of which one of these vessels has been sold and delivered to new owners in November.
The contract coverage for the remainder of 2016 is 82%; 89% for the PSV fleet, 77% for the AHTS fleet and 81% for the Subsea fleet.
The Group has completed its refinancing plan in August, including restructuring of bond debt and a rights issue in DOF ASA. A new facility of NOK 3,800 million for the refinancing of 27 vessels was drawn in October.
The 1stdelivery of Skandi Buzios was completed in September. The vessel is currently in Holland for installation of 650 ton pipe-laying tower.
A sales agreement has been signed for the Skandi Santos.
Please see enclosed Q3 Financial Report 2016.
Webcast is available Wednesday 16.11.2016 at 08:30 on www.dof.no.
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.