Financial Report 3rd quarter for DOF ASA
The Group's revenue for 3rd quarter (management reporting) totals NOK 2,052 million (NOK 2,027 million) and EBITDA totals NOK 865 million (NOK 879 million). Including in EBITDA is gain on sale of vessels of NOK 44 million (NOK 12 million). The operating profit (EBIT) is NOK 488 million (NOK -46 million), of which depreciation and impairment totals NOK 377 million (NOK 925 million). Net profit is NOK -128 million (NOK - 406 million).
• Average utilisation of the fleet 83% (71%)
• High utilisation in all segments
• Good performance from the subsea regions
• The total fleet includes 59 vessels (eight on management or hired in)
o 15 AHTS, 14 PSV and 30 Subsea vessels
o Two vessels agreed sold with delivery in 2022
o One vessel in lay-up
• The dialogue with the lenders concerning a robust long-term financial solution has had progress during 3rd quarter. The discussions continue, and there are important issues pending, hence the outcome of the restructuring process is still uncertain.
• The current standstill agreements with the banks and bondholders mature on 30th November.
• DOF Subsea has during the quarter repaid a loan facility at a substantial discount.
• Order intake NOK 2.8 bn in 3rd quarter
• Total backlog NOK 15 bn
Please see enclosed 3rd quarter Financial Report 2021.
Webcast is available Wednesday, 10th of November at 08:30 on www.dof.com.
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.