Financial Report 3rd quarter for DOF ASA

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The Group's revenue for 3rd quarter (management reporting) totals NOK 2,862 million (NOK 2,052 million) and EBITDA totals NOK 1,030 million (NOK 865 million). The operating profit (EBIT) is NOK 678 million (NOK 488 million). Net financial cost amounts to NOK -1,126 million (NOK -671 million) incl. unrealised currency loss of NOK -869 million (NOK -548 million). The net result is a loss of NOK -519 million (NOK -128 million). The Group’s net interest bearing debt is NOK 23,159 million (NOK 19,847 million) and the book equity is negative with NOK - 2,212 million (NOK - 1,106 million).

•    The average utilisation of the fleet was 88% (83%) in the quarter
•    High activity and good performance in the subsea regions 
•    High activity in Brazil. Lower rates and utilisation in the North Sea spot market especially for the AHTS fleet
•    A high tender activity has resulted in an increased order intake the last two quarters
•    The total current fleet includes 54 vessels (incl. vessels on management or hired in)

- 15 AHTSs, 11 PSVs and 28 Subsea vessels 
- One vessel sold and delivered in the quarter

•    Order intake of NOK 3.9 billion in the quarter 
•    Total backlog of NOK 21.7 billion by end of the quarter 

•    The Group has signed a Restructuring Agreement with the secured lenders and a group of bondholders representing 40% of the total outstanding bonds (“The lenders”), with the purpose of securing a long-term financial solution and continue as going concern, where the following main terms have been agreed: 

- Conversion of approximately NOK 6.2 billion in debt into equity across all major silos within the Group (DOFCON JV excluded), whereas the holders of current shares will hold 4% of the shares after the conversion. 

- Consolidation of most bilateral facilities at DOF Subsea Group in a single syndicated loan and refinancing of the DOF Rederi Fleet loan after conversion of debt.

- Amended terms of the Norskan financing including a split in guaranteed (approx. 70%) and unguaranteed tranches.

- The Restructuring Agreement remains to be approved by the bondholders in DOF Subsea AS in a bondholder meeting on 7th of November and by the shareholders in the Company in an extraordinary general meeting on 11th of November.

- The Group and the lenders have agreed alternative implementation steps of the restructuring should it not be approved by the shareholders.

Please see enclosed 3rd quarter Financial Report 2022.

Webcast is available Thursday, 27th of October at 08:30 on

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 3,900 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.



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