Financial Report 4th quarter 2015 for DOF ASA

Group operating income for Q4 based on management reporting totals NOK 2,610 million (NOK 2,878 million) and operating profit before depreciation and amortisation (EBITDA) totals NOK 822 million (NOK 785 million). EBITDA including gain from sale of assets totals NOK 818 million (NOK 1,049 million). Group income in 2015 totals NOK 10,809 million (NOK 10,681 million) and operational EBITDA is NOK 3,344 million (NOK 3,322 million). EBITDA (including gain from sale of assets) totals NOK 3,719 million (NOK 3,790 million).

The average utilisation of the Group’s fleet during Q4 was 87%. The utilisation of the Subsea fleet was 84%, the AHTS fleet 81% and the PSV fleet 96%. The Group operated during Q4 two (wholly/partly owned) vessels in the North Sea spot market, and had two vessels in lay-up. One of the vessels in lay-up was sold in December.

The contract coverage for 2016 for the combined fleet excluding options is today 70,9%; 80% for the PSV fleet, 69% for the AHTS fleet and 65% for the Subsea fleet.

The subsidiary DOF Subsea took in October delivery of Skandi Africa and the vessel has started on 5 years contract. DOF Subsea has concluded an agreement for the sale of Skandi Protector to the Commonwealth of Australia. The vessel was delivered in January 2016.

Please see enclosed Q4 Financial Report.

Webcast is available Friday 19.02.2016 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.