Financial Report 4th quarter and preliminary results 2014 for DOF ASA

The DOF Group has achieved a total revenue of NOK 2 878 million and an operational EBITDA of NOK 1 050 million in 4th quarter including gain on sale of assets NOK 264 million. Operational result (EBIT) was NOK 727 million. The balance sheet is strengthened through sale of vessels with approximately NOK 1 350 million in liquidity.

The subsea project activity had an utilisation rate of 67% and subsea term contracts had an utilisation rate of 93%. The utilisation rate for the PSV and AHTS segments has been 88% and 80% respectively. The Group has to date built a historically high back log of in total NOK 65 billion.

Please find enclosed Financial Report 4th quarter 2014.

Webcast is available Friday 20 February 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 in excess of 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.