DOF ASA

Earnings Release • Feb 25, 2021

Financial Report 4th quarter for DOF ASA

Financial Report 4th quarter for DOF ASA

The Group's revenue for 4th quarter (management reporting) totals NOK 1 680

million (NOK 1 979 million) and the EBITDA totals NOK 606 million (NOK  805

million, adjusted for hedge accounting). The operating profit (EBIT) is NOK -335

million (NOK 98 million), of which depreciation and impairment totals NOK 942

million (NOK 651 million). Net profit is NOK  238 million (NOK -512 million).

In summary, 2020 has been a challenging year due to continued downturn in the

markets which has increased the pressure on earnings and utilisation. In

addition, the COVID-19 virus has continued to impact operations. The Group has

secured new contracts with a total value of approximately NOK 6.1 billion the

last 12 months, and in the 4th quarter new contracts with a value of NOK 1.6

billion have been secured.

The restructuring of the Group's debt is ongoing and standstill agreements have

been agreed until the 30th of April with the majority of the secured lenders and

until the 31st of March with the bondholders. BNDES has extended the standstill

agreement for the majority of the facilities until the 10th of June. The Group

is dependent on continued standstill agreements with its creditors until a long

-term financial solution is agreed to maintain as going concern.

The average utilisation of the Group's owned fleet during the 4th quarter was

68%; 77% for the subsea fleet, 59% for the AHTS fleet and 56% for the PSV

fleet.

General operational comments in Q4:

.    Improved performance from subsea projects in the Asia-Pacific and the

Atlantic regions

.    Increased activity in Brazil and several vessels mobilising for new

contracts

.    Continued weak North Sea market

.    The Group's current backlog is NOK 15.3 billion

Please see enclosed 4th quarter Financial Report 2020.

Webcast is available Thursday, 25th of February at 08:30 on www.dof.com.

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 about 3,150 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 35 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.