DOF Group — Earnings Release 2023

Nov 9, 2023

Financial Report 3rd quarter for DOF Group ASA

Financial Report 3rd quarter for DOF Group ASA

The Group's revenue for 3[rd] quarter (management reporting) totals NOK 3,372

million (NOK 2,850 million) and EBITDA totals NOK 1,295 million (NOK 1,032

million). The operating profit (EBIT) is NOK 889 million (NOK 680 million). Net

financial cost amounts to NOK -551 million (NOK -1,092 million) incl. unrealised

currency loss of NOK -249 million (NOK -834 million) and a net positive result

of NOK 285 million (NOK -482 million). The Group's net interest bearing debt is

NOK 14,571 million (NOK 22,398 million) and the book equity is NOK 7,955 million

(NOK -1,428 million).

Key highlights:

.    Another strong quarter and the Group achieved an EBITDA of NOK 1,295

million and a margin of 38%.

.    Cash flow from operations activities at NOK 1,107 million.

.    The average utilisation of the owned fleet was 85%.

.    The markets have continued to be strong, with high tender activity.

.    A purchase option related to the Skandi Iceman has been exercised at a

price below market values.

.    Skandi Neptune (agreed sold in 2021) has been delivered to new owners.

.    Stril Explorer has been chartered in on a 3-year contract (+ 4 annual

options) to support PIDF contract in      Brazil.

.    After balance date the Group has agreed to acquire 3 "non-core" PSVs from

the lenders in DOF Rederi,          whereof two of these vessels are in process

to be sold.

.    The total current fleet includes 54 vessels (incl. vessels on management or

hired in):

o    14 AHTSs, 11 PSVs and 29 Subsea vessels.

.    A strong order intake of NOK 4.3 billion in the 3rd quarter.

Firm backlog by end September of NOK 22.3 billion.

Statement from the CEO, Mons Aase: "We deliver another solid quarter with

improved cash flow and experiencing strong markets within all fleet segments. In

3rd quarter the performance has again been good within the subsea project

activity and the extension of the PIDF contract in Brazil and the SURF contract

in West-Africa are just reflecting the high activity within subsea. We have also

experienced strong markets in the North Sea especially for the PSV fleet.

Petrobras is out with several tenders, and we expect the backlog in Brazil to

grow further at improved rates. Based on the good performance so far and the

high backlog for Q4, the EBITDA guidance for the year has been increased to NOK

4.75-4.85 billion, from NOK 4.5-4.75 billion".

Please see enclosed 3rd quarter Financial Report 2023.

Webcast is available Friday, 10th of November at 08:30 on www.dof.com/webcast.

For further information, please contact:

Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA

Phone: +47 916 21 057

E-mail: martin.lundberg@dof.com

About DOF Group ASA

With a multi-national workforce of about 4,000 personnel, DOF Group 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 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, 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.