DOF Group — Earnings Release 2023

Aug 22, 2023

Financial Report 2nd quarter for DOF Group ASA

Financial Report 2nd quarter for DOF Group ASA

The Group's revenue for 2nd quarter (management reporting) totals NOK 3,524

million (NOK 2,500 million) and EBITDA totals NOK 1,349 million (NOK 851

million). EBITA margin of 38% (34%). The operating profit (EBIT) is NOK 1,412

million (NOK 505 million). Net financial cost amounts to NOK -48 million

including unrealised currency gain/loss on long-term debt. The net result is NOK

1,140 million (NOK -1,285 million). The Group's net interest bearing debt is NOK

15,557 million (NOK 21.337 million) and the book equity is NOK 7,809 million

(NOK -1,018 million).

Key highlights:

· Record high Group EBITDA of NOK 1,349 million (NOK 851 million) and a margin

of 38%

· The Group's fleet achieved an average utilisation of 88% (86%) in the

quarter.

· Margins, rates and vessel values have continued the positive trend seen in

previous quarters.

· DOF Group ASA completed re-listing at Oslo Børs after completion of a public

offering of 20.1 million new shares corresponding gross proceeds of NOK 564

million.

· In May the Group exercised its option to purchase the Skandi Hera (AHTS) and

the Skandi Darwin (Subsea) and after balance date an option related to the

Skandi Iceman (AHTS) was exercised. All at prices significantly below market

values.

· The total current fleet includes 55 vessels (incl. vessels on management or

hired in):

·       14 AHTSs, 11 PSVs and 30 Subsea vessels.

· Order intake of NOK 1.6 billion in the 2nd quarter.

· Firm backlog by end June of NOK 20.8 billion (contracts awarded after

balance date represent a value of approximately NOK 1 billion)

Please see enclosed 2nd quarter Financial Report 2023.

Webcast is available Wednesday, 23rd of August at 08:45 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.