DOF Group — Earnings Release 2025

May 16, 2025

DOF Group ASA - Financial Report for 1st quarter 2025

DOF Group ASA - Financial Report for 1st quarter 2025

DOF Group ASA's ("DOF" or the "Group") revenue for 1st quarter (management

reporting) totals USD 428 million (USD 330 million) and EBITDA totals USD 158

million (USD 114 million). The operating profit (EBIT) is USD 99 million (USD?70

million). Net financial gain amount to USD 8 million (USD -52 million) including

unrealised currency gain of USD 53 million (loss USD -21 million). The result

after taxes is USD 75 million (USD?6 million). The Group's net interest-bearing

debt is USD 1,383 million (USD 1,358 million). The equity is USD 1,861 million

(USD 1,029 million) giving an equity ratio of 46% (34%).

Key highlights in 1st quarter:

.    The Group delivered EBITDA of USD 158 million (USD 114 million)

.    Utilisation of 83% (87%)

.    The NIBD/LTM EBITDA is 2.4x

.    The refinancing of the Group successfully closed in Q1 2025

.    Initiating quarterly dividends, with first dividend payment in June 2025 of

USD 0.3 per share

.    Firm backlog by end March is USD 3.10 billion (USD 1.94 billion)

Note: all numbers commented above are based on management reporting.

Statement from the CEO

The DOF Group is delivering a good start to 2025 with strong project execution

and a solid first quarter EBITDA of USD 158 million, representing an improvement

from Q4 2024 and close to 40% increase from first quarter last year.

The performance is, as expected, impacted by the integration of the DOF Denmark

fleet to the DOF commercial platform with multiple vessel mobilisations and

transits affecting the utilisation. The DOF Denmark EBITDA contribution for the

quarter was USD 27 million and the utilisation of the fleet was 68%. We remain

confident that the contribution from the DOF Denmark fleet will improve through

We have secured multiple large contracts in the first quarter utilising the

inhouse capabilities of the subsea regions and the large fleet of high-end

vessels. This together with the strong backlog and the continued high tendering

activity gives confidence in the continued performance of the group. The EBITDA

guidance range for 2025 is narrowed to USD 730 - 790 million.

The refinancing process was concluded in March as planned and we look forward to

making our first quarterly dividend payment of USD 0.3 per share in June. We

expect significant backlog additions in the next months to further increase

earnings visibility. When the increased visibility materialises, we will target

the upper end of the communicated leverage range of 1.5 - 2.0x NIBD / LTM EBITDA

and thus see potential to increase the quarterly dividends going forwards by

returning excess cash to our shareholders.

Please see enclosed 1st quarter Financial Report 2025 and presentation.

A webcast, followed by a Q&A session, will be available Friday, 16 May at 14:00

CEST on www.dof.com/webcast.

Eirik Vardøy, Investor Relations DOF Group ASA

Phone: +47 94 83 64 64

About DOF

DOF Group ASA (OSE ticker: DOFG) is a leading provider of offshore and subsea

services to the offshore energy industry. The company owns and operates a fleet

of modern offshore/subsea vessels which is combined with strong engineering

capabilities to provide integrated offshore services globally.

www.dof.com