DOF Group

Investor Presentation • Nov 5, 2025

5th of November 2025

DOF Group ASA – Q3-25 presentation

DOF at a glance

An integrated offshore services company combining asset ownership and project engineering

751 vessels in fleet

USD 4.7bn backlog as of Q3 '25

6 operating continents

>6,000 employees

40+ years operational history

Norway headquartered

913 875 876 807 877 1.000 1.500 1 045 1 116 1 265 1 883 Historical revenues

Historical EBITDA split

'16 '17 '18 '19 '20 '21 '22 '23 '24 LTM

2 054

North America

Asia-Pacific

1 080

South America

Vessels per region

DOF is an offshore service provider, vessel owner and operator

Vessel owner & marine management Specialised subsea service provider Integrator of offshore services

A purpose built fleet and knowledgeable, dedicated core crews to support safe operations.

End-to-end customised project delivery. A single point of access to all project resources including design and engineering, vessels and marine management.

One-stop shop for offshore project development and execution

63 owned offshore vessels 80 ROVs and AUV equipment

+ 4 hired in offshore vessels

Skilled workforce of ~2,000 dedicated project and subsea employees

Combined company strategically positioned between pure asset-focused and subsea companies

Q3-25 operational and financial update

Key takeaways

• EBITDA of USD 205 million for the quarter including gain on sale of two vessels
• − Sales gain of two sold and delivered vessels of USD 12 million
• − DOF Denmark EBITDA contribution of USD 54 million including the gain on sale
• Average fleet utilisation of 87% (92%) during the quarter
• Firm backlog of USD 4.7bn at the end of the quarter
• − Further additions after the balance date, bringing the total beyond USD 5 billion
• EBITDA guidance range for 2025 narrowed to USD 750 760 million
• NIBD/LTM EBITDA2 at 1.9x
• Active quarter for capital market activities
• − 5-year USD 150m senior unsecured bond placed
• − USD 140m senior secured USPP notes to finance Skandi Norseman (newbuild field support vessel with 15-year contract in Canada)
• Norskan's international debt of USD 78m with final maturity in January 2026 repaid using parts of the proceeds from the bond issue
• Quarterly dividend increased to USD 0.35 per share, to be paid 27 November 2025

Operational performance1 (USD million)

Net interest-bearing debt & Equity (USD million)

Selected new contract awards since the start of Q3-25

Skandi Lifter Skandi Fluminense

Client: Petrobras Location: Brazil Duration: 4 years

PIDF

Client: Petrobras Location: Brazil Duration: 3 years Value: USD 390m

Client: Equinor Location: North Sea Duration: 1 year extension

Client: TotalEnergies Location: Argentina Duration: 3 + 2 years

Skandi Implementer

Client: Int'l oil companies Location: Mexico Duration: >2 months

Skandi Nomad

Location: Guyana Duration: 1 year ext.

Skandi Olympia Skandi Chieftain

Client: Petrobras Location: Brazil Duration: 4 years

Geoholm Skandi Carla Client: Petrobras Location: Brazil

Duration: 4 years

Skandi Inventor Client: Int'l operator Location: APAC Duration: 1 year

Value: USD 25 – 50m

Skandi Hercules Location: APAC Duration: 4 weeks Value: <USD 15m

Skandi Skansen Location: Guyana Duration: 6 weeks

Cade Candies (third party vessel) Location: USA Duration: 8 months

Skandi Constructor Location: Guyana Duration: 1 year ext.

Skandi Niterói Skandi Vitória Client: Petrobras Location: Brazil Contract extensions (all now firm until 2030) Value: ~USD 100m of backlog to DOF

Skandi Açu

Extension of PLSV contracts in Brazil secures backlog through the decade

Comments

• Three of DOFCON's PLSVs (pipelay support vessels) owned 50/50 with TechnipFMC have had their current contracts with Petrobras extended by between ~7 and ~14 months
• All three vessels were due to commence new 3-year contracts with Petrobras during Q4-25 and H2-26
• Commencement of the new contracts will be shifted to Q1-27 with the 3-year firm duration maintained, meaning that all three vessels have secured firm backlog until 2030 following the extensions
• All other terms and conditions than commencement of the 3-year contracts remain unchanged
• The three extensions add approximately USD 100m of backlog to DOF

USD ~4.7 billion of profitable backlog with tier 1 clients per Q3-25

• ~ USD 1.5 billion order intake in Q3 2025
• Further ~USD 0.4bn order intake after the end of Q3

Large end of Q3 2025 backlog Significant backlog execution in 2025

• 99% of remaining mid-point revenue guidance for 2025 secured through confirmed backlog

PIDF in Brazil: utilising hired in vessels for attractive project economics

PIDF – service contracts in Brazil

• The previously sanctioned PIDF contracts in Brazil were signed towards the end of Q3 with commencement in H1 2026
• The contracts go over three years and encompass more than 4,000 planned inspections for Petrobras, covering the Santos, Campos and Espirito Santo basins
• Total contract value of approximately USD 390 million
• DOF has executed on similar contracts since 2021 using a mix of hired in and owned vessels

PIDF project vessels

Three AHTS vessels announced sold during Q3-25

• DOF has announced the sale of three AHTS vessels during Q3
• The three vessels were among the lowest capacity AHTS vessels in DOF's fleet and the sales are thus in line with the company's strategy to high-grade the AHTS fleet
• Skandi Tender and Skandi Trader were delivered to their new owner, Seacontractors, in September and the financial effects of the two sales have been included in the Q3 figures
• Skandi Handler to be delivered to its buyer during Q4
• Marginal (~USD 1m) total EBITDA contribution from the three vessels YTD

Skandi Handler Skandi Tender (now Sea Branckert)

Skandi Trader (now Sea Evertsen)

Comments DOF AHTS vessel fleet prior to sales1

Q3-25 EBITDA stronger than Q3-24

DOF Group EBITDA by segments1 P&L

DOFCON JV

USD millions	Q3 2025	Q3 2024	LTM	2024
Operating revenue	501	376	1 883	1 513
EBITDA	205	141	729	529
EBIT	138	88	578	458
Financial income	7	7	31	24
Financial costs	(27)	(29)	(146)	(127)
Net gain/(loss) on currencies	19	13	21	(160)
Net financial cost	(1)	(9)	(94)	(263)
Profit/loss before tax	138	79	484	195
Tax	(31)	(9)	(70)	(17)
Net profit/loss	107	69	414	178

Key takeaways

• Continued strong performance across segments
• Gain on sale of assets of USD 12m included in the USD 205m figure
• Uplift of USD 9m vs. comparable segments (i.e. excluding DOF Denmark) in the same quarter last year

NIBD / LTM EBITDA now at 1.9x - inside target range

• NIBD/LTM EBITDA1 at 1.9x at the end of Q3-25
• Leverage level now inside the communicated target range of 1.5 2.0x

DOF Group leverage (USDm) IBD & NIBD development Q3 2025 (USDm)

• Increase in gross interest-bearing debt driven by proceeds from the bond loan and USPP financing of Skandi Norseman
• Reductions from repayment of Norskan international debt, scheduled amortisation and extraordinary amortisation from sold vessels
• Cash position increased by >USD 120m during the period, thus reducing the net interest bearing debt level somewhat

Skandi Norseman funded through US private placement

Financing & structure update Simplified structure

• The process to secure funding for the newbuild vessel Skandi Norseman (previously referred to under the concept name "SeaDragon") concluded at the end of Q3-25
• USD 140 million issuance of Senior Secured US Private Placement notes amortising over 15 years until 2042 with a fixed coupon of 6.24%
• The transaction was structured as a ringfenced, non-recourse project financing covering both construction and operational phases of the vessel
• The structure enables dividend payments from the SPV to DOF from the first year of operation while DOF will not need to contribute with cash towards yard instalments or interest
• Funding to be split across four drawdowns aligned with the remaining payment schedule to the yard – USD 79m drawn in Q3-25
• Delivery of the vessel scheduled for H1 2027

For illustrative purposes only

No near-term balloon maturities in the debt amortisation profile

Maturity profile of existing debt as of Q3 2025

Comments

• Norskan's international debt of USD 78m, all of which had maturity before or in Jan 2026, was repaid using parts of the proceeds from the USD 150m bond issue done in September 2025
• There are consequently no balloon maturities remaining prior to 2030, when both the USD 150m bond and the remainder of the DOF Shipowning fleet loan mature
• Some of DOFCON's debt facilities will be amortised to zero during 2027 and 2028, reducing the annual amortisation profile going forwards
• Sweep mechanism in addition to mandatory amortisation in Norskan
• Amortisation schedule assumes full draw down of Skandi Norseman USD 140m private placement (currently USD 79m drawn)

1414 Note: Excluding leases in subsea regions

Healthy cash balance of USD 520m at the end of Q3-25

Q2-25 to Q3-25 cash flow bridge

USD 86m (USD 0.35 per share) dividend to be paid in November

Key information relating to dividend USD 234m paid and declared YTD

• Dividend amount: USD 0.35 per share

• Declared currency: USD

• Last day including right: 18 November 2025

• Ex-date: 19 November 2025

• Record date: 20 November 2025

• Payment date: 27 November 2025

• Date of approval: 4 November 2025

• Other information: The dividend will be paid in NOK and the amount in NOK will be announced at a later date.

Guiding and outlook

Updated 2025 financial guiding

	Previous 2025 guiding	Updated 2025 guiding	Comments
Revenue	USD 1.9 – 2.0 billion	USD 1.9 – 2.0 billion	• EBITDA guidance range
EBITDA (ex gain on sale of assets)	USD 740 – 770 million	USD 750 – 760 million	million • Maintenance capex range
Depreciation	USD 240 - 250 million	USD 240 - 250 million	of dockings
Net operating income	USD 490 – 530 million	USD 500 – 520 million
Net interest cost1	USD 100 - 110 million	USD 100 - 110 million	on DOF Denmark vessels
Tax payable	USD 50 - 60 million	USD 45 - 55 million
CAPEX	USD 290 - 310 million	USD 290 - 310 million
of which - Maintenance - Growth capex - Newbuild	USD 130 – 140 million USD 70 – 80 million USD 90 million	USD 120 – 130 million USD 80 – 90 million USD 90 million

• EBITDA guidance range narrowed to USD 750 – 760 million
• Maintenance capex range reduced somewhat due to timing of dockings
• Growth capex range increased by USD 10m due to purchase of additional ROVs to be deployed on DOF Denmark vessels

Full-year 2025 EBITDA guidance range narrowed to USD 750 – 760 million

• All time high backlog in nominal terms and coverage for coming years (~75% for 2026 and >50% for 2027)
• Large number of prospects and continued high tendering activity across regions

DOF Group P&L Q3 2025

USD million	Q3 2025	Q3 2024	LTM	2024
Operating revenue	501	376	1 883	1 513
Operating expenses	(308)	(235)	(1 167)	(987)
Share of net profit from joint ventures and associates	0	-	0	0
Net gain (loss) on sale of tangible assets	12	0	13	2
Operating profit before depreciation and impairment - EBITDA	205	141	729	529
Depreciation	(67)	(53)	(248)	(205)
Impairment (-)/reversal of impairment	(0)	-	97	134
Operating profit - EBIT	138	88	578	458
Financial income	7	7	31	24
Financial costs	(27)	(29)	(146)	(127)
Net realised gain/loss on currencies	1	(4)	(25)	(27)
Net unrealised gain/loss on currencies	20	17	43	(133)
Net changes in unrealised gain (loss) on derivatives	(2)	-	3	-
Net financial costs	(1)	(9)	(94)	(263)
Profit (loss) before taxes	138	79	484	195
Taxes	(31)	(9)	(70)	(17)
Profit (loss) for the period	107	69	414	178

EBITDA & EBIT adj.1

2222 (1) EBIT adj. defined as EBIT less impairment/reversal

DOF Group Balance sheet Q3 2025

USD million	30.09.2025		DOF Group capital structure development 30.09.2024 31.12.2024
Assets
Tangible assets	2 981	2 057	2 883	Assets
Contract costs	24	35	30
Goodwill	3	-	3	Equity
Deferred tax assets	108	64	113
Investment in joint ventures and associates companies	-	-	0	Equity ratio %
Other non-current receivable	62	21	16				4 197
Total non-current assets	3 178	2 177	3 045		4 097	4 067
Trade receivables	493	350	401
Other current assets	145	110	111
Current assets	639	460	511
Restricted deposits	16	85	88
Unrestricted cash and cash equivalents	505	365	453	3 087
Cash and cash equivalents incl. restricted deposits	520	450	541
Total current assets	1 159	910	1 052
Total Assets	4 337	3 087	4 097
						46%	46%
EQUITY AND LIABILITIES					43%
Share capital	59	42	59
Other equity	1 918	1 152	1 713	39%		1 861	1 942
Non-controlling interests	-	-	0		1 772
Total equity	1 978	1 195	1 772
Bond loan	148	73	53
Debt to credit institutions	1 478	1 327	1 640
Lease liabilities	51	43	26	1 195
Other non-current liabilities	52	8	39
Non-current liabilities	1 729	1 451	1 759
Current portion debt to credit institutions	213	126	195
Current portion lease liabilities	37	45	23
Trade payable	232	194	243
Other current liabilities	148	76	105
Current liabilities	630	441	566
Total liabilities	2 359	1 892	2 325	30.09.2024	31.12.2024	31.03.2025	30.06.2025
Total equity and liabilities	4 337	3 087	4 097

2323 According to management reporting

DOF Group Cash flow Q3 2025

USD million	Q3 2025	Q3 2024	LTM	2024
Operating result	137	88	388	458
Depreciation and impairment	67	53	189	71
Gain (loss) on disposal of tangible assets	(12)	(0)	(12)	(2)
Share of net income from associates and joint ventures	-	-	-	(0)
Dividend from joint ventures	-	-	-	-
Amortisation of contract costs	6	9	18	27
Addition contract costs	(3)	(1)	(8)	(19)
Changes in trade receivables	(32)	(32)	(93)	(16)
Changes in trade payable	3	(5)	(11)	31
Changes in other working capital	18	13	20	(14)
Cash from operating activities	185	123	491	535
Interest received	4	4	21	23
Interest cost and finance costs paid	(27)	(24)	(106)	(112)
Taxes paid	(11)	(6)	(34)	(29)
Net cash from operating activities	152	97	373	418
Payments received for sale of tangible assets	29	0	29	39
Purchase of tangible assets	(71)	(24)	(184)	(108)
Payment of additions to right-of-use assets	(2)	-	(14)	-
Payment of acquisition, net of cash	-	-	-	172
Purchase of shares	-	(1)	(0)	(567)
Dividend receieved	-	-	1	-
Net cash from other non-current receivables	9	2	15	11
Net cash from investing activities	(35)	(23)	(154)	(454)
Proceeds from borrowings	228	-	1 244	491
Repayment of debt to financial institutions	(137)	(44)	(1 334)	(270)
Repayment of lease liabilities	(10)	(11)	(21)	(37)
Share issues	-	75	-	74
Dividend paid	(73)	(1)	(144)	(1)
Net cash from financing activities	7	19	(257)	257
Net changes in cash and cash equivalents	124	93	(37)	221
Cash and cash equivalents at the start of the period	396	355	541	353
Exchange gain/loss on cash and cash equivalents	0	2	17	(33)
Cash and cash equivalents at the end of the period	520	450	520	541

DOF Group free cash flow1 conversion

Operational performance by segments in Q3 2025

Shipowning

• Owns 47 vessels
• Two AHTS, Skandi Tender and Trader sold and delivered during the quarter
• Skandi Handler sold and to be delivered Q4 2025
• DOF Denmark fleet utilisation was 79%, compared to 82% last quarter.

DOFCON (JV)²

• DOFCON owns 6 PLSV
• All vessels on firm Petrobras contracts
• Stable operations and improved earnings outlook
• Skandi Acu, Niteroi & Vitoria had their current contracts with Petrobras extended by between 8 and 14 months at higher rates, announced in November

Norskan

• Norskan owns 9 Brazilian built AHTS vessels majority equipped with ROV
• All vessels are under firm contracts with Petrobras
• Five of the AHTS have been awarded new 4year contracts with Petrobras, scheduled to commence in the first half of 2026.
• Norskan is the vessel manager for the Group's Brazil fleet

DOF Subsea regions

• Atlantic: Skandi Installer, Skandi Inventor and Skandi Hera have been working on multiple projects, and long-term contracts continued to plan
• Asia-Pacific: High utilisation across the fleet with Skandi Singapore and Skandi Hercules working on projects, while Skandi Hawk and Skandi Darwin have continued long-term contracts
• North America: Skandi Skansen and Skandi Implementer working on projects – long-term contracts continued to plan.
• South America: Skandi Salvador and Skandi Achiever working for tier 1 contractors. Various short-term work for multiple vessels.

88% (94%)

97% (91%)

84% (90%)

N/A

External debt by segments

Operational development

Revenue & EBITDA development Comments

Stable EBITDA margins through different economic cycles.

The increased revenue is mainly driven by subsea projects and DOF Denmark.

DOF Denmark contribution incorporated from November 2024.

Debt development

IBD & NIBD development Comments

Continued deleveraging

Further reducing debt and leverage after the financial restructuring in 2023

Net interest-bearing debt at postrestructuring level following the acquisition DOF Denmark, which added 22 vessels to the fleet

DISCLAIMER

This presentation by DOF Group ASA is designed to provide a high-level overview of aspects of the operations of the DOF Group.

The material set out in the presentation is current as of 4 November 2025.

This presentation contains forward-looking statements relating to operations of the DOF Group that are based on management's own current expectations, estimates and projections about matters relevant to DOF Group ASA's future financial performance. Words such as "likely", "aims", "looking forward", "potential", "anticipates", "expects", "predicts", "plans", "targets", "believes" and "estimates" and similar expressions are intended to identify forward-looking statements.

References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results.

No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of the DOF Group or the likelihood that the assumptions, estimates or outcomes will be achieved.

While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. DOF Group ASA, its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation.

All forward-looking statements made in this presentation are based on information presently available to management and DOF Group ASA assumes no obligation to update any forward looking- statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity.

You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company's shares or in making a decision to hold or sell your shares.