Financial Report 2nd quarter for DOF ASA

The Group's operating income for 2nd quarter (management reporting) totals NOK 1,854 million (NOK 1,804 million) and the operating profit before depreciation and impairment (EBITDA) totals NOK 669 million (NOK 560 million). The Ebitda adjusted for hedge accounting is NOK 712 million (NOK 594 million) and the operating profit (EBIT) is NOK 181 million (NOK 179 million), of which depreciation and impairment total NOK 488 million (NOK  380 million). The average utilisation of the Group's fleet during the 2nd quarter was 74% ; 67% for the subsea fleet, 69% for the AHTS fleet and 93% for the PSV fleet. The market has improved for the supply fleet, but the market is still challenging for the Subsea IMR fleet. The vessels on term contracts have achieved high utilisation in the quarter. The Group's backlog is NOK 20 billion. As reported in 1st quarterly report, the Group experienced that regular refinancing has been challenging and a short-term refinancing has been secured during 2nd quarter. The Board and Management are working on a long-term solution to secure satisfactory financing and liquidity for the Group. The operational Ebitda in 2nd half 2019 is expected to be higher than 1st half 2019. Please see enclosed 2nd quarter Financial Report 2019 Webcast is available Tuesday, 20th August 2019 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 3,500 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, Egypt, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.