DOF Group ASA's (“DOF” or the “Group”) revenue for 3rd quarter (management reporting) totals USD 376 million (USD 322 million) and EBITDA totals USD 141 million (USD 123 million). The operating profit (EBIT) is USD 88 million (USD 85 million). Net financial costs amount to USD -9 million (USD -52 million) including unrealised currency gain of USD 17 million (USD -24 million). The result after taxes is USD 69 million (USD 27 million). The Group’s net interest-bearing debt is USD 1,143 million (USD 1,372 million). The equity is USD 1,195 million (USD 749 million) giving an equity ratio of 39% (27%).
Key highlights in 3rd quarter:
• The Group achieved an EBITDA of USD 141 million (USD 123 million).
• The net profit was USD 69 million (USD 27 million) and has been positively impacted by an unrealised non-cash currency gain of USD 17 million (USD -24 million) due to a strengthened BRL to USD in the quarter.
• The Group’s cash flow from operating activities was USD 124 million (USD 141 million) in the quarter.
• The equity ratio has improved from 27% to 39% due to strong results the last 12 months and a private placement of USD 75 million in July.
• The Net interest-bearing debt (NIBD) has been reduced from USD 1,372 million to USD 1,143 million. The NIBD/LTM EBITDA by end September is 2.3x (3.0x)
• The average utilisation of the fleet has been 92% (85%) in the quarter.
• The performance has been good in the APAC, North America and the Atlantic regions, and stable in Brazil.
• The total fleet consists of 57 vessels (incl. 14 vessels on management or hired in):
o 16 AHTSs, 10 PSVs and 31 Subsea vessels.
• The order intake in 3rd quarter was USD 0.5 billion.
• Firm backlog by end September is USD 2.75 billion (USD 2.1 billion). Order intake after balance date is approximately USD 90 million.
• The Group has on 1st of November completed the acquisition of Maersk Supply Service A/S (“MSS”) which has been renamed to DOF Denmark A/S and will be incorporated in the accounts from 1st of November.
Note: all numbers commented above are based on management reporting
Statement from the CEO:
“After completion of the MSS acquisition, we look forward to further developing the DOF Group with an advanced fleet of CSVs and high-end AHTS vessels and the combined competence and capabilities in DOF and MSS. Our main focus now is to ensure a good integration process of the two companies with a common target to deliver world-class services to our customers.
I am further pleased to see the continuing good performance from our subsea regions and am optimistic that the Group’s subsea project activity will continue to grow both due to the recent awarded contracts and ongoing tenders. The activity in the North Sea spot market for AHTS and PSV has slowed down the last two months especially on the UK sector, but we see the opposite in Brazil where Petrobras is out with several tenders and also in Asia-Pacific where we recently were awarded another very good PSV contract.
The expected improved earnings in the second half are confirmed by the 3rd quarter result, hence we change the EBITDA guiding to USD 510-520 million. The uncertainty in 4th quarter is limited as the reported backlog for 4thquarter is higher than the reported revenue in 3rd quarter.
With reference to our Capital Markets Day in September, we have now started the refinancing process of the Group to position the Company with the target to pay dividends from 2nd quarter 2025 and onwards. The progress is good and strong indications of interest from banks to participate in the refinancing.”
Please see enclosed 3rd quarter Financial Report 2024.
>>> DOF Group ASA Q3 2024 Financial Report (PDF)
A webcast, followed by a Q&A session, will be available Thursday, 7th of November at 08:30 CET on www.dof.com/webcast.
For further information, please contact:
Martin Lundberg, SVP Finance DOF Group ASA
Phone: +47 91 62 10 57
E-mail: martin.lundberg@dof.com
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
E-mail: eirik.vardoy@dof.com
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