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DOF Group ASA - Subsea mooring installation contract award in the APAC region

DOF Group ASA ("DOF") is pleased to announce a Substantial contract award for subsea mooring installation services in the APAC Region...

DOF Group ASA - Subsea mooring installation contract award in the APAC region

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News

The Group's revenue for 2nd quarter (management reporting) totals USD 361 million (USD 330 million) and EBITDA totals USD 122 million (USD 121 million). The operating profit (EBIT) is USD 111 million (USD 128 million). Net financial costs amount to USD -91 million (USD -4 million) including unrealised currency loss of USD -62 million (USD 8 million). The result after taxes is USD 6 million (USD 103 million). The Group's net interest-bearing debt is USD 1,286 million (USD 1,444 million). The equity is USD 1,045 million (USD 725 million) giving an equity ratio of 35% (26%).

Key highlights in 2nd quarter:

- The Group has on 2[nd] of July signed an agreement to acquire all the shares in Maersk Supply Service A/S from Maersk Supply Service Holding A/S ("MSSH"). The acquisition will be settled partly in cash representing USD 577 million and partly in shares representing 25% ownership for MSSH.

- As part of the transaction the Company completed a private placement of in total USD 75 million in July.

- The Group achieved an EBITDA of USD 122 million (USD 121 million).

- The net profit of USD 6 million (USD 100 million) has been impacted by an unrealised currency loss of USD -62 million (USD 8 million). This is a non-cash accounting effect primarily due to consolidation of the BRL accounts in Norskan affected by a weaker BRL to USD in the quarter.

- The Group's cash flow from operating activities was USD 119 million (USD 75 million) in the quarter.

- The equity ratio has improved from 26% to 35%. The Net interest-bearing debt (NIBD) has been reduced from USD 1,444 million to USD 1,286 million and the NIBD/LTM EBITDA by end June is 2.7x (3.3x).

- The average utilisation of the fleet was 89% (88%) in the quarter.

- The performance has been good in the APAC and the Atlantic regions, but lower in Brazil due to class dockings, planned maintenance and mobilisation to new contracts in the quarter.

- The total current fleet consists of 57 vessels (incl. 14 vessels on management or hired in):

-- 16 AHTSs, 10 PSVs and 31 Subsea vessels.

- The order intake in 2[nd] quarter was USD 1.05 billion.

- Firm backlog by end June is USD 2.6 billion (USD 1.9 billion). Order intake after balance date is approximately USD 400 million.

- Updated EBITDA guidance for the year is USD 500-520 million.

Note: all number above are based on management reporting

Statement from the CEO, Mons Aase: "The MSS transaction marks a strategic milestone for the Group and under the DOF brand we will create a leading offshore services provider and strengthen our global position through the combined company. With the world's largest fleet of CSVs and high-end AHTS vessels, we will enhance the customer experience through increased scale, global reach, and industry-leading services, combining the strong capabilities and experience of DOF and Maersk Supply Service. I look forward to further developing the DOF Group together with my new and existing colleagues, ensuring the continued delivery of world-class services to our customers and further appreciate A.P. Møller Holding becoming a major shareholder.

The order intake has been high so far this year which gives good visibility on earnings in the next 24 months. We expect improved earnings in second half compared to first half due to i.a. Skandi Buzios being back on hire, Skandi Amazonas commencing a new 3-year contract after being partly off-hire, higher project activity in several regions, and certain one-off effects which impacted first half earnings. The updated EBITDA guiding is USD 500-520 million.

Please see enclosed 2nd quarter Financial Report 2024.

A webcast, followed by a Q&A session, will be available Wednesday, 21st of August at 14:00 CEST on www.dof.com/webcast.

For further information, please contact:
Mons S. Aase, CEO, DOF Group ASA
Phone: + 47 91 66 10 12
E-mail: mons.aase@dof.com
Hilde Drønen, CFO, DOF Group ASA
Phone: + 47 91 66 10 09
E-mail: hilde.dronen@dof.com

‍

Financial Reports

DOF Group ASA - Financial Report for 2nd quarter 2024

August 20, 2024

News

DOF Group ASA - Invitation to Capital Markets Day, 10 September 2024

August 19, 2024

Contract awards

DOF Group ASA - Contract extension for Skandi Africa

August 19, 2024

Contract awards

DOF Group announces awarded contract for Skandi Açu with Petrobras

August 14, 2024

News

Invitation to presentation of Q2 2024 results

August 14, 2024

News

DOF GROUP ASA - Extraordinary General Meeting

July 26, 2024

Reference is made to previous announcement on 30 September 2021 regarding the extension of standstill arrangements with the group's secured lenders expiring 31 October 2021 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 31 October 2021. DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have agreed to further extend the principal and interest suspension agreements with, or received extensions of similar concessions from, secured lenders representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS and in total 95% of the secured debt of companies within the DOF Subsea AS group (excluding DOF Subsea Brasil Servicos Ltda.) until 30 November 2021, and that DOF Subsea AS has received confirmation from the ad hoc group of bondholders that they have agreed to further extend the suspension, deferral and standstill agreement currently in place for the bond issues to 30 November 2021 in accordance with the resolutions of the bondholders' meeting held 30 September 2021. The extensions of the standstill periods will facilitate the DOF group's continued dialogue with its secured lenders and the bondholders under the DOF group's bonds regarding a long-term financial restructuring of the DOF group. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. With a multi-national workforce of about 3,800 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 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, 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, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

Historical OSE Notices

DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND BONDHOLDERS

October 29, 2021

Reference is made to previous announcements regarding the extension of standstill arrangements with the DOF group's secured lenders expiring 30 September 2021 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 30 September 2021. DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have agreed to extend the principal and interest suspension agreements with, or received extensions of similar concessions from, secured lenders representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS and in total 95% of the secured debt of companies within the DOF Subsea AS group excluding DOF Subsea Brasil Servicos Ltda. until 31 October 2021. Reference is further made to the previous announcement on 16 September 2021 regarding summons to bondholders' meetings in DOFSUB07 (ISIN NO0010971005), DOFSUB08 (ISIN NO0010788177) and DOFSUB09 (ISIN NO0010836810) in which DOF Subsea AS requested an extension of the standstill period for the three bonds initially until 31 October 2021 and with the possibility to extend to 28 February 2022 with the approval of an ad-hoc committee of bondholders. DOF Subsea AS is pleased to announce that the bondholders' meetings were held today and the proposed resolution received 99.66%, 93.90% and 100.00% of the votes in DOFSUB07, DOFSUB08, and DOFSUB09, respectively. Approval of the proposal set out in the summons required 2/3 majority in all three bonds, and the proposal was consequently approved. Please see the attached minutes from the bondholders' meetings. The extensions of the standstill periods will facilitate the DOF group's continued dialogue with its secured lenders and the bondholders under the DOF group's bonds regarding a long-term financial restructuring of the DOF group. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. With a multi-national workforce of about 3,800 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 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, 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, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

Historical OSE Notices

DOF ASA AND DOF SUBSEA AS: EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND RESULT FROM BONDHOLDERS' MEETINGS

September 30, 2021

Reference is made to the resolutions adopted in the bondholders' meetings in DOF Subsea AS' three bond loans (FRN DOF Subsea AS Senior Unsecured Bond Issue 2013/2020, DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN DOF Subsea AS Senior Unsecured Bond Issue 2018/2023) on 30 June 2021, whereby the bondholders on certain conditions approved to extend their waiver from, and suspension of, all payment obligations under each of the bond loans until 31 August 2021, with a possibility to further extend the standstill arrangement currently in place to 30 September 2021 with the approval of the ad-hoc committee of bondholders. Reference is further made to the announcement on 31 August 2021 regarding the ad -hoc committee's approval of extension of the standstill arrangement with the bondholders described above to 30 September 2021. Discussions and negotiations on the restructuring of the DOF group (the "Group") are progressing, and the Group, its secured lenders and the advisers to the bondholders have since the bondholders' meetings in June 2021 continued negotiations on an overall financial restructuring of the Group. Further progress has been made in such negotiations, but there are still certain issues that remain to be resolved to achieve an overall consensual restructuring of the Group. DOF Subsea AS has therefore requested Nordic Trustee AS to summon bondholders' meetings in the three bond loans to consider the extension of the standstill period initially until 31 October 2021 and with a possibility to extend the standstill period on one or more occasions to 28 February 2022 with the approval of an ad-hoc committee of bondholders. The proposal is further described in the attached summons to the bondholders in the three bond loans. A request has also been made to the Group's secured lenders to extend the suspension of payments of principal and interest that have been granted by a majority of its secured lenders. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. With a multi-national workforce of about 3,800 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 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, 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, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

Historical OSE Notices

SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO FURTER EXTEND STANDSTILL PERIOD

September 16, 2021

Historical OSE Notices

New contracts in Brazil

September 14, 2021

Further to the notifications made by minority shareholders in DOF ASA (the "Company", and together with its subsidiaries the "Group") and the press coverage relating to such group of shareholders, DOF ASA would like to reiterate the information previously provided by the Company, that a robust long-term financing solution is required for the Group to maintain its status as a going concern. In the meantime the Group is dependent on continued standstill agreements with its creditors. Based on the financial situation of the Group, such solution is expected to require conversion of debt to equity, which consequently will significantly dilute the current holders of the equity. There are no market developments or changes of the outlook of the Group justifying another conclusion, and the shareholders are urged to take this into account when considering alternatives. The restructuring solutions being discussed with the secured creditors of the Group do not involve any element of new equity in the form of cash and no inequal treatment of the shareholders of the Company is currently contemplated. As previously informed, the dialogue with the lenders is complex, but constructive. A refinancing solution is not yet in place, and no assurance can at this stage be given that the Company will be able to find a solution with its creditors. This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. For further information, please 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 3,800 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 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, 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, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

Historical OSE Notices

DOF ASA: NOTIFICATIONS FROM MINORITY SHAREHOLDERS

September 8, 2021

Historical OSE Notices

Sale of vessel

September 6, 2021

Historical OSE Notices

Contract award Skandi Achiever and restructuring update

September 2, 2021

Reference is made to previous announcement on 30 June 2021 regarding extension of standstill arrangement with secured lenders expiring 31 August 2021 and extension of standstill arrangement with bondholders in DOF Subsea AS' bond issues also expiring 31 August 2021. DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have agreed to further extend the principal and interest suspension agreements with, or received extensions of similar concessions from, secured lenders representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS and in total 88% of the secured debt of companies within the DOF Subsea AS group (excluding DOF Subsea Brasil Servicos Ltda.) until 30 September 2021, and that DOF Subsea AS has received confirmation from the ad hoc group of bondholders that they have agreed to further extend the suspension, deferral and standstill agreement currently in place for the bond issues to 30 September 2021. The extensions of the standstill periods will facilitate the DOF group's continued dialogue with its secured lenders and the bondholders under the DOF group's bonds regarding a long-term financial restructuring of the DOF group. For further information, please 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 3,800 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 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, 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, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

Historical OSE Notices

DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND BONDHOLDERS

August 31, 2021

The Group's revenue for 2nd quarter (management reporting) totals NOK 2,003 million (NOK 1,802 million) and the EBITDA totals NOK 680 million (NOK 701 million). The operating profit (EBIT) is NOK 148 million (NOK -354 million), of which depreciation and impairment totals NOK 531 million (NOK 1,056 million). Net profit is NOK 580 million (NOK -675 million). The average utilisation of the Group's owned fleet during the 2nd quarter 2021 was 80% ; versus 70% the same period last year Operations: . The markets have continued to be challenging . High activity in the subsea project segments and mobilisations have impacted the cash flow in the quarter . Still challenging operations due to COVID-19, but the situation in Brazil has improved . 3 vessels in lay-up (one owned) versus 12 in lay-up the same period last year . 1 vessel sold, and 1 vessel recycled in the quarter . Current backlog is NOK 13.2 billion, and in addition NOK 1,7 billion is secured after end of period The Group has continued the discussions with the lenders on a long-term refinancing solution for the Group. The current standstill agreements with the secured lenders and bond holders mature on 31 August. Please see enclosed 2nd quarter Financial Report 2021. Webcast is available Tuesday, 24th of August 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 3,150 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 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, 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, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

Historical OSE Notices

Financial Report 2nd quarter for DOF ASA

August 24, 2021

Our newsroom

DOF Group ASA - Subsea mooring installation contract award in the APAC region

DOF Group ASA - Subsea mooring installation contract award in the APAC region

DOF Group ASA - Capital Markets Day, 10 September 2024

DOF Group ASA - Decommissioning Services Contract Award in APAC

Contract extension and contract award in APAC

DOF Group ASA - Financial Report for 2nd quarter 2024

DOF Group ASA - Invitation to Capital Markets Day, 10 September 2024

DOF Group ASA - Contract extension for Skandi Africa

DOF Group announces awarded contract for Skandi Açu with Petrobras

Invitation to presentation of Q2 2024 results

DOF GROUP ASA - Extraordinary General Meeting

DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND BONDHOLDERS

DOF ASA AND DOF SUBSEA AS: EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND RESULT FROM BONDHOLDERS' MEETINGS

SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO FURTER EXTEND STANDSTILL PERIOD

New contracts in Brazil

DOF ASA: NOTIFICATIONS FROM MINORITY SHAREHOLDERS

Sale of vessel

Contract award Skandi Achiever and restructuring update

DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND BONDHOLDERS

Financial Report 2nd quarter for DOF ASA