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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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Contract awards

Contract extension for Skandi Buzios

March 20, 2025

Contract awards

DOF Group ASA – Contract award for SURF project

March 20, 2025

The DOF Group (“DOF”) is pleased to announce the signing of a USD 1,025 million senior secured term loan facility (the “Term Loan”) with a syndicate of ten banks and a USD 50 million revolving credit facility (the “RCF”). The facilities will be used to repay existing debt and for general corporate purposes.

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Highlights from the refinancing:

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• Enables commencement of the previously communicated quarterly dividends, starting with the contemplated USD 0.3 per share in Q2 of 2025.
• Simplifies group structure by collapsing several of the financial silos – DOF Offshore Holding AS to become the holding company for vessel-owning entities across the group, except for vessels owned in DOF Subsea Brasil, Norskan and the DOFCON joint venture (50% owned) ("DOFCON JV").
• Allows for a more efficient capital structure.
• Norskan and DOFCON JV to remain as separate financial silos with existing financing at favourable terms.
• The interest margin for the Term Loan and RCF will be 290 bps for the first twelve months. The margin will thereafter be subject to the Company’s leverage as measured through NIBD / LTM EBITDA (the “Leverage Ratio”), with the following margins for given thresholds: 325 bps for a Leverage Ratio exceeding 2.5x, 290bps for a Leverage Ratio between 2.5x and 2.0x, and 275bps for a Leverage Ratio below 2.0x.
• The Term Loan has a five-year tenor and seven-year repayment profile.
• The facilities agreement includes an undrawn, uncommitted basket amount of USD 200m for incremental facilities for specified purposes.
• The main covenants applicable under the facility agreement is maximum Leverage Ratio of 3.25x until year end 2026 and 3.0x thereafter, positive working capital and minimum liquidity (excluding Norskan, DOFCON JV and other ringfenced subsidiaries) of the higher of USD 125 million or 5% of interest-bearing debt.
• Dividend distributions from DOF Group ASA permitted subject to minimum liquidity (excluding Norskan, DOFCON JV and other ringfenced subsidiaries) of USD 150 million.
• Change of control clause triggered if anyone other than A.P Møller Holding A/S (“APMH”) exceeds 1/3 ownership in DOF, or if APMH ownership in DOF is at any time in the next 36 months reduced below 20%.

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Availability of the new financing is conditional upon satisfaction of customary conditions. Mons Aase, CEO DOF Group ASA, commented:

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“We appreciate the support from our existing and new banks in connection with this refinancing. This loan demonstrates access to competitive funding and is a testament to the strong market position within offshore and subsea services the team at DOF has built.”

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This information is considered to be inside information pursuant to the EU, Market Abuse Regulation and is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act. The information was submitted for publication by Martin Lundberg, CFO, on 18 March 2025 at 19:52.

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For further information, please contact:

Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

News

DOF Group ASA – Refinancing through the signing of USD 1,025m term loan and USD 50m revolving credit facility

March 18, 2025

Contract awards

DOF Group ASA – Contract award for FPSO installation project

March 14, 2025

DOF Group ASA's (“DOF” or the “Group”) revenue for 4th quarter (management reporting) totals USD 445 million (USD 319 million) and EBITDA totals USD 152 million (USD 115 million). The operating profit (EBIT) is USD 190 million (USD 196 million) including reversal of impairment of USD 98 million (USD 128 million). Net financial costs amount to USD -111 million (USD 15 million) including unrealised currency loss of USD -67 million (gain USD 37 million). The result after taxes is USD 96 million (USD 250 million). The Group’s net interest-bearing debt is USD 1,378 million (USD 1,365 million). The equity is USD 1,772 million (USD 1,034 million) giving an equity ratio of 43% (34%).

Key highlights in 4th quarter:
• DOF Denmark transaction closed November 1st.
• The Group delivered EBITDA of USD 519 million excluding DOF Denmark and gain on sale of assets, against a guidance range of USD 510-520 million at the latest quarterly presentation.
• EBITDA contribution from the subsea regions in 2024 totaling at USD 134 million, compared to USD 88 million in 2023.
• Strong cash flow from operating activities of USD 201 million (USD 90 million) in the quarter.
• The NIBD/LTM EBITDA by year-end excluding DOF Denmark it is 2.1x (2.8x)
• The refinancing of the Group is on schedule to successfully close in Q1 2025 allowing quarterly dividend distribution.
• First dividend payment in Q2 2025 of USD 0.3 per share.
• The board will at the annual general meeting seek authority to implement a share buy-back program.
• Firm backlog by end December is USD 3.25 billion (USD 1.94 billion), including backlog for DOF Denmark of USD 730 million.
Note: all numbers commented above are based on management reporting and include DOF Denmark unless otherwise specified.

Statement from the CEO

“Closing of the DOF Denmark transaction during Q4 marks a significant milestone in DOF’s history. Not only do we add 22 high-end vessels to the DOF fleet, but also the competence and experience of new colleagues. Together we will benefit from increased scale, capabilities and reach and continue to deliver world-class offshore and subsea services.

The 4th quarter of 2024 is another quarter of solid performance, and the full-year EBITDA of USD 519 million excluding DOF Denmark and gain on sale of assets ends at the upper end of our guidance. The good result is driven by excellent performance across segments, including a particularly strong EBITDA contribution from the subsea regions of USD 134 million for the full year. DOF Denmark saw some one-off effects related to transits and vessel upgrades that will partly continue into the first half of 2025 before we will be able to fully enjoy the potential of the new additions to the DOF fleet going forward.

I am further pleased to see that the overall backlog and contract coverage in 2025 is strong, and that we continue to build backlog at attractive terms thanks to our world-class organisation with global placing power. The tender activity remains high, as seen in Brazil with multiple ongoing tenders and in general a high activity level among many of our clients.

The refinancing process progress as planned, and we remain confident to conclude it during the 1st quarter of 2025 allowing us to start dividend payments.

The EBITDA guidance for 2025 is in the range of USD 720 – 800 million.”

Please see enclosed 4th quarter Financial Report 2024 and presentation.
>>> DOF Group ASA Q4 2024 Financial Report (PDF)

A webcast, followed by a Q&A session, will be available Monday, 24th of February at 14:00 CET on www.dof.com/webcast.

Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
E-mail: eirik.vardoy@dof.com

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News

DOF Subsea has been awarded an integrated Field Support Vessel (FSV) contract with an international oil company in Angola. The project shall utilise Skandi Seven for a minimum of 303 firm vessel days plus 365 days of options. The Contract also includes the potential supply of additional vessels, as required by client. DOF Subsea shall during the project deliver integrated FSV services, project management, engineering, procurement and logistics within deep-water construction and maintenance of existing subsea assets. Work packages under the contract shall also include services for transportation and installation of flexible products and various subsea equipment. Mons S. Aase, CEO, DOF Subsea said, "I am pleased that DOF Subsea is trusted with another contract in Angola. This project will secure utilisation for our integrated FSV team and assets, strengthening our position as a leading one-stop solutions provider for integrated subsea operations across multiple disciplines. DOF Subsea is continuously working to develop efficient services without compromise to safety." For further information, please contact: Mons S. Aase, CEO, Tel: +47 91 66 10 12 Hilde Drønen, CFO, 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 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, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

Historical OSE Notices

DOF Subsea secures Integrated FSV Contract in Africa

September 17, 2020

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 22 April 2020, whereby the bondholders on certain conditions approved a waiver from, and suspension of, all payment obligations under each of the bond loans until 30 September 2020. Discussions and negotiations on the restructuring of the Group are still ongoing. While progress has been made, an agreement for the restructuring of the Group will not be reached before the current deferral and standstill arrangements with the bondholders expire. 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 [15 December 2020] [and with a possibility to extend to 31 January 2021 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 corresponding request has been made to the company'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 DOF 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 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, 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 EXTEND STANDSTILL PERIOD

September 16, 2020

DOF Subsea has been awarded a turnkey contract performing marine operations in connection with a decommissioning project by Teekay Petrojarl Floating Production. The award covers project management, engineering, procurement and all offshore marine operations. The offshore works include preparatory works at the sites including installation of a temporary mooring system, towing operations and recovery of risers and mooring systems. DOF Subsea will utilize a variety of vessels from the DOF Group fleet, deploying Skandi Acergy, Skandi Iceman, Skandi Hera in addition to selected third party vessels to deliver the scope. The project has already commenced and is scheduled to be completed within Q4 2020. Mons S Aase, CEO, DOF Subsea said: "DOF Subsea is pleased to be trusted with this multidisciplinary decommissioning scope by a repeat key client. This project will utilize the strength in our offering to the fullest with our decommissioning team parred with capable offshore vessels. DOF Subsea is continuously working to develop efficient solutions and to deliver as promised without compromise to safety. For further information, please contact: Mons S. Aase, CEO Tel: +47 91 66 10 12 Hilde Drønen, CFO 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, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

Historical OSE Notices

DOF Subsea awarded contract in the Atlantic region

September 1, 2020

DOF Deepwater AS ("DOF Deepwater"), which is jointly owned by DOF ASA ("DOF") and Akastor ASA ("Akastor"), has today entered into a term sheet with its lenders on a restructuring of its debt that is intended to secure continued operations up to the second half of 2023. The closing of the debt restructuring is conditional upon necessary support from DOF's secured lenders. As part of this agreement DOF shall transfer all of its shares in DOF Deepwater to Akastor, who thereby will own all of the shares in DOF Deepwater and assume full operational responsibility over the company and its five vessels (Skandi Emerald, Skandi Peregrino, Skandi Saigon, Skandi Pacific and Skandi Atlantic). DOF will continue as vessel manager for the fleet. As a consequence of the change in ownership DOF and Akastor will however discuss the terms in the management agreements. For further details on the restructuring, reference is made to the Akastor ASA stock exchange notice concerning the same. The terms and conditions of the DOF ASA unsecured guarantee obligation equal to 50% of the current debt in DOF Deepwater will be separately agreed between the DOF ASA group (the "Group") and its secured lenders. The DOF guarantee obligation will also be reduced by any profit received by the lenders to DOF Deepwater under a profit split arrangement following a sale of the DOF Deepwater vessels within a period of 2,5 - 3 years after closing. Closing is subject to final agreements being entered into, and is expected to take place in Q3 2020. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO DOF 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, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

Historical OSE Notices

DOF ASA: AKASTOR ASA TO ASSUME FULL OWNERSHIP OF A RESTRUCTURED DOF DEEPWATER AS

August 27, 2020

Historical OSE Notices

DOF Subsea awarded multiple contracts by Petrobras

August 27, 2020

The COVID-19 virus has had a major impact on the operations during the 2nd quarter, however the organisation has been able to protect employees and secure ongoing projects and contracts at close to normal. COVID-19 has also led to postponement of projects and lower activity levels in in certain regions in the period. The challenging markets for the Group's fleet have continued resulting in pressure on earnings and utilisation of the Group's assets. During this quarter, the Group has recognised an impairment of NOK 779 million and by June the total impairment is NOK 2.3 billion (management reporting). The restructuring of the Group's debt is ongoing and standstill agreements (excluding the JVs) until the 30th of September have been signed. A standstill for the BNDES facilities has further been agreed until December 2020. The Group's operating income for 2[nd] quarter (management reporting) totals NOK 1,802 million (NOK 1,854 million) and the operating profit before depreciation and impairment (EBITDA) totals NOK 701 million (NOK 712 million adjusted for hedge accounting with NOK 43 million). The operating profit (EBIT) is NOK -354 million (NOK 181 million), of which depreciation and impairment totals NOK 1,056 million (NOK 488 million). The average utilisation of the Group's fleet during the 2nd quarter was 67% ; 75% for the subsea fleet, 48% for the AHTS fleet and 74% for the PSV fleet. General market & operational comments in Q2: · · Contracts and projects have been postponed, terminated or cancelled · Several vessels entered into lay-up. By August, 17 vessels are in lay-up · New contract awards in Brazil · Awards for project work securing reasonable utilisation for the project fleet in Q3 · By August, the Group backlog is NOK 17 billion Please see enclosed 2nd quarter Financial Report 2020. Webcast is available Friday, 21st of August 2020 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 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, 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 21, 2020

DOF ASA will release the Q2 results 2020 on Friday 21 August 2020. The presentation will be held as a webcast available on www.dof.com/webcast (https://eur01.safelinks.protection.outlook.com/?url=http%3A % 2F%2Fwww.dof.com%2Fwebcast&data=02%7C01%7CMargrethe.Ostervold%40dof.com%7C4415b2 a fc1524e5de2ba08d83f873334%7Cd5e85ffcd9d84aeda3d78c39e1b52167%7C0%7C0%7C637329197 2 02701416&sdata=XfGXY3uYwRj5lmtmWkF47%2FWsSf0cYVW1RYPPB%2Bjo3H8%3D&reserved=0) at 08:30 CET the same day. The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen. You are invited to attend a conference call following the presentation at 09:30. If you are interested in attending, we request that you register with Margrethe R. Østervold, e-mail mro@dof.com, within Tuesday 18 August at 12:00. Note that a link to join the conference call will be made available via e-mail to those who register, and for convenience, the link will also be publicly available on the DOF webcast webpage (www.dof.com/webcast (https://eur01.safelinks.protection.outlook.com/?url=http%3 A %2F%2Fwww.dof.com%2Fwebcast&data=02%7C01%7CMargrethe.Ostervold%40dof.com%7C4415b 2 afc1524e5de2ba08d83f873334%7Cd5e85ffcd9d84aeda3d78c39e1b52167%7C0%7C0%7C63732919 7 202711406&sdata=azHBQ4iiEPJ5UyefiDYJvf90ogFwA1psl6tDJEDVdi0%3D&reserved=0)) shortly before the start of the conference call. Contact: CEO Mons S. Aase, Tel +47 91 66 10 12 CFO Hilde Drønen, Tel +47 91 66 10 09 With a multi-national workforce of about 3,400 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, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

Historical OSE Notices