DOF Group ASA ("DOF") is pleased to announce a Substantial contract award for subsea mooring installation services 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. The contract will utilise Skandi Hercules with related moorings and installation subsea services. The scope of work includes DOF's in-house project management and engineering, procurement and logistics support services.
Offshore execution in West Australian waters is scheduled in Q3 2025 with the vessel engaged on the project for approximately 2 months.
Mons Aase, CEO DOF Group ASA, said: "The award secures substantial backlog for the APAC region in the second half of 2025, and we look forward to delivering a safe and successful project."
DOF defines a Substantial contract as a contract with value between USD 25 million and 50 million.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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In the fleet loan facility for DOF Rederi signed on 24 February 2023, the oldest PSV fleet has been defined as non-core. This implies no debt on this part of the fleet, and that all surplus cash from the sale of these vessels shall be paid directly to the lenders with zero repayment of the existing debt. Currently, the non-core fleet includes 3 vessels, Skandi Caledonia (built 2003), Skandi Captain (built 2004) and Skandi Barra (built 2005).
DOF Group ASA and DOF Rederi AS have today agreed to acquire the non-core fleet from the lenders at a total price of NOK 270 million. NOK 135 million of the purchase price shall be paid in cash and NOK 135 million shall be reinstated as debt in DOF Rederi. The reinstated debt will be priced at market terms and will have maturity in January 2026 which is equivalent as the existing fleet loan facility in DOF Rederi. The reinstated debt is not guaranteed by DOF Group ASA.
The non-core fleet currently operates in the North Sea on contracts where the average Ebitda contribution is approximately NOK 152 000/day per vessel. The current contract status for the fleet is the following:
- Skandi Captain firm until 8 November 2023
- Skandi Caledonia, firm until early Oct (maintenance docking planned in 4[th] quarter)
- Skandi Barra, firm until May 2024 + 1 year option period
Skandi Caledonia has been awarded a contract in Argentina with estimated start up in 1[st] quarter 2024 with a major global oil company. The contract has a duration of 150 days + 60 days options and the estimated Ebitda contribution is above USD 25 000/day excl. mob and demob.
Mons S. Aase, CEO DOF Group ASA, says: "The PSV market is strong, and earnings and vessel values are expected to continue the positive trend. Our core strategy is growth within subsea projects and offshore floating wind. The plan for the PSV fleet is to maximize the combined return from the expected strong momentum in earnings and vessel values in the short to medium term."
For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: + +47 916 21 057
E-mail: martin.lundberg@dof.com
Click the link below to visit the event registration page:
>>> REGISTER HERE (DOF EMPLOYEES ONLY)
DOF Group ASA is pleased to invite to capital markets day today. Reference to invitation published 30th August.
The presentation material is available at the company website dof.com
>>> DOF Group ASA - Capital Markets Day - September 19, 2023 (PDF, 9 mbs)
For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations
Phone: +47 916 21 057
E-mail: martin.lundberg@dof.com
DOF is pleased to announce that we have signed a LOI with a major Oil Company for extension of a large Subsea service contract in the Atlantic region.
Commencement will be in November 2023. Estimated revenue from the contract is approximately USD 60 million.
Mons S. Aase, CEO DOF Group ASA, says: “I’m very pleased with this award adding further backlog for the Group. This award and the award in Brazil announced yesterday lifts our secured backlog for 2024 to above NOK 10.5 billion. Compared to revenue LTM at NOK 11.9 billion we already have a strong basis for further earnings growth in 2024.”
For further information, please contact:
Martin Lundberg, SVP Finance and Investor relations DOF Group ASA
Phone: +47 916 21 057
E-mail: martin.lundberg@dof.com
DOF is proud to announce three new service contracts with Petrobras.
The contracts were originated by a competitive bid process won by DOF and include work within our core service lines for Survey and Inspection.
These contracts represent a continuation of the services handled by DOF on the PIDF123 contracts signed with Petrobras in 2020 and under operation since December of that year.
At least three vessels shall be utilised to perform flexible pipeline, risers and subsea equipment inspection in Campos Basin, Santos Basin, and Espírito Santos Basin. More than 3,200 inspections are expected to be executed.
The contracts are worth more than USD 260 million with planned commencement in Q4 2023 / Q1 2024 and estimated to be performed within 2 years.
Mons S. Aase, CEO DOF Group ASA said: "This is an important win securing high utilisation for us in Brazil and lifting the Group backlog to above NOK 25 billion. I’m very proud for the continued trust Petrobras give us for doing complex IMR work in very deep water."
For further information, please contact:
Martin Lundberg, SVP Finance and Investor relations DOF Group ASA
Phone: +47 916 21 057
E-mail: martin.lundberg@dof.com
Reference to the stock exchange notice September 6th 2021. The vessel Skandi Neptune has today been delivered to its new owner.
The sale proceeds will be used to repay debt.
For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: +47 916 21 057
E-mail: martin.lundberg@dof.com
DOF has successfully attained the esteemed ‘Granted’ status within the Fit for Offshore Renewables (F4OR) initiative. This great achievement is a benchmark of DOF’s continued development in the renewable energy sector. The F4OR program was created by the renowned UK technology,innovation, and research institution known as the Offshore Renewable Energy(ORE) Catapult. Its primary goal is to strengthen the growth of a world-class, domestic supply chain centered around the offshore renewable energy sector.
DOF achieved the F4OR status in August of this year, after having undertaken the rigorous 12 months program with stringent performance criteria. This demonstrates that DOF has the relevant experience, competence and capabilities needed to meet the expected standards within the offshore windfarm sector.
"We are proud to be granted the highly regarded F4OR status. The program is a key milestone as we expand our renewables capabilities in the offshore wind sector "states Jan Kristian Haukeland, EVP Renewables, DOF Group ASA.
Haukeland adds, “as a result of the F4OR program, we expect to see an increased interest in DOF’s services to the offshore wind sector as we bring a wealth of knowledge and experience to the UK market, particularly in Floating Offshore Wind”.
For further information, please contact: Jan Kristian Haukeland, EVP Renewables, DOF ASA: Tel:+47 952 361 19.
DOF is pleased to invite you to a Capital Markets Day on Tuesday 19 September 2023 at 12:00-15:30 CEST. The presentation will be held physically at Pareto Securities’ offices at Dronning Mauds gate 3. Refreshments and networking opportunities will be available after the presentations.
CEO, CFO, IR, and managers of the renewables, Brazilian and US divisions will cover among others the following topics:
- General business update
- Brazil market
- US and Guyana market
- Floating Offshore wind
- Business outlook
- Q&A
Registration:
Click here to register
For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: +47 916 21 057 E-mail: martin.lundberg@dof.com
The Group's revenue for 2nd quarter (management reporting) totals NOK 3,524 million (NOK 2,500 million) and EBITDA totals NOK 1,349 million (NOK 851 million). EBITA margin of 38% (34%). The operating profit (EBIT) is NOK 1,412 million (NOK 505 million). Net financial cost amounts to NOK -48 million including unrealised currency gain/loss on long-term debt. The net result is NOK 1,140 million (NOK -1,285 million). The Group’s net interest bearing debt is NOK 15,557 million (NOK 21.337 million) and the book equity is NOK 7,809 million (NOK -1,018 million).
Key highlights:
- Record high Group EBITDA of NOK 1,349 million (NOK 851 million) and a margin of 38%
- The Group’s fleet achieved an average utilisation of 88% (86%) in the quarter.
- Margins, rates and vessel values have continued the positive trend seen in previous quarters.
- DOF Group ASA completed re-listing at Oslo Børs after completion of a public offering of 20.1 million new shares corresponding gross proceeds of NOK 564 million.
- In May the Group exercised its option to purchase the Skandi Hera (AHTS) and the Skandi Darwin (Subsea) and after balance date an option related to the Skandi Iceman (AHTS) was exercised. All at prices significantly below market values.
- The total current fleet includes 55 vessels (incl. vessels on management or hired in):
o 14 AHTSs, 11 PSVs and 30 Subsea vessels.
- Order intake of NOK 1.6 billion in the 2nd quarter.
- Firm backlog by end June of NOK 20.8 billion (contracts awarded after balance date represent a value of approximately NOK 1 billion)
Please see enclosed 2nd quarter Financial Report 2023.
>>> DOF Group ASA Q2 Financial Report 2023 (PDF)
Webcast is available Wednesday, 23rd of August at 08:45 on www.dof.com/webcast.
For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: +47 916 21 057
E-mail: martin.lundberg@dof.com