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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DOF has been awarded a contract for a construction transport & installation (T&I) project in West Africa.
The project includes installation of flexible product and various subsea structures.
DOF shall utilise the vessel Maersk Installer for the project, with a duration between 100 - 150 days.
Mons S. Aase CEO DOF Group ASA, comments: "With the recently announced award from Shell this is the second large job won for the Maersk Installer in the last few weeks. After this award the backlog for Maersk Installer is strong in 2nd half 2024. This award once again demonstrates DOF`s capability to deliver deep-water installation scopes to the energy sector. We look forward to delivering this project safely to our client".
Preparations has already started, and offshore execution is planned to Q3, 2024. The contract value is in the range USD 19 - 29 million.
For further information, please contact:
Mons S. Aase, CEO DOF Group ASA
Phone: + 47 91 66 10 12
E-mail: mons.aase@dof.com
DOF has been awarded a Substantial Subsea Engineering Procurement Removal and Disposal (EPRD) Contract from A/S Norske Shell in the Atlantic region, with more than 100 combined days utilisation of the vessels Skandi Hera and Maersk Installer. DOF shall deliver an integrated solution of project management, engineering, design, analysis and survey. The scope includes recovery and recycling of umbilicals, risers, rigid spools, manifolds and other subsea structures and infrastructure, at the Knarr and Gaupe fields.
Mons S. Aase, CEO DOF Group ASA, comments: "The award continues to demonstrate DOF’s inhouse capability of offering turnkey solutions to our existing and new customers, building on our established capability offering in the decommissioning market."
Preparations have commenced and the project will be run from our offices in Bergen and Aberdeen with offshore execution planned in Q2 and Q3 2025.
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 Group defines a Substantial contract as a contract with value between NOK 250 million to NOK 500 million
The Group's revenue for 4th quarter (management reporting) totals NOK 3,449 million (NOK 3,204 million) and EBITDA totals NOK 1,241 million (NOK 1,125 million). The operating profit (EBIT) of NOK 2,215 million (NOK 1,548 million) is highly impacted by reversal of impairment of NOK 1,479 million (NOK 687 million). Net financial cost amounts of NOK 139 million (NOK 223 million) include unrealised currency gain of NOK 372 million (NOK 1,047 million). The result after taxes is NOK 2,768 million (NOK 1,806 million). The Group’s net interest-bearing debt is NOK 13,883 million (NOK 19,915 million) and the book equity is NOK 10,522 million (NOK 364 million).
Key highlights:
- Another strong quarter, where the Group achieved an EBITDA of NOK 1,241 million (NOK 1,125 million) and a cash flow from operating activities of NOK 1,111 million (NOK 1,553 million).
- The annual EBITDA was NOK 4,949 million (NOK 3,764 million) and the cash flow from operating activities was NOK 4,090 million (NOK 3,777 million).
- By 31.12.2023 the equity ratio is 34% (1%) and NIBD/EBITDA 2.8 (5.4).
- The average utilisation of the owned fleet was 91% (88%) in the quarter.
- The markets in the Group’s regions are good and the activity in Asia-Pacific has particularly increased during the 4th quarter.
- The Group has chartered in the subsea vessel Maersk Installer on a 2-year firm charter to serve the increased demand in the subsea project segment.
- Three PSVs, have been sold in the quarter.
- The total current fleet includes 57 vessels (incl. 12 vessels on management or hired in):
-- 16 AHTSs, 11 PSVs and 30 Subsea vessels.
- In January, the DOF Group has been ranked among the best companies with the 2nd highest score in the Petrobras PEOTRAM 2023 audit and retained its A- score on the CDP Climate Change 2023.
- The order intake in 4th quarter is USD 147 million.
- Firm backlog by end December of USD 1,946 million.
The Group will report in USD from the 1st quarter 2024 and onwards.
Statement from the CEO, Mons Aase: “We deliver another solid quarter and are experiencing continued strong markets within all fleet segments, and I am especially pleased to see an increasing activity in the Asia-Pacific region. The Group has again achieved a high score in the Petrobras Peotram audit which is a confirmation of the high quality of our operations in Brazil. We expect the backlog to continue to grow due to several ongoing tenders. We see increased activity within the AHTS segment and expect more firm contracts going forward. The current backlog for the Group is 84% for 2024 which gives good visibility of the earnings in 2024. The EBITDA guiding for 2024 is in the range of USD 470-520 million”.
Please see enclosed 4th quarter Financial Report 2023.
>>> DOF Group ASA Financial Report Q4 2023 (PDF, 4 mbs)
Webcast is available Friday, 23rd of February at 08:30 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
DOF has been awarded a contract by an international energy operator to repair an export cable for an offshore wind farm in Southern North Sea.
The project includes the retrieval of the damaged cable and termination, installation, trenching and commissioning of the replacement cable.
DOF’s contract scope includes project management, engineering, procurement and logics of cable and all associated equipment as well as the complete offshore works.
Preparations have already commenced from DOF’s expert cable team across Aberdeen, Scotland and Bergen, Norway. Offshore execution is planned from March and onwards. The vessel Skandi Hera is scheduled as the installation vessel.
The value of the project is approximately USD 13 million.
DOF’s group CEO Mons S. Aase says, “This award demonstrates trust in DOF’s cable solutions within the renewable energy segment. We look forward to executing this highly important project to our highest standards”.
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 Group is proud to have attained an A- score in theCarbon Disclosure Project (CDP) 2023. Commitment to meaningful and measurableenvironmental action is more critical than ever, which is why DOF disclosedthrough CDP in 2023, which we have done every year since 2010. Along withapproximately 23,000 companies, we are harnessing the power of our data throughtransparency and accountability to set a course to sustainable future.
We are also proud of our commitment to report ourenvironmental performance and of the progress we have made over time. Read moreabout DOF's sustainable developments in our latest annual report.
DOF Group is pleased to announce that an option has been exercised for the vessel Skandi Africa. The firm commitment now runs until February 2026.
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 Group ASA will present the Q4 results on Friday 23rd of February 2024. The report will be available at www.dof.com and www.newsweb.no.
The presentation of the quarterly results will be held at 08:30 CET at Norges Rederiforbund, Rådhusgaten 25, 7th floor, Oslo, and as a webcast at the same time on: https://www.dof.com/webcast
The presentation will be held by Chair of the Board Svein Harald Øygard, CEO Mons S. Aase and CFO Hilde Drønen.
Due to practical reasons, we ask those of you interested in attending the presentation at Norges Rederiforbund to please register to Margrethe R. Østervold, e-mail mro@dof.com, within Wednesday 21st of February.
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
Hilde Drønen, CFO of DOF Group ASA, has decided to step down from her role by the end of 2024. Drønen has served the position as CFO since 2005.
Martin Lundberg, SVP Finance and Head of Investor Relations, will be appointed as the new CFO for the Group and will work closely with Mrs. Drønen until the end of the year.
CEO Mons S. Aase says: “I’ve been working together with Hilde for more than 25 years and I am thankful for her huge contribution and capacity through all these years. Hilde has provided the company with strong financial leadership and has been instrumental in positioning DOF for long-term success and especially through the recent financial restructuring”.
Hilde Drønen says: “It has been an exciting journey working for DOF and I feel privileged and proud being part of the DOF team. I am very confident that Martin is the right person in his new role due to his extensive knowledge and experience in DOF.”
Lundberg joined DOF in 2010. He was promoted to CFO DOF Subsea from January 2021 until being appointed SVP Finance/Head of IR in 2023.
We will soon start the search for a replacement for Mr. Lundberg as Head of IR and any candidates are welcome to contact Mrs. Drønen (+47 91661009) or Mr. Lundberg (+47 91621057).
For further information please contact: Mons Aase, + 47 91661012