The Board of Directors of DOF Group ASA ("DOF") has approved the annual accounts for 2024...
The Board of Directors of DOF Group ASA ("DOF") has approved the annual accounts for 2024.
The Integrated Annual Report for 2024 in PDF and European Single Electronic Format (ESEF) are attached to this release and available at DOF's website.
For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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We are pleased to announce Petrobras has awarded DOF two long-term contracts: a Major Contract for the Pipelay Support Vessel (PLSV) Skandi Niterói, and a Very Large Contract for the Anchor Handling Support vessel (AHTS) Skandi Botafogo.
The Brazilian built and flagged PLSV Skandi Niterói is awarded a 3-year firm plus option contract commencing in 2025. The vessel is owned by DOFCON Navegação Ltda., a joint venture between DOF Subsea (50%) and TechnipFMC (50%).
The Brazilian built and flagged AHTS Skandi Botafogo (181t BP), that is currently contracted by Petrobras until 1Q 2025, is awarded a 4-year firm plus 1-year option contract commencing in 2025 in sequence to the current contract. Prior to commencement, the vessel will have a Work Class ROV rated 3,000m installed on board delivering an AHTS 180t BP + ROV for the same tender as Skandi Amazonas and Skandi Rio.
Mons S. Aase, CEO DOF Group ASA, said, “We are thrilled to announce both another award for our PLSV fleet in Brazil and the AHTS contract, which builds backlog into the 2nd quarter of 2029. These long-term awards demonstrate our unique position in Brazil.”
For further information, please contact:
Mons S. Aase, CEO, DOF Group ASA. Tel: +47 91 66 10 12
Hilde Drønen, CFO, DOF Group ASA. Tel: +47 91 66 10 09
DOF Group defines a Major Contract as a contract with value between USD 200 million to USD 300 million and defines a Very Large Contract between USD 100 million to USD 200 million.
With reference to the press release published via OTC on 11.06.2024: OTC newsfeed (URL)
Supplemental materials:
>>> DOF Installer ASA Notice of the Annual General Meeting (PDF)
>>> DOF Installer ASA Annual Report 2023 (PDF)
>>> Vedtekter DOF Installer ASA per 25 Mai 2011 (PDF)
>>> Utkast vedtekter DOF Installer ASA for beslutning i generalforsamling 27. juni 2024 (PDF)
Supporting link:
Link for registration and powers of attorney:
>>> Registration is closed and the link has been removed.
DOF has been awarded a Very Large contract by Equinor for the delivery of Inspection, Maintenance and Repair (IMR) services for a duration up to 3 years firm + 3 annual options.
The work includes subsea operations covering IMR activities throughout Equinor's assets on the Norwegian Continental Shelf. DOF shall also deliver its full suite of project management, engineering, procurement and logistical solutions.
DOF shall deploy the purpose-built IMR vessel M/V REM Inspector, which shall be equipped with DOF's MHS (Module Handling System) and 3 ROVs (Remotely Operated Vehicle). Offshore startup is tentatively planned to April 2025.
Mons S. Aase stated: “We are extremely proud to have secured a contract from Equinor to provide IMR activities. This is a substantial and important contract win for DOF, and a testament to the expertise, experience and capability of our team. We look forward to contributing to the success of Equinor, and working together in the years to come”.
Project preparations have already started, and DOF shall run the project from its Bergen, Norway office.
For further information, please contact:
Mons S. Aase, CEO, DOF Group ASA. Tel: +47 91 66 10 12
Hilde Drønen, CFO, DOF Group ASA. Tel: +47 91 66 10 09
DOF Group defines a Very Large Contract as a contract with value between USD 100 million to USD 200 million.
DOF is pleased to announce, as part of an ongoing tender process, an awarded Major Contract by Petrobras for the pipelay support vessel (PLSV) Skandi Vitória with a 3-year firm plus option contract commencing in 2025.
The vessel is Brazilian-built and flagged and owned by DOFCON Navegação Ltda., a joint venture between DOF Subsea (50%) and TechnipFMC (50%).
Mons S. Aase, CEO DOF Group ASA, said, “We are pleased to announce this award under the ongoing PLSV tender and continue the discussion with Petrobras on the ongoing PLSV tender.”
For further information, please contact:
Mons S. Aase, CEO, DOF Group ASA. Tel: +47 91 66 10 12
Hilde Drønen, CFO, DOF Group ASA. Tel: +47 91 66 10 09
DOF Group defines a Major Contract as a contract with value between USD 200 million to USD 300 million.
The annual general meeting (AGM) of DOF Group ASA was held today as a digital meeting with online participation. All proposals on the agenda were adopted, cf. the notice of the AGM that was published on 2 May 2024.
The AGM elected five board members. Svein Harald Øygard was re-elected as chair of the board, Harald Lauritz Thorstein, Daniela Maia Ribeiro Fernandez Davila and Christine J. Brennet were re-elected as board members, and Adrian Geelmuyden was elected as a new board member. The election and re-elections are for the period until the annual general meeting in 2025. The board of DOF Group ASA thus consists of the following persons:
- Svein Harald Øygard (chair of the board)
- Harald Lauritz Thorstein
- Daniela Davila
- Christine J. Brennet
- Adrian Geelmuyden
The complete minutes of the annual general meeting are attached to this release and are also available on www.dof.com
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
Related:
>>> All AGM related materials can be found here: www.dof.com/shareholder-information/agm
In connection with the annual general meeting of DOF Group ASA (the "Company") to be held on 23rd of May 2024, Svein Harald Øygard, in his capacity as chair of the board of directors of the Company, has received proxies without voting instructions for 9 000 885 shares, representing 5.10 % of the total number of shares and votes in the Company. The proxies received include 684,783 shares, representing 0.38765 % of the total number of shares in the Company, held by Energy Investors AS, a close associate of Svein Harald Øygard. The proxies are only valid for the annual general meeting on 23rd of May 2024.
The reporting currency has been changed from NOK to USD from 1st of January 2024.
The Group's revenue for 1st quarter(management reporting) totals USD 330 million (USD 295 million) and EBITDAtotals USD 114 million (USD 104 million). The operating profit (EBIT) is USD 70million (USD 69 million). Net financial costs amount to USD -52 million (USD-44 million) including unrealised currency loss of USD -26 million (USD -6million). The result after taxes is USD 6 million (USD -1 million). The Group’snet interest-bearing debt is USD 1,358 million (USD 1,466 million). The equityis USD 1,029 million (USD 592 million) giving an equity ratio of 34% (22%).
Key highlights in 1st quarter:
- Average utilisation ofthe owned fleet 87% (91%).
- Good performance in allthe regions.
- Two PSVs have been sold;Skandi Captain (built 2004) delivered in March and Skandi Gamma (built 2009)delivered in April.
- The total current fleetincludes 57 vessels (incl. 13 vessels on management or hired in):
-- 16 AHTSs, 10 PSVs and 31 Subsea vessels.
- DOF has been ranked with the 2ndhighest score in the Petrobras PEOTRAM 2023 audit.
- The order intake in 1stquarter was USD 188 million.
- The firm backlog by end March is USD1,852 million (USD 2,109 million) and order intake after balance date is approx. USD 250 million.
Note: all number above are based on management reporting
Statement from the CEO, Mons S. Aase: “We deliver another solid quarter despite a normal low season in certain regions. The Group has been awarded several contracts particularly for the AHTS and subsea fleet. The tender activity has continued to be high, hence, expect the backlog to continue to grow for the remainder of the year. The current contract coverage for the Group is 88% for 2024 and 61% for 2025 which gives good visibility on the earnings the next 18 to 24 months. The repair of Skandi Buzios is going according to plan and the vessel will be on route to Brazil during 2nd quarter. The recently published Integrated Annual Report for 2023confirms the Group’s commitment to continue having sustainable operations and reduce the CO2 emissions from the fleet going forward. The EBITDA guiding for2024 is adjusted from USD 470 -520 million to USD 490-520 million”.
Please see enclosed 1st quarter Financial Report 2024.
>>> DOF Group ASA Financial Report Q1 2024 (PDF)
A webcast, followed by a Q&A session, will be available Wednesday, 15th of May at 08:30 on www.dof.com/webcast
A conference call will be arranged at 15:00, and for those who want to attend please use the following link: https://channel.royalcast.com/landingpage/hegnarmedia/20240515_22/
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
DOF Group ASA will present the Q1 results on Wednesday 15th of May 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 CEST at Hotel Continental, Stortingsgt 24-26, Oslo, and as a webcast at the same time on: https://www.dof.com/webcast
The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen.
Due to practical reasons, we ask those of you interested in attending the presentation at Hotel Continental to please register to Margrethe R. Østervold, e-mail mro@dof.com, within Monday 13th of May.
For further information, please contact:
CEO Mons Aase, Tel + 47 91 66 10 12
CFO Hilde Drønen, Tel + 47 91 66 10 09
The annual general meeting of DOF Group ASA will be held on Thursday 23rd of May 2024 at 12:00 CEST.
The general meeting will be held digitally through Lumi. It will not be possible to attend in person. Registration of attendance must be received no later than 21st of May 2024 at 12:00 CEST. For digital participation, please use the link https://dnb.lumiagm.com/126195550. Reference and PIN codes to the meeting are available on VPS Investor Services, or in the form attached to the notice to the individual shareholder. Shareholders may vote in advance, or submit a proxy, with or without voting instructions, by 21st of May 2024 at 12:00 CEST.
The notice is attached, and all relevant documents is available on the Company's website: www.dof.com/agm2024
The notice of general meeting will be sent by post to shareholders who have not given explicit consent for electronic communication of notices.
Contact persons:
CEO Mons S. Aase, +47 91 66 10 12
CFO Hilde Drønen, +47 91 66 10 09
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.