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DOF Group ASA – Invitation to presentation about DOF Denmark, 18 December 2024

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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 - Recommendation of the nomination committee for the Extraordinary General Meeting on 26 July 2026

July 22, 2024

News

DOFG: Disclosure of voting rights at extraordinary general meeting

July 22, 2024

Contract awards

DOF Group awarded multiple contracts in Brazil

July 19, 2024

Historical OSE Notices

OSLO BØRS - TRADING RESUMPTION

December 2, 2022

Reference is made to DOF ASA's (the "Company" or "DOF" and together with its subsidiaries the "Group") previous announcements on 22 June 2022 and 13 October 2022 regarding the financial restructuring process, and the announcement on 11 November 2022 regarding the voting result at the extraordinary general meeting held the same day ("EGM"). As a result of the failure to obtain approval of the proposed restructuring at the EGM and pursuant to the Group's obligations under the agreement with a substantial group of financial creditors and certain other stakeholders (the "Restructuring Agreement") on a comprehensive financial restructuring (the "Restructuring"), DOF will today petition for reconstruction proceedings with Hordaland district court (the "Reconstruction"). As previously communicated by the Company, the financial creditors of the Group have made it clear (i) that there is no room for the shareholders to negotiate a more favorable solution than the proposal that was presented to the EGM on 11 November 2022 whereby the shareholders was offered 4% of the share capital following the Restructuring and (ii) that the shareholders will not be offered more than 1% of the share capital following the Restructuring as part of the Reconstruction, unless otherwise agreed by the financial creditors. The board of directors is of the view that there is no other available solution that ensures the continued operations in the Group than the agreed Restructuring. It has also been made clear by the Group's financial creditors that implementation of the Restructuring must take place in accordance with the Restructuring Agreement. According to the terms of the Restructuring Agreement, DOF is in the current situation obliged to procure that the Reconstruction proceedings are opened. This is further substantiated by a letter from the creditors requesting Reconstruction to be opened promptly. The Board has also been in dialogue with the appointed advisor of the minority shareholders in order to provide the requested documentation. The Board has not received information which indicates that the minority shareholders have any viable alternative solution to the Restructuring. In preparation of the Reconstruction, and in order to secure the continued operations in the rest of the Group irrespective of the outcome of the Restructuring in the Company, the Company has transferred the majority of its business, assets and contractual liabilities to its wholly owned subsidiary DOF Services AS. The employees of the Company have, in accordance with the Restructuring Agreement, been transferred to the Company's wholly owned subsidiary DOF AS together with related third-party agreements necessary to operate the Group. The Group's operations are therefore expected to continue as normal both throughout the Reconstruction process and in the event of a subsequent bankruptcy in the Company. As previously communicated, creditors and contract parties other than the financial creditors party to the Restructuring will not be affected by the Restructuring. In light of continuous speculations among the minority shareholders of DOF questioning the principle of equal treatment of all the shareholders of the Company, and despite previous announcements confirming the same, the Company see once more the need to reiterate that the Restructuring proposal that was presented to the EGM provided for equal treatment of all the shareholders of the Company. The main shareholder in DOF has also confirmed that there is no agreement or arrangement regarding preferential treatment of the main shareholder compared to other shareholders irrespective of how the Restructuring is implemented. For further information, please contact: Chairman of the Board Hans Olav Lindal, tel. + 47 958 39 562 This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Hilde Drønen, CFO, DOF ASA. With a multi-national workforce of about 3,900 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: Petition for Reconstruction

December 2, 2022

Det vises til DOF ASAs ("Selskapet" eller "DOF", og sammen med datterselskapene, "Gruppen") tidligere børsmeldinger henholdsvis 22. juni 2022 og 13. oktober 2022 vedrørende den finansielle restruktureringsprosessen, og børsmeldingen 11. november 2022 vedrørende avstemningsresultatet på den ekstraordinære generalforsamlingen avholdt samme dag ("Generalforsamlingen"). Som følge av manglende godkjenning av den foreslåtte restruktureringen på Generalforsamlingen og i henhold til Gruppens forpliktelser etter avtalen med en betydelig gruppe finansielle kreditorer og visse andre interessenter ("Restruktureringsavtalen") om en omfattende finansiell restrukturering ("Restruktureringen"), vil DOF i dag begjære rekonstruksjonsforhandlinger ved Hordaland tingrett ("Rekonstruksjonen"). Som tidligere kommunisert av Selskapet, har de finansielle kreditorene til Gruppen gjort det klart at (i) det ikke er rom for aksjonærene til å forhandle om en gunstigere løsning enn forslaget som ble presentert for generalforsamlingen den 11. november 2022 der aksjonærene ble tilbudt 4% av aksjekapitalen etter Restruktureringen og (ii) aksjonærene ikke vil bli tilbudt mer enn 1% av aksjekapitalen etter Restruktureringen som en del av Rekonstruksjonen, med mindre noe annet aksepteres av de finansielle kreditorene. Etter styrets vurdering foreligger det ingen annen løsning som sikrer videre drift i Gruppen enn den avtalte Restruktureringen. Det er videre gjort klart av Gruppens finansielle kreditorer at gjennomføring av Restruktureringen skal skje i henhold til Restruktureringsavtalen. Etter Restruktureringsavtalen er DOF i den nåværende situasjonen forpliktet til å sørge for at rekonstruksjonsforhandlinger åpnes. Dette underbygges ytterligere av et brev fra kreditorene hvor det kreves at Rekonstruksjonen åpnes omgående. Styret har også vært i dialog med oppnevnt rådgiver for minoritetsaksjonærene for å fremskaffe ønsket dokumentasjon. Styret har ikke mottatt informasjon som tilsier at minoritetsaksjonærene har noen reell alternativ løsning til Restruktureringen. Som forberedelse til Rekonstruksjonen, og for å sikre videre drift i resten av Gruppen uavhengig av utfallet av Rekonstruksjonen, har Selskapet overført majoriteten av sin virksomhet, eiendeler og kontraktsmessige forpliktelser til sitt heleide datterselskap, DOF Services AS. De ansatte i Selskapet har i henhold til Restruktureringsavtalen blitt overført til Selskapets heleide datterselskap DOF AS sammen med tilhørende tredjepartsavtaler som er nødvendige for å drive konsernet. Gruppens virksomhet forventes derfor å fortsette som normalt, både gjennom hele rekonstruksjonsprosessen og ved en eventuell påfølgende konkurs i Selskapet. Som tidligere kommunisert vil ikke kreditorer og kontraktsparter utover de finansielle kreditorene som er part i Restruktureringen bli påvirket av Restruktureringen. I lys av de kontinuerlige spekulasjonene blant minoritetsaksjonærene i DOF som stiller spørsmål ved prinsippet om likebehandling av alle Selskapets aksjonærer, og til tross for tidligere meldinger som bekrefter det samme, ser Selskapet nok en gang et behov for å gjenta at forslaget om Restrukturering som ble presentert for Generalforsamlingen sørget for likebehandling av alle aksjonærene i Selskapet. Hovedaksjonæren i DOF har også bekreftet at det ikke er noen avtale eller ordning om særbehandling av hovedaksjonæren sammenlignet med øvrige aksjonærer, uavhengig av hvordan Restruktureringen gjennomføres. For mer informasjon, vennligst kontakt: Styrets leder Hans Olav Lindal, tlf. 958 39 562 Denne informasjonen anses som innsideinformasjon i henhold til EUs Markedsmisbruksforordning, og er informasjonspliktig etter verdipapirhandelloven § 5-12. Børsmeldingen er publisert av Hilde Drønen, CFO, DOF ASA. With a multi-national workforce of about 3,900 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: Begjæring om Rekonstruksjon

December 2, 2022

Historical OSE Notices

OSLO BØRS - TRADING SUSPENSION

December 2, 2022

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 7 November 2022 (together the "Bond Loans"), 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 30 November 2022, with a possibility to further extend the standstill arrangement with the approval of the ad-hoc group of bondholders (the "Ad-Hoc Group"). In order to facilitate the implementation of the Restructuring through reconstruction proceedings, bankruptcy or otherwise, DOF is pleased to announce that the senior creditors and bondholders that are parties to the Restructuring Agreement have agreed to extend the Long Stop Date in the Restructuring Agreement to 31 March 2023, and that the ad-hoc group of bondholders in DOF Subsea AS' 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) has extended the standstill arrangements with the bondholders to 31 March 2023 in accordance with the authority granted in the bondholders' meetings held on 7 November 2022. 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

DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL PERIOD

November 30, 2022

DOF Group is pleased to announce multiple new contracts in Atlantic region and the long-term charter of the CSV vessel Havila Phoenix. The region has been awarded an Integrated Field Support Vessel (FSV) contract with an international operator in West-Africa. The contract is 365 days firm, with 365 days of options. DOF shall deliver project management, engineering, procurement and logistics within deep-water construction and maintenance of existing subsea infrastructure. The project shall utilise Skandi Seven for the contract. The region has also been awarded multiple FEED studies towards prospective floating wind developments in the Atlantic region. DOF shall use its project management, engineering and logistical expert teams to outline marine operation solutions, including mooring and dynamic cable installation. DOF is further pleased to announce the charter of Havila Phoenix on a 3-year firm plus 2-year option contract, with commencement in Q1, 2023. Havila Phoenix is a large and modern CSV, equipped with one 250-ton AHC offshore crane, one 20 -ton AHC offshore crane, 2 WROVs and a large construction deck. The vessel will be utilised within the DOF Subsea's project segment. Mons Aase, CEO DOF Subsea AS, said, "I`m pleased with the award for a new integrated FSV contract in West-Africa, once again proving our ability to deliver complex marine operations and engineering services. I also welcome Havila Phoenix into our fleet of advanced subsea vessels. For further information, please 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 3,900 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 Contract and Fleet update

November 28, 2022

Historical OSE Notices

Disclosure of voting proxies for the Extraordinary General Meeting of DOF ASA 14 December 2022

November 25, 2022

Reference is made to the announcement made by DOF ASA (the "Company") on 17 November 2022, regarding a request for an extraordinary general meeting ("EGM") pursuant to section 5-7(2) of the Norwegian Public Limited Companies Act, to be held to consider a proposal to elect a new board of directors in the Company. The EGM will be held on Wednesday 14 December 2022 at 12:00 hours as an electronic meeting. Shareholders who wish to participate and vote at the EGF must be registered with a user profile in the meeting portal Orgbrain (www.orgbrain.no) or submit a proxy to the Company by 12:00 hrs CET on 9 December 2022. Information about participation and registration is included in the notice attached to this announcement and also available on the Company's website www.dof.com. Further information about the electronic participation will be published on the Company's website www.dof.com and distributed to the shareholders who fill in and return the registration form. A paper version of the notice will be sent by post to those shareholders who have reserved themselves against electronic communication on the VPS Investor Services. 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 3,900 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: NOTICE OF EXTRAORDINARY GENERAL MEETING

November 23, 2022

Det vises til kunngjøring fra DOF ASA ("Selskapet") 17. november 2022 vedrørende krav om innkalling til ekstraordinær generalforsamling ("EGF") etter allmennaksjeloven § 5-7(2), som skal avholdes for å behandle forslag om å velge nytt styre i Selskapet. Generalforsamlingen vil bli avholdt onsdag 14. desember 2022 kl. 12:00 som et elektronisk møte. Aksjonærer som ønsker å delta og stemme i EGF må være registrert med en brukerprofil i møteportalen Orgbrain (www.orgbrain.no) eller sende inn fullmakt til Selskapet innen kl. 12:00 den 9. desember 2022. Informasjon om deltakelse og registrering er inkludert i innkallingen vedlagt denne kunngjøringen og også tilgjengelig på selskapets nettside www.dof.com. Ytterligere informasjon om den elektroniske deltakelsen vil bli publisert på selskapets nettside www.dof.com og vil bli distribuert til aksjonærene som fyller ut og returnerer påmeldingsskjemaet. Papirversjon av innkallingen vil sendes per post til de aksjeeierne som har reservert seg mot elektronisk kommunikasjon i VPS Investortjenester. For nærmere informasjon vennligst kontakt: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 Denne informasjonen er informasjonspliktig etter verdipapirhandelloven § 5-12. With a multi-national workforce of about 3,900 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: INNKALLING TIL EKSTRAORDINÆR GENERALFORSAMLING

November 23, 2022

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DOF ASA: Petition for Reconstruction

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Disclosure of voting proxies for the Extraordinary General Meeting of DOF ASA 14 December 2022

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