DOF Group ASA - Financial Report for 3rd quarter 2024

06 Nov 2024 20:00 CET

DOF Group ASA's ("DOF" or the "Group") revenue for 3rd quarter (management
reporting) totals USD 376 million (USD 322 million) and EBITDA totals USD 141
million (USD 123 million). The operating profit (EBIT) is USD 88 million (USD 85
million). Net financial costs amount to USD -9 million (USD -52 million)
including unrealised currency gain of USD 17 million (USD -24 million). The
result after taxes is USD 69 million (USD 27 million). The Group's net interest
-bearing debt is USD 1,143 million (USD 1,372 million). The equity is USD 1,195
million (USD 749 million) giving an equity ratio of 39% (27%).

Key highlights in 3rd quarter:

· The Group achieved an EBITDA of USD 141 million (USD 123 million).
· The net profit was USD 69 million (USD 27 million) and has been positively
impacted by an unrealised non-cash currency gain of USD 17 million (USD -24
million) due to a strengthened BRL to USD in the quarter.
· The Group's cash flow from operating activities was USD 124 million (USD 141
million) in the quarter.
· The equity ratio has improved from 27% to 39% due to strong results the last
12 months and a private placement of USD 75 million in July.
· The Net interest-bearing debt (NIBD) has been reduced from USD 1,372 million
to USD 1,143 million. The NIBD/LTM EBITDA by end September is 2.3x (3.0x)
· The average utilisation of the fleet has been 92% (85%) in the quarter.
· The performance has been good in the APAC, North America and the Atlantic
regions, and stable in Brazil.
· The total 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 3[rd] quarter was USD 0.5 billion.
· Firm backlog by end September is USD 2.75 billion (USD 2.1 billion). Order
intake after balance date is approximately USD 90 million.
· The Group has on 1[st] of November completed the acquisition of Maersk
Supply Service A/S ("MSS") which has been renamed to DOF Denmark A/S and will be
incorporated in the accounts from 1[st] of November.

Note: all numbers commented above are based on management reporting

Statement from the CEO

"After completion of the MSS acquisition, we look forward to further developing
the DOF Group with an advanced fleet of CSVs and high-end AHTS vessels and the
combined competence and capabilities in DOF and MSS. Our main focus now is to
ensure a good integration process of the two companies with a common target to
deliver world-class services to our customers.

I am further pleased to see the continuing good performance from our subsea
regions and am optimistic that the Group's subsea project activity will continue
to grow both due to the recent awarded contracts and ongoing tenders. The
activity in the North Sea spot market for AHTS and PSV has slowed down the last
two months especially on the UK sector, but we see the opposite in Brazil where
Petrobras is out with several tenders and also in Asia-Pacific where we recently
were awarded another very good PSV contract.

The expected improved earnings in the second half are confirmed by the 3[rd]
quarter result, hence we change the EBITDA guiding to USD 510-520 million.?The
uncertainty in 4[th] quarter is limited as the reported backlog for 4[th]quarter
is higher than the reported revenue in 3[rd] quarter.

With reference to our Capital Markets Day in September, we have now started the
refinancing process of the Group to position the Company with the target to pay
dividends from 2[nd] quarter 2025 and onwards. The progress is good and strong
indications of interest from banks to participate in the refinancing."

Please see enclosed 3rd quarter Financial Report 2024.

A webcast, followed by a Q&A session, will be available Thursday, 7[th] of
November at 08:30 CET on www.dof.com/webcast.


For further information, please contact:

Martin Lundberg, SVP Finance DOF Group ASA
Phone: +47 91 62 10 57
E-mail: martin.lundberg@dof.com

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

About DOF Group ASA:

With a multi-national workforce of more than 5,000 personnel, DOF Group 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, 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
centres and business units are located in Norway, Denmark, the UK, the USA,
Singapore, Brazil, Argentina, Canada, Angola, and Australia.

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631448_DOF_Group_ASA_Financial_Report_Q3_2024.pdf