DOF Group ASA

08/20/2024 | Press release | Distributed by Public on 08/20/2024 12:05

DOF Group ASA - Financial Report for 2nd quarter 2024

DOF Group ASA - Financial Report for 2nd quarter 2024

20 Aug 2024 20:00 CEST

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Issuer

DOF Group ASA

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: [email protected]

Hilde Drønen, CFO, DOF Group ASA

Phone: + 47 91 66 10 09

E-mail: [email protected]

About DOF Group ASA:

With a multi-national workforce of about 4,100 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
centers and business units are located in Norway, the UK, the USA, Singapore,
Brazil, Argentina, Canada, Angola, and Australia.

More information:
Access the news on Oslo Bors NewsWeb site

625709_Release.pdf
625709_DOF_Group_ASA_Financial_Report_Q2_2024.pdf

Source

DOF Group ASA

Provider

Oslo Børs Newspoint

Company Name

DOF GROUP ASA

ISIN

NO0012851874

Symbol

DOFG

Market

Oslo Børs