DOF ASA (DOF) 🚢

[TekBot]

Notice of annual general meeting DOF Group ASA

The annual general meeting of DOF Group ASA will be held on Thursday 23rd of May
2024 at 12:00 CEST.

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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.

About DOF Group ASA:

With a multi-national workforce of about 4,000 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
centers and business units are located in Norway, the UK, the USA, Singapore,
Brazil, Argentina, Canada, Angola, and Australia.

Kilde

[Metallian]

DOFG (Buy, NOK 123):

Projects an EBITDA ranging from $470 million to $520 million for 2024.

Focus on rapid debt reduction over 2024-25 to facilitate easier refinancing conditions by 2026.

Buy and hold, this stock is too cheap. Arc

[Metallian]

Siem øker med 422k aksjer for over 30mill nok, har 4,75% totalt nå

[Solan]

Blir veldig spennende å se hva som skjer ift oppkjøp og sammenslåing i offshore i tiden som kommer. Det ligger litt i luften at noe kommer til å skje snart.

[Metallian]

De store subseaentreprenørene vil mangle båter om de ikke foretar seg noe (Subsea7, Technip og Saipem)

[TekBot]

Invitation to presentation of Q1 2024 results

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.

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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

About DOF Group ASA
With a multi-national workforce of about 4,000 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 centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.

Kilde

[Metallian]

DOF GROUP

Building long-term visibility

We expect still-high utilisation in Q1, and adj. EBITDA of

USD107m (3% above consensus). Demand for subsea

vessels remains firm, and DOF is in the process of

securing new contracts for PLSVs and AHTS vessels

with Petrobras, which we believe will result in 3.5–4 years’

average backlog coverage for the DOFCON and Norskan

silos (together accounting for 40% of our 2025–2026e

EBITDA). Peer group 2025e EV/EBITDA and FCFF yield

suggest a fair value of NOK106–116. We reiterate our

BUY and have raised our target price to NOK110 (85).

    

dnb

[Metallian]

Pareto Securities 13. mai 2024: We increase target prices in DOFG to NOK 115 (80) and SIOFF to NOK 42 (36), respectively, corresponding to 1.1x GAVs – with improving economics expected to continue to lift asset values. For DOFG, this corresponds to 5.1x EV/EBITDA ‘25e (YE’24 NIBD), and 12.5% unlevered FCF yield. In SIOFF, our TP corresponds to 12% FCF yield ‘25e. We favor SUBC and DOFG with heavier assets and project organizations, making them less vulnerable to ordering of small/medium newbuilds. SOFF and AMSC are unrated due to our role as financial adviser.

[TekBot]

Financial Report 1st quarter for DOF Group ASA

The reporting currency has been changed from NOK to USD from 1st of January
2024.

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The Group’s revenue for 1st quarter (management reporting) totals USD 330
million (USD 295 million) and EBITDA totals USD 114 million (USD 104 million).
The operating profit (EBIT) is USD 70 million (USD 69 million). Net financial
costs amount to USD -52 million (USD -44 million) including unrealised currency
loss of USD -26 million (USD -6 million). The result after taxes is USD 6
million (USD -1 million). The Group’s net interest-bearing debt is USD 1,358
million (USD 1,466 million). The equity is USD 1,029 million (USD 592 million)
giving an equity ratio of 34% (22%).

Key highlights in 1st quarter:

· Average utilisation of the owned fleet 87% (91%).
· Good performance in all the regions.
· Two PSVs have been sold; Skandi Captain (built 2004) delivered in March and
Skandi Gamma (built 2009) delivered in April.
· The total current fleet includes 57 vessels (incl. 13 vessels on management
or hired in):
· 16 AHTSs, 10 PSVs and 31 Subsea vessels.

· DOF has been ranked with the 2[nd] highest score in the Petrobras PEOTRAM
2023 audit.
· The order intake in 1[st] quarter was USD 188 million.
· The firm backlog by end March is USD 1,852 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 2023 confirms the Group’s commitment to continue having
sustainable operations and reduce the CO2 emissions from the fleet going
forward. The EBITDA guiding for 2024 is adjusted from USD 470 -520 million to
USD 490-520 million”.
Please see enclosed 1st quarter Financial Report 2024.

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

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.

Kilde

[Metallian]

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 EBITDA totals USD 114 million (USD 104 million).
The operating profit (EBIT) is USD 70 million (USD 69 million). Net financial
costs amount to USD -52 million (USD -44 million) including unrealised currency
loss of USD -26 million (USD -6 million). The result after taxes is USD 6
million (USD -1 million). The Group’s net interest-bearing debt is USD 1,358
million (USD 1,466 million). The equity is USD 1,029 million (USD 592 million)
giving an equity ratio of 34% (22%).

Key highlights in 1st quarter:

· Average utilisation of the owned fleet 87% (91%).
· Good performance in all the regions.
· Two PSVs have been sold; Skandi Captain (built 2004) delivered in March and
Skandi Gamma (built 2009) delivered in April.
· The total current fleet includes 57 vessels (incl. 13 vessels on management
or hired in):
· 16 AHTSs, 10 PSVs and 31 Subsea vessels.

· DOF has been ranked with the 2[nd] highest score in the Petrobras PEOTRAM
2023 audit.
· The order intake in 1[st] quarter was USD 188 million.
· The firm backlog by end March is USD 1,852 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 2023 confirms the Group’s commitment to continue having
sustainable operations and reduce the CO2 emissions from the fleet going
forward. The EBITDA guiding for 2024 is adjusted from USD 470 -520 million to
USD 490-520 million”.
Please see enclosed 1st quarter Financial Report 2024.

[TekBot]

Disclosure of voting rights at annual general meeting

In connection with the annual general meeting of DOF Group ASA (the “Company”)
to be held on 23[rd] of May 2024, Svein Harald Øygard, in his capacity as chair
of the board of directors of the Company, has received proxies without voting
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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.

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.

Kilde

[Metallian]

Fearnley Securities: – Fortsatt et solid veddemål

[TekBot]

DOF GROUP ASA - Annual general meeting

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.
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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

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.

Kilde

[TekBot]

DOF Group announces awarded contract for Skandi Vitoria with Petrobras

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.
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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.

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.

About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy
industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are
transforming our clients’ project economics, helping them unlock new
possibilities to develop energy resources while reducing carbon intensity and
supporting their energy transition ambitions.
Organized in two business segments - Subsea and Surface Technologies - we will
continue to advance the industry with our pioneering integrated ecosystems (such
as iEPCIT, iFEEDT and iCompleteT), technology leadership and digital innovation.
Each of our approximately 21,000 employees is driven by a commitment to our
clients’ success, and a culture of strong execution, purposeful innovation, and
challenging industry conventions.

Kilde

[TekBot]

DOF Group awarded long-term contract for IMR services by Equinor

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.
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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.

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.

Kilde

[pg-san]

Dof har dermed fått 3-4 mrd ekstra i backlog kun idag. Meget positivt og vil anta at de klarer å bygge ordrebøkene sin videre opp fremover.
Lite nye offshore skip som generelt blir bygget så antar vi har mange gode kommende år.

[TekBot]

DOF Group awarded multiple contracts with Petrobras

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.
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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.

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.

Kilde

[Metallian]

Nice- 3 år for PLSV og 4 år for AHTS med ROV lar seg høre

[TekBot]

DOF Group awarded long-term FSV contract

DOF has signed an LOI (Letter of Intent) for a 2-year firm and 1-year optional
contract from an undisclosed energy company. The contract is defined as Very
Large, excluding optional period and additional services.
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DOF shall under the contract utilise Skandi Seven. Startup shall be Q4, 2024,
and is planned in direct continuation from ongoing contract.

In addition to vessel services, DOF shall deliver a full suite of project
management, engineering, and logistical services.

Mons S. Aase commented: “We are very pleased with another award from a very
important energy company. With Skandi Seven, we recently reached another
milestone delivering more than three million manhours without any LTI’s (lost
time injury) while conducting FSV duties. I’m enthusiastic about this award,
which will utilise our experience in conducting advanced subsea operations”.

Preparations for the contract have already started from our integrated marine
operations team located in Bergen, Norway.

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.

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.

Kilde

[Metallian]

Det renner inn