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financial cost amounts to NOK -551 million (NOK -1,092 million) incl. unrealised
currency loss of NOK -249 million (NOK -834 million) and a net positive result
of NOK 285 million (NOK -482 million). The Groupâs net interest bearing debt is
NOK 14,571 million (NOK 22,398 million) and the book equity is NOK 7,955 million
(NOK -1,428 million).
Key highlights:
. Another strong quarter and the Group achieved an EBITDA of NOK 1,295
million and a margin of 38%.
. Cash flow from operations activities at NOK 1,107 million.
. The average utilisation of the owned fleet was 85%.
. The markets have continued to be strong, with high tender activity.
. A purchase option related to the Skandi Iceman has been exercised at a
price below market values.
. Skandi Neptune (agreed sold in 2021) has been delivered to new owners.
. Stril Explorer has been chartered in on a 3-year contract (+ 4 annual
options) to support PIDF contract in Brazil.
. After balance date the Group has agreed to acquire 3 ânon-coreâ PSVs from
the lenders in DOF Rederi, whereof two of these vessels are in process
to be sold.
. The total current fleet includes 54 vessels (incl. vessels on management or
hired in):
o 14 AHTSs, 11 PSVs and 29 Subsea vessels.
. A strong order intake of NOK 4.3 billion in the 3rd quarter.
Firm backlog by end September of NOK 22.3 billion.
Statement from the CEO, Mons Aase: âWe deliver another solid quarter with
improved cash flow and experiencing strong markets within all fleet segments. In
3rd quarter the performance has again been good within the subsea project
activity and the extension of the PIDF contract in Brazil and the SURF contract
in West-Africa are just reflecting the high activity within subsea. We have also
experienced strong markets in the North Sea especially for the PSV fleet.
Petrobras is out with several tenders, and we expect the backlog in Brazil to
grow further at improved rates. Based on the good performance so far and the
high backlog for Q4, the EBITDA guidance for the year has been increased to NOK
4.75-4.85 billion, from NOK 4.5-4.75 billionâ.
Please see enclosed 3rd quarter Financial Report 2023.
Webcast is available Friday, 10th of November at 08:30 on www.dof.com/webcast.
For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: +47 916 21 057
E-mail: martin.lundberg@dof.com
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. DOFâs 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 Companyâs main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
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