DOF Group ASA's ("DOF" or the "Group") revenue for 3rd quarter (management
reporting) totals USD 501 million (USD 376 million) and EBITDA totals USD 205
million (USD 141 million). The operating profit (EBIT) is USD 138 million
(USD?88 million). Net financial cost amounts to USD -1 million (USD -9 million),
including unrealised currency gain of USD 20 million (gain USD 17 million). The
result after taxes is USD 107 million (USD?69 million). The Group's net interest
-bearing debt is USD 1,332 million (USD 1,141 million). The equity is USD 1,978
million (USD 1,195 million) giving an equity ratio of 46% (39%).
Key Highlights in 3rd quarter
· The Group delivered EBITDA of USD 205 million (USD 141 million), including
gain on sale of two vessels of USD 12 million
· Utilisation of 87% (92%)
· The NIBD/LTM EBITDA is 1.9x
· Quarterly dividend payment in November 2025 increased to USD 0.35 per share
· Firm backlog by end September is USD 4.7 billion (USD 2.75 billion)
Note: all numbers commented above are based on management reporting
Statement from the CEO
The third quarter of 2025 was another strong quarter in both operational and
financial performance for DOF Group ASA.
This quarter was marked by a continued commitment to operational excellence,
reflected in strong performance across all business units. Client feedback has
been exceptionally positive, highlighting our reliability, responsiveness, and
value creation. These results reinforce the strength of our operating model and
the dedication of our teams in consistently exceeding client expectations.
The high number of contract awards continued in Q3 and the backlog exceeds USD
5.1 billion as of this report, of which the backlog for execution in 2026 is USD
1.5 billion, providing a strong foundation and a high degree of visibility for
next year's earnings.
We have advanced our fleet optimisation strategy through the divestment of three
smaller AHTS vessels during the quarter, further high-grading and strengthening
the overall quality of our fleet.
By issuing a USD 150 million bond loan, financing the newbuild Skandi Norseman
and repaying the only near-term maturity, we have further strengthened the
financial position of the Group. This, together with the strong operational
results and increased backlog allows us to increase the Q3 dividend to USD
0.35/share payable in November.
The outlook for the rest of 2025 remains strong, and we narrow our EBITDA
guidance range to USD 750 - 760 million.
Please see enclosed 3rd quarter Financial Report 2025 and presentation.
A webcast, followed by a Q&A session, will be available on Wednesday, 5 November
at 14:00 CET on www.dof.com/webcast.
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
About DOF
DOF Group ASA (OSE ticker: DOFG) is a leading provider of offshore and subsea
services to the offshore energy industry. The company owns and operates a fleet
of modern offshore/subsea vessels which is combined with strong engineering
capabilities to provide integrated offshore services globally.
www.dof.com