DOF ASA News
Financial Report 2nd quarter for DOF ASA
The Group's revenue for 2nd quarter (management reporting) totals NOK 2,510 million (NOK 2,003 million) and EBITDA totals NOK 848 million (NOK 680 million). The operating profit (EBIT) is NOK 501 million (NOK 148 million), of which depreciation totals NOK 346 million (NOK 313 million). No impairment in 2nd quarter (NOK 218 million). Net financial cost amounts to NOK 1,746 million (NOK 531 million) including unrealised currency loss of NOK -1,502 million (gain NOK 815 million). The result is a loss of NOK -1,313 million (profit NOK 580 million).
Average utilisation of the fleet in 2nd quarter was 85% (80%).
Good performance in the subsea segment, especially in Brazil and Atlantic regions.
Increased activity in the North Sea OSV market.
Stable operations within the PSV and AHTS segments.
The total current fleet includes 55 vessels (incl. vessels on management or hired in)
15 AHTSs, 11 PSVs and 29 Subsea vessels
Four older vessels sold since year-end (two delivered in the quarter)
In June the Group signed a Restructuring Agreement with the secured lenders and a group of bondholders representing 40% of the total outstanding bonds, for the purpose of securing a long-term financial solution and maintaining as going concern, where the following main terms have been agreed:
Conversion of NOK 5.7 billion in debt into equity across all major silos within the Group (DOFCON JV excluded), whereas the holders of current shares will hold 4% of the shares after the conversion.
Consolidation of most bilateral facilities at DOF Subsea Group in a single syndicated loan and refinancing of the DOF Rederi Fleet loan after conversion of debt.
Amended terms of the Norskan financing including a split in guaranteed (approx. 70%) and unguaranteed tranches on the BNDES facilities.
The Restructuring Agreement remains to be approved by the bondholders in DOF Subsea AS and the shareholders in the Company. The standstill arrangements will continue until completion of the restructuring within the final deadline on the 31st of October 2022.
High unrealised currency loss on long-term debt due to a significant strengthened USD to BRL and NOK in the period.
Order intake NOK 4.5 billion in the 2nd quarter.
Current backlog is NOK 19 billion (NOK 13.2 billion), of which DOFCON JV backlog represents NOK 5.4 billion. After balance date three vessels have been awarded contracts with Petrobras, at a gross value of USD 253 million.
Please see enclosed 2nd quarter Financial Report 2022.
Webcast is available Thursday, 25th of August at 08:30 on www.dof.com.
CEO Mons Aase, Tel + 47 91 66 10 12
CFO Hilde Drønen, Tel + 47 91 66 10 09