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Financial Report 1st quarter 2017 for DOF ASA

Group operating income in Q1 (management reporting) totals NOK 1,677 million (NOK 2,182 million), and EBITDA totals NOK 483 million (NOK 803 million including gain from sales of assets NOK 70 million). EBITDA adjusted for hedge accounting was NOK 530 million (NOK 871 million). EBIT totals NOK -102 million (NOK 205 million), including depreciation and impairment of NOK 586 million (NOK 598 million).
The average utilisation of the Group's owned fleet during Q1 was 71%. The utilisation of the subsea fleet was 68%, the AHTS fleet 67% and the PSV fleet 81%. The Group had by end of the quarter six vessels in lay-up.
The Company has entered into 3-year agreements for management and operation of three vessels during 1st quarter of which one vessel has started a conversion for a contract with Shell at the Prelude field outside Australia.
The second PLSV newbuild Skandi Buzios, owned by DOF Subsea and TechnipFMC, was delivered in January and started its 8-year contract with Petrobras in April.
DOF Subsea successfully completed a 5-year unsecured bond issue of USD 175 million in March.
DOF Subsea AS and its shareholders, DOF ASA and First Reserve Corporation, have decided to start reviewing possibilities for DOF Subsea to apply for a listing on the Oslo Stock Exchange, see separate press release.
Please see enclosed Q1 Financial Report 2017.
DOF ASA Q1 2017 Financial Report - English (pdf)

Webcast is available Friday 12.05.2017 at 08:30 on
CEO Mons Aase, Tel + 47 91 66 10 12
CFO Hilde Drønen, Tel + 47 91 66 10 09