DOF ASA News
Financial Report 1st quarter for DOF ASA
The Group's operating income for 1st quarter (management reporting) totals NOK 1,633 million (NOK 1,690 million) and the operating profit before depreciation and impairment (EBITDA) totals NOK 496 million (NOK 479 million). The Ebitda adjusted for hedge accounting is NOK 541 million (NOK 520 million) and the operating profit (EBIT) is NOK 133 million (NOK - 11 million), of which depreciation and impairment totals NOK 363 million (NOK 490 million).
The average utilisation of the Group's fleet during the 1st quarter was 70% ; 67% for the subsea fleet, 68% for the AHTS fleet and 78% for the PSV fleet.
The market has improved for the North Sea PSV fleet, but are still challenging for the AHTS fleet and the subsea IRM fleet. All newbuilds (PLSVs) are delivered and on contracts.
The Group's backlog is NOK 20 billion.
As a result of the continued challenging market situation, the Group has experienced that regular rollover (or refinancing) of existing loan facilities is very challenging. This new situation is likely to result in the Group being in breach of its financial covenants in the near future and the Group being unable to repay (or rollover) certain of its existing loans when they fall due. The management will commence a dialogue with the involved parties and believes it is possible to reach agreements to solve the expected challenging situation for the Group, although no assurance can be given that the Group will be successful in this respect. The effects of such breach are further described in note 9 (Net interest bearing debt) to the quarterly accounts.
Please see enclosed 1st quarter Financial Report 2019
>>> DOF ASA Q1 Financial Report 2019 (PDF)
Webcast is available Thursday, 23nd May 2019 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