DOF ASA News
Financial Report 3rd quarter for DOF ASA
The Group's revenue for 3[rd] quarter (management reporting) totals NOK 2 027 million (NOK 2 057 million) and the EBITDA totals NOK 879 million (NOK 803 million, adjusted for hedge accounting). The operating profit (EBIT) is NOK -46 million (NOK -503 million), of which depreciation and impairment totals NOK 925 million (NOK 1 262 million). Net profit is NOK -406 million (NOK -2 130 million).
The COVID-19 virus has had a major impact on the operations in the 3[rd] quarter and the markets have continued to be challenging, with pressure on earnings and utilisation rates. Despite a challenging market situation, the Group has secured new contracts with a total value of approx. NOK 3.7 billion during 3[rd] quarter and so far in 4[th] quarter.
The restructuring of the Group's debt is ongoing and standstill agreements (excluding the JVs) have been agreed until the 31[st] of January 2021 with the secured lenders and until the 15[th] of December 2020 with the bondholders. The discussions with the Group's creditors are ongoing and the Group has presented a debt restructuring proposal to the secured lenders and bondholders. As part of the debt restructuring of DOF Deepwater, the shares have been sold to Akastor
The average utilisation of the Group's fleet during the 3[rd] quarter was 67% ; 81% for the subsea fleet, 48% for the AHTS fleet and 64% for the PSV fleet.
General market & operational comments in Q3:
- Good performance from subsea regions
- Contract awards in the AHTS and Subsea segments
- Weak North Sea spot market with several PSVs in lay-up
- 13 vessels in lay-up by end of the quarter
- The Group's current backlog is NOK 17.4 million
Please see enclosed 3[rd] quarter Financial Report 2020.
>>> DOF ASA Q3 financial report 2020 (PDF)
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CEO Mons Aase, Tel + 47 91 66 10 12
CFO Hilde Drønen, Tel + 47 91 66 10 09