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Media Center

May192022

Go back

DOF ASA News

Financial Report 1st quarter for DOF ASA

The Group's revenue for 1st quarter (management reporting) totals NOK 2,174 million (NOK 1,514 million) and EBITDA totals NOK 767 million (NOK 492 million). The operating profit (EBIT) is NOK 321 million (NOK 45 million), of which depreciation and impairment totals NOK 446 million (NOK 447 million).  Net financial cost amounts to NOK 630 million (NOK -720 million) including unrealised currency gain of NOK 1,010 million (NOK -480 million). The profit is NOK 824 million (NOK -801 million).

Key information:

Operations
Average utilisation of the fleet in 1st quarter was 82% (67%).
Variable performance from the Subsea regions.
Good performance from the DOFCON JV.
High tender activity within all segments.
The total current fleet includes 55 vessels (incl. vessels on management or hired in)
15 AHTSs, 11 PSVs and 29 Subsea vessels
One (owned) vessel in lay-up
Four vessels agreed sold since year-end

Finance
Even though the markets have improved, the Group is not in a position to pay its debts without a significant conversion of debt into equity and thereby continue as a going concern.
The Group’s financial position is not sustainable, and the equity is lost.
The restructuring proposal currently discussed with the creditors include conversion of a significant amount of debt to equity and soft terms of the existing loan facilities. The dialogue with the lenders is constructive, but a refinancing solution is not yet in place.
The current standstill agreements with the lenders and bondholders mature on the 31st of May.
High unrealised currency gain on long-term debt due to a significant strengthened BRL to USD in the period. After balance date the result from movements in the FX rates have the opposite effect.

Backlog
Order intake NOK 1.3 billion in the 1st quarter. Current backlog is NOK 14.6 billion (NOK 14.2 billion), of which joint venture backlog is NOK 5.2 billion (NOK 5.5 billion).

Please see enclosed 1st quarter Financial Report 2022.
>>> DOF ASA Q1 2022 Financial Report (PDF)

Webcast is available Thursday, 19th of May at 08:30 on www.dof.com.

Contact:
CEO Mons Aase,     Tel + 47 91 66 10 12
CFO Hilde Drønen, Tel + 47 91 66 10 09

 

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