DOF makes $21M in Q4 2013

DOF Group ASA, company that provides offshore support vessels to the international oil and gas industry

Group operating income for Q4 totalled $434,4 million ($340,2 million in 4Q 2012 ). Operating profit before depreciation (EBITDA) was $137 million ($114,2 million Q4 2012). Net profit was $20,96 million, up from $14.2 million earned a year ago.

Average utilisation in Q4 for the Subsea fleet was 94% (89%) and for the Supply fleet 91% (91%). The Group operated during Q4 five vessels fully or partly in the North Sea and Brazilian spot market.

The utilisation for the subsea project fleet was high during the period. Several new contracts have been entered into during Q4 and year to date. In Brazil, the subsidiary Norskan secured a long term contract for its latest newbuilding Skandi Paraty with delivery in 2015 and a new 4-year contract for Skandi Copacabana with Petrobras.

In addition four AHTS contracts were extended in Brazil and new ROV contracts for DOF Subsea were secured. In January 2014, DOF ASA issued a bond loan of $115,5 million, of which $38,78 million was used to repurchase parts of DOF08. The refinancing of the existing bond loan maturing 2015 is thereby completed.

In January 2014, the subsidiary DOF Subsea delivered Skandi Bergen to the new owner. The sale resulted in a gain of around $33 million, which will be reported in Q1, 2014.

DOF ASA is an international Group of companies involved in the ownership and operation of a fleet of PSV, AHTS, Subsea vessels and service companies offering services to the subsea market. As of February 2014 the fleet (wholly/partly owned) comprises 77 vessels, of which 69 vessels are in operation, and 8 vessels are newbuildings due for delivery in 2014-2017. The fleet comprises of 20 AHTS, 24 PSV and 33 Subsea vessels. In addition, the Group owns a fleet of 59 modern ROVs.

February 27, 2014

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