DOF ASA Annual Report 2014 - ASA/IR/2015/DOF ASA...DOF ASA Annual Report 2014

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  • DOF ASA Annual Report

    2014

  • DOF ASA Annual Report

    2014

  • Our vision

    To be a world class integrated offshore company, delivering marine services and subsea solutions responsibly, balancing risk and opportunities in a sustainable way, together, every day.

    the dof group vision

    D O F A S A A n n ua l R e p o rt 2 014

    4

  • The DOF Group - A global partner 7-9

    Life of field services 10-11

    DOF highlights 12-13

    Key figures DOF Group 14-15

    Words from CEO 16-17

    This is DOF ASA 18-19

    Sustainability 20-25

    Human resources 26-29

    Health, safety, environment & quality 30-33

    Atlantic region 34-39

    South America region 40-43

    Asia Pacific region 44-47

    North America region 48-51

    The fleet 52-63

    Market outlook 64-69

    The Board of Directors 70-71

    Shareholders information 72-73

    Corporate Governance 74-81

    Report of the Board of Directors 82-91

    Financial Statements DOF Group 92-137

    Financial Statements DOF ASA 138-155

    Auditors report 156-157

    Contact 158

    Glossary 159

    Index

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  • Our valuesIntegrityThe very corner stone of our business. We behave ethically always.

    We are honest, fair and equitable in all our dealings. We are dedicated to good corporate governance.

    We strive to do the right thing not because someone is checking, or looking, but purely because it is the right thing to do.

    RespectUnderpins everything we do and every interaction we have. Respect for people: our colleagues, our customers, and our business partners.

    As global citizens we are socially responsible, we respect the individual, the local customs and cultures of our various markets.

    Acting with care and consideration is central to our wellbeing and safety and ensures we minimise our environmental impact.

    TeamworkEverything we achieve is as a result of teamwork.

    Each of us is responsible and open in our professional relationships, cooperative and collaborative, treating one another with dignity and respect.

    We do not blame, we find and share solutions and we learn from mistakes. From this platform we build diverse and global teams and strive for free exchange of ideas, experience and knowledge, worldwide.

    ExcellenceIn everything we do. We are resourceful and responsive to our customers needs; innovative in the solutions we apply to everyday problems.

    We safeguard our individuality and the qualities that set us apart from our competitors, protecting our reputation and the professional trust we have built, we do not walk away from our commitments.

    SAFEAbove all we are SAFE.

    We are committed to protect the health and safety of our people and our environment.

    the dof group values

    6

  • Houston

    NORTH AMERICA REGION

    Subsea 4

    The DOF Group a global partnerDOF operates around the globe with major operations in our designated regions: Atlantic, South America, Asia Pacific and North America. Our expert staff includes: marine crew, subsea operators & technicians, onshore administrators and management

    Subsea Projects Total 1,858

    Marine Management Total 3,517

    DOF Group Total 5,375

    USA, CANADA

    7

  • St. Johns

    Bergen

    Aberdeen

    Luanda

    Maca

    Cairo

    Rio de Janeiro

    Buenos Aires

    Moscow

    SOUTH AMERICA REGION

    NORTH AMERICA REGION

    Subsea 4

    PSV 4

    AHTS 11

    Subsea 11

    ATLANTIC REGION

    PSV 21

    AHTS 6

    Subsea 13

    NORWAY, UK, ANGOLA, RUSSIA, EGYPT

    USA, CANADA

    BRAZIL, ARGENTINA

    Austevoll

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  • Perth

    Darwin

    Singapore

    Jakarta

    Bandar Seri Begawan

    Manila

    Melbourne

    ASIA PACIFIC REGION

    AHTS 4

    Subsea 4

    AUSTRALIA, SINGAPORE, PHILIPPINES

    DOF from 1981 Austevoll, Norway Founded in Austevoll in 1981, DOF was established to provide a modern fleet of offshore support vessels on long-term contracts in the North Sea. More than three decades since our founding, Austevoll remains our head office with regional offices and vessels in major oil and gas regions around the globe.

    Photo: DOF ASA head office, Austevoll, Norway

    9

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  • Life of field servicesThe DOF Group assets, the vessels and subsea equipment, operate across the life of field services.

    PSV 25

    AHTS 21

    Subsea 32

    Total fleet 78

    ROV/AUV 66

    Engineering/ Construction & Mobilisation

    Supply Services

    Marine Operations

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  • Decommissioning

    Pipeline Survey

    Wellhead Intervention

    Pipelay

    Geotechnical & Geophysical Surveys

    ROV Services Diver AssistedIntervention

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  • Q1 2014 FLEET

    Sale of Skandi Bergen in January

    DOF Subsea hired external Jones Act-vessels Chloe Candies and Ross Candies for a period of 1+1 yr each for its operations in the Gulf of Mexico

    Q2 2014 FLEET

    Skandi Urca delivered to Norskan and on contract in April

    The newbuilding Normand Reach on-hire to DOF Subsea from June

    DOF Highlights

    700 MNOK New bond issued

    CONTRACT AWARDS

    Several subsea contracts in the Asia Pacific and Atlantic region

    Skandi Waveney, 1+2x1 yr with Peterson den Helder

    Skandi Marstein, 9+9 months contract with CNR International

    Geosund, call-off 2014 and 2015 Statoil survey frame agreement

    Skandi Copacabana, 4 yr with Petrobras from April

    Skandi Paraty, 4 yr with Petrobras from delivery of the vessels in 2015

    Project contracts Ross Candies and Chloe Candies in Gulf of Mexico

    CONTRACT AWARDS

    Skandi Seven 2 yr extension with Subsea 7, firm until March 2017

    DOF Subsea awarded several project contracts in Atlantic, Asia Pacific, North America

    Skandi Captain, 18 months (+6 months option) contract with Nexen Petroleum

    Skandi Chieftain, 1 yr with Petrobras, firm until June 2015

    Skandi Neptune, 1 yr extension with Subsea 7 firm until Q1 2016

    FINANCE

    In January DOF ASA issued a new bond MNOK 700

    FINANCE

    Long term financing signed for three newbuildings in Brazil

    Repayment of DOFSUB04 in April (total MNOK 454)

    highlights

    Skandi Urca

    Geosund

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  • Q4 2014 FLEET

    Skandi Skolten delivered to new owner (approx. MNOK 650 after redemption of debt)

    Q3 2014 FLEET

    Skandi Skolten agreed sold delivery in Q4 2014

    VESSELSAgreed sold in Brazil

    CONTRACT AWARDS

    Skandi Hav, 4 yr with Petrobras, firm until November 2018

    DOF Subsea awarded several project contracts in Atlantic, Asia Pacific, North America

    Skandi Barra and Skandi Buchan, 3 yr (+ up to 2 yr options) with Total UK, firm until Feb 2018

    Skandi Sotra, 1 yr + 4x6 months options with Chevron North Sea Ltd, firm until Dec 2015

    CONTRACT AWARDS

    Skandi Yare, 4 yr with Petrobras

    DOF Subsea awarded several project contracts in Atlantic, Asia Pacific, North America

    Skandi Santos 5 yr extension with AKOFS Offshore/Petrobras firm until Q1 2020

    Skandi Marstein, 10 months + up to 9 months options with CNR International (UK), firm until Oct 2015

    Skandi Texel, 20 months + 1 yr option with BP Egypt, firm until Aug 2016

    Skandi Mgster and Skandi Saigon, 1 yr option exercised by Total Argentina, firm until end Feb 2016

    Skandi Giant and Skandi Atlantic, 150 days + options up to 5 wells for Origin Australia

    Q1 2015 FLEET

    Signed an agreement for sale of five vessels in Brazil

    Skandi Aker sold to new owners in February

    CONTRACT AWARDS

    DOF Subsea awarded LOA for a 7+3 yr IRM contract for vessel Skandi Hawk

    DOF Subsea awarded several project contracts in North America, Asia and Atlantic region

    Skandi Caledonia, 6 months extension with Maersk UK, firm until Apr 2016

    Skandi Gamma, 1 yr extension with Statoil, from Feb 2015

    Skandi Vega incl. ROV, first option exercised with Statoil, firm until mid- May 2016

    Skandi Salvador, extension of contract with Chevron for the remainder of 2015

    Skandi Stord 120 days +60 days option with Sigurd Ross

    DOF Subsea awarded 3 yr Master Service Agreement with Chevron for Skandi Protector Australia

    FIV

    E

    Skandi Protector

    Skandi Santos

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  • Key figures DOF Group

    Amounts in NOK million Management reporting Financial reporting

    From the Comprehensive Income 2014 2013 2014 2013

    Operating income 10681 9754 10196 9415Operating expenses -6891 -6642 -6702 -6550Operating profit/(loss) before depreciation and write downs - EBITDA 3790 3112 3495 2865Depreciation and write-downs -1127 -1193 -1045 -1115Operating profit/(loss) - EBIT 2663 1919 2450 1751Net finance costs -1554 -1332 -1475 -1244Unrealised gain/(loss) on currency -441 -606 -336 -570Net changes in gain/loss on derivatives -218 -5 -217 -6Profit/(loss) before taxes 450 -25 422 -69Tax expenses (income) 50 -27 78 17Profit/(loss) for the year 500 -52 500 -52Non-controlling interests 419 139 419 139

    From the Balance Sheet

    Vessels and other non-

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