dof asa q1 2019 financial report asa/ir/2019/dof asa q1 2019... · 2019-05-22 · 4 financial...

Q1 2019 DOF ASA Financial Report

Management reporting: Accounts 1st quarter 2019

(MNOK) Q1 2019 Q1 2018 2018

Operating income 1 633 1 690 6 938 Operating expenses -1 135 -1 209 -4 868 Net profit from associated and joint ventures -3 -2 -5 Net gain on sale of tangible assets - 1 2 Operating profit before depreciation and impairment - EBITDA 496 479 2 066 Depreciation -313 -310 -1 240 Impairment -50 -180 -737 Operating profit - EBIT 133 -11 89 Financial income 22 8 51 Financial costs -327 -240 -1 099 Net realised gain/loss on currencies -107 -51 -352 Profit before unrealised finance costs -279 -294 -1 311 Unrealised finance costs 161 348 -294 Profit (loss) before taxes -118 54 -1 604 Taxes -16 -7 102 Profit (loss) -133 47 -1 502

(MNOK) Q1 2019 Q1 2018 2018

Net cash from operation activities 43 207 1 259 Net cash from investing activities -902 -117 -1 430 Net cash from financing activities 520 -502 26 Net changes in cash and cash equivalents -339 -412 -145

Cash and cash equivalents at start of the period 2 240 2 434 2 434 Exchange gain/loss on cash and cash equivalents 1 -15 -50 Cash and cash equivalents at the end of the period 1 901 2 007 2 240

(MNOK) 31.03.2019 31.03.2018 31.12.2018

ASSETSTangible assets 25 840 24 835 25 074Goodwill 295 319 295Deferred taxes 997 716 1 006Investment in associated companies and joint ventures 85 70 89Other non-current financial assets 281 160 109Total non-current assets 27 498 26 101 26 572Receivables 1 885 2 062 1 851Cash and cash equivalents 1 901 2 007 2 240Total current assets 3 786 4 070 4 091Total assets 31 284 30 170 30 663

EQUITY AND LIABILITIESEquity 5 658 7 491 5 778Non-current liabilities 20 021 19 133 19 406Current liabilities 5 605 3 547 5 479Total liabilities 25 626 22 680 24 885Total equity and liabilities 31 284 30 170 30 663

RESULT

BALANCE

CASH FLOW

Index

Financial report 1st Quarter 2019 4

Accounts Q1 2019 10

Consolidated statement of profit or loss 10

Consolidated statement of balance sheet 11

Consolidated statement of equity 12

Consolidated statement of cash flows 13

Notes to the Accounts 14

Note 1 General 14

Note 2 Management reporting 15

Note 3 Segment information - management reporting 16

Note 4 Operating income 16

Note 5 Hedges 17

Note 6 Tangible assets 17

Note 7 Investment in associated and joint ventures 18

Note 8 Cash and cash equivalent 18

Note 9 Interest bearing liabilities 19

Note 10 Subsequent events 20

Note 11 Transaction with related parties 21

Note 12 Taxes 21

Note 13 Adoption of IFRS 16 Lease from 1 January 2019 22

Note 14 Share capital and shareholders 23

Note 15 Performance measurements definitions 24

financial report Q1 2019 dof asa4

KEY INFORMATION

Group EBITDA (management reporting) of NOK 541 million (NOK 520 million) excl. hedge accounting

Fleet utilisation of 70%

• 67% subsea fleet, 68% AHTS fleet and 78% PSV fleet, 3 vessels in lay-up by end of the quarter

Total fleet of 67 vessels:

• 20 AHTSs, 16 PSVs, 31 Subsea vessels, 73 ROVs and in addition 1 ROV on order

• General market & operational comments:

› Improved earnings and utilisation for the PSV fleet in the North Sea

› Variable utilisation and continuing challenging markets for the AHTS and Subsea IMR fleet

› Stable earnings for the fleet on long-term chartering

› All newbuilds delivered and on contract

Increased exposure to financial and liquidity risk through continuous requirement for refinancing of existing vessels

Financial report 1st Quarter 2019

KEY FIGURES

0

12 000

10 000

8 000

6 000

4 000

2 000

2019 274

4,508Option

Firm

20201,2464,192

20212,0323,251

20222,2592,325

20232,4331,889

Thereafter22,8093,559

Group backlog of NOK 20 billion per 31.03.2019

Management reporting Financial reporting

(MNOK) Q1 2019 Q1 2018 Q1 2019 Q1 2018

Operating income 1 633 1 690 1 358 1 468 EBITDA 496 479 331 378 EBIT 133 -11 34 -46 Net financial costs -251 66 -163 88 Profit (loss) -133 47 -133 47

Ebitda before hedge 541 520 376 419

NIBD (Net interest bearing debt) 22 051 19 088 17 512 16 073 NIBD (Net interest bearing debt) excluded effect of IFRS 16 21 711 19 088 17 172 16 073 Equity ratio 18% 25% 21% 28%

financial report Q1 2019dof asa 5

Q1 Operations The Q1 operational result per segment is as follows;

(MNOK) PSV AHTS Subsea Total

Operating income 98 309 1 226 1 633

Operating result before depreciation and impairment - EBITDA -6 126 376 496 Depreciation 30 92 190 313 Impairment 11 11 28 50 Operating result - EBIT -47 22 158 133

EBITDA margin -6% 41% 31% 30%EBIT margin -48% 7% 13% 8%

The main part of the Group’s PSV and AHTS fleet operates on firm contracts or in the spot market, while the subsea fleet is partly utilised on term contracts or on subsea IMR (Inspection, Maintenance and Repair) project contracts.

PSVThe PSV fleet includes 16 vessels of which one vessel is owned via a minority share. The majority of the fleet has operated in the North Sea market and the fleet has achieved an average utilisation of 78% in the quarter. The tendering activity has been busy with several vessels mobilising for new contracts including one vessel reactivated from lay-up which again has had a high impact on the result this quarter.

Several new contracts have been awarded in the 1st quarter and year to date; Skandi Gamma has been secured a 2-year contract in the North Sea with start up in January 2019. Skandi Texel and Skandi Captain have been awarded two 1 + 2-year contracts in the North Sea, hence Skandi Texel was taken out of lay-up and completed a docking before start of the new contract. Skandi Buchan and Skandi Foula have started on new contracts in Guyana. Skandi Caledonia was awarded a short-term contract in the Mediterranean with start up in March and Skandi Sotra was awarded a 21 months B/B contract in Australia with start up in direct continuation of the old contract with the same client.

AHTSThe AHTS fleet comprises 18 vessels and additional two vessels on management. Five vessels are 50% owned via DOF Deepwater AS and one vessel is owned via a minority share in Iceman AS. The average utilisation for the AHTS fleet was 68% in the quarter and 67% in 2018.

12 vessels have operated in South America, whereof 11 in Brazil and one in Argentina. The majority of the vessels in Brazil have local flag and operate on firm contracts. One vessel has been idle almost the entire period and another vessel completed a long-term contract in February, both in Brazil. The contract for the latter vessel has been extended securing utilisation in the 2nd quarter. One vessel started on a 1-year contract in January.

For the fleet operating in the North Sea, the utilisation has

improved compared to the same period last year, but the day rates have continued to be very volatile. Three vessels have operated in the spot market and one vessel has operated on a frame agreement with Equinor. The fleet in Asia includes three vessels and this region has shown signs of increased activity, hence one vessel has been taken out of lay-up.

New contract awards this quarter and year to date are two contracts for Skandi Atlantic in New Zealand with estimated duration of 135 days. Equinor has exercised a 6 month option period of the frame agreement for the Skandi Vega from mid-May and DOF Subsea has secured project scopes to be carried out by Skandi Hera in the North Sea. Skandi Rio has in May been awarded a 13-month contract for an international oil company in Brazil. Skandi Peregrino has been extended with Equinor in Brazil until June 2019.

SUBSEADuring the 1st quarter the Group operated a fleet of 31 Subsea vessels, including vessels hired from external owners. The majority of the fleet is owned by the subsidiary DOF Subsea AS.

The revenues from the subsea operation include revenues from subsea IMR project contracts and long-term charters. The revenues from the subsea IMR contracts during the 1st quarter amounted to NOK 662 million (NOK 667 mil-lion). The Group’s subsea IMR activity is operated from the Atlantic region, the Asia-Pacific region, the North America region, and the South America (Brazil) region. The overall utilisation of the subsea fleet was 67% in the 1st quarter 2019.

The general market conditions within subsea IMR remain challenging with low activity and weak margins in some of the regions during the quarter. In the 1st quarter DOF Subsea has seen that the weak performance in the Asia-Pacific region and the Atlantic region has continued with low utilisation of both personnel and assets. Geograph and Geosea were idle in the period and Skandi Hercules and Skandi Singapore had low utilisation. The remaining regions have had stable utilisation together with multiple projects commencing. During the 1st quarter, Geoholm and Neptune have mobilised for new contracts in the Red Sea and Guyana. The average vessel utilisation in the subsea IMR/Projects has been 65% in the quarter. The remainder of the DOF Subsea fleet on firm contracts has had stable operations and achieved a utilisation rate of 76% during the quarter.

The Group owns, via the DOFCON (JV 50/50 owned by DOF Subsea and TechnipFMC), six PLSVs with operation in Brazil. After the delivery of the Skandi Olinda in January, DOFCON has completed its newbuilding program whereof four vessels are committed on 8-year contracts with Petrobras with start up in the period from 2016 to 2019. The two oldest PLSVs, Skandi Vitoria and Skandi Niteroi, have been idle in the quarter.

There have been several new contract awards during the 1st quarter and year to date; Skandi Neptune commenced on a new contract in Guyana. Geoholm has mobilised for a 700-day contract for marine and ROV operation in the Red Sea


offshore Saudi Arabia to support a 3D Ocean bottom node survey project. In Asia-Pacific Yinson Energy has awarded DOF Subsea a contract to provide Transportation & Installation (T&I) services to position and moor the FPSO Helang on the Layang field, Sarawak, Malaysia. In Brazil, the Group has been awarded three contracts for ROV Support Vessels (RSV) with Petrobras, all with a duration of three years and with a two year option period. The vessels allocated for the contracts are Skandi Commander, Skandi Olympia, and Skandi Chieftain. Each vessel will be equipped with ROVs owned and operated by DOF Subsea. The Atlantic region has been awarded a contract by the Norwegian Mapping Authority regarding Hydrographic services utilising the IMR vessel Geograph. Skandi Constructor has further been awarded a contract by Siemens on the Beatrice Offshore Wind Farm Project in the North Sea which ensures deployment for the vessel until the summer. DOF Subsea has secured several new contracts for project scopes in the North Sea utilising Skandi Skansen and Geosund and also three frame agree-ments for IMR and Survey work.

Main Items Interim Accounts Q1 – Financial ReportingThe below figures represent the Group’s consolidated accounts based on Financial Reporting.

RESULT

(MNOK) Q1 2019 Q1 2018 Change %

Operating income 1 358 1 468 -8%EBITDA 331 378 -12%EBIT 34 -46 174%Net financial costs -163 88 Profit (loss) -133 47

P&L 1 ST QUARTERFrom the 1st of January 2019, the Group has adopted the new accounting standard for IFRS 16 Leases. The Group applied the simplified transition approach and comparative amounts for the year prior to first adoption are not restated. Total assets and liabilities at the end of first quarter are affected by the implementation of the standard by NOK 503 million. This has increased the lease liabilities, net investment and right-of-use assets compared to the financial position as reported previous period.

Net result in the 1st quarter 2019 was NOK -133 million (NOK 47 million), of which NOK 132 million (NOK 179 million) represents impairment, unrealised gain/loss on currencies and financial instruments booked in the period.

Total revenues and operating costs were slightly down compared with the 1st quarter last year and mainly reflect lower activity within the subsea IMR segment. Net profit from associated companies was slightly higher in the same period last year mainly due to more PLSVs in operation.

Skandi Olinda has been on-hire since the 13th of February. The Group Ebitda was NOK 331 million (NOK 378 million) and the Ebit was NOK 34 million (NOK -46 million). Total depreciation and impairment were NOK 298 million (NOK 424 million). The fair market values have stabilised this period and with a small increase in values for parts of the PSV fleet. Impairment booked in the period is NOK 39 million (NOK 150 million) and is based on brokers’ estimates and value-in-use calculations.

Net financial costs are negative with NOK -163 million (NOK 88 million) and include net interest costs of NOK -231 million (NOK -193 million) and net gain on currencies and financial instruments of NOK 67 million (NOK 281 million) of which unrealised gain on long-term debt is NOK 87 million (NOK 176 million) and mainly relates variances in USD and NOK/BRL from long-term debt in DOF Subsea and Norskan.

The Group’s operation in Brazil is based on firm charter contracts mainly in USD secured with debt in correspond-ing currency, hence the Group is cash neutral related to fluctuation in BRL and USD. The Group further uses hedge accounting for parts of the revenues from this operation. The EBITDA impact in the 1st quarter related to hedge accounting amounts to NOK -45 million (NOK -41 million), and the impact on unrealised currency amounts to NOK 23 million (NOK 13 million).

Of the Group’s total balance of NOK 26,359 million (NOK 26,831 million), vessels and subsea equipment amount to NOK 18,982 million (NOK 19,985 million). 11 vessels are owned via joint ventures and are represented as associ-ated companies and non-current receivables in the balance sheet, in total NOK 2,941 million (NOK 2,150 million). Goodwill amounts to NOK 295 million (NOK 319 million). Total equity is NOK 5,658 million (NOK 7,491 million) and includes a non-controlling interest of NOK 2,262 million (NOK 2,546 million).

BALANCE

(MNOK) 31.03.2019 31.03.2018 Change %

Non-current assets 23 111 23 144 0%Current assets 1 706 1 900 -10%Cash and cash equivalents 1 542 1 787 -14%Total assets 26 359 26 831 -2%

Equity 5 658 7 491 -24%Non-current liabilities 15 509 16 169 -4%Current liabilities 5 192 3 171 64%Total equity and liabilities 26 359 26 831 -2%

Net interest bearing debt (NIBD) 17 512 16 073 9%Net interest bearing debt (NIBD) excl. effect IFRS 16 17 172 16 073 7%


Operational cash flow after payment of interest and taxes was in 1st quarter NOK -43 million (NOK 80 million), and net cash flow from investing activities was NOK -103 million (NOK -91 million). Net cash flow from financing activities was NOK -248 million (NOK -435 million).

Financing and Capital Structure The Group is mainly funded by secured debt (61%), unsecured debt/bonds (10%) and equity (21%). The remaining funding represents net working capital.

In 2016 the Company established a convertible bond loan whereof the bond holders were obliged to convert their bonds to shares within a period of maximum five years. The con-vertible bond loan has since registration been classified as equity. The initial value of the bond loan was NOK 1,032.5 million and the outstanding amount by the end of March was approximately NOK 232 million.

As part of a financial restructuring completed in 2018, including refinancing of bond loans and new equity, one subsidiary DOF Rederi AS, has agreed soft terms on a fleet loan until final maturity in 2021. Total outstanding of the restructured loan is NOK 3.3 billion representing 18% of the Group’s total outstanding debt. In addition, the DOF Deepwater JV has further agreed extension of maturity of a fleet loan including soft terms until September 2021.

A new loan of in total USD 200 million has been drawn in BNDES for the delivery of Skandi Olinda in January. The loan was drawn in the DOFCON JV and is reflected in the Group balance sheet under investments in associates and joint ventures.

The unsecured debt represents three bonds issued by DOF Subsea of NOK 2,566 million, whereof NOK 92 million matures in 2019, NOK 375 million in 2020 and the remainder in 2022 and in 2023.

The vessels and subsea equipment constitute 72% of the Group’s total assets. As mentioned above the broker esti-mates have been stable this quarter and the markets have in some regions and especially within the PSV segment improved during the quarter. However, there is still a general oversupply of vessels and a risk that the fair market values may continue to drop.

The main financial covenants for the Group (excluding DOF Subsea) are minimum free liquidity of NOK 500 million, minimum booked equity of NOK 3,000 million, and LTV (Loan to value) clauses on the vessels. For DOF Subsea the main financial covenants are the same including a minimum value adjusted equity ratio. By March, the Group was in compliance with all its financial covenants, ref note 9 to the accounts.

The majority of the Group’s vessels on long-term contracts are funded in corresponding currency, mainly USD, hence the Group’s cash is, to a limited extent, exposed to fluctua-tion in currency.

The portion of long-term debt secured with fixed rate of inter-est is approximately 76% of total debt and includes the debt with fixed interest in BNDES (Brazilian Development Bank).

During 2019, some banks have signalised reluctancy to finance assets within in the OSV industry, which will reduce the Group’s ability to refinance and finance assets in the near future.

Shareholders By the end of March the total share capital was NOK 1,466 million divided into 293 million shares. The main shareholder Møgster Mohn Offshore AS controls 51.37% of the Company and 47.6% on a fully diluted basis.

Employees The Group employed as of 31 March 3,506 employees includ-ing hired staff, which is a decrease of 72 employees since the previous quarter. The marine personnel amounts to 2,093 people, while 1,139 persons are employed within the subsea segment and 274 are employed onshore conducting marine management.

2 000

1 800

1 600

1 500

1 200

1 000| | | | |

Cash31.12.2018

Operatingactivity

Investingactivity

Financingactivity

Exchangegain/losson cash

Cash31.03.2019

43103

2484

1,542

1,932

Cash flow from Q1 2019 21 000

20 000

19 000

18 000

17 000

16 000

15 000| | | |

31.12.2018 Implementation IFRS 16

Amortisation Currency effect

31.03.2019

19,021

525 23594

19,271

Total interest bearing debt 31.12.2018 - 31.03.2019


Health, Safety, Environment and Quality There were not identified any significant HSEQ issues during the 1st quarter.

OutlookThe trend for an increased demand for large PSVs has con-tinued into 2019, but for the AHTS and Subsea IMR fleet the uncertainty both in earnings and utilisation are still high.

The Group will maintain its strategy to secure the fleet on term contracts and is actively working on keeping the firm employment of the fleet as high as possible. The major-ity of the Group’s high-end assets are committed on firm contracts and represent the largest portion of the Group’s backlog, and after delivery of the Skandi Olinda all new-builds are delivered and committed on firm contracts. A continuing weak market will however increase the risk of lower utilisation and earnings of the Group’s vessels and represents an increased liquidity risk for the Group, which in turn may necessitate requests for softer terms in the existing loan facilities.

The OSV sector has the last few years experienced very challenging market conditions and the recovery has taken longer than expected. Never the less, even though several of the Group’s vessels will end their long-term contracts during the next 6-12 months, the Group’s backlog is still high and the operational performance is solid.

As a result of the continued challenging market situation, the Group has experienced that regular rollover (or refinanc-ing) 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 pos-sible 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.

The Board of Directors expects today the Group’s Ebitda for 2nd quarter 2019 to be higher than 1st quarter.

The Board of Directors of DOF ASA, May 22nd, 2019

IR contacts Mons S. Aase, CEO +47 91661012, [email protected] Hilde Drønen, CFO +47 91661009, [email protected]

DOF ASA5392 Storebøwww.dof.com


Accounts Q1 2019Consolidated statement of profit or loss

Consolidated statement of comprehensive income

(MNOK) Note Q1 2019 Q1 2018 2018

Operating income 1 1 358 1 468 6 051 Operating expenses -1 071 -1 160 -4 700 Net profit from associated and joint ventures 7 44 69 277 Net gain on sale of tangible assets - 1 2 Operating profit before depreciation and impairment - EBITDA 331 378 1 629

Depreciation 6 -259 -274 -1 063 Impairment 6 -39 -150 -691 Operating profit - EBIT 34 -46 -125

Financial income 35 17 121 Financial costs -266 -210 -925 Net realised gain/loss on currencies -104 -48 -341 Net unrealised gain/loss on currencies 87 176 -288 Net changes in fair value of financial instruments 84 153 -2 Net financial costs -163 88 -1 435

Profit (loss) before taxes -129 43 -1 560

Taxes 12 -4 4 57 Profit (loss) for the period -133 47 -1 502

Profit attributable toNon-controlling interest -6 69 -235 Controlling interest -127 -22 -1 267

Earnings per share (NOK) -0,40 -0,07 -4,09 Diluted earnings per share (NOK) -0,40 -0,07 -4,09

(MNOK) Note Q1 2019 Q1 2018 2018

Profit (loss) for the period -133 47 -1 502

Items that will be subsequently reclassified to profit or lossCurrency translation differences 4 -33 -68 Cash flow hedge 5 15 18 -260 Share of other comprehensive income of joint ventures 7 -5 -49 123 Items that not will be reclassified to profit or lossDefined benefit plan actuarial gain (loss) - - 3 Other comprehensive income/loss net of tax 14 -64 -202

Total comprehensive income/loss -120 -17 -1 705

Total comprehensive income/loss net attributable toNon-controlling interest -7 42 -198 Controlling interest -113 -59 -1 506


Consolidated statement of balance sheet

(MNOK) Note 31.03.2019 31.03.2018 31.12.2018

ASSETSTangible assets 6 18 982 19 985 18 898Goodwill 295 319 295Deferred tax assets 892 691 898Investment in associated and joint ventures 7 1 602 1 067 1 547Other non-current receivables 1 339 1 083 1 177Total non-current assets 23 111 23 144 22 815

Trade receivables 1 339 1 458 1 312Other receivables 366 441 406Current receivables 1 706 1 900 1 718

Restricted deposits 258 357 316Cash and cash equivalents 1 284 1 430 1 616Cash and cash equivalents incl. restricted deposits 8 1 542 1 787 1 932

Current assets 3 248 3 687 3 650

Total Assets 26 359 26 831 26 465

EQUITY AND LIABILITIESPaid in equity 3 164 3 595 3 277Other equity 232 1 349 232Non-controlling interests 2 262 2 546 2 269Total equity 5 658 7 491 5 778

Bond loan 9 2 474 1 864 2 480Debt to credit institutions 5, 9 12 544 14 179 13 007Lease liabilities 9 418 - -Other non-current liabilities 72 127 90Non-current liabilities 15 509 16 169 15 578

Current portion of debt 9 3 906 1 922 3 678Accounts payable 686 828 808Other current liabilities 599 421 623Current liabilities 5 192 3 171 5 110

Total liabilities 20 701 19 341 20 687

Total equity and liabilities 26 359 26 831 26 465


Consolidated statement of equity

(MNOK)Paid-in

capital

Other contributed

capital

Other equity - Retained earnings

Other equity - Currency

translation differences

Other equity - Cash flow

hedgeTotal other

equity

Non-controlling

interestTotal

equity

Balance at 01.01.2019 3 277 232 544 196 -740 232 2 269 5 778

Result (loss) for the period -127 - - -6 -133 Other comprehensive income/loss -3 4 15 15 -1 14 Reclassification between CTA and cash flow hedge -10 10 - - Total comprehensive income for the period -127 - -3 -6 25 15 -7 -120

Converted bond loan - - - Dividend to non-controlling interest -

Balance at 31.03.2019 3 150 232 541 190 -715 247 2 262 5 658

Balance at 01.01.2018 3 393 276 1 473 232 -537 1 444 2 505 7 342

Result (loss) for the period -22 -22 69 47 Other comprehensive income/loss -22 -33 18 -37 -27 -64 Reclassification between CTA and cash flow hedge -26 26 - - Total comprehensive income for the period - - -44 -59 44 -59 42 -17

Share issue 202 -10 -10 192 Converted bond loan - - - - IFRS 9 implementation effect -25 -25 -25

Balance at 31.03.2018 3 595 277 1 394 173 -493 1 349 2 546 7 491

Key figures

Q1 2019 Q1 2018 2018

EBITDA margin ex net gain on sale of vessel 1 24% 26% 27%EBITDA margin 2 24% 26% 27%EBIT margin 3 2% -3% -2%Cashflow per share (controlling interest) 4 0,59 0,61 3,90 Profit per share (controlling interest) 5 -0,40 -0,07 -4,02 Profit per share ex. unrealised gain/loss on currencies and changes fair value of financial instruments (controlling interest) 6 -0,81 -0,82 -3,37

Return on net capital 7 -2% 1% -26%Equity ratio 8 21% 28% 22%Net interest bearing debt 17 512 16 073 17 089Net interest bearing debt excl. effect of IFRS 16 17 172 16 073 17 089Number of shares *) 293 237 779 288 897 918 293 237 779 Potential average number of shares *) 316 456 168 297 004 316 309 817 198 Potential number of shares *) 316 456 168 316 456 168 316 456 168

1) Operating profit before net gain on sale of vessel and depreciation in percent of operating income. 2) Operating profit before depreciation in percent of operating income. 3) Operating profit in percent of operating income. 4) Pre-tax result + depreciation and impairment +/- unrealised gain/loss on currencies +/- net changes in fair value of financial instruments/potential average no of shares.5) Result /potential average no. of shares. 6) Result + net unrealised currency gain/loss + net changes fair value of financial instruments/potential average no of shares. 7) Result incl non-controlling interest/total equity 8) Total equity/total balance

*) The shares in DOF ASA has been consolidated in hte ratio of 10:1 in May 2018. Comparable figures are revised.


Consolidated statement of cash flows

(MNOK) Q1 2019 Q1 2018 2018

Operating result 34 -46 -125Depreciation and impairment 298 424 1 754Gain/loss on disposal of tangible assets - -1 -2Share of profit/loss from associates and joint ventures -44 -69 -277Changes in accounts receivables -27 122 267Changes in accounts payable -122 -46 -65Changes in other working capital 115 54 201Exchange rate effects on operating activities -55 -116 -116Cash from operating activities 198 322 1 637Interest received 35 6 19Interest paid -266 -237 -920Taxes paid -9 -10 -34Net cash from operating activities -43 80 701

Payments received for sale of tangible assets - 1 2Purchase of tangible assets -109 -107 -510Purchase of shares - - -22Received dividend 1 - -Other investments 4 15 20Net cash from investing activities -103 -91 -511

Proceeds from borrowings - 26 1 629Repayment of borrowings -248 -652 -2 219Share issue - 192 191Payments to non-controlling interests - - -31Net cash from financing activities -248 -435 -430

Net changes in cash and cash equivalents -394 -445 -239

Cash and cash equivalents at the start of the period 1 932 2 238 2 238Exchange gain/loss on cash and cash equivalents 4 -6 -67Cash and cash equivalents at the end of the period 1 542 1 787 1 932

Restricted cash amounts to NOK 258 million (NOK 357 million) and is included in the cash. Changes in restricted cash is reflected in the cash flow. For further information, please see note 8 “Cash and cash equivalents”.


Note 1 General

Notes to the Accounts

DOF ASA (the “Company”) and its subsidiaries (together, the “Group”) own and operate a fleet of PSV, AHTS, subsea vessels and service companies offering services to the subsea market worldwide.

The Company is a public limited company, which is listed on the Oslo Stock Exchange and incorporated and domiciled in Norway. The head office is located at Storebø in the municipality of Austevoll, Norway.

These condensed interim financial statements were approved for issue on 22 May 2019. These condensed interim financial state-ments have not been audited.

Basis of preparation These condensed interim financial statements have been prepared in accordance with IAS 34, ‘Interim financial reporting’. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2018, which have been prepared in accordance with IFRS.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.

Estimates The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed interim financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2018, with the exception of changes in estimates that are required in deter-mining the provision for income taxes.

Adoption of new standards from 1 January 2019

IFRS 16 LeasesIFRS 16 Leases have replaced the standard IAS 17 Leases and related interpretations. IFRS 16 Leases remove the current distinction between operating and financing leases for lessees and require recognition of an asset (the right to use the leased item) and a financial liability representing its obligation to make lease payments. Lease payments are reflected as interest expense and a reduction of lease liabilities.

The Group adopted the standard at its mandatory date 1 January 2019. The Group applied the simplified approach, where comparative amounts for the year prior to first adoption are not restated.

Reference is made to note 2 ‘Accounting policies’ and note 36 ‘Adoption of new standard as from 01.01.2019 - IFRS 16 Leases’ in the Groups annual report for 2018 for a detailed description of policy- and transition choices made upon the implementation of the stand-ard. There have been no changes to these elements.

Please see note 13 for more information.


The reporting below is presented according to internal management reporting, based on the proportional consolidation method of accounting of jointly controlled companies. The bridge between the management reporting and the figures reported in the financial statement is presented below.

Note 2 Management reporting

RESULT 1st Quarter 2019 1st Quarter 2018

(MNOK)

Management reporting

Reconciliation to equity

method

Financial reporting



method Financial reporting

Operating income 1 633 -275 1 358 1 690 -222 1 468 Operating expenses -1 135 64 -1 071 -1 209 50 -1 160 Net profit from associated and joint ventures -3 47 44 -2 72 69 Net gain on sale of tangible assets - - - 1 - 1 Operating profit before depreciation and impairment - EBITDA 496 -165 331 479 -101 378 Depreciation -313 54 -259 -310 36 -274 Impairment -50 11 -39 -180 30 -150 Operating profit - EBIT 133 -100 34 -11 -34 -46 Financial income 22 14 35 8 8 17 Financial costs -327 61 -266 -240 30 -210 Net realised gain/loss on currencies -107 3 -104 -51 3 -48 Net unrealised gain/loss on currencies 77 10 87 195 -19 176 Net changes in fair value of financial instruments 84 - 84 153 - 153 Net financial costs -251 88 -163 66 23 88 Profit (loss) before taxes -118 -12 -129 54 -12 43 Taxes -16 12 -4 -7 12 4 Profit (loss) -133 0 -133 47 0 47

BALANCE 31.03.2019 31.03.2018

(MNOK)







ASSETSTangible assets 25 840 -6 858 18 982 24 835 -4 850 19 985 Goodwill 295 - 295 319 - 319 Deferred taxes 997 -105 892 716 -25 691 Investment in associated companies and joint ventures 85 1 517 1 602 70 997 1 067 Other non-current financial assets 281 1 059 1 339 160 922 1 083 Total non-current assets 27 498 -4 387 23 111 26 101 -2 956 23 144 Receivables 1 885 -179 1 706 2 062 -163 1 900 Cash and cash equivalents 1 901 -359 1 542 2 007 -220 1 787 Total current assets 3 786 -538 3 248 4 070 -383 3 687 Total assets 31 284 -4 925 26 359 30 170 -3 339 26 831

EQUITY AND LIABILITIESEquity 5 658 - 5 658 7 491 - 7 491 Non-current liabilities 20 021 -4 512 15 509 19 133 -2 963 16 169 Current liabilities 5 605 -414 5 192 3 547 -376 3 171 Total liabilities 25 626 -4 925 20 701 22 680 -3 339 19 341 Total equity and liabilities 31 284 -4 925 26 359 30 170 -3 339 26 831


Note 3 Segment information - management reporting

Note 4 Operating income

The Groups revenue from contracts with customers has been disaggregated and presented in the table below.

PSV AHTS Subsea Total

1st quarter 2019Operating income 98 309 1 226 1 633 Operating result before depreciation and impairment - EBITDA -6 126 376 496 Depreciation 30 92 190 313 Impairment 11 11 28 50 Operation result - EBIT -47 22 158 133

1st quarter 2018Operating income 159 339 1 191 1 690 Net gain on sale of tangible assets - - 1 1 Operating result before depreciation and impairment - EBITDA 5 138 336 479 Depreciation 31 92 186 310 Impairment 44 41 96 180 Operation result - EBIT -70 5 54 -11

Operating income Q1 2019 Q1 2018 2018

Lump sum contracts 50 19 125 Day rate contracts 1 308 1 449 5 926 Total 1 358 1 468 6 051


Right-of-use assetNet booked value of right-of-use assets at 31 March 2019 consists of property with NOK 326 million and operating equipment with NOK 14 million.

NewbuildNewbuild balance for 2018 relates to other subsea equipment under construction. For presentation purposes the newbuild balance has been allocated to the related asset group in 2019, this also includes the opening balance of newbuilding that has been allocated to ROVs and oper-ating equipments. By end of this quarter all newbuilds are delivered.

Impairment Impairment indicators are observed and an impairment test for vessels in the Group has been done. Impairment tests are performed in line with accounting principles presented in annual report for 2018. Impairment of NOK 39 million has been recognised in the 1st quarter of 2019.

In addition an impairment in the joint ventures of NOK 11 million has been done in 1st quarter 2019.

Note 6 Tangible assets 2019

Vessel and periodical maintenance ROV

Operating equipment

“Right-of-use“ assets Total

Book value at 31.12.2018 17 787 707 403 18 898 Implementation of IFRS 16 Leases 353 353 Book value at 01.01.2019 17 787 707 403 353 19 251

Addition 90 11 11 112 Depreciation -182 -39 -24 -14 -259 Impairment loss -39 -39 Currency translation differences -82 -1 1 -82 Book value at 31.03.2019 17 574 679 389 340 18 982

2018

Vessel and periodical maintenance ROV Newbuilds

Operating equipment Total

Book value at 01.01.2018 19 368 844 11 444 20 667 Addition 94 1 12 107 Reclassification 4 -4 - Depreciation -203 -44 -27 -274 Impairment loss -150 -150 Currency translation differences -351 -2 -12 -365 Book value at 31.03.2018 18 758 802 12 413 19 985

Note 5 Hedges

The Group applies cash flow hedge accounting related to foreign exchange rate risk on expected highly probable income in USD, using a non-derivative financial hedging instrument. This hedging relationship is described below.

Cash flow hedge involving future highly probable incomeThe Group applies hedge accounting related to the cash flow hedging of expected highly probable income in USD, from its operations in Brazil.

The cash flow hedges hedge a portion of the foreign currency risk arising from highly probable income in USD relating to time charter contracts on vessels owned by the companies Norskan Offshore Ltda and DOF Subsea Navegacao Ltda.

The hedging instruments are portions of the companies’ long term debt denominated in USD. The risk being hedged in each hedging relationship is the spot element of the forward currency rate of USD/BRL. The future highly probable income has a sig-nificant exposure to the spot element as the spot element is the main part of the forward rate. The long term debt is translated from USD to BRL at spot rate on the balance sheet date every reporting period.

The effective portion of changes in the fair value of the instruments that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the profit or loss.

Amounts accumulated in equity are reclassified to profit or loss in the periods when the expected income is recognised.


Note 8 Cash and cash equivalent

31.03.2019 31.03.2018 31.12.2018

Restricted cash *) 258 357 316Cash and cash equivalent 1 284 1 430 1 616Total cash and cash equivalent 1 542 1 787 1 932

Effect of application of IFRS 11 on investments in joint ventures; 31.03.2019

Opening balance 01.01.2019 1 547 Addition - Profit (loss) 44 Profit (loss) through OCI -5 Negative value on investments reallocated to receivable and liabilities 15 Closing balance 31.03.2019 1 602

Joint ventures Ownership

DOFCON Brasil AS with subsidiaries 50%DOF Deepwater AS 50%DOF Iceman AS (owner of 40% in Iceman AS, Skandi Iceman) 50%

Associated companiesMaster & Commander 20%Skandi Aukra AS 34%Iceman AS (Skandi Iceman) 35%DOF OSM Services AS 50%DOF Subsea Ghana Ltd 49%

Note 7 Investment in associated and joint ventures

The Company’s investment in associates and joint ventures as of 31.03.2019;

*) Including restricted cash related to non-current loans from Eksportfinans.


Note 9 Interest bearing liabilities

31.03.2019 31.03.2018 31.12.2018

Non-current interest bearing liabilities Bond loan 2 474 1 864 2 480 Debt to credit institutions 12 544 14 179 13 007 Lease liabilities (IFRS 16) 418 - - Total non-current interest bearing liabilites 15 436 16 042 15 487

Current interest bearing liabilitiesBond loan 92 100 Debt to credit institutions 3 542 1 636 3 475 Lease liabilities (IFRS 16) 85 Overdraft facilities 61 182 59 Total current interest bearing liabilities 3 780 1 818 3 534

Total interest bearing liabilities 19 217 17 860 19 021

Net interest bearing liabilitiesOther interest bearing assets non-current (sublease IFRS 16) 163 Cash and cash equivalents 1 542 1 787 1 932 Total net interest bearing liabilities 17 512 16 073 17 089

Net effect of IFRS 16 Lease 340 Total net interest bearing liabilities excluded IFRS 16 Lease liabilities 17 172 16 073 17 089

Covenants regarding non-current liabilities to credit institutions:

DOF ASA DOF ASA Group shall have a book equity higher than NOK 3,000 million, free cash deposits shall at all times be minimum NOK 500 million excluding DOF Subsea AS (and it’s subsidiaries) and market value of the vessels on aggregated level shall at all times be higher than 100% of outstanding secured debt.

DOF Subsea AS DOF Subsea AS shall have a book equity higher than NOK 3,000 million, free cash deposits shall at all times be minimum NOK 500 mil-lion (based on the proportional consolidation method of accounting for joint ventures), value adjusted equity shall be at least 30% and market value vessels shall at all times be at least 110-130% of outstanding secured debt.

Per 31.03.2019 the Group’s is in complience with its financial covenants.

Non-current loans provided by Eksportfinans are invested as restricted deposits. The repayment terms of the loans from Eksportfinans are equivalent with the reduction of the deposits. The loans are fully repaid in 2020. The cash deposit is included in restricted deposits.

Current portion of debt to credit institutions amounts to NOK 3,542 million, including balloon payments of NOK 1,340 million, ordinary instalments of NOK 1,602 million and drawn credit facilities of NOK 600 million. The credit facilities are non-current and may be redrawn.

FinancingAs 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

A possible breach of the financial covenants going forward will result in a reclassification of the Groups non-current debt to credit institu-tion and bond loans from non-current debt to current debt. If a breach should occur under a credit facility or the Group should be unable to repay (or rollover) a credit facility when due, and the Group is unable to obtain a waiver from the relevant creditor(s), the Group will be in default of the relevant credit facility with potential cross-default under other credit facilities within the Group. Per March 2019 the consequence will be that the amount of current debt will increase by NOK 10.8 billion.


Note 9 Interest bearing liabilities (continued)

Non-cash changes

Reconciliation changes in liabilitiesBalance

31.12.2018 Cash flowsImplementation IFRS 16 Lease

Proceeds lease debt

Amortised loan expenses

Reclassifi-cation

Currency adjustments

Balance 31.03.2019

Non-current interest bearing liabilitiesBond loan 2 480 -1 8 -13 2 474 Debt to credit institutions 13 007 -437 3 6 -35 12 545 Lease liabilities -13 441 -10 418 Total 15 487 -450 441 3 5 8 -57 15 436

Non-current interest bearing liabilitiesBond loan 100 -8 92 Debt to credit institutions 3 375 200 -33 3 542 Lease liabilities 84 1 85 Overdraft facilities 59 2 61 Total 3 534 202 84 - - -8 -32 3 780

Total interest bearing liabilities 19 021 -248 525 3 5 - -89 19 217

Loan divided on currency and fixed interestShare fixed

interest Balance

31.03.2019NOK 73% 8 407 USD 79% 9 884 CAD 100% 383 BRL 0,0 % 97 Total 76% 18 771

Reconciliation changes in borrowings Changes in total liabilites over a period consists of both cash effects (proceeds and repayments) and non-cash effects (amortisa-tions and currency translations effects). The following are the changes in the Group’s borrowings:

Installment- and balloon profile *) Q2 2019 Q3 2019 Q4 2019 Q1 2020

Total current

debt 2020 2021 2022 2023 Subsequent Total

Bond loan 92 92 375 1 265 840 2 572 Debt to credit institutions 559 881 332 430 2 202 1 147 1 227 1 078 995 4 368 11 018 Balloons debt to credit institutions 610 386 344 1 340 516 2 351 163 751 5 120 Overdraft facilities 61 61 61 Total 1 230 1 267 768 430 3 695 2 038 3 578 2 506 2 586 4 368 18 771

*) Lease debt according to IFRS 16 and amortised costs are excluded in the figures above.


Note 10 Subsequent events

Contracts DOF Subsea is secured several new contracts for project scopes in the North Sea and three frame agreements for IMR and Survey work utilising Skandi Skansen, Skandi Hera and Geosund.

Skandi Rio has in May been awarded a 13-month contract for an international oil company in Brazil.

DOF Subsea has been awarded contracts for both Skandi Seven and Skandi Niteroi in Brazil. Skandi Seven will perform a Riser and Umbilical installation for a Floating Storage and Regasification Unit (FPSO) for CELSE, while Skandi Niteroi has been committed with TechnipFMC for the Peregrino Phase II Surf Project to Equinor.

Announcements DOF has formed a partnership with Kongsberg Maritime, SINTEF Ocean and NORCE, which aims to reduce fuel consumption and greenhouse gas emissions for complex offshore operations, while streamlining fleet-wide maintenance. Enabled through sponsorship and support from Innovation Norway, the new partnership between four of Norway’s most established and advanced maritime organisations will develop a sophisticated new Decision Support System (DSS) for offshore vessel operations. This new predictive, intelligent, and dynamic guidance tool will act as the foundation for DOF to simplify operational complexity with objective measurement, ultimately enabling optimal utilisation and more sustainable fleet management. Highlighting the potential of the partnership to catalyse a tangible transformation, the multi-year project is backed with Innovation Norway’s largest funded offshore vessel, environmental technology project in 2018. It will be a gamechanger in how marine operational decisions are supported by providing more accurate, timely, and easily consumable information to decision makers ; from the vessel’s Chief Engineer to the Chief Operation Officer based shore-side.

Note 11 Transaction with related parties

Note 12 Taxes

Transactions with related parties are governed by market terms and conditions in accordance with the “arm’s length principle”. The transactions are described in the Annual report for 2018.

There are no major changes in the type of transactions between related parties.

Taxes per 31 March 2019 are a preliminary estimate.


Note 13 Adoption of IFRS 16 Lease from 1 January 2019

CONSOLIDATED STATEMENT OF BALANCE SHEET 31.12.2018

Implementation IFRS 16

Leases 01.01.2019

Tangible assets 18 898 353 19 251 Other non-current assets 3 917 172 4 089 Total non-current assets 22 815 525 23 340 Total current assets 3 650 3 650 Total assets 26 465 525 26 990

Total equity 5 778 5 778 Non-current liabilities 15 578 441 16 019 Current liabilities 5 110 84 5 194 Total liabilities 20 687 525 21 212 Total equity and liabilities 26 465 525 26 990

RECONCILIATION OF LEASE COMMITTMENTS TO LEASE LIABILITIES 01.01.2019

Operating lease committments (IAS 17) at 31 December 2018 678Practical expendient related to short-term and low-value leases -72Effect of discounting -93Escalation and amendments to lease agreements 12Lease liabilities recognised at initial application 525

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

Q1 2019 excluding

IFRS 16Effect of IFRS 16 Q1 2019

Operating revenue 1 370 -13 1 358 Operating expenses -1 100 29 -1 071 Share of net income from associates and joint ventures 44 44 Profit from sale of tangible assets - - Operating result before depreciation and impairment (EBITDA) 314 17 331 Depreciation -245 -14 -259 Impairment -39 -39 Operating result (EBIT) 30 3 34 Financial income 34 2 35 Financial costs -260 -6 -266 Net realised gain/loss on currencies -104 -104 Net unrealised gain/loss on currencies 87 87 Net changes in fair value of financial instruments 84 84 Net financial costs -159 -4 -163 Profit (loss) before taxes -128 -1 -129 Taxes -4 -4 Profit (loss) for the period -132 -1 -133

The table below presents a reconciliation of the Groups operating lease liabilities as reported under IAS 17 Leases per 31 December 2018 and the IFRS 16 lease liablility recognised on 1 January 2019.

The implementation of IFRS 16 Leases has increased the financial position with lease liabilities, net investments and right-of-use assets. The Groups equity has not been impacted by the implementation of IFRS 16. The following line items in the financial report have been impacted as result of the new accounting standard.


Note 14 Share capital and shareholders

Largest shareholders as of 31.03.2019

Name No. shares Shareholding

MØGSTER MOHN OFFSHORE AS 150 638 643 51.37%BNP PARIBAS SECURITIES SERVICES 9 570 169 3.26%NORDNET BANK AB 2 778 127 0.95%MORGAN STANLEY & CO. LLC 2 365 326 0.81%DRAGESUND INVEST AS 2 360 000 0.80%AS NAVE 2 000 000 0.68%MOCO AS 1 984 419 0.68%SKANDINAVISKA ENSKILDA BANKEN AB 1 939 201 0.66%STAVERN HELSE OG FORVALTNING AS 1 823 897 0.62%CITIBANK, N.A. 1 683 778 0.57%NORDNET LIVSFORSIKRING AS 1 574 262 0.54%BERGEN KOMMUNALE PENSJONSKASSE 1 300 000 0.44%RBC INVESTOR SERVICES BANK S.A. 1 200 000 0.41%THE NORTHERN TRUST COMP, LONDON BR 1 198 430 0.41%TOPDANMARK LIVSFORSIKRING A/S 1 143 524 0.39%PARETO INVEST AS 1 134 402 0.39%DNB NOR BANK ASA 1 083 209 0.37%HOLDEN 1 066 344 0.36%AKERSHUS INTERKOMMUNALE 1 000 000 0.34%BJØRKEHAGEN AS 1 000 000 0.34%Total 188 843 731 64.40%

Total other shareholders 104 394 048 35.60%Total no of shares 293 237 779 100.00%


Note 15 Performance measurements definitions

DOF ASA financial information is prepared in accordance with international financial reporting standards (IFRS). In addition DOF ASA discloses alternative performance measures as a supplement to the financial statement prepared in accordance with IFRS. Such performance measures are used to provide an enhanced insight into the operating performance, financing and future prospects of the company and are frequently used by securities analysts, investors and other interested parties.

The definitions of these measures are as follows:

Financial reporting – Financial Reporting according to IFRS.

Management reporting – Investments in joint ventures (JV) is consolidated on gross basis in the income statement and the statement of financial position.

EBITDA – Operating profit (earnings) before depreciation, impairment, amortisation, net financial costs and taxes is a key finan-cial parameter. The term is useful for assessing the profitability of its operations, as it is based on variable costs and excludes depreciation, impairment and amortise costs related to investments. Ebitda is also important in evaluating performance relative to competitors.

EBITDA before hedge – Ebitda as described above adjusted for hedge accounting of revenue, according to mangement reporting.

Operational EBITDA – Ebitda as described above adjusted for gain on sale of tangible assets, according to management reporting.

Operational EBITDA before hedge – Ebitda as describe above adjusted for gain on sale of tangible assets and hedge accounting of revenue, according to management reporting.

EBIT – Operating profit (earnings) before net financial costs and taxes.

Profit before unrealised finance costs – Profit before net unrealised gain/loss on currencies and net changes in the fair value of financial instruments.

Unrealised finance costs – Total unrealised gain/loss on currencies and net changes in the fair value of financial instruments.

Unemployed capital – Vessel under construction (newbuildings).

Interest bearing debt – Net interest bearing debt divided on total equity and debt.

Net interest bearing debt – Interest bearing debt minus current and non-current interest-bearing receivables and cash and cash equivalents. The use of the term “net debt” does not necessarily mean cash included in the calculation are available to settle debts if included in the term.

Debt ratio – Net interest bearing debt divided on total equity and debt.

Utilisation – Utilisation of vessel numbers is based on actual available days including days at yard for periodical maintenance, upgrading, transit or idle time between contracts.

Contract coverage – Number of future sold days compared with total actual available days excluded options.

Contract Backlog – Sum of undiscounted revenue related to secured contracts in the future and optional contract extensions as determined by the client. Contract coverage related to master service agreements (MSA`s) within the CSV segment, includes only confirmed purchase order.

Norway

DOF Subsea ASThormøhlensgate 53 C5006 Bergen NORWAYPhone: +47 55 25 22 00Fax: +47 55 25 22 01

DOF Subsea Norway ASThormøhlensgate 53 C5006 BergenNORWAYPhone: +47 55 25 22 00Fax: +47 55 25 22 01

DOF Management ASAlfabygget5392 Storebø NORWAY Phone: +47 56 18 10 00Fax: +47 56 18 10 [email protected]

Angola

DOF Subsea AngolaBelas Business Park-TalatonaEdificio Bengo, 1º AndarSala 106/107, Luanda REPUBLIC OF ANGOLAPhone: +244 222 43 28 58Fax: +244 222 44 40 68Mobile: +244 227 28 00 96 +244 277 28 00 95

Argentina

DOF Management Argentina S.A.Peron 315, piso 1, Oficina 6-b1038 - Buenos AiresARGENTINAPhone: +54 11 4342 4622 [email protected]

Australia

DOF Subsea Australia Pty Ltd5th Floor, 181 St. Georges TcePerth WA 6000AUSTRALIAPhone +61 8 9278 8700Fax: +61 8 9278 8799

DOF Management Australia5th Floor, 181 St. Georges TcePerth WA 6000AUSTRALIAPhone: +61 3 9556 5478Mobile: +61 418 430 [email protected]

Brazil

NorSkan Offshore LtdaRua Lauro Muller116, 17 andarTorre do Rio Sul - BotafogoRio de Janeiro, R.J.BRAZIL - CEP: 22290-160 Phone: +55 21 21 03 57 00Fax: +55 21 21 03 57 [email protected]

DOF Subsea Brasil Serviços LtdaRua Fiscal Juca, 330 Q: W2 – L: 0001 Loteamento Novo Cavaleiros Vale Encantado – Macaé/RJ BRAZIL - CEP 27933-450Phone: +55 22 21 23 01 00Fax: +55 22 21 23 01 99

Canada

DOF Subsea Canada26 Allston StreetMount Pearl, NewfoundlandCANADA, A1N 0A4Phone: +1 709 576 2033Fax: +1 709 576 2500

DOF ASAAlfabygget5392 StorebøNORWAY

Phone: +47 56 18 10 00Fax: +47 56 18 10 [email protected]

Singapore

DOF Management Pte Ltd25 Loyang CrescentBlock 302 TOPS Avenue 3#01-11SINGAPORE 508988Phone: +65 6868 1001Fax: +65 6561 2431 [email protected]

DOF Subsea Asia Pacific Pte Ltd460 Alexandra Road #15-02PSA Building, 119963SINGAPOREPhone: +65 6561 2780Fax: +65 6561 2431

UK

DOF (UK) LtdHorizons House, 81-83 Waterloo Quay Aberdeen, AB11 5DE UNITED KINGDOMPhone: +44 1224 586 644Fax: +44 1224 586 [email protected]

DOF Subsea UK LtdHorizons House 81-83 Waterloo Quay Aberdeen, AB11 5DE UNITED KINGDOMPhone: +44 1224 614 000Fax: +44 1224 614 001

USA

DOF Subsea USA Inc5365 W. Sam Houston Parkway N Suite 400 Houston, Texas 77041 USAPhone: +1 713 896 2500Fax: +1 713 726 5800

DOF ASAAlfabygget

5392 StorebøNORWAY

www.dof.com

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