q4 financial presentation 2015 dof asa asa/ir/2015/dof_q4_2015.pdf · dof asa - q4 presentation...

Q4 Financial Presentation 2015

DOF ASA

Highlights

- Q4 Presentation 2015 DOF ASA

Main Highlights

General good operational performance in the period, reduced utilisation in certain regions towards end of quarter

Average utilisation total fleet of 87% Backlog 71% the next 12 months Two vessels sold and two new-builds delivered Continued challenging markets and few contract awards in the period

3

All numbers based on management reporting

EBITDA Q4 MNOK 818 (operational EBITDA MNOK 814) EBITDA 2015 MNOK 3 719 (operational EBITDA MNOK 3 344)


Highlights

Subsea

• Average utilisation project fleet 74% and TC fleet 91 %

• Brazil- Good utilisation

• Asia Pacific – Good utilisation, one vessel off contract and mobilised for sale

• North Sea & US Gulf – Low utilisation parts of the fleet

AHTS/PSV

• North Sea– 2 vessels fully or partly in the spot market.

• Brazil & Argentina – Good utilisation, but two vessels idle between contracts

• Asia Pacific – Good utilisation, but three vessels off contract in December

• One vessel in lay-up

Operational

4


Highlights

Contract Awards

5

DOF Subsea awarded IMR contract on Maari field’s FPSO, Raroa, offshore New Zealand

DOF Subsea awarded commissioning support work for ENI at Goliat field and installation of mooring systems for BW Offshore in UK sector of the North Sea

DOF awarded a 75 days contract + options in Argentina for Skandi Chieftain, start up Dec 2015

DOF awarded a 1 yr contract for Skandi Sotra with Asco Marine Ltd., start up from Dec 2015

Norskan awarded a 1 yr contract for Skandi Botafogo, start up Dec 2015, securing close to 100% coverage in 2016 for the Norskan AHTS fleet

Skandi Vega awarded a 1 + 1 yr with Statoil from mid May 2016


Highlights

Fleet

6

Financing

Skandi Protector agreed sold and delivered to new owner in January

Skandi Inspector sold and delivered to new owner in December

Skandi Africa delivered and commenced a 5 yrs contract with Technip in Oct

Skandi Acu, (PLSV) 1st delivery in January 2016

All DOF and Norskan refinanced balloons due in 2016

Bonds, DOFSUB06, fully repaid, repurchase of DOFSUB05 planned repaid on maturity in 2016

Funding of Skandi Acu (PLSV) secured

DOF Subsea completed refinancing program as planned in Q4

Overview Group


DOF ASA in brief

Vessels

Fleet 67 vessels (wholly and partly owned) (19 PSV, 20 AHTS, 28 Subsea)

• 60 owned vessels in operation • 2 owned less than 50% • 5 newbuildings; 1 AHTS, 4 Subsea

3 subsea vessels chartered in from external owners

62 ROVs, 5 ROVs on order

NOK 34 bn in market value owned vessel in operation* (100% basis)

Average age 8.3 years, value adjusted fleet age of 5.8 years

Back log Total NOK 67.8 bn

• Firm contracts : NOK 32.6 bn • Options: NOK 35.2 bn

Global organisation Head office in Norway Regional offices in Australia,

Singapore, UK, USA, Canada, Angola, Argentina and Brazil

Total of 4 819 employees* Subsea employees: 1 566 Marine personnel: 3 253

8

28

20

19

3 Subsea

AHTS

PSV

Chartered SubseaVessels


2001-2006 2009 2010 2011 2012 2013

Establishing a strategic position in Brazil

Skandi Copacabana First Brazilian built AHTS vessel by DOF

Skandi Vitória and Niterói First Brazilian built PLSVs

Skandi Amazonas and Iguaçu Biggest AHTS vessels built in Brazil by DOF

4 new PLSV´s 2 built in Brazil

2006: DOF Subsea Brasil

established

Skandi Salvador First Brazilian built CSV

Skandi Santos First CSV installing x-mas tree

2001: First step in Brazil

Strategy: Brazilian flag, local content, local employees Gives DOF a unique position in the Brazilian market


Fleet overview and contract coverage

* Including Newbuilds ** Excl. Vessels with minority share

10

No. of vessels

PSV AHTS Subsea Total fleet

DOF ASA/DOF REDERI AS 17 4 2 23

NORSKAN OFFSHORE 1 10 2 13

DOF SUBSEA AS 0 0 22* 22

DOF INSTALLER ASA 0 0 2 2

DOF DEEPWATER AS 0 5 0 5

Total fleet 18 19 28 65**

Contract coverage

2016 Firm 80 % 69 % 65 % 71 %

2016 Including options 86 % 70 % 72 % 75 %

2017 Firm 43 % 49 % 44 % 45 %

2017 Including options 74 % 53 % 59 % 61 %

Expectations for 2016: • Despite weak market we see

progress in securing short and long term contracts

• Our global footprint, track record and project capacity will be vital to secure utilisation

• High back-log in the PSV segment

but reduced earnings on contract renewals

• Low back-log in the AHTS segment (excl. vessels with Brazilian flag)

• Plan to increase number of vessels with Brazilian flag


2016 2017 2018 2019 2020 ThereafterOption 612 1 036 1 467 1 815 2 176Firm 6 784 5 160 4 735 4 135 3 057 8 744

6 784

5 160 4 735 4 135

3 057

8 744

612

1 036 1 467 1 815

2 176

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

10 000

NO

K m

illio

n Contract coverage at 31.12.2015

DOF backlog overview 2015 -2020+

• Total value backlog from 2020 and onwards is MNOK 36,836

26,813

28 092

28 092


A global player

12

Region Perth

Rio de Janeiro

Buenos Aires

Singapore

Houston

St. Johns

Aberdeen

Cairo

Brunei

Macaé

Jakarta

Manila

Luanda

Moscow

Austevoll

Malaysia

28

4

24

6

3

Melbourne

Darwin

629

553

422

North America

Asia Pacific Brazil

Atlantic

268

Marine Crew: 2 947


Vessel Yard Delivery Type Contract Financing

Skandi Acu Vard Norway 2016 PLSV 8 yrs Petrobras Signed loan agreement

Skandi Paraty Vard Brazil 1H 2016 AHTS 4 yrs Petrobras Signed loan agreement

Skandi Buzios Vard Norway 2016 PLSV 8 yrs Petrobras

Skandi Recife Vard Brazil 2016 PLSV 8 yrs Petrobras Loan agreement signed with BNDES

Skandi Olinda Vard Brazil 2017 PLSV 8 yrs Petrobras Loan agreement signed with BNDES

Remaining newbuilding program

13

Financials Management Reporting


Result Q4 2015 Comments result Q4 Operational performance: PSV: • 96% utilisation PSV fleet • Generally good performance AHTS: • 81% utilisation AHTS fleet • Vessels idle between contracts • One vessel in lay-up Subsea: • 91% utilisation CSVs on TC • 74% utilisation project fleet • One vessel sold • One vessel delivered and on contract

Depreciation and impairment: • Impairment loss mainly from PSV and AHTS

segment Finance: • Strong USD towards NOK and BRL high

impact on financial result

15

All figures in NOK million Q4 2015 Q4 2014 2015 2014

Operating income 2 685 2 891 10 991 10 698 Operating expenses -1 779 -2 082 -7 439 -7 350 Net profit/loss from JVs -16 -11 -26 -9 Net gain on sale of vessel 4 264 375 468 EBITDA before hedge 893 1 062 3 901 3 807

Hedge operating income -75 -13 -182 -17

Operating profit before depr - EBITDA 818 1 049 3 719 3 790 Depreciation -272 -306 -1 119 -1 111 Impairment -152 -16 -531 -16 Operating profit- EBIT 395 727 2 070 2 663 Financial income 22 24 88 77 Financial costs -330 -355 -1 290 -1 420 Net realised currency gain/loss -118 -86 -386 -212 Net profit/loss before unrealised currency -31 310 481 1 109

Net unrealised currency gain/loss -119 -400 -925 -441 Net unrealised gain/loss on market instr. 16 -201 109 -218 Profit/loss before tax -134 -291 -335 450 Tax 32 89 19 50 Net profit/loss -102 -203 -316 500 According to management reporting


13 %

18 %

69 %

EBITDA Q4 2015

PSV

AHTS

CSV

10 % 18 %

72 %

EBITDA Q4 2014

PSV

AHTS

CSV

16

Segment reporting Q4 2015 PSV AHTS CSV Total

Amounts in NOK mill Q4 2015 Q4 2014 Q4 2015 Q4 2014 Q4 2015 Q4 2014 Q4 2015 Q4 2014

Operating income 310 304 403 400 1 897 2 174 2 610 2 878

EBITDA *) 107 103 148 186 563 761 818 1 050

Operating result (EBIT) **) 59 48 27 120 309 559 395 727

EBITDA margin 35 % 34 % 37 % 47 % 30 % 35 % 31 % 36 % EBIT margin 19 % 16 % 7 % 30 % 16 % 26 % 15 % 25 % *) Ebitda includes gain on sale of vessels - - 4 - 4 - **) Ebit includes impairment loss 15 - 64 - 73 - 152 - According to management reporting


Historical Performance Group (excl gain from sale of assets)

17

According to management reporting

Q4 2012 Q4 2013 Q4 2014 Q4 2015 Operating revenue 2 069 2 633 2 878 2 610 EBITDA 685 827 785 814 EBITDA margin 33 % 31 % 27 % 31 %

Non-current assets 27 630 27 928 28 747 28 393 Current assets 4 136 4 817 5 800 5 469 Total Assets 31 766 32 745 34 547 33 862

Equity 6 735 6 346 6 866 5 184 Non-current debt 21 563 21 576 19 732 23 067 Current debt 3 468 4 822 7 949 5 611 Total Equity and Debts 31 766 32 745 34 547 33 862

0%

5%

10%

15%

20%

25%

30%

35%

40%

-

500

1 000

1 500

2 000

2 500

3 000

3 500

Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

EBIT

DA M

argi

n %

MN

OK

Operating revenue EBITDA EBITDA margin


Balance Q4 2015 Comments to balance Assets: • 10 vessels sold • Two newbuilds delivered in 2015 • Intagible assets mainly deferred tax (MNOK 1 353 and goodwill MNOK 436)

• Financial assets: • Financial assets include minority share in shipowning

companies Receivables: • Asset held for sale = Skandi Protector (delivered in Jan

2016) Equity: • YTD negative impact unrealised currency loss of MNOK -

2 200

Current liabilities: • Current part interest term debt includes bonds, MNOK

422, balloons MNOK 300, + normal amortization, credit facilities and accrued interest

18

Amounts in NOK million 31.12.2015 31.12.2014 ASSETS Intangible assets 1 953 1 103 Vessel and other tangible assets 24 967 26 204 Newbuildings 943 1 075 Financial assets 530 365 Non-current assets 28 393 28 747 Receivables 2 772 3 105 Cash and cash equivalents 2 220 2 696 Asset held for sale 477 0 Current assets incl asset held for sale 5 469 5 800 Total assets 33 862 34 547 EQUITY AND LIABILITIES Subscribed equity 1 452 1 452 Retained equity 447 1 958 Non-controlling equity 3 286 3 456 Equity 5 184 6 866 Provisions for commitments 121 133 Other non-current liabilities 22 946 19 599 Non-current liabilities 23 067 19 732 Current part of interest bearing debt 3 198 6 049 Other current liabilities 2 152 1 900 Liabilities held for sale 260 0 Current liabilities incl liabilities held for sale 5 611 7 949 Total equity and liabilities 33 862 34 547



Net interest bearing debt 31.12.2015

19

Comments current interest bearing debt: Bonds • DOFSUB05 MNOK 422 Debt to credit institutions • Two balloons MNOK 300 • Amortization MNOK 2 123

Cash and derivatives: • MNOK 520 represent cash deposit • Net derivatives represent interest

derivatives

Amounts in NOK million 31.12.2015 31.12.2014

Bond loan 3 347 4 124 Debt to credit institutions 19 328 15 057 Total non-current interest bearing liabilities 22 674 19 181 Bond loan 422 1 039 Debt to credit institutions 2 423 4 328 Utilised credit facilities 171 455 Liabilities held for sale 260 - Total current interest bearing liabilities 3 276 5 822 Total interest bearing liabilities 25 951 25 003 Cash and cash equivalents 2 220 2 696 Net derivatives -219 -379 Non-current receivables - - Total net interest bearing liabilities 23 950 22 686

Newbuilds 943 1 075 Net interest bearing liabilities, excluding unemployed capital 23 007 21 611



Cash Flow Statement

20

Comments Cash flow Statement Purchase of tangible assets: • 2nd delivery of Skandi Africa Proceeds from borrowings: • 2nd draw down Skandi Africa • Refinancing three vessels

Prepayment of borrowings: • Payment balloons • Payment bond (DOFSUB 06) • Normal amortization

Amounts in NOK million Q4 2015 Q4 2014

Cash from operating activities 1 273 1 050 Net interest paid -369 -316 Taxes paid -88 31 Net cash from operating activities 816 765

Sale of tangible assets 17 1 148 Purchase of tangible assets -819 -615 Sale of shares - - Other changes in investing activities -53 -41 Net cash from investing activities -854 492 Proceeds from borrowings 1 326 1 585 Prepayment of borrowings -1 133 -1 800 Payment from/to non-controlling interests -0 - Net cash from financing activities 192 -215

Net changes in cash and cash equivaltents 154 1 042

Cash and cash equivalents at the start of the period 2 039 1 567 Exchange gain/loss on cash and cash equivalents 35 91 Cash and cash equivalents at the end of the period 2 228 2 700


- Q4 Presentation 2015 DOF ASA 21

Management reporting vs Financial reporting RESULT Q4 2015 Q4 2014

Amounts in NOK mill Management

reporting Variance Financial reporting

Management reporting Variance

Financial reporting

Operating income 2 610 -124 2 486 2 878 -125 2 753 Operating expenses -1 779 41 -1 738 -2 082 26 -2 056 Net profit from associated and joint ventures -16 74 58 -11 -2 -12 Net gain on sale of tangible assets 4 - 4 264 - 264

Operating profit before depreciation EBITDA 818 -8 810 1 049 -101 948 Depreciation -272 18 -254 -306 19 -287 Impairment -152 14 -138 -16 - -16 Operating profit - EBIT 395 23 418 727 -82 645 Financial income 22 3 26 24 2 26 Financial costs -330 10 -320 -355 14 -341 Net realised gain/loss on currencies -118 32 -86 -86 0 -86 Net unrealised gain/loss on currencies -119 -121 -241 -400 72 -328 Net changes in fair value of financial instruments 16 -1 14 -201 1 -200 Net financial costs -529 -78 -607 -1 019 88 -930 Profit (loss) before taxes -134 -55 -189 -291 6 -285 Taxes 32 55 87 89 -6 83 Profit (loss) -102 -0 -102 -203 -0 -203

- Q4 Presentation 2015 DOF ASA 22

Management reporting vs Financial reporting BALANCE 31.12.2015 31.12.2014

Amounts in NOK mill Management

reporting Variance Financial

reporting Management

reporting Variance Financial

reporting ASSETS Intangible assets 1 953 -164 1 789 1 103 -47 1 056 Tangible assets 25 910 -2 722 23 188 27 280 -3 413 23 866 Non-current financial assets 530 887 1 418 365 1 394 1 759 Total non-current assets 28 393 -1 998 26 395 28 747 -2 066 26 681 Receivables 2 772 -71 2 701 3 105 -64 3 041 Cash and cash equivalents 2 220 -164 2 056 2 696 -86 2 609 Total current assets 4 992 -235 4 757 5 800 -150 5 650 Asset held for sale 477 - 477 - - - Total current assets incl. asset held for sale 5 469 -235 5 234 5 800 -150 5 650 Total assets 33 862 -2 233 31 629 34 547 -2 216 32 331 EQUITY AND LIABILITIES Equity 5 184 - 5 184 6 866 -0 6 866 Non-current provisions and commitments 121 -35 86 133 -31 103 Non-current liabilities 22 946 -1 975 20 971 19 599 -1 968 17 631 Current liabilities 5 350 -223 5 127 7 949 -217 7 732 Total liabilities 28 417 -2 233 26 184 27 681 -2 216 25 465 Liabilities held for sale 260 - 260 - - - Total liabilities incl. liabilities held for sale 28 678 -2 233 26 445 27 681 -2 216 25 465 Total equity and liabilities 33 862 -2 233 31 629 34 547 -2 216 32 331

Net interest bearing liabilities 23 950 -1 970 21 980 22 686 -2 077 20 609


DO

F ex

Sub

sea

DO

F S

ubse

a

Bonds: • DOFSUB05, MNOK 422, due in April 2016 (MNOK 62 bought

back YTD 2016)

Bank Balloons: • Total balloons of MNOK 300 next 12 months:

• Consist of two balloon payment • DOF Subsea in process to refinance these balloons

Liabilities held for sale: • Sale of Skandi Protector

DOF GROUP COUNTERPARTY EXPOSURE Q4 2015

23

ECA mainly represent exposure with Norwegian and Brazilian ECAs

-

500

1 000

1 500

2 000

2 500

3 000

3 500

2016E 2017E 2018E 2019E 2020E After

Bank Debt

Bond Loan

Balloons

Liabilities held forsale

42%

16%

42% ECA

Bonds

Other Banks

Debt maturity profile

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

2016E 2017E 2018E 2019E 2020E After

Bank Debt

Bond Loan

Balloons


Adjust the Group’s capacity to the challenging market

Several cost cutting measures have been implemented during 2015 The organisation has been reduced both onshore and offshore with approx. 10% of the work

force

Vessels have been re-allocated between regions in order to secure utilisation

Chartered-in vessels redelivered

Sale of several vessels over past 12 months

Cost focus going forward Continuously focus on adjusting the Group’s capacity and risk exposure to the market going

forward

24

DOF Subsea


2005

Established 20 570

NOK million total assets Modern

high-end fleet and equipment

21 owned subsea vessels

4 vessels on order

3 vessels on charter

62 ROVs, 5 ROVs on order

First Reserve Corporation (49%)

1 566 highly-skilled employees

DOF Subsea Holding (100%)

DOF ASA (51%)

DOF Subsea in brief

DOF Subsea


• Majority of the fleet delivered after 2007

• Industry leading value adjusted average fleet age of approx. 6.2 years

• High-end vessels capable of a wide scope of world wide operations

New high-end fleet

Newbuild 16 %

2007 - 2015 60 %

2000 - 2006 24 %

Year of delivery DOF Subsea fleet

-

1,0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

9,0

Average fleet age

Value adjusted


Quarterly performance (excl. asset sales)

28 * According to internal Management reporting

NOK million Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015Operating income 1 223 1 384 1 354 1 288 1 225 1 679 1 804 1 871 1 530 1 963 1 904 2 025 1 656 1 962 1 991 1 642 EBITDA 411 470 489 417 329 471 595 550 502 543 552 502 458 515 553 516 EBITDA margin 33,6% 34,0% 36,1% 32,4% 26,9% 28,1% 33,0% 29,4% 32,8% 27,7% 29,0% 24,8% 27,7% 26,2% 27,8% 31,4%

Current assets 2 782 2 962 2 704 2 612 3 077 3 319 3 119 3 470 3 247 3 252 2 998 4 223 3 414 3 414 3 674 3 752 Non-current assets 16 455 16 230 16 056 16 012 16 043 16 344 16 330 16 340 16 012 16 151 16 215 15 796 16 726 16 578 16 447 16 818

Total assets 19 238 19 192 18 760 18 624 19 120 19 663 19 450 19 810 19 258 19 403 19 213 20 019 20 140 19 992 20 121 20 570

Current liabilities 2 543 2 495 2 260 1 989 2 000 2 805 2 808 3 167 3 470 3 741 3 607 4 505 4 139 4 577 4 492 3 650 Non-current liabilities 11 723 11 735 11 439 11 534 12 051 11 862 11 474 11 427 10 126 9 701 9 668 9 402 9 924 9 009 9 988 11 228 Equity 4 970 4 963 5 061 5 102 5 069 4 996 5 167 5 216 5 662 5 962 5 938 6 112 6 077 6 405 5 641 5 692

0%

5%

10%

15%

20%

25%

30%

35%

40%

-

500

1 000

1 500

2 000

2 500

Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

NO

K m

illio

n

Operating income EBITDA EBITDA margin


DOF Subsea – Projects

* According to internal Management reporting

29

DOF Subsea has built a global presence over the last 10 years

DOF Subsea has developed the project business gradually

Increased project activity and complexity driving growth

Project business going forward • Gradually increase the complexity of work

done (Step by Step)

• Build a larger project back-log

• Mix between owned and chartered in vessels

Operating income by segment

Q4 2013 Q4 2014 Q4 2015Subsea projects 1 476 1 447 1 013Chartering of vessels 395 577 630Total revenue 1 871 2 024 1 643

0

500

1 000

1 500

2 000

2 500

Chartering of vessels Subsea projects

2013 2014 2015Subsea projects 4 971 5 187 4 810Chartering of vessels 1 609 2 236 2 442Total 6 580 7 422 7 252

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

Chartering of vessels Subsea projects


Subsea: APAC market Construction in Australia slowing down, but being replaced by IRM Reduced spending from operators leading to low activity Competition scene changing

DOF SUB: Still long and short term opportunities, but downward pressure on rates

Brazil market We expect a slow market, with few new tenders, pressure on rates and “blocking

activity” leading to termination and renegotiation of contracts

DOF SUB: Challenging and time-consuming for vessels that are up for renewal Important with Brazilian flag

Market and outlook

30


Market and outlook

31

Subsea: North America market We expect a slow market in 2016 Increased competition in the spot market, looking for utilisation

DOF SUB: Maintaining our position. We expect to see a gradual increase in market share in

the medium term, as target clients provide access to opportunities. Flexible business model with chartered-in vessels.

Atlantic market We expect Norway to be weak in 2016 We expect UK to be weak in 2016

DOF SUB: Normand Reach will be redelivered Q2 2016


Market and outlook

32

Supply: Brazil: Slow market continues, with few new tenders, increased competition and lower rates. Petrobras redelivering vessels in order to reduce current fleet size. DOF: Few vessels up for renewal. There are some opportunities for Brazilian flagged and

international vessels using “REB flag import capacity”, through blocking. Slow progress on negotiations and risk of idle time.

North Sea: We expect the North Sea market for both AHTS and PSV to be weak. DOF: Low market exposure in Q1, but gradually higher exposure going forward. Asia Pacific: We see low tender activity in the region within supply. Downward pressure on rates and over-supply of tonnage. DOF: 3 vessels in the region, all idle.


EBITDA in 2015 according to our guidance (guidance MNOK 3 100- 3 500, actual MNOK 3 345)

Guidance for 2016:

Back log of 71%, but high uncertainty regarding utilisation and earnings

Main focus is to keep the majority of the fleet on contracts

A refinancing plan in progress

High uncertainty to guide for 2016, and our best estimate today is an operational EBITDA of MNOK 2 600 – 3 000 (MNOK 2 900- 3 300 excl hedge)

Outlook

33

Thank you Presented by Mons Aase - CEO Hilde Drønen - CFO


DISCLAIMER This presentation by DOF ASA designed to provide a high level overview of aspects of the operations of the DOF ASA Group. The material set out in the presentation is current as at 19 Feb 2016. This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based on management’s own current expectations, estimates and projections about matters relevant to DOF ASA‘s future financial performance. Words such as “likely”, “aims”, “looking forward”, “potential”, “anticipates”, “expects”, “predicts”, “plans”, “targets”, “believes” and “estimates” and similar expressions are intended to identify forward-looking statements. References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results. No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of the DOF ASA Group or the likelihood that the assumptions, estimates or outcomes will be achieved. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. DOF ASA , its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation. All forward-looking statements made in this presentation are based on information presently available to management and DOF ASA assumes no obligation to update any forward looking- statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity. You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company's shares or in making a decision to hold or sell your shares.

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q4 financial presentation 2015 dof asa asa/ir/2015/dof_q4_2015.pdf · dof asa - q4 presentation...

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