DOF ASA Financial report Q3


Financial Report 3rd quarter 2018 for DOF ASA

The Group's operating income for Q3 (management reporting) totals NOK 1,739
million (NOK 1,801 million) and the operating profit before depreciation and
impairment (EBITDA) totals NOK 535 million (NOK 562 million). The Ebitda
adjusted for hedge accounting is NOK 587 million (NOK 607 million) and the
operating profit (EBIT) is NOK 106 million (NOK -124 million), of which
depreciation and impairment totals NOK 429 million (NOK 686 million). YTD Ebitda
totals NOK 1,574 million (NOK 1,676 million) and YTD Ebit totals NOK 275 million
(NOK -165 million).

The average utilisation of the Group's fleet during the 3rd quarter was 77%; 75%
for the subsea fleet, 69% for the AHTS fleet and 90% for the PSV fleet.

The market has improved for the North Sea PSV fleet, and the utilisation and
earnings have been variable for the AHTS fleet and the subsea IRM fleet. There
has been solid uptime on the PLSVs operating on long term contracts in Brazil.

The Group's backlog by end September 2018 was approx. NOK 20 billion.

DOF Subsea is contemplating issuance of a new unsecured bond loan of NOK 800 -
1,000 million with maturity in 2023

Please see enclosed Q3 Financial Report 2018.

Webcast is available Tuesday, 13th November 2018 at 10:00 on www.dof.com.
13.11.2018 kl 09:42 1316

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