Det var atter en dag med svært høy omsetning: Noen aksjonærer følger etter Mohn, (som har tømt seg nå) og selger seg ut nå.. Mener å se en trend der aksjen kommer i siget igjen når salgsrushet går over...

SB1M starter dekning på DOFG

DOF (Buy, TP NOK70)
Initiation of Coverage

Investment summary

We initiate coverage on DOF Group with a Buy, target price NOK70

On our target price, DOF would trade on a FCF to EV of 8-18%, 4-6x EV/EBITDA and 5-8x EV/EBIT

• Even at our target price, we would regard multiples for DOF as modest, implying further potential upside

• DOF converted NOK5.2bn of debt to equity in relation to the refinancing of the company earlier in 2023. The share re-listed on
Oslo Stock Exchange in June 2023

– The debt conversion caused DOF’s leverage ratio to drop from 5.3x NIBD/EBITDA at year-end 2022 to 3.7x end Q1/23
– Improved market conditions, especially in the key subsea market for DOF’s part (Subsea represented 78% of Q2/23 EBITDA in DOF),
caused leverage ratio to drop further to 3.3x by end Q2/23
– We expect continued market improvements in the subsea market driven by the strong cash flow generated by E&P companies,
Petrobras’ growth ambitions (Brazil is the most important single market for DOF), and the stable subsea supply side
– By end-2025 we expect DOF’s leverage ratio to have dropped below 2x NIBD/EBITDA, which should make a refinancing before the
upcoming January 2026 debt maturity a non-issue

• We initiate coverage on DOF with a Buy recommendation and NOK70 target price

– At our target price, DOF would trade on a FCF to EV of 8-18%, an EV/EBITDA multiple of 4-6x (2023e-2025e) and an EV/EBIT of 5-8x
(2023e-2025e)
– We assume DOF will use its cash flow going forward to pay down debt, partly also due to cash sweeps being in place. If our estimates
are roughly correct, DOF would be in position to pay dividends once refinancing of 2026 debt is done in 2025, meaning a potential first
dividend could be paid in 2026

DOF takes management of Havila’s recently sold AHTS duo

https://splash247.com/dof-takes-management-of-havilas-recently-sold-ahts-duo/

Financial Report 3rd quarter for DOF Group ASA

The Group's revenue for 3[rd] quarter (management reporting) totals NOK 3,372
million (NOK 2,850 million) and EBITDA totals NOK 1,295 million (NOK 1,032
million). The operating profit (EBIT) is NOK 889 million (NOK 680 million). Net
financial cost amounts to NOK -551 million (NOK -1,092 million) incl. unrealised
currency loss of NOK -249 million (NOK -834 million) and a net positive result
of NOK 285 million (NOK -482 million). The Group's net interest bearing debt is
NOK 14,571 million (NOK 22,398 million) and the book equity is NOK 7,955 million
(NOK -1,428 million).

Key highlights:
. Another strong quarter and the Group achieved an EBITDA of NOK 1,295
million and a margin of 38%.
. Cash flow from operations activities at NOK 1,107 million.
. The average utilisation of the owned fleet was 85%.
. The markets have continued to be strong, with high tender activity.
. A purchase option related to the Skandi Iceman has been exercised at a
price below market values.
. Skandi Neptune (agreed sold in 2021) has been delivered to new owners.
. Stril Explorer has been chartered in on a 3-year contract (+ 4 annual
options) to support PIDF contract in Brazil.
. After balance date the Group has agreed to acquire 3 "non-core" PSVs from
the lenders in DOF Rederi, whereof two of these vessels are in process
to be sold.

. The total current fleet includes 54 vessels (incl. vessels on management or
hired in):
o 14 AHTSs, 11 PSVs and 29 Subsea vessels.

. A strong order intake of NOK 4.3 billion in the 3rd quarter.
Firm backlog by end September of NOK 22.3 billion.

Statement from the CEO, Mons Aase: "We deliver another solid quarter with
improved cash flow and experiencing strong markets within all fleet segments. In
3rd quarter the performance has again been good within the subsea project
activity and the extension of the PIDF contract in Brazil and the SURF contract
in West-Africa are just reflecting the high activity within subsea. We have also
experienced strong markets in the North Sea especially for the PSV fleet.
Petrobras is out with several tenders, and we expect the backlog in Brazil to
grow further at improved rates. Based on the good performance so far and the
high backlog for Q4, the EBITDA guidance for the year has been increased to NOK
4.75-4.85 billion, from NOK 4.5-4.75 billion".

https://newsweb.oslobors.no/message/603591

Oslo (Infront TDN Direkt): Dof Group fikk en justert ebitda på 1.295 millioner kroner i tredje kvartal 2023, mot 1.032 millioner kroner i samme periode året før.

Det fremgår av selskapets kvartalsrapport fredag.

Justert omsetning ble 3.372 millioner kroner i kvartalet (2.850). Rapportert omsetning var 2.970 millioner kroner (2.454), mens rapportert ebitda utgjorde 1.117 millioner kroner (886)

Gjennomsnittlig utnyttelsesgrad for selskapets eide flåte var i kvartalet på 85 prosent (88).

Ordreinngangen var 4,3 milliarder kroner i tredje kvartal, og ordreboken var på 22,3 milliarder kroner ved utgangen av september.

Oslo (Infront TDN Direkt): Med økende rater og sterk anbudsaktivitet i offshore- og subseaservice-markedene globalt, ser Dof Group betydelige vekstmuligheter i Brasil.

Det sier konsernsjef Mons S. Aase i Dof Group under selskapets kvartalspresentasjon torsdag.

-Markedene generelt er fremdeles sterke i offshore- og subseaservice-markedene globalt. Vi ser høy anbudsaktivitet med kontinuerlig økende rater på marginen og med mange muligheter globalt. Trenden vi har sett de siste kvartalene har fortsatt inn i tredje kvartal og det ser lovende ut, sier Aase.

Brasil er regionen hvor selskapet har størst tilstedeværelse.

-Vi er på et veldig bra sted i Brasil og vi tror Brasil er et av de mest spennende landene. Vi ser mange muligheter for ytterligere vekst i Brasil, sier han.

Videre viser Aase til Petrobras' forretningsplan som indikerer et behov på omtrent 170 skip på tre- til femårskontrakter for 2024 til 2027.

-Det er veldig mange båter, både innen PSV ankerhåndtering, men også PLSVer og RSVer. Så vi ser jevn vekst i Brasil, sier han.

Aase forteller også at selskapet for tiden jobber med "veldig interessante anbud" og vil oppdatere markedet rundt det i tiden fremover.

-Kanskje øverst på listen er det et nytt pipelay-anbud som kommer i neste uke, og der tilbyr vi selvfølgelig ganske mange båter på tre- til fireårs kontrakter. Hvis vi vinner dette anbudet vil vi kunne bygge en stor ordrereserve langt inn i fremtiden. I går bød vi inn noen båter på et ankerhåndteringsanbud i Brasil, og vi vil dele mer informasjon om det fremover. Deretter venter vi på et nytt RSV-anbud som skal leveres senere i november. Så ganske mange muligheter for øyeblikket, sier han.

Samtidig fremholder Aase at markedets ordrereserve er på samme nivå som i 2013-2014, mens flåten er nær 30 prosent mindre.

IEA: Ligger an til rekordhøy oljeetterspørsel neste år
10:26
Truls Lier og Infront TDN Direkt
DEL
Det internasjonale energibyrået (IEA) jekker opp sine estimater for både 2023 og 2024, og påpeker at verdens oljeetterspørsel fortsetter å overgå forventningene.

IEA ser nå en global oljeetterspørsel på 102,89 millioner fat per dag i 2024, viser november-rapporten. Det er oppjustert fra estimatet på 102,73 millioner fat per dag fra forrige rapport.

Estimatet for global oljeetterspørsel i 2023 er også oppjustert, med 0,11 millioner fat per dag til 101,96 millioner fat per dag.

teaser
I DAG 10:24
IEA: Ligger an til rekordhøy oljeetterspørsel neste år

Informativt innlegg. Blir spennende og se hvor lenge den blir liggende i den bratte stigende trenden den ligger i.

Det var et stort fall i Dof denne uken, med 20% ned.

Lurer på om det er Venezuela som prøver på en "Putin" i Guyana som innvirker. Mons Aase sa siste presentasjon at Guyana er en av Dofs viktigste områder nå, omtalte det som mini Brazil. Dersom Maduro går inn der, vil Exxon produksjon stoppe og Dof oppdragene i fare, det er alltid klausuler om Force Major, etc. Dersom aksjen faller til 40kr, er den kjøpbar uansett.

Dof har vel bare Constructor og Havila Phoenix der, men har vel jobb der borte i årevis. Men de får nok raskt kontrakter andre steder hvis det blir bråk i Guyana. Men tror ikke usa kommer til å la det skje.

Kryss på 6.4 mill aksjer i går og salg av PSV.

DOFG – Sells another small PSV above NAV
• DOF announced the sale of Skandi Captain (2003, 3300dwt) to an ‘international
buyer’, to be delivered in Q1’24 with a positive accounting effect
• The vessel is the last of the three small PSVs DOF acquired from the banks in
October for NOK 270m en bloc (the other two sold for NOK 275m)
• We understand the sales price is USD 10-11m (NOK 110-120m) which is
above NOK 80m in our NAV and VesselValue at USD 9.3m - with the upcoming
20 year SPS ahead of delivery to be covered by DOF explaining some of the
deviation (budget probably around NOK ~20m)
• After this, DOFG will have 7x PSVs remaining valued at NOK 1.5bn in our NAV.
These are not core to the company’s offering and probably for sale at the right
price
• We have a BUY rec and TP NOK 72 on DOFG
PAS

Blir forøvrig spennende å se hvem som kjøpte de 6.4m til 45.

Nekkar-led consortium awarded grant
14.12.2023 08:48:11 CET | Nekkar ASA | Non-regulatory press releases

14 December 2023 - A project consortium headed by Nekkar ASA, and including
Kongsberg Maritime, DOF, an undisclosed global wind farm developer and several
leading research institutions, has conditionally been awarded a research and
innovation grant of NOK 75.2 million, in total, through the Norwegian
government's Green Platform Initiative.

The consortium, which also includes GCE Node, NORCE, Sustainable Energy Catapult
Center, Sintef Ocean and University of Agder, aims to develop a safe and
efficient solution for main component replacement (MCR) on offshore wind
turbines - thereby realizing significant reductions in time, cost and loss of
revenue due to downtime.

The project will develop a remote-controlled, self-hoisting lifting equipment,
based on Nekkar's SkyWalker wind turbine installation tool, that moves up and
down the turbine tower to replace the main components like gearbox, blade, etc.
while on-site offshore.

Also, a 3D motion-compensated crane will be developed with the purpose of
lifting SkyWalker from a floating vessel to a floating turbine. Further,
specifications of a multi-purpose vessel integrating the requirements of
SkyWalker and 3D crane will be developed. The project will also evaluate the
impact of the solution from a total wind farm perspective using and developing
existing tools for offshore logistics, vessel design, and marine operations.

The objective is to develop a main component replacement solution that can be
utilised offshore on both floating and fixed-bottom wind turbine generators
across OEMs, both for newbuilds as well as the installed base.

The project is contingent approval of capital contributions from each project
partner to activate the NOK 75.2 million funding from the Green Platform
Initiative. The project partners expect to conclude this process during the
first quarter of 2024, at which point further information about the project and
funding will be shared.

The Green Platform Initiative provides funding for enterprises and research
institutes engaged in green growth and restructuring driven by research and
innovation. The Norwegian government uses the Green Platform Initiative to
stimulate bigger and more rapid investments from companies in green sustainable
solutions and products. The objective is to trigger opportunities for green
value creation through major projects. The projects should comprise the whole
value chain from research and knowledge production to testing, commercialisation
and industrialisation of sustainable, green products and services.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.

DOF Group signed Jones Act Compliant Charter for GoM Operation
DOF Group is pleased to announce the chartering of the Connor Bordelon to
support the North America operation in the US Gulf of Mexico for 1-year term
with a 1-year option.
The Time charter will commence in March 2024 when DOF will mobilize 2 Heavy-work
class ROVs and survey as part of the integrated spread to ensure client coverage
between the end of the charter of the Ross Candies in February 2024 and the
start of charter of Cade Candies in 2025. The Connor Bordelon is an USA 78m DP
II vessel with a 60ton AHC Crane capable to reach 3,000m water depth, 60
accommodation, Helideck and 572m[2] open deck.
"The combination of the vessel capability and terms, the Jones Act Compliance
and its low fuel consumption, makes of the Connor Bordelon one of the most cost
cost-effective IMR and light Construction vessel in the GoM for the next 2-years
offered in combination with the capabilities of the Cade Candies" Marco
Sclocchi, EVP North America explains.
Mons Aase, DOF's Group CEO added "We believe that DOF's sustainable presence in
the GoM is a key part of the Group global strategy for integrated offshore
services and we welcome Bordelon Marine as key partner together with Otto
Candies for our Jones Act Complaint operation".
For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: + +47 916 21 057
E-mail: martin.lundberg@dof.com

John Fredriksen tok 1,6M av blokken

DOF Group ASA - Multiple project awards

DOF has secured an EPRD project for a North Sea operator, including the project
management, engineering, logistics and execution of an FPSO cessation project.
DOF shall disconnect, transport and pre-moor the floating unit, and retrieve and
recycle the mooring system.

Project management and engineering starts immediately, while offshore execution
is planned in Q3 2024 utilising in total four vessels, including Skandi Hera and
Skandi Iceman.

In the APAC region, DOF has been awarded a contract to provide field
decommissioning support in association with a depleted field off the Australian
coast.

The award includes project management, engineering, procurement, and offshore
services and is expected to be completed over a five-to-seven-week period
commencing in December 2023. The project will utilise the CSV Skandi Hercules
which, with two permanently installed WROV systems and a 250Te AHC crane, is
ideally suited to these operations.

The combined revenue from the two projects is estimated to approximately USD 30
million.

For further information, please contact:

Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: + +47 916 21 057
E-mail: martin.lundberg@dof.com

Dette er en liten fille kontrakt for Dof. Selvsagt positivt, men betyr ingenting i det store bildet. Det må milliarder til. Venter på noen større subsea kontrakter i Brazil, Dof ligger bra an sies det, iom Brazil flagg på båtene.

👍 Ja vi får vente tålmodig på Brasil-kontraktene. Men Dofg er jo billigst i klassen nå, så det er nå man skal kjøpe.

DOF Group ASA - Multiple project awards
DOF is pleased to announce multiple subsea service contracts in the Asia Pacific
region utilising CSV Skandi Hercules for offshore execution in 2024.

Three subsea service contracts have been secured from Australian-based
operators. The contracts will utilise Skandi Hercules, adding approximately 6
months of utilisation in 2024 and into Q1 2025. The contracted scope includes
the team's inhouse capability to deliver project management and engineering,
logistics support and execution of various remediation activities, pre
-commissioning and commissioning support, and field decommissioning operations.

Mons Aase, DOF Group ASA CEO, said, "These awards secure substantial backlog for
the APAC region with an estimated combined value of over USD 36 million."

Renner inn kontrakter hos DOFG.

Vi har klint litt til i offshore i høst, sier Hauge til Finansavisen.
Energi er blitt en stor sektor for Odin Norge – fondet som Hauge forvalter og som har hatt en avkastning på 13 prosent i år. I lengre tid har det eid «trygge navn» som Subsea 7 og TGS.
– Subsea 7-storyen funker bra. Det blir en margin-syklus nå, og det kommer til å sprute cash, sier forvalteren.
Det er imidlertid en annen offshoreaksje som får mer enn bare tomlene opp fra Hauge.
– Det kommer til å sprute enda mer i DOF.
– DOF er det råeste aksjecaset på Oslo Børs i 2024, sier han.

Arctic's top picks.
Om DOFG fra 2:10 https://podcasts.apple.com/no/podcast/arcticpodden/id1547993092?i=1000640899581

Tok et jafs her nå. Tror denne blir grei og ha i porteføljen fremover.

https://e24.no/boers-og-finans/i/WRrBQr/offshoreinntjening-bykser-til-toppnivaa-fascinerende-aa-se-hvor-raskt-det-har-skjedd?fbclid=IwAR2u4UHyGEAHoy71DlUxJJjowtsbN_xW9Vaw0J5Wb3VOL7NpuJJ7n37HQCE

Dof doblings kandidat.

En doblingskandidat – Dof Group har på sin side en sjelden kombinasjon av billig og høy gjeld, god visibilitet i inntjeningen og lav prising, fortsetter Storm Bond Funds investeringsdirektør. – Den viktigste triggeren i første halvår blir trolig når Petrobras begynner å tildele kontrakter på subseatonnasje fra auksjonsrunden som ble offentlig kjent i høst. Astrup mener dette gir gode muligheter for en dobling av Dof–kursen i 2024.


https://www.finansavisen.no/energi/2024/01/17/8083665/morten-astrup-frykter-kraftig-oljeprisfall

DOF Group (ABG) Estimates up again
Q4e mgmt EBITDA at NOK 1.15bn. EBITDA up 2-8% for '24e-'25e. TP to NOK 80 (75) on higher estimates

Blokksalg 5.16m aksjer til 55 kr. Eksfin ut med blokk. Blir interessant å se hvem som kjøper.

John Fredriksen tok 1.4M

DOFG: FEARNLEY OPPJUSTERER KURSMÅL TIL 88 FRA 73, GJENTAR KJØP
30.1.2024 08:19 • TDN Finans •
Kopier link
Oslo (Infront TDN Direkt): Fearnley Securities oppjusterer sitt kursmål på Dof Group til 88 kroner, fra tidligere 73 kroner. Kjøpsanbefalingen fastholdes.
Det fremgår av en oppdatering tirsdag.

"Dagratene tilbake på tidligere syklushøyder – knapphet skaper risiko på oppsiden", skriver meglerhuset, som har økt sitt NAV-estimat på aksjen til 86 kroner pr aksje.

"Gitt lav prising og attraktiv subseamarkedseksponering, fremhever vi Dof Group som vårt toppvalg i innen OSV", skriver meglerhuset.

Kursmålet på 88 kroner pr aksje er basert på et veid gjennomsnitt av NAV og en 6 ganger EV/EBITDA-multippel, vises det til i analysen.

TDN Direkt finans@tdn.no Infront TDN Direkt, +47 21 95 60 70

Ny kontrakt: https://newsweb.oslobors.no/message/607813

Prime Energy Extends MPSV Contract to the end of 2027
DOF Group is pleased to announce that Prime Energy Resources Development B.V.
(Prime Energy) has extended the contract for provision of the MPSV Skandi Hawk
to the end of 2027.

DOF has been providing MPSV and subsea services to Prime Energy (formerly Shell
Philippines Exploration B.V) in support of the Malampaya gas field operations
offshore Philippines since April 2015 and subsea support and IRM services for 13
years prior to that. An agreement has now been reached to extend the existing
contract including Project Management and Engineering services, Subsea
Inspection, Repair and Maintenance Services and the Multipurpose Platform Supply
Vessel (MPSV) Skandi Hawk from February 2024 until 31 December 2027 in support
of the continued operation and growth of the Malampaya field operations.

Mons Aase, CEO DOF Group ASA, said: "This is a substantial contract extension
with an estimated value of over USD 60M. It builds on the successful partnership
between our team in APAC with Prime Energy and the Malampaya field since
production commenced and we look forward to continuing to support Prime Energy
in the years to come."

Gamelt nytt, denne var annonsert i sist desember.

DOF GROUP ASA
DOF Group ASA - Contract award
2.2.2024 08:06 • Cision •

DOF er veldig glad for å kunngjøre en stor kontrakt med Equinor

DOF is very pleased to announce a Large Contract with Equinor Energy for the AHTS Skandi Iceman. The award means that the DOF Group will have two anchor handlers supporting Equinor's Norwegian operations until 2027 at the earliest with Skandi Vega having been on charter to Equinor since delivery 2010. This contract will build on the long-term relationship between the DOF Group and Equinor for AHTS services. The contract also includes ROV services provided by the DOF Group. Commencement will be Q2 2024 with 3-year firm and 3x1 year options. Mons Aase, CEO DOF Group ASA, said, "This award demonstrates the performance of our anchor handling vessels and our crews. We are very happy to see Equinor selecting DOF for another long term AHTS contract"

For further information, please contact:

Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA

Phone: + +47 916 21 057

E-mail: martin.lundberg@dof.

Verdi på opp til 1 milliard sier Fa. Burde ta av snart denne og mange har spådd dobling i denne.
https://www.finansavisen.no/energi/2024/02/02/8091065/dof-group-sikret-equinor-kontrakt-verdt-opptil-1-mrd.?internal_source=sistenytt

Hvorfor denne fortsatt handles under 60kr er for meg en gåte, når den burde være på 70-80kr .

Enig i det du sier, men det vil ta noe tid pga det er så mange ufrivillige aksjeeiere som må selge seg ut. Se på omsetningen relativ til peers, den er minst dobbel så stor.

Når alle banker o.a. Kreditorer har solgt seg ut vil den stige mere. Vil vel ta et kvartal og to til, eller muleg lengre fordi de kan selge over lang tid.

Der bryter vel teknisk motstand 60 kr . Er nok mange som skal inn her fremover mot resultat .

Dnb tar Dof inn i ukeporteføljen i dag.

Dundrer inn med kontrakter.

DOF Group ASA - Contract Award and Contract Extension in APAC
13.2.2024 09:08 • Cision •
Kopier link
DOF is pleased to announce a contract award and a contract extension securing further backlog for the APAC region.

The latest contract secured for the region will utilise Skandi Hercules and see the vessel fully utilised off the Australian coast into Q3 2024. The contracted scope includes project management and engineering, logistics support and execution of various inspection, maintenance, and repair (IMR) activities.

In addition, a contract extension has been secured for Skandi Singapore with the vessel fully committed through Q3 2024 with further options available into Q1 2025.

The combined value is in excess of USD 20 million for the firm part.

Mons Aase, CEO DOF Group ASA, said: "I am very pleased with these awards bringing the APAC region close to full utilisation for first half 2024 at improved rates and margins."

For further information, please contact:

Martin Lundberg, SVP Finance, and Investor Relations DOF Group ASA

Phone: +47 91 62 10 57