Norway · Delayed Price · Currency is NOK DOF Group ASA Earnings Call Transcripts
Fiscal Year 2026
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The group is focused on high-grading its fleet and expanding into higher-margin SURF and IRM projects, supported by a record backlog and strong regional performance. Financial strength, flexible vessel deployment, and a growing project pipeline underpin expectations for higher earnings through 2028.
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Record EBITDA and strong cash flow driven by high fleet utilization and robust contract backlog. Strategic fleet renewal and asset sales support a positive outlook, with raised revenue and EBITDA guidance. Market conditions remain favorable, especially for anchor handlers and subsea projects.
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Q1 revenue grew 11% year-over-year to $175 million, with record backlog and upgraded EBITDA guidance. Fleet optimization and strong market demand support a positive outlook for 2026–2028, while dividend was raised to NOK 0.37 per share.
Fiscal Year 2025
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Record 2025 results with revenue over $2B and operational EBITDA of $781M, driven by strong backlog, major project execution, and robust offshore markets. 2026 guidance is strong with 77% of revenue secured, and leverage remains within target.
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Record-high backlog and strong Q3 results support a positive outlook, with EBITDA guidance narrowed to $750–$760 million and a growing dividend. High tender activity and global contract wins drive optimism for 2026 and 2027, while the fleet is high-graded and leverage remains within target.
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Backlog has surpassed $5 billion, supporting strong revenue visibility and higher margins into 2026. Regional growth is robust, especially in Brazil and North America, with new long-term contracts and vessel upgrades driving earnings. Dividend increases are expected as leverage declines and cash flow remains strong.
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Record Q2 EBITDA and strong operational performance drove a 35% year-over-year earnings increase, with a $4.2B backlog and high contract coverage for 2024-2025. Long-term contracts in Brazil and global asset redeployment support an optimistic outlook for 2026.
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Q1 2025 saw EBITDA of $158 million, strong backlog growth, and major refinancing, with guidance narrowed to $730–$790 million. Market conditions remain robust, with significant contract opportunities in Brazil and a proposed first quarterly dividend pending approval.
Fiscal Year 2024
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Strong year with revenue and EBITDA growth, a $3.25B backlog, and successful DOF Denmark integration. 2025 guidance projects higher revenue and EBITDA, with 74% of revenue already secured and further backlog growth expected.
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A young, high-end fleet acquired at attractive values is positioned for strong global demand, with robust tender activity and early client engagement for 2026–2027 projects. Preliminary 2025 EBITDA guidance is $720–800 million, with higher run rates expected in the second half and beyond.
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Q3 delivered strong revenue and EBITDA growth, prompting an upward revision of full-year guidance. The Maersk Supply Service acquisition added 22 modern vessels, boosting fleet value and backlog to $2.75 billion. Refinancing and integration efforts are underway to optimize capital structure and future earnings.
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Positioned for growth in oil & gas and renewables, with a record backlog and higher contract rates. The Maersk Supply acquisition will create the largest global fleet in key segments, supporting a new dividend policy and robust refinancing. ESG, talent, and digitalization remain strategic priorities.
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Record-high order intake and backlog, improved EBITDA guidance, and a major fleet-expanding acquisition mark a strong Q2. Vessel utilization and contract rates are rising, supporting continued earnings growth into 2025 and beyond.
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The merger creates the world's largest and most modern offshore support fleet, combining complementary assets and expertise. The $1.1 billion deal is financed with low leverage and is expected to deliver significant synergies, global reach, and enhanced earnings potential, especially in booming oil & gas and renewables markets.
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The acquisition will create the world's largest fleet of construction support vessels and high-end anchor handlers, expanding global reach and service capabilities. The $1.1 billion deal is financed through a mix of debt and equity, with expected synergies, improved financial strength, and increased dividend capacity. Closing is targeted for Q4, pending regulatory approvals.
Fiscal Year 2023
Fiscal Year 2022
Fiscal Year 2021
Fiscal Year 2020
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Q2 EBITDA held near the prior-year level despite COVID-19 disruption, while impairments and FX losses drove a net loss and negative equity. Backlog and Q3 coverage supported near-term activity, but refinancing and weak offshore markets remained major risks.
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Q1 operational EBITDA reached NOK 804m, the strongest first quarter since 2015, but NOK 1.532bn of impairments and NOK 2.9bn in currency losses drove a loss above NOK 4bn and negative equity. COVID-19 and low oil prices clouded the outlook, with EBITDA expected to fall sharply.
Fiscal Year 2019
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Q4 EBITDA rose to NOK 805m from NOK 546m, alongside 83% fleet utilization and stronger performance across segments. 2020 guidance was in line with or slightly above 2019, while refinancing and Brazilian Anchor Handler renewals remained key uncertainties.
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Q3 EBITDA reached NOK 803 million, the strongest since Q2 2016, with fleet utilization above 80%. Large impairments and unresolved refinancing weighed on reported results, while winter backlog supported the outlook.
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Operational EBITDA rose to NOK 712m, with second-half improvement expected on stronger contract coverage. Weak IMR returns and unresolved refinancing remain key concerns.
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Operational EBITDA was NOK 541m, broadly level with Q1 2018, as PSV markets improved while anchor handling and IRM remained difficult. 2019 EBITDA was expected to exceed 2018, but bank rollover uncertainty created significant liquidity and covenant risk.