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September 04, 2015 1:40 PM ET

Energy Equipment and Services

Company Overview of DOF Subsea ASA

Company Overview

DOF Subsea AS provides subsea services to the oil and gas industry. The company primarily engages in the vessel chartering; and provision of survey and positioning, project management, and consultancy services. It offers survey and positioning services comprising seabed mapping, subsea positioning, data processing, acoustic positioning, and C3D and C4D visualization; and field development services, such as subsea installation, field enhancement, and decommissioning. The company also provides field production services; diving services for construction and inspection, repair, and maintenance activities; and removal and disposal of subsea infrastructure. In addition, it offers ROV and intervent...

Thormøhlensgate 53 C

Bergen,  5006

Norway

Founded in 2005

Phone:

47 55 25 22 00

Fax:

47 55 25 22 01

Key Executives for DOF Subsea ASA

Chief Executive Officer and Director
Age: 49
Chief Financial Officer and Executive Vice President
Executive Vice President of Asia Business Unit
Executive Vice President of Business Acquisition
CSO and Senior Vice President of HSEQ
Compensation as of Fiscal Year 2015.

DOF Subsea ASA Key Developments

DOF Subsea ASA Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

DOF Subsea ASA reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company's operating income was NOK 1,865 million against NOK 1,877 million a year ago. Operating profit before depreciation (EBITDA) was NOK 513 million against NOK 511 million a year ago. Operating profit (EBIT) was NOK 324 million against NOK 370 million a year ago. Profit before tax was NOK 336 million against NOK 187 million a year ago. Profit for the period was NOK 296 million against NOK 178 million a year ago. Total comprehensive income attributable to owners of the parents was NOK 338 million against NOK 301 million a year ago. Net cash flow from operating activities was NOK 435 million against NOK 273 million a year ago. Purchase of tangible assets was NOK 599 million against NOK 112 million a year ago. Book value equity per share was NOK 53.5 against NOK 49.8 a year ago. Net interest-bearing debt was NOK 10,431 million against NOK 10,200 million a year ago. For the quarter, the company's operating income was NOK 3,422 million against NOK 3,328 million a year ago. Operating profit before depreciation (EBITDA) was NOK 1,091 million against NOK 1,173 million a year ago. Operating profit (EBIT) was NOK 766 million against NOK 910 million a year ago. Profit before tax was NOK 458 million against NOK 595 million a year ago. Profit for the period was NOK 436 million against NOK 580 million a year ago. Total comprehensive income attributable to owners of the parents was NOK 303 739 million a year ago. Net cash flow from operating activities was NOK 459 was NOK 434 million a year ago. Purchase of tangible assets was NOK 2,472 was NOK 512 million a year ago.

DOF Subsea Announces Contract Agreements with Subsea 7 for the Vessels Skandi Acergy, Skandi Seven and Skandi Skansen

DOF Subsea, a subsidiary of DOF ASA, has reached an agreement with Subsea 7 for the chartering of the vessels Skandi Acergy, Skandi Seven and Skandi Skansen. Subsea 7 has committed to a 3-year firm period for the vessel Skandi Acergy, commencing in direct continuation of the current firm period. The vessel is then firmly contracted until August 2019. For the vessel Skandi Skansen, the parties have agreed on a new contract for 2016 ensuring utilization for most of the summer season. Skandi Seven will be redelivered to DOF Subsea on January 1, 2016. DOF Subsea has several chartered in vessels that can be redelivered to owners during the next three to twelve months compensating the redelivery of Skandi Seven. In total, the agreed contracts will increase the firm backlog for 2016 and through to 2019.

DOF Subsea Announces Extension of RSV Contract Geoholm

Petrobras has extended the RSV contract for the vessel Geoholm for 18 months until December 2016 with DOF Subsea ASA. The extension is a direct continuation of the current contract and the vessel has been operating for Petrobras since January 2014. The total contract value including options is in the region NOK 325 million.

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