DOF Group ASA

Q2 2024 Financial Report

DOF Group Integrated Annual Report 2023
Q2 2024 Financial Report

Index
Directors report 3 Notes to the accounts 17
Note 1 General18
Directors’ report Accounts11
Note 2 Management reporting19
Consolidated statement of profit or loss12
Accounts Note 3 Segment information 20
Consolidated statement of balance sheet12
Note 4 Operating revenue 21
Notes to the accounts Consolidated statement of cash flows 13
Note 5 Earnings per share 21
Consolidated statement of equity13
Supplemental information Note 6 Tangible assets 21
Key figures14
Note 7 Contract costs22
Note 8 Investment in joint ventures and associated companies22
Note 9 Cash and cash equivalent 22
Note 10 Interest bearing debt 23
Note 11 Lease Liabilities 24
Note 12 Transaction with related parties 24
Note 13 Subsequent events 24
Note 14 Share capital and shareholders25
Performance measurements definitions25

Supplemental information 26
Consolidated statement of profit or loss26
Consolidated statement of balance sheet 26
Consolidated statement of cash flows26
Key figures26
IR contact
Mons S. Aase, CEO: +47 91661012
Hilde Drønen, CFO: +47 91661009

Report distribution & webcast:

The Q2 2024 financial report for DOF Group ASA is to be presented on 21st of August 2024. A financial webcast
will be held at 14:00 (CET) and will be available on the Company website: www.dof.com. All materials, including
an investor presentation, will be available on the same website.

The interim consolidated financial statements have not been subject to audit or review.

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 2

DOF Group
Q2 2024 Financial Report

Key highlights

Directors’ report Key figures

Management reporting Financial reporting
Accounts
AMOUNT IN USD MILLION Q2 2024 Q2 2023 Q2 2024 Q2 2023

Notes to the accounts Operating revenue 361 330 332 292

EBITDA 122 121 123 98
Supplemental information EBIT 111 128 93 113
Profit (loss) 6 103 6 103

NIBD (Net interest bearing debt) 1 286 1 444 969 1 076

EBITDA margin 34% 37% 37% 34%
Equity ratio 35% 26% 39% 30%

► The Group has on 2nd of July signed an ► The equity ratio has improved from 26% to ► DOF Group Backlog (end quarter):
agreement to acquire all the shares in Maersk 35%. The Net interest-bearing debt (NIBD)
Supply Service A/S. The acquisition will be has been reduced from USD 1,444 million 1000
settled partly in cash representing USD 577 to USD 1,286 million and the NIBD/LTM
million and partly in shares representing 25% EBITDA by end June is 2.7x (3.3x). 800
ownership for MSSH.
► The average utilisation of the fleet was 89% 600
► As part of the transaction the Company completed (88%) in the quarter.
a private placement of in total USD 75 million in July. 400
► The performance has been good in the APAC
► The Group achieved an EBITDA of USD 122 million and the Atlantic regions, but lower in Brazil due 200
(USD 121 million). to class dockings, planned maintenance and
mobilisation to new contracts in the quarter. 0
► The net profit of USD 6 million (USD 100 million) ‘24 ‘25 ‘26 ‘27 ‘28 ‘29
has been impacted by an unrealised currency loss of ► The total current fleet consists of 57 vessels DOF excl. DOFCON DOFCON JV
USD -62 million (USD 8 million). This is a non-cash (incl. 14 vessels on management or hired in):
accounting effect primarily due to consolidation
► 16 AHTSs, 10 PSVs and 31 Subsea vessels.
of the BRL accounts in Norskan affected by a
weakening BRL to USD in the quarter. ► The order intake in 2nd quarter was USD 1.05 billion.
► The Group’s cash flow from operating activities was ► Firm backlog by end June is USD 2.6 billion (USD
USD 119 million (USD 75 million) in the quarter. 1.9 billion). Order intake after balance date is
approximately USD 400 million.
► Updated EBITDA guidance for the year is
USD 500-520 million.

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 3

DOF Group report of the board of directors
Q2 2024 Financial Report

Statement from the CEO

Directors’ report The MSS transaction marks a strategic milestone for the Group and
under the DOF brand we will create a leading offshore services provider
Accounts and strengthen our global position through the combined company.
With the world’s largest fleet of CSVs and high-end AHTS vessels, we
Notes to the accounts will enhance the customer experience through increased scale, global
reach, and industry-leading services, combining the strong capabilities
Supplemental information and experience of DOF and Maersk Supply Service. I look forward to
further developing the DOF Group together with my new and existing
colleagues, ensuring the continued delivery of world-class services to
our customers and further appreciate A.P. Møller Holding becoming a
major shareholder.

The order intake has been high so far this year which gives good visibility on
earnings in the next 24 months. We expect improved earnings in second
half compared to first half due to i.a. Skandi Buzios being back on hire,
Skandi Amazonas commencing a new 3-year contract after being partly
off-hire, higher project activity in several regions, and certain one-off
effects which impacted first half earnings. The updated EBITDA guiding
is USD 500-520 million.

Mons S. Aase
CEO

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 4

DOF Group
Q2 2024 Financial Report

This is DOF

Directors’ report No matter where DOF operates in the world, BERGEN

AUSTEVOLL (HQ)

Accounts safety is held as the highest priority. ABERDEEN

Notes to the accounts DOF is a leading provider of integrated subsea ST. JOHN’S
ATLANTIC REGION
and marine services to the global offshore energy
Supplemental information NORTH AMERICA REGION SEOUL
market. Established in Austevoll in 1981, DOF has
continued a proud tradition of delivering safe and HOUSTON
quality services to our customers.
MANILA

GEORGETOWN
SINGAPORE

USD LUANDA

2.6
billion
MACAÉ
RIO DE JANEIRO
ASIA-PACIFIC REGION

backlog as of Q2’24 BUENOS AIRES PERTH

SOUTH AMERICA REGION

1,793

57 vessels
1

6
operating
1,108
19
25

903
in fleet continents

8
377 5

+40
4,181 employees
Norway
headquartered
years
operational history
North
America
Asia
Pacific
Atlantic

Employees per region

South
America
North
America
Asia
Pacific
Atlantic

Vessel per region

South
America

¹43 owned vessels, 5 vessels hired in and 9 vessels under management DOF GROUP ASA Q2 2024 FINANCIAL REPORT 5
DOF Group report of the board of directors
Q2 2024 Financial Report

ESG

Directors’ report

Accounts

Notes to the accounts DOF has reported in the areas of sustainability to the GRI standards measuring economic,
environment, and social aspects since 2014. This, along with our participation in
Supplemental information Carbon Disclosure Project over the last thirteen years, has driven engagement with
stakeholder groups and improved management and performance in these areas.

Q2 summary
During the quarter, there has been an increased number of incidents compared to last quarter.
The total recordable injury rate of 1.72 (1.03) per million man-hours is up from last quarter.
There were four Medical Treatment Cases and one Restricted Workday Case in the quarter.
There were two Lost Time Injuries in the quarter and the lost-time injury frequency rate of
0.51 (0.31) per million man-hours is up from previous quarter. Despite increased number of
incidents, the incidents are with a low risk factor and no permanent disabilities.

Regarding Governance, the number of NCRs and audits are stable, although there are small
variations. There have been no fines or non-monetary sanctions due to non-compliance.

There were no significant spills above 50 litres in the quarter.

Regarding people, the headcount per end of quarter was 4,181 (4,192) and absence rate
due to sickness was 3.4% (1.4%). There were no data privacy breaches. There are ongoing
reviews connected to harassment cases reported in Ethics Helpline. In the quarter one case
has been concluded as confirmed harassment case.

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 6

DOF Group report of the board of directors
Q2 2024 Financial Report

Report of the Board of Directors

Directors’ report Operations The activity in the Atlantic region has been high in the quarter driven by a project
The Q2 operational result per segment is as follows; contract for the Skandi Acergy at the Tortue field in West-Africa and a FSV contract
Accounts AMOUNT IN MUSD DOF Subsea Norskan DOF Rederi
Corporate/
management Group for the Skandi Seven in Angola. Maersk Installer was included as project vessel late
April and thereafter operated in the North Sea and achieved good utilisation in May
Operating revenue 277 61 32 12 361
Notes to the accounts Net gain on sale of tangible assets 0 - 1 - 1
and June. Skandi Skansen sailed from West-Africa to support a project contract with
Operating result before depreciation and impairment - EBITDA 102 9 13 -2 122 Subsea 7 in the North Sea.
Supplemental information Depreciation -37 -6 -5 -0 -47
Operating result - EBIT 96 8 9 -2 111
The region has been awarded multiple contracts in the quarter where the most prominent
EBITDA margin 37% 15% 39% -17% 34% contract was a 3 + 3-year contract with Equinor for delivery of IMR activities throughout
EBIT margin 35% 13% 27% -19% 31% Equinor assets in the North Sea. The region has chartered in the Rem Inspector for the
IMR contract, and the vessel will be equipped with a module handling system (owned
1) Norskan include both ship owning and vessel management activities.
2) Internal transactions adjusted in the Group numbers.
by DOF Subsea) and ROVs to support the Equinor contract. The offshore start up is
assumed in April 2025. The region has further been awarded a 2-year contract renewal
The segment reporting reflects the Group’s operational performance from the main subsidiaries of the Company. The four segments are: for the Skandi Seven as FSV vessel in Angola. The new contract will start in 4th quarter
DOF Subsea Group (incl. the 50% share in the DOFCON JV), DOF Rederi AS (incl. Iceman AS), Norskan Offshore Ltda., and Corporate &
2024 and in direct continuation of the existing contract. Finally, the region has been
Vessel Management.
awarded a T&I (construction, transport and installation) contract in West-Africa securing
The main part of the Group’s fleet owned by DOF Rederi and Norskan operates on close to full utilisation of the Maersk Installer for the rest of the year.
firm time charter (TC) contracts or in the spot market, while the fleet owned by DOF
Subsea (excl. the DOFCON fleet) partly operates on time charter contracts, project The positive trend in Asia-Pacific region has continued in 2nd quarter and the region
contracts, frame agreements, or lump sum contracts with various durations. The scope has secured utilisation close to 100% of its four subsea vessels. Skandi Singapore
executed by the Group’s subsea vessels and parts of the AHTS fleet includes among and Skandi Hercules have operated on project contracts with Chevron and Woodside
others survey, IMR, construction, mooring, decommissioning, and SURF in the oil & gas offshore Australia, and Skandi Hawk and Skandi Darwin have continued operating
markets and renewable markets. The majority of the Group’s AHTS fleet is equipped on firm contracts at the Philippines and in Australia. Skandi Darwin completed the
with ROVs owned by DOF Subsea. installation of a new W2W (walk to work system) in April.

DOF Subsea Group In the North America region, the main projects are the contract with Esso in Guyana
DOF Subsea Group (“DOF Subsea”) owns 22 subsea vessels (including the DOFCON fleet) utilising the Havila Phoenix and the Skandi Constructor and contract with Cenovus
and has in the quarter hired in five vessels from external owners on term contracts. The in Canada utilising the Skandi Vinland. The region has in addition operated two JAC
overall utilisation of the DOF Subsea fleet has been 89% (92%) in the quarter. vessels on various subsea- and survey contracts in the Gulf of Mexico where the
performance has been good, and the utilisation has been high.
The total revenues from Subsea project contracts represented 77% of DOF Subsea’s
revenue and totals USD 212 million (USD 202 million) in the quarter. The DOF Subsea’s The Brazil region has continued on the PIDF contract utilising multiple vessels on this
operations are managed from four regions: The Atlantic Region, The Asia-Pacific Region, survey and inspection project including the chartered in vessel, Stril Explorer. Skandi
The North America Region, and the South America Region (mainly Brazil). Carla and partly Geoholm have been utilised on the PIDF project. The utilisation on the
PIDF project in Brazil has been impacted by planned maintenance on several vessels
and that Skandi Salvador has completed a 15-year class docking. The RSV fleet has
achieved stable utilisation in the quarter and Skandi Achiever has operated in the
short-term market.

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 7

Report of the Board

DOF Group report of the board of directors
Q2 2024 Financial Report

Skandi Salvador was in July awarded a 180-day contract with a Tier 1 SURF contractor Financial summary
in Brazil with immediate start up. Geoholm will operate as a front runner until Skandi Financial reporting Q2 - Highlights
Salvador has been redelivered on the existing contract with Petrobras in August. The Group has a global operation with the main currency in USD, hence the
presentation currency is in USD. Most of the Norwegian companies in the Group have
The region has further won two 3-year contracts with Petrobras for two large AHTS adjusted the functional currency to USD accordingly and for the Brazilian companies
vessels owned by external owners. The new contracts are scheduled to start in 2nd (excluding the DOFCON JV) the functional currency is in BRL.
Directors’ report or 3rd quarter in 2025.
The below figures represent the Group’s consolidated accounts based on Financial Reporting.
Accounts DOF Subsea Group further owns and operate the PLSV Skandi Africa and the diving
vessel Skandi Patagonia. Skandi Africa has after balance date been extended with 2 Q2 2024 (MUSD) Q2 2024 Q2 2023
Notes to the accounts years and is firm until May 2028.
Operating revenue 332 292
Operating expenses -231 -201
Supplemental information The DOFCON JV fleet has achieved a utilisation of 82% (90%) in the quarter and all Share of net profit from joint ventures 21 7
vessels are committed on firm contracts with Petrobras. Net gain on sale of tangible assets 1 0
EBITDA 123 98
Depreciation -38 -26
The Skandi Buzios has been off hire the entire quarter due to the fire incident in Impairment/reversal of impairment 8 41
June last year. The vessel arrived in Brazil early July and went on hire on the existing EBIT 93 113
Net interest income and costs -22 -10
contract on the 1st of August. Skandi Vitoria and Skandi Niteroi have been awarded
Net currency and derivatives -58 9
two 3-year contracts with Petrobras, both commencing in 2025. Skandi Acu has Profit before taxes 13 112
been awarded an extension on the existing contract until mid 2025 and a new 3-year Taxes -7 -9
contract with start up in 3rd quarter 2025. After these awards and that Skandi Profit 6 103

Buzios is back in operation, DOFCON is expected to have stable operations going

forward and at higher earnings when the new contracts have materialised. The revenue and EBITDA versus the same period last year have in sum improved slightly
in DOF Subsea and DOF Rederi, and is lower in Norskan. The variance in Norskan is
Norskan Offshore mainly due to a positive one-off last year and partly mobilisation maintenance costs on a
Norskan owns nine AHTS vessels all built in Brazil and is the vessel manager for few vessels. The positive change in share of net profit from joint ventures (DOFCON)
the Group’s fleet operating in Brazil which currently represent 22 vessels. Norskan represent reversal of impairment of two PLSVs due to increased earnings in new
achieved an average utilisation for its owned fleet of 78% (75%) in the quarter contracts. Net gain on sale is related to the delivery of Skandi Gamma. The depreciations
and the operations have been impacted by planned and preventative maintenance. are slightly higher than last year mainly due to higher booked values of tangible assets
Skandi Amazonas has partly been off-hire and mobilised for a new 3-year contract after reversal of impairments in 2023. The reversal of impairment in the quarter is related
with Petrobras which started in June. Norskan has further been awarded two 4-year to the impact of improved earnings in new contract awards in Norskan.
contracts for the Skandi Rio and Skandi Botafogo with estimated commencement in
4th quarter 2024 and 1st quarter 2025. Both vessels will be equipped with ROVs. The variance in the net interest costs of USD -22 million (USD -10 million) is due
reversal of financial costs of in total USD 10 million in 2023. The net currency loss/
DOF Rederi & Iceman gain of USD -58 million (USD 9 million) mainly represent the strengthened USD to BRL
The DOF Rederi fleet currently includes six PSVs, two AHTS, and four CSVs, and has on the Norskan debt. The secured loan facilities in DOF Subsea and Norskan are drawn
achieved a utilisation of 95% (90%) in the quarter. The entire DOF Rederi fleet is in USD while the loan facility in DOF Rederi and the DOF Subsea convertible bond loan
currently on firm contracts. Skandi Iceman has started on its contract with Equinor are drawn in NOK.
and Skandi Kvitsøy started on a 2-year contract with Esso, both in April.
The tax costs mainly include withholding tax on contracts in certain regions and
corporate tax.

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 8

DOF Group report of the board of directors
Q2 2024 Financial Report

Cash flow from operating activities Balance sheet

Q2 2024 (MUSD) Q2 2024 Q2 2023 Q2 2024 (MUSD) 30.06.2024 30.06.2023

Operating result 93 113 Non-current assets 1 973 1 785

Depreciation and amortisation 30 -15 Current assets 407 341
Gain (loss) on disposal of tangible assets -1 0 Cash and cash equivalents 277 270
Share of net income from associates and joint ventures -21 -7 Total assets 2 658 2 396
Directors’ report Amortisation of contract costs 4 3
Changes in working capital -2 -55 Equity 1 045 725
Accounts Cash from operating activities 104 39 Non-current liabilities 1 243 1 376
Net interest and finance cost, and taxes paid -31 -27 Current liabilities 369 295
Net cash from operating activities 73 13 Total equity and liabilities 2 658 2 396
Notes to the accounts
Net interest bearing debt (NIBD) 969 1 076

Supplemental information The improved operating cash flow is mainly due to better cash flow from the operations Net interest bearing debt (NIBD) excl. effect IFRS 16 891 1 050

and a positive development in the net working capital.

The Group’s balance sheet by end June 2024 has an equity ratio of 39% (30%) and a
Cash flow Q2 2024 reduction in the Net interest-bearing debt of USD 107 million.

The non-current assets include vessels and subsea equipment, contract cost, the JV
340
1 investment and long-term assets. Total tangible assets represent in total USD 1,419 million
320 (USD 1,326 million), and the contract costs represent USD 37 million (USD 27 million). The
300
73 61 contract costs are mainly mobilisation capex on contracts in Brazil and are amortised during
the contract period. The JV investment of USD 340 million (USD 298 million) is the shares in
280 DOFCON JV. Other long-term assets of USD 115 million (USD 119 million) mainly comprise a
260
4 shareholder loan to DOFCON JV of USD 92 million. The change in current assets is related to
increased activity, especially within subsea projects.
240
270 277
220 The equity has increased due to a strong result during the last 12 months.

200
| | | | | The non-current liabilities include secured liabilities of USD 1,117 million (USD 1,267
Cash Operating Investing Financing Exchange Cash million), bond loan of USD 71 million (USD 66 million) and lease liabilities of USD 53 million
31.03.2024 activity activity activity gain/loss 30.06.2024
(USD 40 million) and others USD 2 million (USD 4 million). Lease liabilities are mainly related
on cash
to vessels hired in from external owners. Of the short-term liabilities USD 118 million (USD
The cash flow from investing activities are net proceeds from sale of assets of USD 27 91 million) represent amortisation the next 12 months split in debt payments of USD 74
million and the capex of USD -24 million mainly represent maintenance capex. Financing million and lease payments of USD 44 million. Other short-term debt has increased due to
activities include USD -50 million as repayment of the Group’s secured debt and lease higher activity.
payments of USD -10 million. Leases are payments to external vessel owners and include
contractual commitment on three long-term lease contracts. The net working capital (excl. cash and short portion NIBD) by the end of June is USD 156
million (USD 137 million).

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 9

DOF Group report of the board of directors
Q2 2024 Financial Report

Financing and Capital Structure The Skandi Hera, Skandi Darwin and Skandi Iceman has been financed by three new loan
The Group’s total interest-bearing debt at the end of the quarter is USD 1,357 million facilities at normal market terms and 5-year duration. This financing is non-recourse.
(USD 1,460 million) of which USD 1,190 million represent secured debt to credit
institutions, USD 71 million as bond debt in DOF Subsea and USD 96 million as lease
debt (related to right-of-use assets and sub leases). Approximately 85% of the Group’s Shareholders
debt is drawn in USD and the remaining debt is mainly drawn in NOK. The Company’s share capital by end June was NOK 441,623,045 divided into
Directors’ report 176,649,218 ordinary shares with nominal value of NOK 2.50.
Total interest bearing debt 31.12.2023 - 30.06.2024
Accounts After the balance date the share capital has increased to NOK 461,772,477.50 after
1,400
completion of a private placement of 8,059,773 new shares in the Company. See
Notes to the accounts further details in note 13.
97
Supplemental information 1,350
5
By end June the share price was NOK 96.75 per share and at the date of this report the
44 share price is NOK 99.75 per share. See further details on the 20 largest shareholders
in Note 14 to the accounts.
1,300 1,415

1,357
Subsequent events
1,250 Through an incorporated subsidiary the Company has entered into an agreement with a
subsidiary of A.P. Møller Holding A/S, Maersk Supply Holding AS (“MSSH”), to acquire all
the shares in Maersk Supply A/S (“MSS”). The acquisition will be paid partly in cash and
1,200 partly in new shares to be issued by the Company, representing a price of approximately
| | | |
31.12.2023 Debt New lease Currency and 30.06.2024 USD 1,112 billion (as of close on 28.06.2024). After issuance of new shares MSSH will
repayment liabilities other effects hold 25% of the share capital in the Company. MSS will at the time of completion of
the transaction own 22 high-quality subsea and AHTS vessels, following a carve-out of
The main terms in the facilities drawn in March last year include low interest (~2% certain entities, vessels, assets and liabilities.
margin above NIBOR/SOFR) and low amortisation and a cash sweep mechanism and
all these facilities mature in January 2026. The Company guarantees 100% of the In consideration for the shares in MSS and subject to closing of the transaction, A.P.
DOF Rederi loan facility and 70% of the Norskan loan facilities. Moller Holding’s subsidiary MSSH shall at completion of the transaction receive a combi-
nation of USD 577 million in cash (to be adjusted based on the locked-box accounts and
In Norskan the BNDES portion of the secured debt represents 85%. The BNDES debt subject to further adjustments at closing) and 58,883,073 new shares in the Company,
matures in the period from 2030-2033 and has a low amortisation profile and cash leading MSSH to hold 25% of the share capital in the Company after issuance of the
sweep until maturity of the facilities. The BNDES facilities have fixed interest rates in consideration shares.
the range of 3.9 to 4.9% during the entire duration of the loans.
The financing of the cash portion of the purchase will be done through a combination of
The convertible bond loan in DOF Subsea matures in December 2027 and includes a new debt facility of USD 500 million and an equity raise of USD 125 million of which
interest (PIK) of NIBOR+ 2%. The bond loan may be converted to equity on maturity MSSH has undertaken to subscribe 25% of the new shares.
in December 2027.
Tranche 1 of private placement representing a subscription of approximately NOK
The debt in the DOFCON JV’s fleet has mainly been funded by BNDES and 798 million (equivalent USD 75 million) was successfully placed on the 3rd of July and
Eksportfinans Norge (Eksfin) and these facilities matures after 2026. As part of the the tranche 2 of approximately NOK 266 million (equivalent USD 25 million) towards
refinancing in March last year any dividend payments from DOFCON JV will be utilised MSSH will be completed on a successful closing of the MSS transaction. The board
to repay the secured debt (2/3) and the bond debt (1/3) in DOF Subsea. has proposed a repair offering of approximately 2 million shares which will be directed

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 10

DOF Group report of the board of directors
Q2 2024 Financial Report

to the shareholders in the Company as of 2nd of July 2024 not participating in the IR contact:
private placement. Mons Aase, CEO: +47 91661012
Hilde Drønen, CFO: +47 91661009
In an extraordinary shareholder meeting on the 26th of July the MSS transaction was
approved including the issuance of new share towards MSSH including new chair of the DOF Group ASA
Nomination committee and election of two new board members representing MSSH in Alfabygget
Directors’ report the Company. The changes in the Nomination Committee and the Board of the Company 5392 Storebø
will be applicable after closing of the MSS transaction. www.dof.com
Accounts
Further details (news and announcements) on the above transactions are available on
Notes to the accounts the Company’s website: www.dof.com

Supplemental information The Group has been awarded several new contracts after balance date. See further
details in note 13.

Outlook
The DOF Group will, following the acquisition of MSS, comprise a workforce of more
than 5,400 employees with 78 modern offshore/subsea vessels, (65 owned), and
engineering capacity, and will strengthen the Group’s integrated service offering and
position, towards a strong oil & gas market and a growing offshore wind market.

DOF and MSS’ current operations are both strategically and geographically comple-
mentary, and future growth ambitions are strongly aligned. Hence the combined group
will become a leading offshore service provider with comprehensive scale and a wide
range of services across all continents. For DOF this is an immediate fleet expansion
without need for substantial newbuild lead time, and with significantly lower per vessel
investment requirement.

The MSS transaction is expected to be closed during the 4th quarter conditional on a
successful competition filing in certain countries.

The markets have continued to improve especially within the subsea and AHTS segment
and the Group is well positioned towards an expected increased demand for the Group’s
assets and services both in the oil and gas market and the renewable markets.

DOF Group ASA,

20th of August 2024

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 11

DOF Group report of the board of directors
Q2 2024 Financial Report

Declaration from the Board of Directors and the CEO

We declare that to the best of our knowledge the financial statements for the period 1st
of January to 30th of June 2024, are prepared in accordance with IAS34 accounting
standards for interim reporting, and that the information provided gives a true and fair
view of the company’s assets, liabilities, profit or loss, and overall financial position.

Directors’ report We also declare that to the best of our knowledge the first half 2024 report provides
a true and fair overview of important events during the accounting period and their
Accounts influence on the interim account, as well as the most significant risks and uncertainties
facing the Group during the following accounting period, in addition to material transactions
Notes to the accounts with related parties.

Supplemental information

Storebø, 20th of August 2024

The Board of Directors of DOF Group ASA

Svein Harald Øygard Harald Thorstein Christine Morris

Chair Director Director

Daniela Davila Adrian Geelmuyden Mons S. Aase

Director Director CEO

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 12

DOF Group financial statements
Q2 2024 Financial Report

Directors’ report

Accounts
Accounts
Notes to the accounts Q2 2024
Supplemental information

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 13

Financial performance
DOF Group financial statements
Q2 2024 Financial Report
Consolidated Statement of Profit or Loss Consolidated Balance Sheet
AMOUNTS IN USD MILLION Note Q2 2024 Q2 2023 Acc Q2 2024 Acc Q2 2023 2023 AMOUNTS IN USD MILLION Note 30.06.2024 30.06.2023 31.12.2023

Operating revenue 3 332 292 636 549 1 129 ASSETS

Operating expenses 7 -231 -201 -442 -387 -791 Tangible assets 6 1 419 1 326 1 495
Share of net profit from joint ventures and associates 8 21 7 24 20 39 Contract costs 7 37 27 36
Net gain (loss) on sale of tangible assets 1 - 1 - 7 Deferred tax assets 63 15 68
Operating profit before depreciation and impairment - EBITDA 123 98 218 182 384 Investments in joint ventures and associated companies 8 340 298 316
Directors’ report Depreciation 6 -38 -26 -72 -53 -119
Other non-current receivables 115 119 117
Total non-current assets 1 973 1 785 2 032
Impairment (-) / Reversal of impairment 6 8 41 8 41 181
Accounts Operating profit - EBIT 93 113 154 170 446
Trade receivables 307 275 290
Financial income 6 14 13 18 27 Other current assets 100 66 79
Notes to the accounts Financial costs -28 -24 -55 -62 -112 Current assets 407 341 369
Net realised currency gain (loss) -3 3 -7 -100 -101
Net unrealised currency gain (loss) -55 6 -74 97 118 Restricted deposits 76 114 80
Supplemental information Net financial costs -80 -1 -125 -47 -69 Unrestricted cash and cash equivalents 201 156 200
Cash and cash equivalents 9 277 270 280
Profit (loss) before taxes 13 112 30 123 377

Tax income (cost) -7 -9 -17 -21 15 Total current assets 684 611 649
Profit (loss) for the period 6 103 12 102 392
Total assets 2 658 2 396 2 681
Profit attributable to
Non-controlling interest - - - -2 4
Controlling interest 6 104 12 104 389

Earnings and diluted earnings per share (USD) 5 0.04 0.65 0.07 0.65 2.31 EQUITY AND LIABILITIES
Share capital 42 42 42
Other equity 1 002 678 983
Consolidated Statement of Comprehensive Income Non-controlling interests 1 5 9
Total equity 1 045 725 1 034
Profit (loss) for the period 6 103 12 102 392 Bond loan 71 66 72
Debt to credit institutions 10 1 117 1 267 1 201
Items that will be subsequently reclassified to profit or loss
Lease liabilities 10, 11 53 40 46
Currency translation differences 16 -7 4 -5 23
Other non-current liabilities 2 4 -
Cash flow hedge 1 2 1 1 2
Non-current liabilities 1 243 1 376 1 320
Share of other comprehensive income of joint ventures 9 1 1 1 1 3
Other comprehensive income/loss net of tax 17 -5 6 -2 27
Current portion of debt 10 74 75 75
Total comprehensive income/loss net of tax 24 99 19 100 419 Current portion lease liabilities 10, 11 44 16 22
Trade payables 181 136 156
Total comprehensive income/loss net attributable to
Other current liabilities 71 68 73
Non-controlling interest - -1 - -2 4
Current liabilities 369 295 327
Controlling interest 24 99 19 102 415

Total liabilities 1 612 1 671 1 646

Total equity and liabilities 2 658 2 396 2 681

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 14

DOF Group financial statements
Q2 2024 Financial Report
Consolidated Statement of Cash Flows Consolidated Statement of Equity
Other Other
AMOUNTS IN USD MILLION Q2 2024 Q2 2023 Acc Q2 2024 Acc Q2 2023 2023 equity equity - Total Non-
Share -contributed Cash flow Other other controlling Total
AMOUNTS IN USD MILLION capital capital hedge equity equity interest equity
Operating result 93 113 154 170 446
Depreciation and impairment 30 -15 64 12 -62
Balance at 01.01.2024 42 555 -7 435 984 9 1 034
Gain (loss) on disposal of tangible assets -1 - -1 - -7
Share of net income from associates and joint ventures -21 -7 -24 -20 -39
Result (loss) for the period 12 12 - 12
Dividend received from joint ventures - - - - 3
Other comprehensive income/loss 1 5 6 - 6
Directors’ report Amortisation of contract costs 4 3 10 4 12
Total comprehensive income for the period - - 1 18 19 - 19
Changes in trade receivable 3 -46 -18 -52 -76
Changes in trade payable 4 6 25 - 14
Accounts Changes in other working capital -9 -14 -24 -42 -32
Dividend paid - -1 -1
Changes in non-controlling interest - - -7 -7
Cash from operating activities 104 39 185 73 257
Total transactions with the owners - - - - - -8 -8
Notes to the accounts Interest received 2 3 6 6 13
-
Interest cost and finance costs paid -25 -22 -48 -71 -128
Balance at 30.06.2024 42 555 -5 453 1 003 1 1 045
Taxes paid -8 -8 -16 -16 -28
Supplemental information Net cash from operating activities 73 13 127 -9 115

Balance at 01.01.2023 - -8 37 29 8 37
Payments received for sale of tangible assets 27 - 37 - 39
Purchase of tangible assets -17 -27 -42 -43 -97
Result (loss) for the period 104 104 -1 103
Purchase of contract costs -7 -5 -13 -11 -27
Other comprehensive income/loss - -4 -4 - -4
Payment of acquisition, net of cash - - - - 2
Total comprehensive income for the period - - - 100 100 -2 98
Payment received on sale of shares - - - - 1
Purchase of shares -7 2 -9 2 -
Debt conversion 38 516 516 553
Net cash from non-current receivables 2 3 5 4 8
Share issues 4 35 35 38
Net cash from investing activities -1 -26 -22 -47 -74
Dividend paid - -3 -3
Other adjustment -1 -1 1 -
Proceeds from borrowings - - - - 23
Total transactions with the owners 42 550 - -1 549 -2 588
Repayment of debt to financial institutions -50 -17 -80 -80 -172
Repayment of lease liabilities -10 -4 -17 -6 -16
Balance at 30.06.2023 42 550 -8 136 678 5 725
Restricted cash net of debt - - - 91 91
Payout of non-controlling interest - - - - -14
Share issue - 40 - 40 43
Balance at 01.01.2023 - -8 37 29 8 37
Dividend paid - - - - -4
Net cash from financing activities -61 20 -97 46 -49
Result (loss) for the period 389 389 4 392
Other comprehensive income/loss 2 25 26 1 27
Net changes in cash and cash equivalents 11 6 8 -10 -8
Total comprehensive income for the period - - 2 413 415 4 419

Cash included restricted cash at the start of the period 270 267 280 287 287
Debt conversion 38 517 517 554
Exchange gain/loss on cash and cash equivalents -4 -2 -11 -7 1
Payout of non-controlling interest *) -14 -14 -14
Cash included restricted cash at the end of the period 277 270 277 270 280
Share issues 4 38 38 43
Dividend paid - -3 -3
Restricted cash amounts to USD 76 million (USD 114 million) and is included in the cash. Other adjustment -1 -1 - -1
Total transactions with the owners 42 555 - -16 539 -3 578
Restricted cash, previously offset against debt to credit institutions has been reclassified to cash in March 2023. The cash
effects of the reclassification is reflected in the financing activities.
Balance at 31.12.2023 42 555 -7 434 983 10 1 034
For further information, please see note 9 “Cash and cash equivalents”.
*) Related to exercised option share Iceman.

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 15

DOF Group financial statements
Q2 2024 Financial Report
Key Figures
AMOUNTS IN USD MILLION Q2 2024 Q2 2023 Acc Q2 2024 Acc Q2 2023 2023

EBITDA margin ex net gain on sale of vessel 1 37% 34% 34% 33% 33%
EBITDA margin 2 37% 34% 34% 33% 34%
EBIT margin 3 28% 39% 24% 31% 40%
Profit per share (USD) 4 0.04 0.65 0.07 0.65 2.31

Directors’ report Return on net capital 5 -1% -14% -38%

Equity ratio 6 39% 30% 39%
Net interest bearing debt 969 1 076 1 023
Accounts Net interest bearing debt excl. effect of IFRS 16 891 1 050 979
Average number of shares in the period 176 649 218 160 239 925 176 649 218 159 250 756 168 021 488
Notes to the accounts Outstanding number of shares period end

176 649 218 176 649 218 176 649 218 176 649 218 176 649 218

Supplemental information 1)
2)
Operating profit before depreciation excluded net gain on sale of vessel in percent of operating income.
Operating profit before depreciation in percent of operating income.
3) Operating profit in percent of operating income.
4) Result /potential average no. of shares.
5) Result incl non-controlling interest/total equity
6) Total equity/total balance

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 16

DOF Group financial statements
Q2 2024 Financial Report

Directors’ report

Accounts
Notes to the Accounts
Notes to the accounts Q2 2024
Supplemental information

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 17

DOF Group financial statements
Q2 2024 Financial Report
Note 1 General
DOF Group ASA (the “Company”) and its subsidiaries (together, the “Group”) own and operate a
fleet 24.
Comparable accounts fthe year 2023 are restated to USD.

Estimates and judgements

The preparation of interim financial statements requires management to make judgements, estimates
and assumptions that affect the application of accounting policies and the reported amounts of
Directors’ report assets and liabilities, income and expense. Actual results may differ from these estimates.

Accounts In preparing these condensed interim financial statements, the significant judgements made by
management in applying the Group’s accounting policies and the key sources of estimation uncer-
tainty were the same as those that applied to the consolidated financial statements for the year
Notes to the accounts ended 31st of December 2023, with the exception of changes in estimates that are required in
determining the provision for income taxes.
Supplemental information

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 18

DOF Group financial statements
Q2 2024 Financial Report
Note 2 Management reporting
The reporting below is presented according to internal management reporting, based on the
proportional consolidation method of accounting of jointly controlled companies. The bridge
between the management reporting and the figures reported in the financial statement is
presented below.

Q2 2024 Q2 2023 Acc Q2 2024 Acc Q2 2023

Management Reconciliation to Financial Management Reconciliation to Financial Management Reconciliation to Financial Management Reconciliation to Financial
Directors’ report Statement of Profit or Loss (MUSD) reporting equity method reporting reporting equity method reporting Statement of Profit or Loss (MUSD) reporting equity method reporting reporting equity method reporting

Operating revenue 361 -29 332 330 -38 292 Operating revenue 692 -56 636 625 -76 549
Accounts Operating expenses -240 10 -231 -209 8 -201 Operating expenses -457 15 -442 -400 12 -387
Net profit from joint ventures and associates - 21 21 - 7 7 Net profit from joint ventures and associates - 23 24 - 20 20
Notes to the accounts Net gain on sale of tangible assets 1 - 1 - - - Net gain on sale of tangible assets 1 - 1 - - -
Operating profit before depreciation and impairment - EBITDA 122 1 123 121 -23 98 Operating profit before depreciation and impairment - EBITDA 236 -18 218 225 -43 182
Depreciation -47 9 -38 -34 8 -26 Depreciation -91 19 -72 -69 17 -53
Supplemental information Impairment (-)/reversal of impairment 36 -28 8 41 - 41 Impairment (-)/reversal of impairment 36 -28 8 41 - 41
Operating profit - EBIT 111 -17 93 128 -15 113 Operating profit - EBIT 181 -26 154 196 -26 170
Financial income 5 1 6 15 - 14 Financial income 10 2 13 18 - 18
Financial costs -32 4 -28 -29 5 -24 Financial costs -63 7 -55 -70 8 -62
Net realised gain/loss on currencies -2 - -3 3 - 3 Net realised gain/loss on currencies -7 - -7 -99 - -100
Net unrealised gain/loss on currencies -62 7 -55 8 -2 6 Net unrealised gain/loss on currencies -83 8 -74 105 -8 97
Net financial costs -91 11 -80 -4 2 -1 Net changes in fair value of financial instruments - - - - - -
Profit (loss) before taxes 20 -6 13 124 -12 112 Net financial costs -143 18 -125 -47 - -47
Taxes -13 6 -7 -21 12 -9 Profit (loss) before taxes 38 -8 30 149 -26 123
Profit (loss) 6 - 6 103 - 103 Taxes -26 8 -17 -47 26 -21
Profit (loss) 12 - 12 102 - 102

Balance 30.06.2024 Balance 30.06.2023

Management Reconciliation to Financial Management Reconciliation to Financial
Balance sheet (MUSD) reporting equity method reporting reporting equity method reporting

ASSETS
Tangible assets 2 076 -657 1 419 1 978 -652 1 326
Contract costs 41 -5 37 35 -9 27
Deferred taxes 63 - 63 27 -12 15
Investments in joint ventures and associated companies - 340 340 - 298 298
Other non-current receivables 23 92 115 34 85 119
Total non-current assets 2 203 -230 1 973 2 074 -289 1 785
Receivables and other current assets 429 -22 407 363 -22 341
Cash and cash equivalents 355 -77 277 337 -67 270
Total current assets 784 -100 684 700 -89 611
Total assets 2 987 -329 2 658 2 774 -378 2 396

EQUITY AND LIABILITIES

Equity 1 045 - 1 045 725 - 725
Non-current liabilities 1 502 -259 1 243 1 683 -307 1 376
Current liabilities 440 -71 369 366 -71 295
Total liabilities 1 941 -329 1 612 2 049 -378 1 671
Total equity and liabilities 2 987 -329 2 658 2 774 -378 2 396

Net interest bearing liabilities 1 286 -317 969 1 444 -368 1 076

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 19

DOF Group financial statements
Q2 2024 Financial Report
Note 3 Segment information - management reporting

Business segment
A new segment reporting has been implemented from 01.01.2023 to better reflect the Group’s
operational strategy and to better present the performance from the subsidiaries of the Group. The
new segments are the following:
• DOF Subsea Group (including the 50% share in the DOFCON JV) - subsea engineering and shipowning
• DOF Rederi (including a SPC owning one vessel, Skandi Iceman) - shipowning
Directors’ report • Norskan Offshore Ltda - shipowning and vessel management
• Corporate and vessels management
Accounts The segment is based on the management reporting, see note 2.
Q2 2024 Q2 2024
Notes to the accounts Q2 2024 DOF Subsea Norskan DOF Rederi
Corporate/
management Group Acc Q2 2024 DOF Subsea Norskan DOF Rederi
Corporate/
management Group

Supplemental information Operating revenue 277 61 32 12 361 Operating revenue 525 130 58 22 692
Operating expenses -175 -51 -20 -14 -240 Operating expenses -336 -102 -36 -25 -457
Share of net income of joint ventures and associates - - - - - Share of net income of joint ventures and associates - - - - -
Gain (loss) on sale of tangible assets - - 1 - 1 Gain (loss) on sale of tangible assets - - 1 - 1
Operating profit before depreciation and impairment - EBITDA 102 9 13 -2 122 Operating profit before depreciation and impairment - EBITDA 189 28 23 -3 236
Depreciation -37 -6 -5 - -47 Depreciation -70 -12 -10 -1 -91
Impairment (-)/Reversal of impairment 30 5 1 - 36 Impairment (-)/Reversal of impairment 30 5 1 - 36
Operating profit - EBIT 96 8 9 -2 111 Operating profit - EBIT 149 21 14 -3 181

Q2 2023 Q2 2023
Corporate/ Corporate/
Q2 2023 DOF Subsea Norskan DOF Rederi management Group Acc Q2 2023 DOF Subsea Norskan DOF Rederi management Group

Operating revenue 255 62 31 11 330 Operating revenue 487 117 56 22 625

Operating expenses -162 -48 -17 -10 -209 Operating expenses -310 -90 -34 -22 -400
Share of net income of joint ventures and associates - - - - - Share of net income of joint ventures and associates - - - - -
Gain (loss) on sale of tangible assets - - - - - Gain (loss) on sale of tangible assets - - - - -
Operating profit before depreciation and impairment - EBITDA 93 14 14 - 121 Operating profit before depreciation and impairment - EBITDA 177 27 22 - 225
Depreciation -23 -6 -5 -1 -34 Depreciation -48 -11 -10 -1 -69
Impairment (-)/Reversal of impairment 26 - 14 - 41 Impairment (-)/Reversal of impairment 26 - 14 - 41
Operating profit - EBIT 97 9 23 - 128 Operating profit - EBIT 155 16 26 -1 196

2023
Corporate/
Total year 2023 DOF Subsea Norskan DOF Rederi management Group

Operating revenue 971 249 109 44 1 265

Operating expenses -624 -185 -65 -43 -809
Share of net income of joint ventures and associates - - - - -
Gain (loss) on sale of tangible assets 3 - 4 - 7
Operating profit before depreciation and impairment - EBITDA 351 65 48 1 463
Depreciation -108 -23 -22 -2 -155
Impairment (-)/Reversal of impairment 125 - 56 - 181
Operating profit - EBIT 368 41 82 -1 489

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 20

DOF Group financial statements
Q2 2024 Financial Report
Note 4 Operating Revenue Note 6 Tangible assets
The Group’s revenue from contracts with customers has been disaggregated and presented in the Vessels and
periodic Operating Right of use
table below; 2024 maintenance ROV equipment assets Total

Book value at 01.01.2024 1 386 47 22 40 1 495

Operating Revenue Q2 2024 Q2 2023 Acc Q2 2024 Acc Q2 2023 2023 Addition 25 10 5 45 85
Disposal -33 -1 -34
Lump sum contracts 6 15 11 30 41 Depreciation -27 -3 -1 -3 -35
Directors’ report Day rate contracts 326 277 625 519 1 081 Impairment loss -
Other revenue 7 Reversal of impairment 5 3 8
Total 332 292 636 549 1 129 Currency translation differences -86 -4 -1 -8 -99
Accounts Book value at 30.06.2024 1 271 50 27 72 1 419

Notes to the accounts Vessels and

periodic Operating Right of use
Note 5 Earnings per share 2023 maintenance ROV equipment assets Total

Supplemental information Book value at 01.01.2023 1 207 50 24 22 1 302

Earnings per share are calculated based on the number of shares after conversion of debt to equity Addition 73 7 2 3 85
approved in the General Meeting at the 22nd of March 2023. This number of shares has been used Disposal - -
as demonitor, as the formal number of shares in the period, does not give relevant information. No Depreciation -43 -4 -3 -3 -53
adjustments has been made for interest expenses on debt that has subsequently been converted to Impairment loss -
equity. Reversal of impairment 41 41
Currency translation differences -44 -5 -1 - -50
Book value at 30.06.2023 1 233 49 22 22 1 326
Basis for calculation of earning per share Q2 2024 Q2 2023 Acc Q2 2024 Acc Q2 2023 2023

Profit (loss) for the year after non-controlling interest (USD million) 6 104 12 104 389 Disposal
The following vessels are sold and delivered to new owners first half 2024; Skandi Captain in Q1 2024 and
Earnings per share for parent company shareholders (USD) 0.04 0.65 0.07 0.65 2.31 Skandi Gamma in Q2 2022. Total gain in sale of tangible assets amounts to USD 1 million acc Q2 2024.
Diluted average number of shares 176 649 218 160 239 925 176 649 218 159 250 756 168 021 488 Right-of-use asset
Net booked value of right-of-use assets at the 30.06.2024 consists of vessels with USD 53 million and
property with USD 19 million.
Reversal of impairment
An indicator test has been carried out for Q2 2024 which shows that changes in the assumptions used as a
basis for the impairment model have not changed significatly and a new impairment assessement has not
been carried out. The minor changes that can be observed over a short period, based on short contracts and
individual events etc, must be given a character of a certain stability and duration before the Group
concludes that there is a significant change that would require a new impairment asssessment.
When a vessel entered into a new long-term contract in the reporting period with significantly higher/lower
rates the Group conclude that there are indications of significant changes in value for the specific vessel.
Future cash flows in the impairment model for the vessel are then updated in line with the new contract. At
the end of Q2 2024 this was the case for two vessels with a reversal of USD 5 million. In addition a reversal
of USD 3 million is recognised on operating equipment.
Value in use
The Group uses “value in use” as recoverable amount in the impairment assessments. “Value in use” was
used as recoverable amount in the annual report for 2023 and the same model has been used for calculation
at end of Q2 2024. As described in the annual report for 2023, the value-in-use calculations are calculated
based on the budget for the coming year and forecasts for four further years, approved by the board in
December each year. After year 5, the basis is a normalized earnings for the remaining lifetime of the
vessels. The normalized earnings are based on the last year of the forecast period.

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 21

DOF Group financial statements
Q2 2024 Financial Report
Note 7 Contract Cost Note 9 Cash and Cash Equivalents
MUSD 30.06.2024 30.06.2023 31.12.2023 MUSD 30.06.2024 30.06.2023 31.12.2023

Net booked value 01.01. 36 19 19 Restricted cash 76 114 80

Additions 13 11 27 Unrestricted cash and cash equivalent 201 156 200
Amortisation -9 -4 -12 Total cash and cash equivalent 277 270 280
Currency translation differences -3 1 2
Net booked value closing balance 37 27 36
Directors’ report Restricted cash consist of cash only available for specific purposes. A portion of this cash serves as
security for outstanding debt following enforcements of account pledges.
Accounts
Note 8 Investment in Joint Ventures and Associated companies Cash pool arrangement
Notes to the accounts The Company’s investment in joint venture and associates as of 30.06.2024;
The Group has cash pooling arrangements whereby cash surpluses and overdrafts residing in the
Group companies bank accounts are pooled together to create a net surplus. The liquidity is made
available through the cash pooling for the Companies in the Group to meet their obligations. The
Supplemental information bank accounts in the cash pool consists of accounts in various currencies that on a currency basis
can be in surplus or overdraft. Only the master accounts, (nominated in NOK) in each of the cash
Joint ventures Ownership
pools hierarchies are classified as bank deposits and included in the table above. The total cash pool
DOFCON Brasil AS with subsidiaries 50% can never be in net overdraft. No overdraft facilities are connected to the cash pools.
KDS JV AS 50%
Surplus cash transferred to the Group’s cash pool will be available at all times to meet the Group’s
financial obligations at any time.
Associated companies

Semar AS 42%

Effect of application of IFRS 11 on investments in joint ventures 30.06.2024 30.06.2023 31.12.2023

Opening balance 01.01 316 362 362

Addition - - -
Profit (loss) 24 20 39
Profit (loss) through OCI 1 1 3
Dividend -85 -88
Closing balance 340 299 316

Reversal of impairment is recognised in Q2 2024 with USD 28 million.

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 22

DOF Group financial statements
Q2 2024 Financial Report
At 30th of June 2024 the interest bearing liabilities are as follows:
Note 10 Interest bearing debt
Non current interest bearing liabilities 30.06.2024 30.06.2023 31.12.2023
Financial covenants in loan agreements
Bond loan 71 66 72
After completion of the financial restructuring of the Group, new loan facilities have been
Debt to credit institutions 1 117 1 267 1 201
established including changes in the financial covenants. The most important financial covenants
Lease liabilities *) 53 40 46
in the new loan agreements are the following:
Total non current interest bearing liabilities 1 241 1 373 1 320
DOF Subsea Group (excluding DOF Subsea Brasil Ltda.)
• The DOF Subsea Group shall have available cash of at least NOK 600 million on each testing date. Current interest bearing liabilities
Directors’ report • DOF Subsea Group shall have positive working capital (current assets less current liabilities Bond loan - -
Debt to credit institutions 72 72 74
excluded current portion of debt to credit institutions), on each testing date.
Accounts • DOF Subsea Group`s Interest Coverage Ratio (EBITDA / interest payable in period) shall be no less
Lease liabilities *)
Total current interest bearing liabilities
44
116
16
88
22
95
than the level set out that period. The Interest coverage ratios are the following: From Marc 24-Dec
Notes to the accounts 24, 2.50x and from March 25-Dec 25, 3.25x. Total interest bearing liabilities 1 357 1 460 1 415
• Fair value (based on 2 brokers valuations) for the vessels shall be at least 100% of the total
outstanding loans related to the vessels. From March 2024 105% and from March 2025 110%. Receivable sub-lease 19 29 23
Supplemental information • Testing date is set to be the last day in each quarter. Other interest bearing receivables 92 85 88
Cash and cash equivalents 277 270 280
DOF Rederi AS Total net interest bearing liabilities 969 1 076 1 023
• DOF Rederi AS shall have available cash of at least NOK 175 million.
• DOF Rederi AS shall have positive working capital (current assets less current liabilities excluded Net effect of IFRS 16 Lease 78 26 45
current portion of debt to credit institutions), on each testing date. Total net interest bearing liabilities excluded IFRS 16 Lease 891 1 050 979
• DOF Rederi AS Interest Coverage Ratio (EBITDA / interest payable in period) shall be no less than
the level set out that period. The interest coverage ratios are the following: From March-24-Dec 24, *) Lease liabilites are related to right-of-use assets and sub-leases.
3.50x and from Mars 25-Dec 25, 5.0x.
• Fair value (based on 2 brokers valuations) for the vessels shall be at least 100% of the total Current interest bearing debt in the balance sheet included accrued interest expenses of USD 3 million.
outstanding loans related to the vessels. From March 2024 105% and from March 2025 110%. Accrued interest expenses are excluded in the figures above.
• Testing date is set to be the last day in each quarter.
Norskan Offshore Ltda.
• Norskan Offshore shall have available cash of at least USD 7 million until Aug 24, from Sep 24 USD Reconciliation changes in borrowings
16 million. Changes in total liabilites over a period consists of both cash effects (proceeds and repayments) and
• Norskan Interest Coverage Ratio (EBITDA / interest payable in period) shall be no less than the non-cash effects (amortisations and currency translations effects). The following are the changes in
level set out that period. The interest coverage ratios are the following: From June 23-Dec 24 1.25x, the Group’s borrowings:
from March-25 to June 25, 1.5x and from June 25-Dec 25, 1.75x. Non-cash changes
• Fair value (based on 2 brokers valuations) for the vessels shall be at least in range of 63% to 77% of Balance New lease Amortised loan Currency and Balance
the total outstanding loans related to the vessels. 31.12.2023 Cash flows liabilities expenses other effects 30.06.2024
• Testing date is set to be the last day in each quarter.
Interest bearing liabilities
The main financial covenants for the loan facilities for the Skandi Hera, the Skandi Darwin and the Bond loan 72 -1 71
Skandi Iceman are minimum cash, fair value of the vessels and minimum equity ratio of the borrower. Debt to credit institutions 1 275 -81 - -5 1 190
Lease liabilities 68 -17 44 1 96
The DOF Subsea Group has further the following financial covenants as guarantor for two facilities Total interest bearing liabilities 1 415 -97 44 - -5 1 357
in the joint venture with TechnipFMC:
• The DOF Subsea Group shall have value adjusted equity to value adjusted assets of at least 30%.
• The DOF Subsea Group shall have a minimum book equity of NOK 3,000 million.
• The DOF Subsea Group shall have positive working capital at all times, excl. current portion of debt
to credit institutions. Loan divided on currency
• The DOF Subsea Group shall have free cash of minimum NOK 500 million. At the 30th of June 2024 the liabilites are divided on currencies:
USD Ratio %

USD 1 158 85%

NOK 180 13%
Other currencies 18 1%
Total 1 357 100%

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 23

DOF Group financial statements
Q2 2024 Financial Report
The transaction structure, governance, conditions and completion timetable prior to closing of the
Note 11 Lease Liabilities transaction, certain entities, vessels, assets and liabilities will be transferred out of the MSS structure
and not be acquired by DOF. The offshore wind installation business has already been carved out of
The Group has in the quarter hired in five vessels where three vessels are on long-term contracts. Maersk Supply Service and further, the transaction does not include MSS’ operations in Brazil.
At end of June total financial lease liabilities amounts to USD 96 million which is realted to lease of In consideration for the shares in MSS and subject to closing of the transaction, A.P. Møller Holding’s
three vessels and offices. subsidiary MSSH shall at completion of the transaction receive a combination of USD 577 million in
cash (to be adjusted based on the locked-box accounts and subject to further adjustments at closing)
MUSD 30.06.2024 30.06.2023 31.12.2023 and 58,883,073 new shares in the Company, leading MSSH to hold 25% of the share capital in the
Directors’ report Company after issuance of the consideration shares.
Financial lease vessels 72 28 38
Havila Phoenix 3-year contract from Apr 2023 The financing of the cash portion of the purchase will be done through a combination of a new debt
Accounts Stril Explorer 3-year contract from Oct 2023 facility of USD 500 million to be provided by DNB, Danske Bank, Danmarks Skibskredit and
Maersk Inspector 2-year contract from Mar 2024 Deutsche Bank and an equity raise of USD 125 million of which MSSH has undertaken to subscribe
25% of the new shares.
Notes to the accounts Financial lease offices and equipment 24 28 29
Total lease liabilities 96 56 68 Closing of the transaction is among others subject to clearance by certain regulatory authorities,
approval of a prospectus for listing of the consideration shares, completion of the above mentioned
Supplemental information carve-out in MSS and approvals by the Company’s shareholders including changes of the board.
Tranche 1 of private placement at a price NOK 99 per share representing a subscription of approxi-
mately NOK 798 million (equivalent USD 75 million) was successfully placed on the 3rd of July and
Note 12 Transactions with Related Parties the tranche 2 of approximately NOK 266 million (equivalent USD 25 million) towards MSSH will be
completed after a successful closing of the MSS transaction. The board has proposed a repair offering
Transactions with related parties are governed by market terms and conditions in accordance with the of approximately 2 million shares which will be directed to the shareholders in the Company as 2nd
“arm’s length principle”. The transactions are described in the Annual Report for 2023. of July 2024 not participating in the private placement. The repair offering has been fully under-
written by the shareholder, Geveran Trading Co Limited.
In an extraordinary shareholder meeting (EGM) on the 26th of July the following increase of the
Note 13 Subsequent Events Company’s share capital was approved:
In total up to NOK 155,603,280.50 through the issue of in total 62,241,312 shares to MSSH;
Contracts
DOF has been awarded multiple contracts with Petrobras in Brazil for Skandi Jupiter and Skandi In total up to NOK 5,037,357.50 through the issue of 2,014,943 new shares in the subsequent
Mercury, both on management contracts with DOF. Both with three year duration plus options and offering;
schedule to start by Q2 or Q3 2025. In total up to NOK 46,177,250 as a new general authorisation to the Board replacing the authori-
DOF Subsea Brasil has been awarded 180 day contract for a 1st Tier EPCI-SURF Contractor in sation granted to the Board by the AGM on 23rd of May 2024.
Brazil for Skandi Salvador, with additional Survey Service contracts. Erik Bergöö, as vice chairperson of the board and Kristin Holth (new board member) was approved
In addition to a contract extension, DOF has been awarded a new contract with Petrobras in Brazil as new board members and Martin Larsen as the new chair of the nomination committee.
for PLSV Skandi Açu. The existing contract has been extended to mid-2026 and the extension will The new members of the board and the new chairperson of the nomination committee will accede
be followed by the new 3-year contract ending mid-2029. their positions at the time of completion of the Transaction.
DOF Subsea annonunced the extension for the vessel Skandi Africa which will now run until May Further details on the above is available at the Company’s website: www.dof.com
2028 and will commence in direct continuation with the current commitment.

Transactions
On the 2nd of July the following agreement was published:
Through an incorporated subsidiary, DOF Offshore Holding Denmark ApS, the Company entered
into an agreement with a subsidiary of A.P. Møller Holding A/S, Maersk Supply Holding AS
(“MSSH”), to acquire all the shares in Maersk Supply A/S (“MSS”). The acquisition will be paid
partly in cash and partly in new shares to be issued by the Company, representing a price of
approximately USD 1,112 billion (as of close on 28.06.2024). After issuance of the consideration
shares MSSH will hold 25% of the share capital in the Company. MSS will at the time of completion
of the transaction own 22 high-quality subsea and AHTS vessels, following a carve-out of certain
entities, vessels, assets and liabilities.

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 24

DOF Group financial statements / appendix
Q2 2024 Financial Report
Note 14 Share capital and share information Performance measurements definitions
Shareholders at 30.06.2024 No of shares Shareholding The Group’s financial information is prepared in accordance with international financial reporting
standards (IFRS). In addition the Group discloses alternative performance measures as a supplement to
THE BANK OF NEW YORK MELLON 14 766 363 8.36% the financial statement prepared in accordance with IFRS. Such performance measures are used to
FOLKETRYGDFONDET 13 625 617 7.71% provide an enhanced insight into the operating performance, financing and future prospects of the
GEVERAN TRADING COMPANY LTD 12 592 873 7.13% company and are frequently used by securities analysts, investors and other interested parties.
VERDIPAPIRFOND ODIN NORGE 7 932 174 4.49%
SIEM INDUSTRIES S.A 7 687 214 4.35% The definitions of these measures are as follows:
Directors’ report SONGA CAPITAL AS 7 106 304 4.02%
Financial reporting – Financial Reporting according to IFRS.
STATE STREET BANK AND TRUST COMP 6 242 873 3.53%
EUROCLEAR BANK S.A./N.V. 5 847 055 3.31%
Management reporting – Investments in joint ventures (JV) is consolidated on gross basis in
Accounts DNB BANK ASA 5 016 535 2.84%
the income statement and the statement of financial position. See the Groups note 2 for
CITIBANK EUROPE PLC 4 208 101 2.38%
presentation of the bridge between the management reporting and the financial reporting.
Notes to the accounts MØGSTER OFFSHORE AS 3 822 757 2.16%
MP PENSJON PK 3 144 194 1.78% EBITDA – Is defined as profit (loss) before depreciation, impairment, amortisation of financial
CACEIS INVESTOR SERVICES BANK S.A. 2 336 232 1.32% items, net financial costs and tax income (cost). EBITDA is measure which is useful for
Supplemental information DANSKE BANK A/S 2 274 423 1.29% assessing the profitability of its operations, as it is based on variable costs and excludes
MAGNUS LEONARD ROTH 2 153 866 1.22%
depreciation, impairment and amortise costs of financial items. Ebitda is also important in
VERDIPAPIRFONDET DNB NORGE 2 131 166 1.21%
evaluating performance relative to competitors.
INTERACTIVE BROKERS LLC 2 039 471 1.15%
STRANDSOL AS 2 000 000 1.13% EBIT – Operating profit (earnings) before net financial costs and taxes.
MORGAN STANLEY & CO. LLC 1 729 033 0.98%
VERDIPAPIRFONDET KLP AKSJENORGE IN 1 716 832 0.97% Interest bearing debt – Total of current and non-current borrowings.
Total 108 373 083 61.35%
Other shareholders 68 276 135 38.65%
Net interest bearing debt – Is defined as Interest bearing debt less current and non-current
Total no of shares 176 649 218 100% interest-bearing receivables and cash and cash equivalents. The use of the term “net debt” does
not necessarily mean cash included in the calculation are available to settle debts if included in
the term. See the Groups Accounts note 10 for presentation of net interest bearing debt.
Net interest-bearing debt is a non-IFRS measure for the financial leverage of the Group, a
financial APM the Group intends to apply in relation to its capacity for dividend distribution
and/or for doing investments, when and if the Group will be able to carry out its dividend
distribution and/or investments policy.
Debt ratio – Net interest bearing debt divided on total equity and debt.

In addition the Group has the following performance indicators:

Utilisation of vessel – Utilisation of vessel numbers is based on actual available days including
days at yard for periodical maintenance, upgrading, transit or idle time between contracts.
Contract Backlog – Sum of undiscounted revenue related to secured contracts in the future and
optional contract extensions as determined by the client. Contract coverage related to master service
agreements (MSA`s) within the CSV segment, includes only confirmed purchase order.

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 25

DOF Group financial statements
Q2 2024 Financial Report

Supplemental information
Reporting last five quarters
Directors’ report The supplemental information below is presented according to management
reporting, based on the proportionate consolidation method. Proportionate Consolidated Balance Sheet
Accounts consolidation method implies full consolidation for subsidiaries, and consolidation
AMOUNTS IN USD MILLION 30.06.2024 31.03.2024 31.12.2023 30.09.2023 30.06.2023
of 50% of the comprehensive income and financial position for the joint ventures.
Notes to the accounts
ASSETS
Tangible assets 2 076 2 124 2 137 1 943 1 978
Supplemental information Consolidated Statement of Profit or Loss Contract costs 41 42 43 38 35
Deferred tax assets 63 68 74 22 27
Investments in joint ventures and associated companies - - - - -
AMOUNTS IN USD MILLION Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
Other non-current receivables 23 27 29 32 34
Total non-current assets 2 203 2 261 2 283 2 035 2 074
Operating revenue 361 330 319 322 330
Operating expenses -240 -217 -210 -199 -209
Receivables and other current assets 429 421 401 355 363
Share of net profit of joint ventures and associates - - - - -
Cash and cash equivalents 355 350 353 371 337
Net gain (loss) on sale of tangible assets 1 1 6 1 -
Current assets 784 771 754 726 700
Operating profit before depreciation and impairment - EBITDA 122 114 115 123 121
Total assets 2 987 3 032 3 037 2 761 2 774
Depreciation -47 -44 -47 -39 -34
Impairment (-) / Reversal of impairment 36 - 140 - 41
EQUITY AND LIABILITIES
Operating profit - EBIT 111 70 208 85 128
Share capital 42 42 42 42 42
Finance income 5 5 5 2 15 Other equity 1 002 978 983 703 679
Finance costs -32 -31 -29 -26 -29 Non-controlling interests 1 9 9 4 4
Net realised gain (loss) on currencies -2 -5 2 -4 3 Total equity 1 045 1 029 1 034 749 725
Net unrealised gain (loss) on currencies -62 -21 37 -24 8
Net financial costs -91 -52 15 -52 -3 Non-current liabilities 1 502 1 573 1 603 1 620 1 683
Current liabilities 440 430 400 392 366
Profit (loss) before taxes 20 18 223 32 124
Total liabilities 1 941 2 003 2 003 2 012 2 049
Taxes -13 -13 40 -5 -21 Total equity and liabilities 2 987 3 032 3 037 2 761 2 774
Profit (loss) for the period 6 6 263 27 103
Net interest bearing liabilities excluded effect of IFRS 16 1 208 1 273 1 320 1 348 1 418
Profit attributable to
Non-controlling interest - - 4 1 -
Controlling interest 6 6 258 26 104

Consolidated Statement of Cash Flows

Key Figures
AMOUNTS IN USD MILLION Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
AMOUNTS IN USD MILLION Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
Net cash from operating activities 84 78 57 106 44
EBITDA margin excluded net gain on sale of tangible assets 34% 34% 34% 38% 37% Net cash from investing activities -2 -26 -22 -14 -29
EBITDA margin 34% 35% 36% 38% 37% Net cash from financing activities -74 -48 -56 -63 7
EBIT margin 31% 21% 65% 26% 39% Net changes in cash and cash equivalents 8 4 -22 30 22
Profit per share 0.04 0.03 1.46 0.15 0.64
Book value equity per share (USD) 5.91 5.77 5.80 4.22 4.43 Cash and cash equivalents at start of the period 350 353 371 337 317
Net interest bearing debt excluded effect of IFRS 16 (USD million) 1 208 1 273 1 320 1 348 1 418 Exchange gain (loss) on cash and cash equivalents -4 -7 4 4 -3
Potential average number of shares 176 649 218 176 649 218 176 649 218 176 649 218 162 771 300 Cash included restricted cash at the end of the period 355 350 353 371 337

DOF GROUP ASA Q2 2024 FINANCIAL REPORT 26

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