Norway: DOF Announces Second Quarter Results 2011

August 18, 2011

DOF today announced second quarter 2011 results.

Group income for Q2 totalled NOK 1,581 million (NOK 1,521 million), with an operating result before depreciation (EBITDA) of NOK 495 million (NOK 485 million). Utilization rate for the subsea fleet in Q2 was 91%, with 92% for the supply fleet.

The Group has added one new vessel to its fleet in Q2, in connection with DOF Subsea’s purchase of the construction support vessel Skandi Constructor (ex “Sarah”). On 1 July, DOF Subsea took delivery of of Skandi Skansen. One vessel, Geosounder, was sold in the second quarter. DOF also completed the sale of one new building (hull no. 081 at Cochin Shipyard). This transaction was completed in July. In April, DOF signed an agreement for three 7‐year contracts for ConocoPhillips in the North Sea.

Three new buildings have been contracted at STX OSV Norge in order to serve these contracts. In July, DOF Subsea was awarded the contract for Goliat FPSO marine with Eni Norge. The contract has a total value of approximately NOK 300 million. In August, Skandi Niteroi was awarded a 4‐year contract for Petrobras.

In April, DOF Subsea completed the issue of a 5‐year bond loan totalling NOK 750 million. DOF Installer has carried out an issue of NOK 200 million, comprising 10 million new shares. DOF Subsea owns approx. 84% of the shares in DOF Installer subsequent to the share issue.