Norway: DOF Subsea Publishes 3Q Results

Business & Finance

November 17, 2011

DOF Subsea a leading provider of subsea services to the Oil and Gas market, worldwide subsea operational company published 3Q results.

DOF Subsea AS was awarded several new contracts, 4 year charterparty with Petrobras on Skandi Niteroi, Goliat FPSO Marine Installation deal, and several new deals in the Far East on the vessels Skandi Singapore and Skandi Hercules.

During the third quarter DOF Subsea took delivery of the diving vessel Skandi Singapore and the construction vessel Skandi Skansen. The improving of Skandi Niteroi to a PLSV was completed at STX Promar medio August. Skandi Niteroi was then examined before she entered into a charterparty with Petrobras early October.

The consolidated operating earnings for the first 3 quarters of 2011 was NOK 3 039 million (NOK 2 526 million), with an EBITDA of NOK 935 million (NOK 774 million). The EBIT amounted to NOK 449 million (NOK 267 million) after depreciations of NOK 479 million (NOK 506 million). Net financial cost was NOK 853 million (NOK 338 million), including unrealized decline on currency, financial instruments and loan in foreign currency of NOK 389 million. Result for the time period gives a pretax loss of NOK 403 million (NOK 70 million).

DOF Subsea AS operates a high standards fleet of Vessels, Dive Systems and ROVs. On their own, these are important assets, but in combination with crew of highly qualified and experienced staff, they provide the Customers with a world class capability to deliver project managed and engineered subsea solutions – up to depths of 4000msw.