Slides
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18th of December 2024 DOF Group ASA – DOF Denmark presentation Photo courtesy of Equinor ASA.
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22 Video: Baleine marine operations project utilizing four AHTS vessels | LINK
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33 DOF Denmark at a glance Notes: (1) Value weighted age based on broker estimates per 01.04.2024 DOF Denmark at a glance DOF Denmark fleet overview 50+ years operational history 22 vessels in fleet 5 operating continents 8.5 years value-weighted fleet age 1,200 employees Denmark headquartered Asset focused business Modern fleet largely consisting of CSVs and AHTS vessels Available capacity through lower contract coverage ✓ ✓ ✓ Cable Layer 1 8.0 # of vessels Value-weighted fleet age (years)(1) Construction Support Vessels (CSV) 8 8.3 # of vessels Value-weighted fleet age (years)(1) Anchor Handling Tug Supply Vessels (AHTS) 13 8.8 # of vessels Value-weighted fleet age (years)(1)
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44 DOF Denmark enterprise value at closing • The acquisition has enabled immediate fleet expansion and optimization of the combined DOF fleet by adding high-end CSVs and AHTS vessels to serve in DOF’s sweet spot of being a global one- stop shop for offshore project development and execution • Strong market has lifted fleet value since closing USD ~900m DOF Denmark EV at closing Comment 469 469 881 574 578 MSSH consideration 3.60 Locked box account adjustments MSSH consideration post locked box adjustments -166 Net cash adjustment EV at closing Cash Shares USDm Avg. broker value per Sept ‘24 ~1350 EV/GAV : 0.66x
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55 DOF Denmark fleet contract status: Cable layer and I-class CSVs Note: 1) Chartered to DOF Subsea Skandi Connector Vessel Skandi Implementer Skandi Installer1 Skandi Inventor Skandi Involver Type: CSV Built: 2018 Flag: Isle of Man LOA: 137.6m Main crane: 400mt Current location: Mexico 2025 2026 2027 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Type: Cable layer Built: 2016 Flag: Denmark LOA: 138.4m Carousel capacity: 7,000t Current location: Taiwan Type: CSV Built: 2018 Flag: Denmark LOA: 137.6m Main crane: 400mt Current location: West Africa Type: CSV Built: 2017 Flag: Denmark LOA: 137.6m Main crane: 400mt Current location: North Sea Type: CSV Built: 2017 Flag: Denmark LOA: 137.6m Main crane: 400mt Current location: North Sea Selected info Contract coverage CanadaBrazil Taiwan West Africa Firm contracts Option contracts Mexico DOF is aware of ongoing payment issues. Notification will be provided to the market if any changes occur to the current contract.
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66 DOF Denmark fleet contract status: Other CSVs Skandi Asserter Vessel Skandi Forza Skandi Nexus Skandi Nomad Type: CSV Built: 2008 Flag: Denmark LOA: 107.6m Main crane: 250mt Current location: West Africa 2025 2026 2027 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Type: CSV Built: 2003 Flag: Denmark LOA: 90.3m Main crane: 250mt Current location: North Sea Type: CSV Built: 2009 Flag: Denmark LOA: 90.2m Main crane: 200mt Current location: Guyana Type: CSV Built: 2010 Flag: Canada LOA: 90.2m Main crane: 50mt Current location: Canada Selected info Contract coverage Black Sea West Africa Canada Guyana Firm contracts Option contracts
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77 DOF Denmark fleet contract status: M-class AHTS vessels Skandi Mariner Vessel Skandi Master Skandi Minder Skandi Mover Skandi Mobiliser 2025 2026 2027 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Type: AHTS Built: 2017 Flag: Denmark LOA: 95.0m Bollard pull: 241mt Current location: Brazil Selected info Contract coverage Type: AHTS Built: 2017 Flag: Denmark LOA: 95.0m Bollard pull: 252mt Current location: Brazil Type: AHTS Built: 2018 Flag: Norway LOA: 95.0m Bollard pull: 270mt Current location: North Sea Type: AHTS Built: 2018 Flag: Canada LOA: 95.0m Bollard pull: 253mt Current location: North Sea Type: AHTS Built: 2018 Flag: Denmark LOA: 95.0m Bollard pull: 260mt Current location: Canada Firm until November 2030 Canada Canada Canada Brazil Brazil Firm contracts Option contracts
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88 DOF Denmark fleet contract status: Other AHTS vessels Skandi Clipper Vessel Skandi Cutter Skandi Handler Skandi Tender Skandi Laser 2025 2026 2027 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Type: AHTS Built: 2014 Flag: Canada LOA: 84.0m Bollard pull: 180mt Current location: Canada Selected info Contract coverage Type: AHTS Built: 2015 Flag: Canada LOA: 84.0m Bollard pull: 180mt Current location: Canada Type: AHTS Built: 2002 Flag: Norway LOA: 80.0m Bollard pull: 177mt Current location: North Sea Type: AHTS Built: 2009 / 2008 Flag: Canada / Denmark LOA: 73.2m Bollard pull: 171 / 173mt Current location: Sailing from West Canada, currently in Panama Type: AHTS Built: 2010 / 2009 / 2009 Flag: Denmark x3 LOA: 90.8 / 90.3 / 90.3m Bollard pull: 253 / 255 / 251 mt Current location: North Sea x3 Options into 2030 Skandi Trader Skandi Lifter Skandi Logger 2x 3x Canada Canada Firm contracts Option contracts
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99 DOF Denmark fleet contract status: overview Note: 1) Chartered to DOF Subsea 2025 2026 2027 Vessel name Type Built J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Skandi Connector Cable lay 2016 Skandi Implementer CSV 2018 Skandi Installer1 CSV 2017 Skandi Inventor CSV 2018 Skandi Involver CSV 2017 Skandi Asserter CSV 2003 Skandi Forza CSV 2008 Skandi Nexus CSV 2010 Skandi Nomad CSV 2009 Skandi Mariner AHTS 2017 Skandi Master AHTS 2017 Skandi Minder AHTS 2018 Skandi Mobiliser AHTS 2018 Skandi Mover AHTS 2018 Skandi Clipper AHTS 2014 Skandi Cutter AHTS 2015 Skandi Handler AHTS 2002 Skandi Tender AHTS 2009 Skandi Trader AHTS 2008 Skandi Laser AHTS 2010 Skandi Lifter AHTS 2009 Skandi Logger AHTS 2009 Firm contracts Option contracts • The fleet will be deployed to utilize DOF’s capabilities of adding subsea service scopes and utilizing AHTS vessels as project vessels to enable increased earnings across the fleet • Spot exposure has been taken out of the old DOF fleet in anticipation of closing of the acquisition • EBITDA contribution from firm contracts for 2025 currently estimated to approx. USD 125m • Most legacy contracts rolling off in 2025 and 2026 • H1-25 will be impacted by transits and vessel upgrades Comment
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1010 Field support newbuild for the White Rose field in Canada • DOF Denmark has been awarded a contract by Cenovus Energy for a field support newbuild vessel to be delivered in the first half of 2027, initially announced in September • Vessel is built against a 15-year firm contract with further options extending into 2052 • Detailed economics around the contract are confidential – ballpark of 7-7.5 years payback period • The vessel will support operations in the White Rose field and provide services such as drilling support, ice management, walk to work gangway, platform re-supply, emergency towing and large POB-capacity • Specifications tailored to the need of the field that are not common in the market, which ruled out using existing tonnage • Given the length of the contract, there are financing options available that have very limited impact on DOF’s cash position • Previously announced dividend ambitions are unaffected in the short term, and the contract will in the long term contribute towards increasing dividend capacity
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1111 Preliminary 2025 EBITDA indication • Preliminary EBITDA indication for 2025 for DOF Group ASA of USD 720 – 800m • DOF Denmark EBITDA contribution of USD 150 – 200m ➢ Projected run-rate for H2-25 points to a significantly higher earnings potential for DOF Denmark • Full 2025 guidance to be provided at the Q4-24 presentation on 24 February 2025
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1212 Key takeaways • The DOF Denmark fleet is a high-end fleet acquired at an attractive price • Strong combined overall backlog and contract coverage for 2025 – continuous high tender activity • Potential clients engage earlier than normal for projects in 2026 and 2027 – very high backlog for tier 1 players • Only three legacy contracts for DOF Denmark remain beyond 2025 • Global term market for high-end AHTS vessels is strong • DOF has a unique position for global mooring projects and need some of the DOF Denmark AHTS vessels to execute these projects as the old DOF fleet has been fixed on long-term contracts • H1-25 earnings for DOF Denmark is expected to be impacted by certain one-off effects relating to transits and vessel upgrades to enable added subsea services earnings across vessels • Earnings potential for 2026 and onwards is higher due to increased rate levels and added subsea services across the fleet
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1313 Q&A
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14 DISCLAIMER This presentation by DOF Group ASA is designed to provide a high-level overview of aspects of the operations of the DOF Group. The material set out in the presentation is current as of 18 December 2024. This presentation contains forward-looking statements relating to operations of the DOF Group that are based on management’s own current expectations, estimates and projections about matters relevant to DOF Group ASA‘s future financial performance. Words such as “likely”, “aims”, “looking forward”, “potential”, “anticipates”, “expects”, “predicts”, “plans”, “targets”, “believes” and “estimates” and similar expressions are intended to identify forward-looking statements. References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results. No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of the DOF Group or the likelihood that the assumptions, estimates or outcomes will be achieved. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. DOF Group ASA , its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation. All forward-looking statements made in this presentation are based on information presently available to management and DOF Group ASA assumes no obligation to update any forward looking- statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity. You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company's shares or in making a decision to hold or sell your shares.
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