Slides
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15th of September 2026 DOF Group ASA – 2026 Capital Markets Day
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0 34 84 13 30 70 107 164 184 218 232 238 225 236 241 22 Content Intro, fleet strategy and market perspectives Mons Aase, CEO Asia-Pacific region deep dive Michael Rosich, EVP APAC North America region deep dive Marco Sclocchi, EVP North America Break Brazil region deep dive Mario Fuzetti, EVP Brasil Atlantic region deep dive Dag Raymond Rasch, EVP Atlantic Closing remarks Martin Lundberg, CFO Mons Aase, CEO
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0 34 84 13 30 70 107 164 184 218 232 238 225 236 241 Intro, fleet strategy and market perspectives Mons Aase, CEO FORMAT 1 FORMAT 2
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0 34 84 13 30 70 107 164 184 218 232 238 225 236 241 44 Video: Click here to view
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0 34 84 13 30 70 107 164 184 218 232 238 225 236 241 55 5 Leading position in core markets globally The go-to provider of high-end AHTS capacity Ongoing fleet high-grading Strong market outlook in the years to come • DOF is one of the leading providers of subsea inspection, maintenance and repair (IMR) and mooring services globally • Strong relationships with key customers in all regions • Positioning for a larger share of “tier 2” SURF projects going forwards • DOF has the largest fleet of very high-end AHTS vessels • Market consolidation in recent years • A segment with strong demand outlook, also from new regions • Steps taken to increase the capability and reduce the average age of the fleet on a cash-neutral basis, balancing acquisitions and divestments • Enhanced potential to include value-add services from subsea organisation on high-end vessels • Still earnings uplift on new long- term contracts commencing in 2026 and 2027 • Backlog coverage for coming years at all-time-high levels • Even higher activity levels expected in 2027 and 2028 compared to 2026 based on current backlog and tender pipeline
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0 37 84 107 164 184 218 232 238 225 236 241 66 Based on the audited consolidated annual accounts of the former DOF ASA for the period from 2016 -2021 and DOF Group ASA for 2022. Historical figures (2016-2022) are adjusted using the average USD/NOK rates. DOF at a glance 913 875 876 807 877 - 500 1.000 1.500 2.000 2.500 USDm ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 LTM 1 045 1 116 1 265 1 513 2 014 2 293 Historical EBITDA split 100 200 300 400 500 600 700 800 900 1 000 0 USDm ’16 ’17 ’18 ’19 ’20 ’22 ’23 ’24 ’25 LTM 335 277 254 304 318 324 391 463 529 796 958 ’21 Global reach Key operating areas for DOF Employees per region An integrated offshore services company combining asset ownership and project engineering 45 years operational history 771 vessels in fleet 6 operating continents USD 7.2bn backlog as of Sep. ’26 ~5,900 employees Norway headquartered Vessels per region AtlanticNorth America South America Asia-Pacific Historical revenues 617 974 North America Asia- Pacific Atlantic South America 1 864 2 450 9 15 23 30 Asia- Pacific North America Atlantic South America Shipowning + subsea regions Norskan DOFCON JV 157 owned vessels, 8 vessels hired in and 12 vessels under management as of mid -September 2026.
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0 37 84 107 164 184 218 232 238 225 236 241 77 OFFSHORE SOLUTIONS DOF is an offshore service provider, vessel owner and operator 2022 figures are adjusted using the average USD/NOK rates. EBITDA excluding gain/loss. Notes: 1) Avg. broker estimates as of 30 June 2026. Vessel owner & marine management Specialised subsea service provider Integrator of offshore services PROJECT MANAGEMENT Diving Engineering ROV services Survey and Inspection A purpose built fleet and knowledgeable, dedicated core crews to support safe operations. End-to-end customised project delivery. A single point of access to all project resources including design and engineering, vessels and marine management. SPECIALIST FLEET AHTS and PSV fleet Construction fleet and subsea assets Skilled and dedicated personnel Offshore energy value chain One-stop shop for offshore project development and execution. 57 owned offshore vessels Fair market value1 USD 4 085m + 8 hired in offshore vessels 84 ROVs and AUV equipment Skilled workforce of ~2,000 dedicated project and subsea employees Combined company strategically positioned between pure asset-focused and subsea companies 328 368 392 635 689 2022 2023 2024 2025 LTM Asset EBITDA 63 88 134 146 133 2022 2023 2024 2025 LTM Subsea region EBITDA 2022 2023 2024 2025 LTM Subsea region EBITDA Asset EBITDA 391 456 526 781 822
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0 37 84 107 164 184 218 232 238 225 236 241 88 High earnings visibility - USD ~7.2 billion backlog Large end of Q2 2026 backlog Significant backlog execution in 2026 and beyond Q3-Q4 ’26 ’27 ’28 ’29 ’30 and later 1 056 1 520 1 178 823 2 619 ’19 ’20 ’21 ’22 ’23 ’24 ’25 Q2 ’26 1,793 1,633 2,100 1,946 3254 5052 7196 2,084 USD million1 USD million • ~ USD 2.4 billion order intake in Q2 2026 • Further ~USD 0.5bn order intake after the end of Q2 driven by term contracts for AHTS vessels and PLSV extensions in Brazil • ~92% of mid-point revenue guidance for 2026 secured through confirmed backlog • T+1 backlog is USD 300m higher compared to last year on fewer vessels • Very strong backlog coverage for the years beyond 2026 DOF excl. DOFCON DOFCON JV Additions after 30.06 DOF excl. DOFCON DOFCON JV Additions after 30.06 Historical backlog figures (2019-2022) are adjusted using year-end FX rates. Significant improvement on parallel shifted backlog coverage for coming years vs. 1 year ago – compared to an already strong starting point
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0 37 84 107 164 184 218 232 238 225 236 241 99 PSV Highly capable and versatile fleet Note: According to management reporting. IMR = Inspection, maintenance and repair. CSV = Construction support vessel. AHTS = Anchor handling tug supply vessel. ROV = Remotely operated vehicle. PSV = Platform supply vessel. 1) Based on average of 2 broker values per 30 June 2026. Excluding ROVs and subsea equipment. Excluding newbuilds. 2) Includes PSVs used for inspection work on the PIDF contract in Brazil CSV 400t PLSV 5 7 Diversified AHTS fleet spanning conventional anchor-handling vessels and higher-spec units equipped with cranes and ROVs, enabling a broad range of offshore and subsea operations Predominantly used to transport cargoes and supplies to offshore drilling and production facilities Large subsea vessels with specialised subsea equipment, large cranes and ROVs, enabling execution of more complex operations and projects Subsea vessels with different crane capacities and ROV capabilities to match the different requirements across a large and diversified selection of IMR and subsea operations AHTSHigh-end subsea vessel IMR/CSV 5 9 7 2 >300t 2 250-300t <250t 7 11 3 1 3 11 5 12 250t 200t 2 140-150t 5 <140t 6 5 21 2 <1,000m2 Deck sizeAHTS by bollard pullCrane capacityVessel type Subsea construction and installation Pipe and cable laying Selected clients # of vessels by category Key capabilities and markets Subsea oil & gas market Offshore wind market Supply market Towing and hook-up Offshore installation and construction SURF services IMR and ROV/AUV services Mooring and anchoring IMR and ROV/AUV services Cargo, equipment and personnel transport Emergency support and standby % of broker value1 42% DOF Lease2 Newbuilds 37% Subsea construction and installation Saturation and air diving Mooring and anchoring IMR and ROV/AUV services Crane Without crane 1%20%
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0 37 84 107 164 184 218 232 238 225 236 241 1010 23 30 30 37 14 7 28 25 4 25 6 14 6 -1 Skandi Amazonas constr. total loss 2 ept ‘26 1 Skandi Norseman -2027 RSV newbuilds - 2030 2 Pre MSS acquisition 2 Pro-forma Q3 ’26 fleet inc. newbuilds 1 MSS acquisition 1 Post MSS Acquisition -4 -4 -1 9x non-core vessels sold 2 2x high-end AHTS acquired 43 22 65 -9 57 64 250t CSV newbuilds - 2027/2028 Owned fleet development from before the MSS acquisition to today (1) Newbuilds are assumed to be zero years old and valued at their newbuild price. MSS acquisition - Nov. 2024 Post MSS acquisition – Q3 2026 Q3 2026 including newbuilds ~13.4 years ~11.5 years1 CSV AHTS PSV Cable layer Value weighted fleet age Two large AHTS with over 390t bollard pull capacity. Contract-backed newbuilds, fully repaid over the firm contract period of 12-15 years.
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0 37 84 107 164 184 218 232 238 225 236 241 1111 Reduced fleet age through strategic acquisitions, divestments and acquisitions (1) Newbuilds are assumed to be zero years old and valued at their newbuild price. Q3 ’26 fleet age – Pre MSS acquisition, Q3 ’26 including and excluding newbuilds 14.3 14.4 14.4 13.6 13.0 13.4 10.9 13.0 11.5 Subsea fleet (CSV & PLSV) AHTS fleet Total fleet -3.4 years -1.4 years -2.9 years Pre MSS acquistion (Nov. 2024) Pro-forma Q3’26 Pro-forma Q3’26 inc. newbuilds • Strategic acquisitions and vessel transactions have reduced the value weighted fleet age by 2.91 years compared to fleet owned pre the MSS acquisition. • Excluding the newbuilds scheduled for delivery between 2027 and 2030, strategic acquisitions and divestments have reduced the average fleet age by one year compared with what it would otherwise have been. • The average age of the CSV and PLSV fleet has decreased by 3.4 years to 10.9 years including newbuilds, and to 13.6 years excluding newbuilds. 1
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0 37 84 107 164 184 218 232 238 225 236 241 1212 6 6 7 2 4 12 1 1 11 2 4 10 7 Pre MSS acquisition MSS acquisition Post MSS Acquisition Non-core conventional AHTS sold Skandi Saltfjord acquisition Skandi Sandefjord acquisition -1 Skandi Amazonas CTL Pro-forma Q3 fleet AHTS with crane & ROV 14 14 28 -4 25 4(5) AHTS fleet high-grading – Replacing older/less capable with high-end vessels • MSS acquisition added 14 AHTS, including five high-end M-class vessels • Four lower-spec vessels divested • Two high-end AHTS acquired, both with bollard pull close to 400 tonnes • Four high-end AHTS are currently equipped with cranes, with an additional crane ordered for one of the recently acquired vessels, further increasing the fleet’s earnings capacity DOF AHTS fleet development since pre-MSS acquisition Comments <250t 250-300t > 300t 4 AHTS with crane today, one crane to be installed on a high-end AHTS within 2027 ~400t bollard pull Avg. ~198t bollard pull
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0 37 84 107 164 184 218 232 238 225 236 241 1313 High-end AHTS with crane enables increased earnings capacity High-end AHTS EBITDA Comments Skandi Skansen - 2025 Skandi Hercules - 2025 Skandi Hera - 4y term contract Skandi Iceman - 3 y term contract Skandi Vega - 2y term contract Skandi Iguacu - 4y term contract Skandi M-class - Canada term contract Large AHTS with subsea crane Large AHTS without subsea crane Average vessel EBITDA – Large AHTS with crane 349t 354t 277t 319t 353t 357t ~260t 2025 asset EBITDA Project EBITDA requiring crane-equipped AHTS vessels. • A crane enables AHTS vessels to perform a wider range of work scopes and generate additional earnings through project execution • The vessels serve as enabling assets on certain projects • Few vessels globally offering similar capabilities
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0 37 84 107 164 184 218 232 238 225 236 241 1414 High-end AHTS drive higher earnings through stronger rates and utilisation High-end AHTS - Asset EBITDA 2025 DOF AHTS fleet by bollard pull 89% 89% 82% 98% 60% 60% 72% 30% Skandi Skansen Skandi Hercules Skandi Hera Skandi Iceman Skandi Laser Skandi Tender Skandi Trader Skandi Handler High-end AHTS Conventional AHTS 150 200 250 300 350 400 2009 20112008 20122007 20132006 20142001 20152005 20162004 20172003 20182002 2010 Skandi Botafogo Skandi Rio Skandi Fluminence Skandi Lifter Skandi Laser Skandi Logger Skandi Hera Skandi Asserter Skandi Mariner Skandi Master Skandi Mover Skandi Handler Skandi Mobiliser Skandi Tender Skandi Minder Skandi Urca Skandi Angra Skandi Paraty Skandi Iceman Skandi Vega Bollard pull (t) Skandi Skansen Skandi Trader Skandi Hercules Skandi Ipanema Skandi Saltfjord Skandi Clipper Skandi Sandefjord Skandi Cutter Skandi Iguacu Acquired Sold 2025 utilisation 2025 asset EBITDA Year of construction
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0 37 84 107 164 184 218 232 238 225 236 241 1515 Relevant AHTS fleet >300t bollard pull and beam >22m Source: Spinergie vessel database 300 320 340 360 380 400 420 440 460 480 2006 2008 2010 2012 2014 2016 20182004 2020 2022 Skandi Skansen Skandi Hercules Skandi Saltfjord Skandi Sandefjord Horizon Arctic Normand Drott Normand Prosper Normand Installer Bram Titan Skandi Vega Bollard pull (t) Skandi Iguacu Built (year) Island Victory Skandi Iceman OtherDOF
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0 37 84 107 164 184 218 232 238 225 236 241 1616 Expected continued high activity for projects requiring high-end AHTS (1) Includes sanctioned and selected non-sanctioned opportunities Potential floater (FPSO, FSO, FLNG) pipeline - 2026-2030+1 Potential floater pipeline by year - 2026-20301 3 5 6 6 4 1 4 4 2 8 1 4 1 2 6 1 2 1 1 2026 2027 2028 2029 2030+ 6 13 13 11 19 West Africa Brazil Americas (ex-Brazil) Europe 19 24 14 0 2 4 6 2026 2027 2028 2029 West Africa Brazil
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0 37 84 107 164 184 218 232 238 225 236 241 1717 8 12 12 12 15 4 18 18 4 2 25 3 Pre MSS acquisition 1 MSS acquisition 1 Post MSS Acquisition -1 Skandi Connector sold Pro-forma Q3 fleet 1 Skandi Norseman - 2027 RSV newbuilds - 2030 250t CSV newbuilds - 2027/2028 Pro-forma Q3 fleet inc. newbuilds 23 8 31 30 37Contract-backed newbuilds, fully repaid over the firm contract period of 12-15 years. Fleet development DOF subsea vessels (1) Newbuilds are assumed to be zero years old and valued at their newbuild price. DOF subsea vessel fleet development since pre MSS acquisition Comments ~13.6 years ~10.9 years1 High-end subsea vessels IMF/FSV CLV Value weighted fleet age • The MSS acquisition added eight vessels, including four high-end subsea vessels with 400t crane – high-grading the fleet • One CLV was also added through the acquisition and has since been divested • Seven newbuilds are scheduled for delivery between 2027 and 2031, five backed by long-term contracts • The two remaining newbuilds with expected delivery in 2027 & 2028 feature 250t cranes and are well suited to a range of jobs closely aligned with DOF’s core business
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0 37 84 107 164 184 218 232 238 225 236 241 1818 Fleet high-grading unlocks capital-light earnings growth High-end subsea vessels enable incremental project earnings with limited additional investment (illustrative) Vessel 1 Vessel 2 Vessel 3 Vessel 4 Vessel 5 Average vessel EBITDA Average project EBITDA Combined EBITDA ~5 Years payback ~7 Years payback 1. Additional earnings capacity though integrated services – CSV 150t-250t 2. Implied payback on 250t CSV newbuilds Run-rate PSV EBITDA Average FSV project EBITDA +120% 3. Project earnings vs conventional vessel earnings DOF’s integrated model adds earnings capacity while reducing utilisation risk Project earnings increase returns and shorten investment payback. Additional earnings exceed asset earnings from lower-spec offshore vessels — with limited incremental capital. Integrated offshore service provider Vessel EBITDA Project EBITDA
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0 37 84 107 164 184 218 232 238 225 236 241 1919 Strong base of long-term IMR/FSV contracts supported by the CSV fleet • DOF has a global presence in the subsea inspection, maintenance and repair (IMR) / field support vessel (FSV) market, with contracts across all regions where DOF is present • Current contracts supported by 18 owned vessels and 6 hired in vessels • Requirement to maintain the subsea infrastructure spans the lifetime of the field • Clients are typically large energy companies Skandi Hawk 7 owned vessels, 4 leased in & 4 newbuilds with deliveries in 2030’s Skandi Constructor Skandi Norseman (Newbuild) Skandi Seven Skandi Forza Skandi Darwin Skandi Hugen 2x leased in vessels Skandi Patagonia Skandi Vinland Key IMR & FSV clients Skandi Hera (from Q4-26) Skandi Involver Skandi Nomad Skandi Inventor Skandi Nexus
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0 37 84 107 164 184 218 232 238 225 236 241 2020 2020 2021 2022 2023 2024 2025 2026 2027 Subsea operations create enduring client relationships IMR/FSV vessels often go far beyond the initial contract term Skandi Constructor – 250t CSV Skandi Seven – 250t CSV Vessel Location Contract legacy & client relationship Angola – West Africa Guyana – South America 2022 2023 2024 2025 2026 2027 2028 Legacy contract Current contract Extension options 3-year firm 1-year extension Extension options Supporting the same client at the same location for at least 4-year with further extension options Supporting the same client at the same location for at least 7-year though several direct continuation awards, with further extension options 2-year extension Extension optionsMore than 5-year firm split by several shorter and longer direct continuation awards
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0 37 84 107 164 184 218 232 238 225 236 241 2121 Growing based of installed subsea infrastructure drives demand for IMR services Number of subsea trees in operation by region Kilometres of SURF lines installed by region 2018 2020 2025 2030E 2035E 5 289 5 446 5 732 6 375 6 850+5% +11% +7% Africa Asia Europe North America Oceania South America Source: Rystad 2018 2020 2025 2030E 2035E 83 819 88 229 100 960 119 496 131 663 +14% +18% +10%
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0 37 84 107 164 184 218 232 238 225 236 241 2222 2025 4-year contract +50% Still uplift in earnings on new contracts • CSV contract extensions secured at slightly higher EBITDA levels than two years ago, maintaining attractive earnings. • Significant increase in term rates for high- end AHTS vessels in Canada compared to two years ago • Vessels previously trading in the spot and project markets secured on long-term contracts at attractive earnings levels, ensuring visibility for years to come • AHTS spot/project market earnings during the first seven months of 2026 were significantly higher than for the full year 2025 Selected examples of new contracts & asset earnings – Yearly EBITDA Comments +13% Full-year 2025 Jan-Jul 2026 +81% 3 year contract Extension contract +50% M-class AHTS - Canada M-class – Spot/project vessel AHTS with craneIMR/FSV CSV Signed 2024 Signed 2026 2024 2026 Signed 2026Project vessel
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0 37 84 107 164 184 218 232 238 225 236 241 APAC region deep dive Michael Rosich, EVP - APAC FORMAT 1 FORMAT 2
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0 37 84 107 164 184 218 232 238 225 236 241 24 DOF APAC region at a glance Market positioning Key assets in the region Organisation • Established 21 years ago: strategy to build capacity incrementally, resulting in an expert team, complementary marine and subsea services across a broad range of operations using the DOF fleet. • Offices close to clients and in growing markets Australia, Singapore, Philippines, branch offices in Korea and Jakarta • 834 employees, 6% growth in 2026: Offshore - marine crew, offshore project personnel, (incl. engineers, ROV, and Survey) and Onshore - support, marine management, project management and engineering, logistics, procurement. • Focused on delivering safe, efficient operations, recognised for collaborative team working in partnership with client base B a c k l o g F l e e t 9 Vessels in the region: 3 CSVs, 2 MPSVs, 2 AHTS (managed) and 2 PSVs (managed) O u t l o o k C u r r e n t DOF APAC is a leading provider of integrated subsea and vessel solutions in APAC to clients in conventional and renewables energy sectors Regional focus on construction support (incl. SURF and for both conventional & renewables), IMR and decommissioning Strong backlog securing utilisation of resources x3 CSV Skandi Inventor, Hercules and Singapore x2 AHTS Emerald and Peregrino (managed) x2 PSV Feistein and Kvitsøy (managed) x2 MPSV Skandi Darwin and Hawk
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0 37 84 107 164 184 218 232 238 225 236 241 2525 Project showcase Chevron dedicated vessel & IMR services Client Chevron Australia Pty Ltd Vessel Various APAC vessels – most recently bringing Skandi Inventor to the region 2026 Period Frame agreement contract awarded Q1 2015 and again in Q3 2020 Operations IMR, and has included construction and ancillary scopes Area Northwest shelf and near-shore assets Water depth Up to 1300 m Project Overview • IMR services contract supporting Chevron’s North-West Shelf and near shore subsea AU assets with DP Vessels, ROVs, AUVs, Intervention, Inspection, Management and Engineering Services • Average vessel utilisation for current version of contract (Q3 2020 to end 2025) has been 240 days per annum Scope of Work
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0 37 84 107 164 184 218 232 238 225 236 241 2626 [] • Skandi Inventor brought into the region as a high-performance differentiator and enabler • Two further awards following initial arrival on long term contract: Subsea Commissioning Support services and Subsea Construction and Pre-Commissioning Support services – building backlog for much of 2027 • Prospects and client engagement to support significant construction and decommissioning projects in the region that require higher specification vessels • All projects being pursued include DOF’s in-house project management and engineering, procurement and logistics support services and personnel Skandi Inventor enhances subsea solutions x3 awards, 600+ days offshore plus related subsea services
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0 37 84 107 164 184 218 232 238 225 236 241 2727 Australia’s Deepest Mooring Installation Direct client Undisclosed Vessel Skandi Hercules & HLV Period Ph 1 Q3/4 2025 and Ph 2 Q2 2026 Operations Moorings pre-installation and hook-up Area Australian Northwest continental shelf Water depth 1350 m Project Overview • Provision of a Construction Support Vessel (CSV) and support services for the installation and hook-up of twelve mooring lines (3 lines across 4 clusters) services for the Field Control Station (FCS) as part of Chevron’s Jansz-Io Compression project. • The project included: Project management, engineering, logistics and procurement support services leveraging specialist expertise from Norway, USA and Australia • Design, procurement, fabrication and supply of installation aids and equipment • Transportation of all the mooring line components Scope of Work Project showcase: global resource sharing
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0 37 84 107 164 184 218 232 238 225 236 241 2828 Market and opportunities Integrated offshore services to the offshore energy markets, delivering leading subsea-services from our world-class fleet Conventional (Oil & Gas) Renewables Steady Market Growth Strong Market Potential Strong Market Potential Slow growth South Korea & JapanAustralia Offshore Floating Wind continues to build, DOF is well positioned with assets, capability, and engagement with developers, industry and strategic partners in both the early planning stages, as well as operational delivery once projects are sanctioned. Estimates offshore construction very late 2020’s / early 2030’s. Broad-base of IMR opportunities. DOF is positioned well as the only Contractor with multiple CSVs with Australian safety cases in country. Several significant construction projects at various stages of planning, close to clients and lead contractors. Decommissioning legislation means significant projects planned in North and South Australian locations. Opportunities for light construction support, decommissioning and IMR across the region including Singapore, Taiwan, Philippines and Timor Leste. New 250te CSVs will be delivered concurrent with significant decommissioning activity in Australia and construction projects planned in Indonesia. Indonesia has several large construction projects under development planned for start-up / first gas in 2028-2029. CSV key area: Deepwater moorings scopes suit Skandi Hercules Saturation Diving scopes in Indonesia – suit Skandi Singapore Steady Market Growth MPSVs/ 250te CSVs Indonesia Strong Market Potential Increased project activity in Malaysia, Vietnam and Timor Leste for 2027-2028. Present opportunities for construction (light & medium) and decommissioning support. CSV key area - saturation diving in Malaysia, Vietnam suit Skandi Singapore S/E Asia Philippines Key changes in the region will open market opportunities under new contracting model (currently being tendered) with existing long-term client
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0 37 84 107 164 184 218 232 238 225 236 241 FORMAT 1 FORMAT 2 North America region deep dive Marco Sclocchi, EVP North America
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0 37 84 107 164 184 218 232 238 225 236 241 3030 North America at a glance Market positioning Selected key contracts in the region Organisation • A 600+ person strong group with 70+ project management team running 375 mariner and 125 offshore subsea staff • Regional office in Houston, St. John’s and Georgetown. Each office focuses on different drives: ➢ Houston - Subsea IMR and Projects. ➢ Canada – Split between Subsea and Marine Asset Operation ➢ Guyana (DOF Offshore Services Ltd.) targeting local logistic and local content development (people and projects) B a c k l o g F l e e t 14 vessels currently in the region: 7x AHTS and 8x CSV (incl. two third-party CSVs) O u t l o o k C u r r e n t Expanding operation is the CARICOM region working for bp, ExxonMobil and Shell Strong position in the Canadian market with project management and engineering supporting vessel and subsea activities 43 vessel years firm across Canada, Guyana and Suriname Turn-key project in Argentina and Guyana Project management and engineering in CAN and Guyana VMOS Oil Off-loading System T&I Cenovus PME-FSV SHELL Wells Enhancement MODEC Mooring T&I EMGL MPSVs Being well positioned in all the O&G hubs, we see strong opportunities to expand in both IMR, SURF and mooring Long-term AHTS contracts
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0 37 84 107 164 184 218 232 238 225 236 241 3131 Picture collage (2-3 stacked or one tall) White Rose FSV + West WR Field Development & IMR Client Cenovus Vessel Skandi Vinland Period July 2017 – 2027 + 10x 1Y options Operations Project management, Field Development and IMR Area Newfoundland, Canada Water depth 120 m Project Overview Support all pj. mgmt., engineering, field development and IMR activity • Custom-built multi-task vessel (PSV, Iceberg Management, Standby and light subsea construction) • Project management and engineering Team 1: dedicated to support project execution • Project management and engineering Team 2: dedicated to define and manage IMR plans. Special projects: • FPSO Diver-less Botton-Chain replacement (2025) • FPSO Hull, Prop and Uni-joint Diver- less • Flowline weak-link diver-less replacement • FPSO Top-Chain Replacement (2027/2028) • Power Umbilical Replacement (2028) Scope of Work
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0 37 84 107 164 184 218 232 238 225 236 241 3232 Picture collage (2-3 stacked or one tall) Stabroek Block FSVs Post First Oil IMR and Field Development Client ExxonMobil Vessel Skandi Involver, Constructor & Nomad Period Nov 2022 to July 2029 Operations Field Development and IMR Area Guyana Water depth 1,700 to 2,100 m Project Overview Support all activity post first oil with 3 of 4 FSVs assigned to support the developments. • In the almost 4 year of service DOF installed • 78 subsea trees • 26 Steel Flying Leads • 29 Rigid Jumpers • 9 TCP Jumpers • 71 THD • 20 POD Change out performed • 282km MBES flowline survey • 4 project management + engineering special projects completed Planned Projects (26/27) • PRUM – Power Umb. Repl. • D-WAG Expansion (27) (Piles/Manifolds, Flex/rigid J, FLs) • HUTS – Feed (27) (Umbilicals, Jumpers, FLs) Set up local office to maximize local capability and logistic opportunity Scope of Work
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0 37 84 107 164 184 218 232 238 225 236 241 3333 Picture collage (2-3 stacked or one tall) Shell Chemical Intervention Field Development & IMR Client Shell Vessel Skandi Implementer Period April-May, Oct-Nov 2026 Operations 7 - Well Chemical Injection Area Gulf Of Mexico, USA Water depth 2,400 m Project management to provide integrated spread to support multi- well chemical injections for well enhancement comprising of: • WI ready vessel • Rig-less Well Injection System • Dual Coil Tubing System • Dual 2,000 HP Pumping • 6,500 bbl Multi-Chemical Tanks • Gas detection system & Emergency Flare Scope of Work Project Overview
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0 37 84 107 164 184 218 232 238 225 236 241 3434 Picture collage (2-3 stacked or one tall) Uaru & Hammerhead Pre-mooring line Installation Client Modec / ExxonMobil Vessel Skansen / Implementer Period Aug 2025 , May-Aug 2027 Operations Mooring Area Guyana Water depth 1,750 m UARU • T&I of 16 x mooring lines supporting Jumbo to accelerate delivery program • Fast track project with project management running parallel with vessel mobilization • DOF completed the job in 4 trips in less than 40 days HAMMERHEAD • Responsible for logistic and T&I of 18 suction piles, and mooring lines • Implementer planned to install the suction piles in two trips • Skansen to follow with the 3 chain section and 3 polyester rope section in 3 trips • Project has been engineered to minimize inter-in mobilization by using best in-class assets Scope of Work Project Overview
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0 37 84 107 164 184 218 232 238 225 236 241 3535 Project Overview Picture collage (2-3 stacked or one tall) VMOS – Oil off-loading system T&I - CALM Buoys and pipeline Tie-in Client VMOS (YPF) Vessel Skandi Hera , Skansen & Patagonia Period Ph1 June 26 , Ph2 Oct-Jan 27 Operations Mooring, Installation and DSV Area Punta Colorada, Argentina Water depth 120 m Canada is the contract holder, responsible for the project management and planning and execution of • Pre-set mooring of 2 CALM Buoys • Support Subsea installation of 2 PLEMs • Temporary and final hook-up of CALM Buoys • Metrology and Installation of 2 S-spool • Installation of Subsea and Floating transfer Hoses • Commissioning Support First time executing this kind of project by the North America region following extensive track record in APAC Added farm-out value to Skandi Patagonia long term DSV contract Scope of Work
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0 37 84 107 164 184 218 232 238 225 236 241 3636 Regional markets and opportunities Area General IMR SURF Mooring USA Operators in deepwater focusing more on production enhancement with fewer major development planned IMR still active JAC requirement and cost still major driver Operators looking for alternatives to major contractors to support tie-backs Mooring replacement and decommissioning more frequent than new projects Canada Bay du Nord on the move. Cenovus /Suncor active in production maintenance. Small but well supported by long term-contracts Waiting on Bay du Nord Mooring replacement until Bay du Nord Mexico Waiting on Trion development and Harbor’s Zama and Kan plans Outside Pemex: Platform support, small IOC requirement on call-out Shallow water developments Waiting for 2-3 FPSOs on the horizon Trinidad New project to bring new gas in the LNG terminal also from Venezuela Seasonal work with 100+ days per year Shallow water with focus on rigid Not here yet, but Exxon is coming Guyana Projects 5 of 9 getting first oil by end of 2026. 150+ of 300+ wells in the water Not much yet, but coming as subsea asset quantity grows and ages Tieback for reserve management and expansion overlapping with planned work 1 new FPSO per year until 2030 and possibly a FLNG Suriname Gran Mogul on progress with new discovery Petronas to decide soon More exploration ongoing FSV planned in 2028 One major project currently 1st planned in 2028 (SBM), waiting on Petronas FLNG
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0 37 84 107 164 184 218 232 238 225 236 241 3737 DOF’s position in the region Strong position in Canada and CARICOM DOF is currently a leading IMR contractor in: • Trinidad & Tobago supporting both Shell & BP • Guyana with 3 of 4 FSVs for ExxonMobil • Canada with multiple vessels for both Cenovus & Suncor, and • Suriname after commencement of the first FSV (Skandi Hera) before end of 2026 Thanks to • Our modern fleet • Subsea remote intervention and survey capability • Project Management • Engineering DOF is a trusted service provider in the region, helping operators plan and execute on their long-term development plans
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0 37 84 107 164 184 218 232 238 225 236 241 Brazil region deep dive Mario Fuzetti, EVP Brasil FORMAT 1 FORMAT 2
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0 37 84 107 164 184 218 232 238 225 236 241 3939 Offshore Support Vessels in Brazil Source: ABEAM Fleet Evolution
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0 37 84 107 164 184 218 232 238 225 236 241 4040 Very high added backlog: • 5 AHTS new 4y contracts start 1Q27 • 5 AHTS 1y contract extensions to 1Q27 • 2 AHTS new 4y contracts started 1Q26 • 4 RSV/MPSV 4y new contracts started 4Q25/1Q26 • 3 RSV 4y new contracts start 1Q27 • 3 RSV contract extensions to 1Q27 • 4 RSV New Build 12y new contracts 2030/2031 • PIDF 2025, new 3 y contracts started 1Q26 Petrobras tendering activities at lower pace compared to 2025, but still high with PLSVs, WTW, decommissioning, FPSO, RLWI. Brazil Region – Operations A Market positioning Assets In mid 2025 DOF’s fleet of 23 high- end vessels in Brazil expanded to current 29 vessels. B a c k l o g F l e e t C u r r e n t O u t l o o k Strong market position with long term contracts with Petrobras and MPSV/Survey contracts to 1 st Tier SURF Contractors and decommissioning opportunities. Fleet 1 – AHTS • Highly regarded, “One DOF” integrated team. Proud workforce, excited to contribute with DOF global organization • Developed AUV operation local offshore team and onshore AUV data processing centre with local personnel only. DOF Brasil the Global Data Processing Centre. • Diversified leadership workforce (27% female) Fleet 3 – IMR Skandi Achiever (DSV) Skandi Carla (AUV) Geoholm Skandi Commander Skandi Olympia Skandi Salvador (MPSV) Skandi Chieftain 15 ROVs + 2 AUV Skandi Ipanema Skandi Botafogo + ROV Skandi Fluminense + ROV Skandi Iguacu + ROV Skandi Urca + ROV Skandi Paraty + ROV Skandi Rio + ROV Skandi Angra + ROV Skandi Mercury (mgmt.) Skandi Jupiter (mgmt.) Skandi Logger Skandi Lifter Stril Explorer Siem Pilot Sea1 Atlas HOS Brass Ring 7 ROVs Skandi Involver on TC until May 26 Skandi Skansen on TC until Apr 26 399 698 Onshore Offshore - marine Offshore - subsea 1 261 Sum FTEs 2 358 Third party Total 2 666 308 Employees in Brazil
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0 37 84 107 164 184 218 232 238 225 236 241 41 DOFCON & TECHDOF – Operations Market positioning Assets Organization Vessels Very high added backlog so far: • 3 PLSV new 3 y contracts • 3 PLSVs contract extensions to 1Q27 • 2 PLSV contract extensions to 1Q28 State of the art PLSV fleet. • 3 PLSVs booked to 2030 • 3 PLSVs with potential booking for 2032 B a c k l o g F l e e t O u t l o o k C u r r e n t All 6 PLSVs with long term contracts with Petrobras. 4 Brazilian built and flagged and 2 foreign flag. Very positive: • Sk Açu, Sk Niteroi and Sk Vitoria starting 3 year contracts in 1Q27 • Sk Olinda contract extension to 1Q28 under negotiation • Negotiating new 4 year contracts for Sk Buzios, Sk Olinda and Sk Recife, out of the current Petrobras tender to start 1Q28 Skandi Vitoria & Niteroi Skandi Buzios Skandi Acu Skandi Recife Skandi Olinda 12 ROVs Fleet 2 - PLSV • Only 6 management employees directly allocated to the JV, 4 from DOF and 2 from TechnipFMC • Norskan is responsible for the marine operations for the vessels and TFMC is responsible for the pipelay operations • The JV has a Steering Committee and a Finance Committee with 50/50 participants from DOF and TechnipFMC. All commercial and financial decisions are taken by the committees Vessel Flag Built Silze (laytower) Firm contracts period end Sk Açu 2016 650 t 1Q2030 Sk Buzios 2016 650 t 1Q2028 Sk Niteroi 2011 270 t 1Q2030 Sk Olinda 2019 340 t 1Q2027 Sk Recife 2018 340 t 1Q2028 Sk Vitoria 2010 350 t 1Q2030
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0 37 84 107 164 184 218 232 238 225 236 241 4242 DOF Brasil Fleet 1 Sk. Logger 2009 Sk. Lifter 2009 Sk. Jupiter 2010 Sk. Mercury 2009 Sk. Angra 2015 Sk. Botafogo 2006 Sk. Iguaçu 2012 Sk. Paraty 2016 Sk. Urca 2014 Sk. Fluminense 2007 Sk. Rio 2007 Sk. Ipanema 2010 AHTS 12 2 Sk. Açu 2016 Sk. Buzios 2016 Sk. Olinda 2019 Sk. Recife 2018 Sk. Niterói 2011 Sk. Vitória 2010 PLSV 6 MPSV RSV 11 3 ~2600+ employees Brazilian or REB To be registered on REB 22 + 12 ROVs 2 AUV Sk. Salvador 2009 Sk. Achiever 2007 Geoholm 2006 Sk. Chieftain 2005 Sk. Commander 2007 Sk. Olympia 2009 Stril Explorer 2010 Sea1 Atlas Siem Pilot HOS Brass Ring Sk. Carla 2001
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0 37 84 107 164 184 218 232 238 225 236 241 4343 DOF Brasil contract coverage - AHTS Brazil AHTS fleet 2026 2027 2028 2029 2030 2031 Current contract Extension contract AHTS 2024 contract Mobilisation & acceptance test Skandi Mercury Skandi Jupiter Skandi Logger Skandi Lifter Skandi Ipanema Skandi Rio Skandi Botafogo Skandi Fluminense Skandi Urca Skandi Paraty Skandi Angra Skandi Iguacu
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0 37 84 107 164 184 218 232 238 225 236 241 4444 DOF Brasil contract coverage - PLSV Brasil PLSV fleet 2026 2027 2028 2029 2030 2031 2032 Current contract Extension contract PLSV 2024 contract Mobilisation & acceptance test Ongoing tender / negotiations Skandi Vitoria Skandi Niteroi Skandi Recife Skandi Olinda Skandi Buzios Skandi Acu Ongoing extension negations
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0 37 84 107 164 184 218 232 238 225 236 241 4545 DOF Brasil contract coverage – IMR / RSV Brasil subsea fleet 2026 2027 2028 2029 20230 2031 Current contract Extension contract RSV 2024 contract Mobilisation & acceptance test PIDF 2025 HOS Brass Ring Sea1 Atlas Stril Explorer Skandi Olympia Skandi Chieftain Skandi Commander Skandi Carla Geoholm Skandi Achiever Skandi Salvador Siem Pilot
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0 37 84 107 164 184 218 232 238 225 236 241 4646 Contract Awards in Brazil Fleet Recent awards (Mid 2025 – Mid 2026) Fleet 1 AHTS • 7 x 4-year new contracts with Petrobras • 5 x contract extensions to 1Q2027 • Planned start of 5 x new contracts above 1Q2027 at earliest • Total contracts value in excess of USD 950m for new contracts and extensions. Fleet 2 PLSV • Contract extensions with Petrobras for Skandi Niterói and Skandi Vitória from 4Q2025 to 1Q2027 and for Skandi Açu from 3Q2026 to 1Q2027. Contract extensions value approx. USD 100m to DOF • 3-year contracts with Petrobras announced in 2024 shall now commence in sequence 1Q 2027. • Contract extensions for Skandi Búzios and Skandi Recife from 3Q2026 to Jan 2028, total value in excess of USD 130m to DOF Fleet 3 Subsea Vessels • 7 x 4-year new contracts with Petrobras • 3 x contract extensions to Dec 2026 • Planned start of 3 x new contracts above 1Q 2027 at earliest. • Total contracts value in excess of USD 950m for new contracts and extensions. PIDF 2025 • Continuous utilization of 3 x vessels at least for 3 years, total contract value approx. USD 390m • To date USD 60m
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0 37 84 107 164 184 218 232 238 225 236 241 4747 Four RSV newbuilds backed by 12-year long-term charter/service contracts • The contracts have a duration of 12 years and are expected to commence from 2030. • The award includes construction of four newbuild vessels built at Navship, a Brazilian shipyard. • First two vessels will be delivered within four years after contract signing, and the two remaining in 2031. • The vessels will be high-specification, hybrid-powered (MGO, ethanol, 2x battery systems) IMR vessels designed for ultra deepwater operations in Brazil. • Total contract value is approximately USD 2.0 billion, representing significant long- term backlog and strategic growth in the Brazilian subsea market. • The vessels will be financed by a large portion of local development debt at attractive terms. • Under its firm commitments, the debt on the vessels will be fully repaid over the 12-year period, while generating positive cash flow. RSV illustration & specifications ROV support vessels (RSV) newbuild specifications Build Country: Brazil Yard: Navship – Santa Catarina Delivery: 2030-2031 LOA: 98m Beam: 20m Draft 6.3m Free deck area 650m2 DP: DP2 Offshore crane: 80t @ 3000m ROV: 2x WROV x 200HP @ 3000m Accommodation: 56 people
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0 37 84 107 164 184 218 232 238 225 236 241 4848 PIDF overview PIDF PIDF 2025 PIDF 123 PIDF 2023 PIDF 2025 Equipment Subsea Inspection SASMIC PIDF-1 & PIDF-2 (flexible pipeline flowline & riser up to 20m) PIDF-3 (flexible pipeline 0m – 20m) IDEC Inspection: Connector pipelines cases Flexjoint Inspection (PIDR-2 & PIDR-3) PIDR-2 (rigid pipeline: riser up to 20m) PIDF-SCC: Inspection: Stress Corrosion Cracking PIDR-3 ISEC (Simplified inspection in connector pipelines cases) Equipment Eletrochemical Measurement (MPE) PIDF-8 PIDR-8 IDBS (Bell mouth inspection) RTI (Technical Recomendation) inspection & scope PIDF-5 (removed) Firm demandOptional demand PIDF123 2021 - 2024 PIDF 2023 2024 - 2026 PIDF 2025 2026 - 2029 AS SOLD PIDF Project Accum PIDF 2025 2026 - 2029 PTD (08.Sep.26) LTI 0 0 0 0 0 Contractual Penalties 0 3 0 3 2 Subsea Inspections executed 3.825 3.420 4.914 12.159 739 Shallow Dive N/A 1.046 mergulhos 2.600 mergulhos 3.646 mergulhos 109 mergulhos Pipelines inspected 2.861 km 2.669 km 4.100 km 9.630 km 483 km Vessel days (Offshore period) 2.510 d 2278 d 3.463 d 8.251 d 718 d Fuel Consumption 21.211 m³ 17.936 m³ 29.200 m³ 68.347 m³ 3.926 m³ Technical Opinions issued 1.995 1.859 2.614 6.468 295 Gross Revenue MUSD 245 MUSD 280 MUSD ~380 MUSD 865 MUSD 59 PIDF Project Stil Explorer Siem Pilot Sea1 Atlas HOS Brass Ring
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0 37 84 107 164 184 218 232 238 225 236 241 4949 Petrobras Business Plan 2026 - 2030 Update on FPSOs P-80 (Buzios 9) and P-82 (Buzios 10) • Both units to start voyage to Brazil soon • Out of shipyards in Singapore • DOF AHTS Skandi Urca, Angra, Paraty and Iguaçu involved in the torpedo anchors/moorings pre-set Petrobras FPSO schedule Capex spending 2026-2030
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0 37 84 107 164 184 218 232 238 225 236 241 5050 Brazilian market and market dynamics SURF Mooring Decommissioning Description • The SURF market in Brazil is primarily for very large SURFs in very deepwater comprising subsea facilities, flowlines and risers, rigids, flexibles and umbilicals • Moorings in Brazil are mainly associated with FPSOs for large fields in deep and very deep waters • Decommissioning has been an expanding market in Brazil over the past few years, primarily for flowlines, riser, flexible, umbilical and moorings in the Campos Basin • Sensitive scope of disposal due to environmental risk and regulations has developed and matured substantially via specialist subcontractors DOF Positioning • DOF is not positioned for very large SURF projects • However, with a current shortage of assets and resources there is an opportunity to participate in tie-backs and take on smaller projects in with DOF’s high-end CSV fleet • Petrobras does moorings pre-set and hook-up via the long-term AHTS fleet, where DOF is a key player in the high- end segment • DOF vessels involved in all FPSO mooring scopes for Petrobras • Part Petrobras decommissioning is performed through the PLSV fleet for deepwater flexibles and by the AHTS long term fleet for moorings. • No project has been performed by DOF in Brazil so far given the stretched capacity of the local fleet, but potential to growth into the segment in the near future. Main Customers (across all segments)
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0 37 84 107 164 184 218 232 238 225 236 241 5151 Outlook - DOF Brasil ➢ All time record backlog added in 2025 ands 2026 so far ➢ Majority of the local fleet booked to end of decade ➢ Workforce growing – trainees programs expanding ➢ Local DOF Fleet in expansion ➢ Low pace tendering activities in 2026 – Petrobras, IOCs, Local Operators and 1st tier contractors ➢ Local O&G Market continues to be healthy and promising for future mid/long term in deepwater, with decommissioning projects increasing. ➢ BP largest deepwater discovery – Bumerangue Field. Pre Salt – Santos Basin. DOF just carried out a spot RSV contract. ➢ Petrobras Shipbuilding Program “Mar Aberto” that considers 40 new builds for Offshore Support (Apoio Marítimo) out of which: ❖ 12 x PSVs currently under construction ❖ 4 x OSRVs currently under construction ❖ 6 x OSRVs awarded – under evaluation ❖ 8 x RSVs (80t) awarded (4 x DOF) ❖ 8 x RSVs (150t) yet to tender (included in 2026/2030 BP) ❖ 2 x AHTS tender cancelled (last July) – new tender? Outlook Ongoing tenders Petrobras ➢ PLSV2025 tender on-going • Due: June 19th 2026 • Flag: Br & Foreign • Mob: Aug 27 ~ Mar 28 Duration: 4 years • Various Lots: VLS 275t/300t/550t HLS 300t ➢ AHTS NB – Cancelled • Due: August 21st 2026 cancelled: June 19th 2026 • 2 x vessels Br build • Delivery: 5 – 5.5 y Duration: 8-10-12 years ➢ Various RFIs on-going: • RLWI • Under water reel drive • Optical Network • SPWIS (Subsea Pumping Well Intervention System) • Others Others ➢ Equinor – AHTS TO • Due: November 3rd, 2026 • Mob: options Jan 27 or 3Q/4Q27 Duration: 1-3-5 years ➢ Shell BC-10 Decommissioning – Pre-bid • Qualification on-going • Bid expected 4Q26 / 1Q27 • Window: 2029 - 2030
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0 37 84 107 164 184 218 232 238 225 236 241 5252 Equatorial Margin Brazil’s New Frontier ➢ Petrobras has announced presence of hydrocarbons, a potential discovery in Amapá Deep Waters – Morpho Well, in 2,866m water depth, 175 km of the coast. ➢ IBAMA has authorized Petrobras to drill 3 more wells in addition to Morpho
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0 37 84 107 164 184 218 232 238 225 236 241 Atlantic region deep dive Dag Raymond Rasch, EVP Atlantic FORMAT 1 FORMAT 2
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0 37 84 107 164 184 218 232 238 225 236 241 5454 Regional focus on Field Support Vessels, Decomm. and Construction, inc. SURF. Strong backlog securing utilisation of resources DOF Atlantic Region at a glance Market positioning Vessels in the region Organisation B a c k l o g F l e e t 23 Vessels in Region Including CSVs, AHTS and PSVs O u t l o o k C u r r e n t DOF Subsea Atlantic is a leading provider of integrated vessel solutions in the North Sea and West Africa, to clients in the Renewables and Oil & Gas sectors • Atlantic Region HQ is in Bergen, Norway, with regional offices in Scotland, Denmark, Angola and Ghana, and a branch office in Mauritania • Personnel include Marine Crew, Offshore Project Personnel (inc. Engineers, ROV and Survey), and Onshore Support, Project Management & Engineering • >2500 Employees. Continued growth expected in 2027 • Highly focused on creating and maintaining a diverse, inclusive and equitable working environment at all on- and off-shore worksites x19 inc. Skandi Acergy, Skandi Installer, Skandi Vega, Skandi Iceman, Skandi Skansen x2 Skandi Seven, Skandi Forza Rem Inspector Havila Phoenix
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0 37 84 107 164 184 218 232 238 225 236 241 5555 ENI Congo Project Video Video: Click here to view
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0 37 84 107 164 184 218 232 238 225 236 241 5656 Project Showcase ENI Congo Client ENI Vessel Skandi Hera, Skandi Installer, Skandi Laser, Skandi Minder, Skandi Master, third-party AHTS Period 2025 - 2026 Operations Construction and Mooring Area Offshore Congo Water depth 30m Project Overview The project delivered the following: • Mooring installation and hookup activities • Flexibles and cables (including electrical and optical) • Trenching and mattressing of cables • Pre-commissioning of flexibles and cables • Survey Scope of Work “Strength in the Group: DOF has access to world-class subsea vessels and expertise across the group, our future is full of opportunity.” Dag Raymond Rasch EVP Atlantic Region
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0 37 84 107 164 184 218 232 238 225 236 241 5757 DOF Atlantic Region Service Line Portfolio Recent milestone Projects bp SCIRM Shell Norske Knarr & Gaupe Decommissioning Culzean Mooring Export Cable Repair Culzean Floating Wind Pilot Mooring Installation Support • Mobilisation of Skandi Sandefjord for floating wind activities. • Loading, transport and installation of three turbine mooring lines. • Full offshore execution from mobilisation through demobilisation. Rapid Offshore Wind Recovery • Emergency repair of a 220kV export cable for a major UK wind farm. • Power restored to a 1.3GW asset serving ~500,000 homes. • Innovative single-vessel solution delivered ahead of industry benchmarks. Major Subsea Infrastructure Removal • DOF's largest decommissioning project to date. • Recovery of 3,500+ tonnes of subsea infrastructure in up to 400m water depth. • Innovative technology reduced vessel time, risk and overall project costs. Long-term North Sea IMR Support • 3-year SCIRM contract for bp, delivered from Aberdeen. • IMR services across the North Sea using Havila Phoenix. • Scalable project, engineering and offshore delivery capability.
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0 37 84 107 164 184 218 232 238 225 236 241 5858 Regional Market & Dynamics DOF delivers integrated offshore services across the offshore energy value chain, creating value through a differentiated fleet, leading subsea capabilities and strong positions in attractive regional markets. Steady Market Growth Steady Market Growth Renewables Limited Near-Term Growth Potential North Sea & West Africa North Sea & West AfricaNorth Sea Continued investment in offshore energy projects, combined with DOF's strong local presence in West Africa, supports a positive outlook across our core construction markets. Mooring High Growth Potential North Sea & West Africa FSV & IMRConstruction Decommissioning North Sea Increasing decommissioning activity, supported by ageing infrastructure and regulatory commitments, is expected to drive sustained demand across the North Sea, with UKCS focus. Growing demand for asset integrity, inspection and life-of-field services aligns well with DOF's integrated vessel and subsea capabilities. DOF continues to benefit from its leading market position, growing fleet capability and long track record in mooring installation and offshore support services. Cable installation and repair continues to complement our offshore wind activities. Combined with DOF’s versatile fleet and leading mooring capabilities, this supports our ability to deliver a diverse range of offshore projects. Steady Market Growth
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0 37 84 107 164 184 218 232 238 225 236 241 5959 Mooring and construction Expanding opportunities across traditional and emerging offshore markets FSV and IMR Providing resilient earnings and a platform for fleet growth Decommissioning Unlocking long-term opportunities across the offshore asset lifecycle • A core part of our Atlantic business. • Trusted partner for long-term field support. • Proven delivery in complex operating environments. • Strong organisation, vessels and offshore expertise. • Established capability across the asset lifecycle. • Experience delivering complex offshore campaigns. • Transferable expertise from offshore wind and renewables. • Flexible execution models supported by a versatile fleet. • Large-scale offshore construction. • Complex projects delivered safely and efficiently. • Integrated teams with proven execution capability. • Supported by a versatile fleet and strong engineering expertise. Opportunities in Atlantic Region Strong North Sea Position with Multiple Growth Drivers Across Atlantic Markets
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0 37 84 107 164 184 218 232 238 225 236 241 Closing remarks Mons Aase, CEO Martin Lundberg, CFO FORMAT 1 FORMAT 2
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0 37 84 107 164 184 218 232 238 225 236 241 6161 Strong financial development Note: According to management reporting. Based on the audited consolidated annual accounts of the former DOF ASA for the period from 2016 -2021 and DOF Group ASA from 2022 • Stable EBITDA margins through different economic cycles • Further reducing debt and leverage after the financial restructuring in 2023 • Increased debt in Q4 2024 due to the acquisition of DOF Denmark Operations and debt development Comments 0 20 40 60 80 100 0 100 200 300 400 500 600 700 USDm EBITDA margin % Q4 2017 Q2 2018 Q4 2018 Q2 2019 Q4 2019 Q2 2020 Q4 2020 Q2 2021 Q4 2021 Q2 2022 Q4 2022 Q2 2023 Q4 2023 Q2 2024 Q4 2024 Q2 2025 Q4 2025 Q2 2026 1,000 1,500 2,000 2,500 3,000 USDm Q4 2018 Q2 2019 Q4 2019 Q2 2020 Q4 2020 Q2 2021 Q4 2021 Q2 2022 Q4 2022 Q2 2023 Q4 2023 Q2 2024 Q4 2024 Q2 2025 Q2 2025 Q4 2025 Q2 2026 IBD NIBD EBITDA margin % Operating revenue EBITDA (excl. gain/loss)
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0 37 84 107 164 184 218 232 238 225 236 241 6262 No near-term maturities - First major maturities in 2030 Scheduled amortisation as of Q2 2026, adjusted for Skandi Sandefjord draw down and Skandi Açu refinancing 0 100 200 300 400 500 600 700 800 900 H2 2026 2027 2028 2029 2030 2031 2032 2033 > 2033 DOF Shipowning ex. Norseman USPP & RCF (USD 991m total) Bond (USD 150m) Norskan BNDES (USD 309m total) DOFCON 50% basis (USD 246m total) Norseman USPP (USD 140m total) RCF (USD 20m) • No near-term maturities • The first major maturities are in 2030, comprising the fleet loan, incremental facilities and bond. • Norskan debt has limited scheduled amortisation and a cash-sweep mechanism ahead of balloon repayments in 2030–2033. • DOFCON debt is fully amortising, to zero with final maturities between 2028 and 2037. • Skandi Açu’s debt facilities, maturing in 2028, were refinanced in July 2026 with a six-year, fully amortising loan at SOFR + 150 bps. • Skandi Norseman debt is fully amortising to zero through 2042.
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0 37 84 107 164 184 218 232 238 225 236 241 6363 Delivering according to plan DOF has delivered on financial guidance and executed on the strategy communicated 1. Guiding 2. Leverage 3. Shareholder return strategy Strong track record of delivering on financial guiding Deleveraging to get inside target range Shareholder returns prioritised - >USD 500m returned as dividends since June 2025 74 505 74 86 86 91 94 Jun-25 Sep-25 Nov-25 Mar-26 Jun-26 Sep-26 Total 2.9x Q1 2024 2.7x Q2 2024 2.3x Q3 2024 2.6x Q4 2024 2.4x Q1 2025 2.1x Q2 2025 1.9x Q3 2025 1.7x Q4 2025 1.9x Q1 2026 1.8x Q2 2026 We are working towards distributing our first quarterly dividend in the second quarter of 2025. We expect the quarterly dividends in 2025 to be around USD 0.3 per share. Given a continuing strong market we see potential to further increase the quarterly dividends in 2026 and onwards. Target range of 1.5x-2.0x communicated Target range 1.5x – 2.0x 2024 Capital Markets Day Initial guiding (EBITDA) Final guiding USD 470 – 520m USD 510- 520m USD 720 – 800m USD 750 – 760m Result 2024 2025 USD 781m USD 519m
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0 37 84 107 164 184 218 232 238 225 236 241 6464 64 Leading position in core markets globally The go-to provider of high-end AHTS capacity Ongoing fleet high-grading Strong market outlook in the years to come • DOF is one of the leading providers of subsea inspection, maintenance and repair (IMR) and mooring services globally • Strong relationships with key customers in all regions • Positioning for a larger share of “tier 2” SURF projects going forwards • DOF has the largest fleet of very high-end AHTS vessels • Market consolidation in recent years • A segment with strong demand outlook, also from new regions • Steps taken to increase the capability and reduce the average age of the fleet on a cash-neutral basis, balancing acquisitions and divestments • Enhanced potential to include value-add services from subsea organisation on high-end vessels • Still earnings uplift on new long- term contracts commencing in 2026 and 2027 • Backlog coverage for coming years at all-time-high levels • Even higher activity levels expected in 2027 and 2028 compared to 2026 based on current backlog and tender pipeline
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0 37 84 107 164 184 218 232 238 225 236 241 65 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 15 September 2026. 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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0 37 84 107 164 184 218 232 238 225 236 241 6666