DOF unveils third quarter results - expects greater volatility in 2015Company News // November 14, 2014
DOF Group says operating income for the third quarter was NKr 2,772 million (NKr 2,634 million) with an operating profit before depreciation (EBITDA) of NKr 914 million (NKr 909 million).
Operating profit is NKr 600 million (NKr 17 million). Year-to-date the group reported operating income and EBITDA of NKr 7,803 million (NKr 7,121 million) and NKr 2,740 million (NKr 2,288 million) respectively.
The average utilisation for the group’s fleet during the third quarter was 92 per cent. The subsea fleet had an utilisation of 93 per cent, the AHTS fleet 91 per cent and the PSV fleet 92 per cent. The group had one AHTS and five PSVs in the North Sea spot market and experienced higher revenues compared to the second quarter.
DOF Subsea had in the period 11 vessels in the subsea project market, with an utilisation of 86 per cent. Four of the vessels are chartered from external owners.
On October 1 a subsidiary of DOF Subsea signed an agreement to sell the vessel Skandi Skolten. The vessel is to be delivered to the new owners in the fourth quarter.
The sale of the vessel including subsea equipment is expected to release cash in the amount of NKr 650 million, after repayment of debt.
Based on oil companies’ increased focus on cost reduction and an oil price below US$ 100/barrel, the board of directors expects the market to be volatile and unsteady for
the coming 12-month period. It expects an operational EBITDA for the fourth quarter which is slightly weaker than that in the third quarter.