DOF Subsea Annual Report

Please find enclosed the DOF Subsea Annual Report for 2018.
>>> DOF Subsea Annual Report 2018 (PDF)

Mons S. Aase, CEO, stated: "The low demand environment for subsea services and vessels persisted in 2018, resulting in another challenging year for our industry. Market conditions have put pressure on both revenues, margins and terms. The full year operating revenue and EBITDA came in at NOK 4 607 million and NOK 1 402 million, respectively, compared to NOK 4 550 million and NOK 1 408 million in 2017. The overall fleet utilisation for 2018 was 73 per cent and at year-end the Group had a firm backlog of NOK 15.5 billion. The Group delivered several highlights in 2018 with IMR contract awards and extensions, new charter contracts, both long and medium-term, and the delivery of new builds PLSV Skandi Recife and in Q1 2019 PLSV Skandi Olinda, both vessels employed under 8-year contracts with Petrobras."
For further information, please contact:
Mons S. Aase, CEO, DOF Subsea - Tel: +47 91 66 10 12
Marianne Møgster, SVP Finance, DOF Subsea - Tel: 99 30 69 16

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