DOF ASA – May 27 th , 2020 Q1 Financial Presentation 2020
Highlights Group 2
Highlights EBITDA Q1 MNOK 804 Average utilisation of 81% for the fleet Good and improved performance in all segments Tightened markets and high tender activity until end March The impacts from COVID-19 and the collapse in oil price have disrupted the operations and increased the financial risk for the Group Vessel values deteriorated high impairments Extreme weakening of NOK/BRL high financial costs The long-term refinancing solution delayed standstill with secured lenders and bondholders agreed Reduced earnings and utilisation going forward 18 vessels in lay-up in May DOF ASA – Q1 presentation 2020 3
Contract status New contracts in Atlantic region Contract status South America region Skandi Vega (AHTS) awarded a 6-month firm contract with options for Skandi Vitoria (PLSV) awarded a two years contract + options Equinor Energy. Start-up in May with TechnipFMC with commencement in January Skandi Captain (PSV) & Skandi Texel (PSV) awarded 1-year Skandi Hav (RSV) & Skandi Botafogo (AHTS) contracts contracts by the SNSPOOL. Both contracts terminated in April terminated in April Skandi Caledonia (PSV) awarded a 4 wells firm plus options by All tender discussions with Petrobras postponed Premier Oil UK Ltd. Start up contract postponed until 3Q Geosund (Subsea) awarded a 6-month contract for an undisclosed international customer Contract status Asia-Pacific region Geosea (Subsea) awarded 5-year firm contract + options with N-Sea Skandi Singapore (DSV) – secured project contracts over a Survey BV period of 50 - 60 days Skandi Acergy (Subsea) –2-year contract terminated Skandi Atlantic (AHTS) & Skandi Emerald (AHTS) – contracts terminated Skandi Skansen (Subsea), Skandi Hera (AHTS) & Skandi Iceman (AHTS) awarded contract incl WROV for the mooring operations of the worlds largest Salmon fish farm on Northern part of Norway. Total duration for all 3 vessels abt. 1 month Group backlog ~ NOK 4,8 billion in 2020 Contract coverage: 69% in Q2 and 51% in Q3 DOF ASA – Q1 presentation 2020 4
DOF, a global player 33 19 billion backlog Positioned globally Main office in Austevoll, Norway ~3,400 employees Operating from 6 continents 20 offices near key O&G markets 67 vessels 67 vessels globally 1 1 1 1 1 5 20 3 Vessels & subsea equipment Total of 3,440 employees * Subsea 31 Subsea ~1,200 1 AHTS 20 Supply ~2,200 PSV 16 1 ROV / AUV 71 * Headcount as of 31.03.2020 DOF ASA – Q1 presentation 2020 5
DOF Subsea Group at a glance 2005 NOK 1.3bn 1) NOK 13.8bn 1 179 2) DOF Subsea Revenues Firm backlog Subsea employees established Q1’20 Q1’20 worldwide Q1’20 Integrated Modern 27 3) 71 Supplier of subsea State-of-the-art Subsea vessels ROVs offshore services asset base 1) Note: According to management reporting DOF ASA – Q1 presentation 2020 6 2) Note: Excluding marine crew. Including 32 contractors hired in from Norskan 3) Note: Including chartered-in vessels Harvey Deep-Sea, Harvey Subsea and Skandi Darwin
Financial Group Management Reporting 7
Main financial highlights Q1 • Good operational performance in all segments; Q1 Ebitda NOK 804 million (NOK 541 million) • Impairments assets in Q1 NOK 1,532 million (NOK 50 million), NOK 1,447 million on vessels & equipment, NOK 85 million on goodwill • High financial costs due to significant currencies losses and losses on derivatives of NOK 2,878 million, due to extreme weakening of BRL & NOK versus USD • Net loss of NOK -4,116 million • Equity negative of NOK -245 million • All numbers based on management reporting DOF ASA – Q1 presentation 2020 8
Main financial highlights Operational EBITDA Q1 MNOK 804 Comments to highlights Q1 • Average utilisation total fleet 81% in Q1 Performance • DOF Subsea EBITDA: NOK 491 million • 94% PSV segment • DOF Supply EBITDA: NOK 313 million • 75% AHTS segment Operations • 78% Subsea segment (project fleet 73%) • Avg. utilisation DOF Subsea fleet: 75% • Avg. utilisation DOF Supply fleet: 85% EBITDA Q1 2020 EBITDA Q1 2019 • All PSVs in operation during the quarter • Stable utilisation AHTS fleet in Brazil and tightened markets in the North Sea from 33% February towards end of the quarter 39% • High utilisation from subsea vessels on firm contracts and improved performance from 61% the regions 67% • DOF Supply By end-March COVID-19 and the drop in oil DOF Supply DOF Subsea prices impacted the operation negatively DOF Subsea • By end-May 18 vessels were in lay-up • All numbers based on management reporting • DOF Supply = DOF Rederi and Norskan consolidated DOF ASA – Q1 presentation 2020 9
Profit & Loss Q1 2020 Comments P&L Q1 Q1 2020 Q1 2019 2019 All figures in NOK million Operational performance: Operating income 2 074 1 678 7 712 PSV (94% utilisation) Operating expenses -1 257 -1 135 -4 808 • Good performance and all vessels on firm Net profit/loss from TS and JV -14 -3 -47 • All vessels in operation Net gain on sale of vessel - - 4 AHTS (75% utilisation) EBITDA before hedge 804 541 2 861 • Stable earnings and utilisation fleet in Brazil Hedge operating income - -45 -188 • Improved earnings in the North Sea until mid- Operating profit before depr - EBITDA 804 496 2 673 March Subsea (78% utilisation) Depreciation -307 -313 -1 314 • Improved performance from the regions Impairment -1 532 -50 -1 449 • High utilisation vessels on firm contracts Operating profit- EBIT -1 035 133 -90 Fx positive impact on the Ebitda Financial income 11 22 42 Financial costs -335 -327 -1 273 Net realised currency gain/loss -528 -107 -255 Impairments Net profit/loss before unrealised currency -1 887 -279 -1 576 • Impairments based on updated VIU and FMV of the fleet and highly impacted by expected Net unrealised currency loss -2 103 77 -880 weaker markets going forward Net unrealised gain/loss on market instr. -248 84 117 Financial Profit/loss before tax -4 237 -118 -2 340 • High realised and unrealised currency loss due to historical low levels in NOK and BRL Tax 121 -16 -542 Net profit/loss -4 116 -133 -2 881 According to management reporting DOF ASA – Q1 presentation 2020 10
Segment reporting Q1 2020 PSV AHTS Subsea Total Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Amounts in NOK million Operating income 151 98 401 309 1 523 1 226 2 074 1 633 Operating result before depreciation and impairment (EBITDA) 39 -6 231 126 534 376 804 496 Depreciation 34 30 74 92 199 190 307 313 Impairment 151 12 481 11 899 28 1 532 50 Operating result (EBIT) -147 -47 -325 22 -564 158 -1 035 133 EBITDA margin 26% -6% 58% 41% 35% 31% 39% 30% EBIT margin -97% -48% -81% 7% -37% 13% -50% 8% According to management reporting EBITDA Q1 2020 EBITDA Q1 2019 5% -1% 25% 29% DOF Subsea AHTS 66% PSV 74% DOF ASA – Q1 presentation 2020 11
DOF Subsea Group - Two business segments DOF Subsea Group Subsea / IMR Projects Long-term Chartering 1) Framework Engineering Opex Long-term Vessel Capex agreements capabilities spending charters capabilities spending Revenues Q1’20 2) EBITDA Q1'20 3) Revenues Q1’20 2) EBITDA Q1’20 3) Firm backlog 4) Firm backlog 4) NOK 470 million NOK 349 million NOK 859 million NOK 141 million NOK 3.3 bn NOK 10.5 bn ~74% margin ~16% margin 1 179 Employees 5) 18 vessels in 9 vessels in Q1’20 operation 6) Q1’20 operation Q1’20 1) Note: Long-term Chartering comprises 7 PLSVs in operation, plus Skandi Acergy and Skandi Patagonia 4) Note: Firm backlog as at end of Q1'20 DOF ASA – Q1 presentation 2020 12 2) Note: According to management reporting 5) Includes 32 contractors hired in from Norskan 3) Note: According to management reporting 6) Note: Including 3 chartered-in vessels
Historical Performance Group (excl hedge and gain from sale of assets) 3 000 45% 40% 2 500 35% EBITDA margin 2 000 30% MNOK 25% 1 500 20% 1 000 15% 10% 500 5% - 0% Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Operating revenue EBITDA EBITDA margin Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Operating revenue 2 250 1 723 1 731 1 678 2 074 EBITDA 801 531 519 541 804 EBITDA margin 36% 31% 30% 32% 39% Non-current assets 28 865 29 338 26 101 27 498 24 202 Current assets 4 289 4 675 4 070 3 786 3 477 Total Assets 33 154 34 013 30 171 31 284 27 679 Equity 5 803 7 994 7 491 5 658 -245 Non-current debt 21 838 22 370 19 133 20 021 9 796 Current debt 5 513 3 649 3 547 5 605 18 127 Total Equity and Debts 33 154 34 013 30 171 31 284 27 678 NIBD 23 319 21 563 19 088 22 051 24 278 According to management reporting DOF ASA – Q1 presentation 2020 13
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