DOF ASA Financial Report Q2 2015 ASA/IR/2015/DOF_ASA_Q2_2015_ENG...Financial Report Q2 2015 DOF ASA 6 • Book equity including minority interests as of 30 June is NOK 6,592 million

DOF ASA Financial Report

Q2 2015

DOF ASAAlfabygget

5392 Storebø

NORWAY

www.dof.no

Index

Financial report Q2 2015 4

Accounts Q2 2015 - management reporting 11

Condensed consolidated income statement and balance 11

Condensed statement of comprehensive income 11

Condensed consolidated statement of financial position 12

Accounts Q2 2015 13

Condensed consolidated income statement 13

Condensed statement of comprehensive income 13

Condensed consolidated statement of financial position 14

Condensed consolidated statement of equity 15

Key figures 15

Condensed statement of cash flow 16

Notes to the Accounts 17

Note 1 General 17

Note 2 Impact implementations IFRS 11 18

Note 3 Segment information - management reportering 19

Note 4 Hedges 19

Note 5 Tangible assets 20

Note 6 Investment in associated and joint ventures 21

Note 7 Cash and cash equivalent 21

Note 8 Interest bearing liabilities 22

Note 9 Events after balance date 23

Note 10 Transaction with related parties 23

Note 11 Taxes 23

Note 12 Share capital and shareholders 24

Financial Report Q2 2015 DOF ASA

4

Group operating income for Q2 based on management reporting totals NOK 2,778 million (NOK 2,791 million) and operating profit before depreciation (EBITDA) totals NOK 838 million (NOK 866 million). EBITDA including gain from sale of assets totals NOK 976 million. Group income year to date totals NOK 5,299 million (NOK 5,032 million) and EBITDA is NOK 1,968 million (NOK 1,826 million).

Q2 operational result per segment is as follows:

On 14th July, an able seaman on board Skandi Pacific suffered a fatal injury while securing cargo. The accident happened during operation offshore Australia.

The average utilisation of the Group’s fleet during Q2 was 91%. The utilisation of the subsea fleet was 90%, the AHTS fleet 87% and the PSV fleet 95%. The Group operated during Q2 four (wholly/partly owned) vessels in the North Sea spot market.

The contract coverage excluding options for 2015 for the combined fleet is 84%; 92% for the PSV fleet, 81% for the AHTS fleet, and 81% for the subsea fleet. The contract coverage for 2016 is 54%.

DOF Subsea had during the period 11 vessels operating in the subsea project market, with a utilisation of 78%. Five of the vessels are chartered in from external owners. The Group sold during Q2 the three remaining vessels in a transaction between Norskan and Mare & Mantic. DOF Rederi delivered in April Skandi Falcon to new owners, and DOF Subsea sold in May its 50% shareholding in

DOFTECH (owner of Skandi Arctic) to Technip. The sale of vessels has year to date contributed with NOK 1,150 million in free liquidity after repayment of debt.

The Group’s contract backlog is high for 2015. DOF has secured renewal of two contracts in Brazil, including two years extension for Skandi Peregrino and 18 months for Geoholm. Further, the Group has secured firm employment for Skandi Acergy up until August 2019, in addition to employment for Skandi Skansen for the 2016 season. Skandi Pacific is secured on a firm contract to Total in Argentina from September this year. The Group has refinanced all balloon payments on secured debt in DOF Rederi and Norskan with maturity in 2015 and 2016, totalling approximately NOK 1,400 million in new facilities. Further, DOF Subsea has refinanced one loan facility in July, in addition to starting buying back bonds with maturity this year and next year.

DOF Subsea board of directors has decided to make a dividend distribution, of which DOF will receive NOK 102 million in dividend payment.

The newbuilding Skandi Angra was delivered in the beginning of May, and started on an 8 years contract with Petrobras on 18 May.

DOF ASA is an international Group of companies owning and operating a fleet of PSVs, AHTS’ and Subsea vessels in addition to engineering companies offering services to the subsea market. As of June 2015 the fleet comprises 70 vessels (wholly and partly owned), of which six vessels are new buildings due for delivery in the period 2015-2017. The fleet includes 20 AHTS, 20 PSVs and 30 subsea vessels. Further, the Group owns a fleet of 58 ROVs, in addition to nine ROVs under construction.

DOF ASA operates the majority of its fleet on long-term contracts. As of 30 June 2015 the nominal value of these contracts totals approx. NOK 64.4 billion, including options valued at approx. NOK 33.8 billion.

Q2 Operations The main part of the Group’s PSV and AHTS fleet operates on long-term contracts, while the Subsea fleet partly operates on long term contracts and partly in the project market. In the project market the utilisation is affected by the market and seasonal fluctuations. The project revenues represent 48% of the Group’s total revenues for the period.

Financial report Q2 2015

Amounts in NOK million PSV AHTS CSV Total

Operating income 301 400 2 076 2 778

Operating result before depreciation and

impairment (EBITDA) *) 102 288 587 976

Operating result (EBIT) **) 40 72 297 410

EBITDA margin 34% 72% 28% 35%

EBIT margin 13% 18% 14% 15%

*) EBITDA includes gain on sale of tangible assets of NOK 96 million in

the AHTS segment and NOK 42 million in the the CSV segment.

**) EBIT includes impairment of NOK 12 million in the PSV segment, NOK

140 million in the AHTS segment and NOK 110 million in the CSV seg-

ment, in addition to gain on sale of vessels mentioned above.

Financial Report Q2 2015DOF ASA

5

PSVThe PSV fleet includes 20 vessels, out of which one vessel is partly owned. This includes a reduction of five vessels compared to last quarter due to sale of vessels. The subsidiary Norskan has delivered four PSV’s to Mare & Mantic in connection with the earlier reported sales transaction. The company will be responsible for the operation of these vessels until further notice. Skandi Falcon was delivered to new owners in April, after being laid up since January. 19 of the vessels operated in the North Sea and nearby areas during the period, while one vessel, Skandi Fjord, was laid up during the period. The main part of the fleet was on fixed contracts during the period with satisfactory utilisation. Two vessels have operated in the spot market, with variable revenues and utilisation.

AHTSThe AHTS fleet includes 19 vessels in operation and one vessel under construction. 11 vessels operate on contracts in South America, four vessels operate in the North Sea/Mediterranean and four vessels in Asia. Five of the vessels are 50% owned through DOF Deepwater AS, and one vessel is owned through a minority share in Iceman.

The vessels operating in Brazil are Brazilian flagged and oper-ated on firm contracts during the period. One vessel, Skandi Copacabana, was sold in April as part of the transaction with Mare & Mantic. Norskan will until further notice be responsible for operation of the vessel in addition to the sold PSV’s. The utilisation of this part of the fleet has been acceptable during the period. Two vessels operate on firm contracts for Total in Argentina.

In the North Sea, two of the vessels operated in the spot market with a utilisation slightly above 60% but with higher earnings than during the previous period. The operation in Asia included in 2nd quarter four vessels, all of them on firm contracts. One vessel completed its work in May, with variable utilisation thereafter; but entered into a firm contract in June securing utilisation through July and August.

SUBSEAThe Group owns a fleet of 25 subsea vessels in operation, in addition to five vessels under construction. One vessel was sold in May. The revenues from the subsea operation include revenues from both project contracts and firm contracts, split as follows: NOK 1,327 million from the project contracts and NOK 538 million from the period contracts. DOF Subsea operated during the period 11 vessels fully or partly in the project market, of which five vessels were chartered in from external owners.

The Group’s project activity is operated by the regions North Sea, Asia, USA and Brazil. Combined utilisation of the project fleet during the period was 78%. The activity level has been volatile in the various regions with variable utilisation for some vessels in the Gulf of Mexico and in Asia. Skandi Inspector was partly idle due to repair work, while in the Gulf of Mexico the three vessels chartered in experienced some downtime between project contracts. This also applies for Skandi Hercules and Skandi Protector in Asia. Skandi Hawk was delivered to DOF Subsea from DOF Rederi in May and has operated on a firm contract in the Philippines since. During Q2, DOF Subsea conducted IMR work in the Philippines and Australia amongst others, and diving work in New Zealand and Australia. In the North Sea the project work mainly included survey - and construction work, in addition to survey - and positioning work (S&P) for various oil - and engineering companies.

The entire subsea activity in Brazil is based on firm contracts and includes hire of both vessels and ROVs. The Group owns and operates nine subsea vessels in the region, including five RSV vessels, two construction vessels and two pipe laying vessels. The two pipe-laying vessels carry Brazilian flag and are owned and operated in a joint venture company together with Technip.

The Group’s subsea vessels on firm contracts experienced steady operation during the period with average utilisation of 98%.

Main Items Interim Accounts Q2 – Management reporting (proportional consolidation) • Operating income totals NOK 2,778 million (NOK 2,791

million). • Operating profit before depreciation (EBITDA) totals

NOK 976 million (NOK 866 million).• Gain from sale of assets totals NOK 138 million

(NOK 0 million).• Operating profit (EBIT) totals NOK 410 million (NOK

608 million).• Total depreciation and impairment amount to NOK 566

million (NOK 258 million) of which NOK 262 million (NOK 0 million) is write-down.

• Net financial expenses before unrealised gain/loss on foreign exchange and change in fair value of financial instruments totals NOK -366 million (NOK -380 million).

• Unrealised gain/loss on foreign exchange and change in fair value of financial instruments totals NOK 280 million (NOK -27 million).

• Pre-tax profit totals NOK 325 million (NOK 201 million).• Net interest bearing debt as of 30 June totals NOK

22,843 million (NOK 22,067 million).


6

• Book equity including minority interests as of 30 June is NOK 6,592 million (NOK 7,365 million).

Main Items Interim Accounts Q2 – Financial reporting (equity method for joint ventures) The Group has from 1 January 2014 and in accordance with IFRS 11 changed the principles for consolidation of joint ventures. Historically, joint ventures have been consolidated proportionally, but from 1 January 2014, investments in joint ventures are consolidated in accordance with the equity method. In the opinion of the board of directors and management the proportional consolidation method gives a better comprehension of the Group’s historical earnings and risk exposure compared to the equity method. DOF’s internal reporting (management reporting) is therefore based on proportional consolidation. The same principle is used for the segment reporting.

• Operating income totals NOK 2,648 million (NOK 2,669 million).

• Operating profit before depreciation (EBITDA) totals NOK 928 million (NOK 804 million).

• Gain on sale of assets totals NOK 95 million (NOK 0 million).

• Operating profit (EBIT) totals NOK 384 million (NOK 568 million).

• Total depreciation and write-down amount to NOK 543 million (NOK 237 million) of which NOK 262 million (NOK 0 million) is impairment.

• Net financial expenses before unrealised gain/loss on foreign exchange and change in fair value of financial instruments totals NOK -337 million (NOK -355 million).

• Unrealised gain/loss on foreign exchange and net changes in fair value of financial instruments totals NOK 252 million (NOK -27 million).

• Pre-tax profit totals NOK 300 million (NOK 185 million).• Net interest bearing debt as of 30 June totals

NOK 20,981 million (NOK 20,332 million).• Net interest bearing debt excluding capital not employed

as of 30 June is NOK 18,884 million (NOK 19,736 million). • Book equity including minority interest as of 30 June is

NOK 6,592 million (NOK 7,365 million).

The Group has implemented hedge accounting for parts of the revenues related to the Brazil operation. This operation is based on long-term charter contracts in USD secured with debt in corresponding currency.

Based on a worsened market situation and a reduction in broker estimates for parts of the fleet, the Group has performed an impairment test of its vessels. This has led to a impairment of

six vessels of in total NOK 262 million. The broker estimates as per June are still considerable higher than the book value of the Group’s fleet, with an aggregate added value of NOK 5 billion.

Tax expense is based on best estimate.

Total balance as of 30 June is NOK 31,560 million (NOK 31,642 million), of which vessels, new buildings and subsea equipment amounts to NOK 24,044 million (NOK 24,515 million). Unemployed capital relates to prepaid instalments on six new buildings totalling NOK 2,097 million (NOK 596 million).

Cash flow from operational activity including interest cost during Q2 is NOK 770 million (NOK 164 million). Net cash flow from investing activities is NOK -169 million (NOK -655 million). Cash flow from financing activities totals NOK -191 million (NOK 313 million).

Main Items Accounts Year to Date 2015 - Financial reporting (equity method for joint ventures)The Group’s total operating revenues year to date is NOK 5,036 million (NOK 4,797 million). Revenues from the subsidiary DOF Subsea’s project activity represent a considerable share of gross revenues, 46% (48%), based on management reporting. These revenues are included in the CSV segment. The utilisation of the project activity fleet was higher in Q2 compared to the previous quarter. Group operating profit before depreciation (EBITDA) is MNOK 1,787 million (NOK 1,718 million), of which gain from sale of asset is NOK 320 million (NOK 204 million). Operating profit is NOK 996 million (NOK 1,268 million), and is influenced by higher depreciation and impairment compared to the same period last year, totalling NOK 791 million (NOK 450 million).

Net financial expenses year to date total NOK -780 million (NOK -661 million), of which unrealised gain/loss on foreign

1 874

-‐

169

191

-‐ 770

-‐

6

1 459

1 300

1 400

1 500

1 600

1 700

1 800

1 900

2 000

2 100

2 200

Cash 31.03.2015 Opera6ng ac6vity Inves6ng ac6vity Financing ac6vity Exchange gain/loss on cash

Cash 30.06.2015

Thou

sand

NOK

Cash flow Q2 2015

Cash flow Q2 2015


7

exchange on long term debt and change in fair value of financial instruments totals NOK -46 million (NOK 50 million). Although the volatility in foreign exchange rates was high during the period, the impact on the financial result year to date is not significant.

The Group has year to date sold eight vessels; five vessels (four PSV’s and one AHTS) in Brazil, two subsea vessels in Norway and one PSV in Norway. The Group took delivery of two newbuildings year to date, of which one of them is classified as capital not employed.

Cash flow from operating activities year to date totals NOK 813 million (NOK 381 million). Net cash flow from investment activities totals NOK -958 million (NOK -302 million), and from finance activities NOK -699 million (NOK -406 million).

Financing and Capital Structure The Group’s remaining commitment for the six vessels under construction totals as per 30 June approx. USD 774 million. All the new buildings are secured on long-term contracts with scheduled delivery from 2015-2017. Skandi Angra was delivered from yard in May and long term financing of USD 110 million was drawn upon delivery. Planned delivery of the last vessel in this series of vessels is in 2016 and both long term contract and financing are secured for this newbuilding.

One vessel, Skandi Africa, was delivered from yard in March and is currently in the Netherlands for installation of cranes and pipe-laying tower. Final completion of this vessel is scheduled in September 2015. The first tranche of the long term financing was drawn upon first delivery.

Four of the newbuildings are owned in a 50/50 joint venture company owned by DOF Subsea and Technip. Two of the vessels are under construction in Norway and two in Brazil. DOF Subsea and Technip are working with long term financing, and the long term financing with BNDES for the Brazilian built vessels is concluded.

The Group has taken delivery of two newbuildings and sold eight vessels year to date. Net free liquidity after repayment of debt on the vessels sold is approximately NOK 1,150 million. Loan facilities are drawn on the two new buildings delivered year to date, totalling USD 310 million. Net increase in interest bearing debt from year-end is NOK 372 million, which includes approximately NOK 847 million in net unrealised currency differences. The Group has refinanced one fleet loan in addition to repaying one loan during Q2.

The portion of long-term debt secured with fixed rate of interest is 67% of total debt and includes debt with fixed interest in BNDES.

Vessels and equipment constitute approx. 75% of total assets. Based on broker estimates received as per June 2015, the market values of the Group’s vessels are down compared to the estimates received last quarter, and especially for vessels older than 10 years.

The Group’s main financial covenants in existing loan agreements are based upon minimum value adjusted equity ratio of 30%

Average utilisation of the Fleet

50%

60%

70%

80%

90%

100%

110%

Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15

PSV

AHTS

CSV

PSV AHTS CSV/Subsea

22 578

1 227

2 917

428

22 840

3 463

847

19000

19500

20000

20500

21000

21500

22000

22500

23000

23500

NIBR 31.12.2014 Installment Prepayment Proceeds Unrealised currency loss

Currency transaCon NIBR 30.06.2015

Interest bearing debt 31.12.2014 – 30.06.2015

Vessel Yard Delivery Type Contract Financing

Skandi ParatyVard

BrasilQ1

2016 AHTS4 yrs

PetrobrasSigned loan agreement

Skandi AfricaVard

NorgeQ1 and Q3

2015 CSV5 yrs

Technip

Loan drawn on 1st delivery in

March

Skandi TBN Vard 823

Vard Norge 2016 PLSV

8 yrs Petrobras

Skandi TBN Vard 824

Vard Norge 2016 PLSV

8 yrs Petrobras

Skandi TBN PSLV1

Vard Brasil 2016 PLSV

8 yrs Petrobras

Loan agree-ment signed with BNDES

Skandi TBN PSLV2

Vard Brasil 2017 PLSV

8 yrs Petrobras

Loan agree-ment signed with BNDES

Newbuildings


8

or minimum 20% if the Group’s contract coverage is 70% or higher, and a minimum cash covenant of NOK 500 million. The Group reports book equity ratio (public accounts) of 20% of total assets and a value adjusted equity ratio of 32%. The Group’s free liquidity as of 30 June is NOK 1,299 million (NOK 1,375 million based on management reporting) and the Group’s contract coverage for the next 12 months period is higher than 70%. The Group is thus in compliance with its financial covenants as of 30 June 2015.

The Group’s short term portion of long term debt as per June totals NOK 5,429 million and includes NOK 1,374 million in bond loans in DOF Subsea maturing within the next 12 months. DOF Subsea has started buying back bonds, and NOK 76 million was bought back as per June. Balloon payments on debt maturing up until June 2016 totals NOK 2,282 million, including NOK 1,315 in DOF Rederi and Norskan, and NOK 966 million in DOF Subsea. The Group has refinanced and secured refinancing of all balloon payments in DOF Rederi and Norskan maturing in 2015 and 2016. DOF Subsea is working with, and has partly completed refinancing of its balloon payments. The Group completed in July refinancing of two facilities, giving approximately NOK 850 million in free cash.

Shareholders There were no significant changes in the shareholders structure during the period. As of 30 June the company had 3,144 shareholders. The share price per 30 June was NOK 6 per share. There has been a considerably weakening of the share price during the period due to the weak oil price, leading to a reduction in the share price of all the OSV- companies at the Oslo Stock Exchange.

Employees The Group employed 5,167 people as of 30 June included hired staff. The offshore marine personnel counts 3,092 people, while 1,048 people are employed within the offshore subsea operation and 1,027 are employed in positions onshore within the ship management organisation and the subsea organisation. The Group has started a process to reduce the workforce in some regions due to a weak market, sale of vessels and lower activity in general.

Quality, health and safety On 14th July, an able seaman on board Skandi Pacific suffered a fatal injury. The accident occurred while working offshore Australia when the crew was securing cargo. An unexpected wave caused movements of the cargo and the person was trapped between two containers. An investigation team has been put together to examine all the factors related to the accident.

The accident is the second fatal accident in the Group in less than 6 months and the Board of Directors looks at both incidents with great concern. The Group has after the accident on Skandi Skansen taken action to develop and strengthen the safety culture and to review all relevant factors in order to ensure that such accidents will not occur in the future.

FleetAs per June the Group owns a total fleet of 70 vessels (wholly/partly owned), which is a reduction of eight vessels compared to year-end 2014. The Group has six vessels under construction. The vessels under construction are one AHTS, one construction support vessel and four pipe-laying vessels (owned 50% with Technip). In addition, DOF Subsea owns 58 ROVs and has another nine ROVs on order.

DOF Subsea has one construction vessel, Hull no. 800 (Skandi Africa), under construction. The vessel has a LOA of 161m and a beam of 32m. The vessel will amongst others be equipped with a 900 ton crane and VLS tower. The vessel will enter into a five year contract with Technip upon delivery. The vessel was delivered from yard in March and is for the time being in Netherland for installation of cranes and pipe-laying towers with planned completion in September 2015.

A joint venture company owned by DOF Subsea and Technip has ordered four pipe-laying vessels, of which two are to be built in Norway and two in Brazil. All vessels have entered into 8+8 years contracts with Petrobras. The vessels will be equipped to operate on ultra-deep water; the Norwegian built vessels will be equipped with 650 ton pipe-laying towers. The Brazilian built vessels will be equipped with 350 ton towers. The vessels will be delivered in the period from 2016 to 2017. DOF Subsea together with Technip is in the process of securing long term financing for the vessels, of which financing of the Brazilian vessels is already firm.

Norskan has one vessel under construction, Skandi Paraty, which is the last vessel in a series of three. The first vessel was delivered last year, while the second vessel, Skandi Angra was delivered from yard in May, after which it started on an 8-year contract with Petrobras. The third vessel, Skandi Paraty, is delayed from the yard, and planned delivery is postponed to first quarter 2016.

Norskan secured in Q1 an agreement with a Brazilian equity fund to sell five vessels, and the transaction was completed in April with delivery of the three last vessels.

DOF Subsea has four external vessels on TC contracts. Harvey


9

Deep-Sea is hired for a period of four years from mid-2013, and Chloe Candies and Ross Candies for periods up until September 2015 and March 2016 respectively. The vessels are Jones Act vessels and are utilised for the DOF Subsea project activity in the Gulf of Mexico. DOF Subsea has hired in Normand Reach for a period of 2+2x1 year from June 2014. The vessel will be utilised for the project activity in the Atlantic region.

Skandi Falcon was sold to new owner in April. The vessel was laid up until delivery.

New contractsThe Group’s fleet operates world-wide, with the most important operational areas being the North Sea, Africa, Brazil and Asia/Australia.

DOF Subsea has secured an agreement with Subsea7 for a three year contract for Skandi Acergy securing the vessel up until August 2019. Further, Skandi Skansen is secured on firm contract during the summer season of 2016. Skandi Seven will be redelivered in January 2016. DOF has secured an 18 months extension for Geoholm with Petrobras, up until December 2016. Norskan was awarded a two year + two one-year options for Skandi Peregrino with Statoil in Brazil. The new contract has start-up in December 2015. DOF has secured a 9 + 3 months contract with Total Austral in Argentina for the Skandi Pacific with start up in September 2015.

The MarketThe oil price has dropped further during the summer, and there is still a strong cost cutting focus between the oil companies. This has led to postponement or cancellation of several projects and lower demand for vessels and rigs. Number of vessels in lay-up has increased so far this year, but these initiatives have not improved the market balance.

In June, Petrobras introduced its business plan for the next

five years, including planned reductions in investments of 40% going forward. Year to date several vessels have been redelivered. First of all, this has had an impact on internationally flagged vessels, but has also led to uncertainty related to renewal of contracts in general.

The North Sea spot market was better during this quarter compared to the last one, as expected. Despite high season in this region, rates and utilisation have been historically low and some vessels have experienced revenues insufficient to cover operational costs. As per the end of June, 318 vessels operated in the North Sea market, of which 147 vessels operated in the spot market. 35 vessels were laid up per June.

Outlook The Group has secured good utilisation for the fleet throughout this year. The market development year to date has led to considerably higher risk of lower employment for the fleet upon expiry of the vessels’ contracts.

After the completion of sale of vessels year to date, the Group currently owns (wholly and partly owned) a fleet of 70 vessels, out of which 63 are in operation. The main part of the fleet, including new buildings, operates on firm contracts. The Group has thus secured good utilisation for the fleet for the remaining part of the year.

The Group maintains its strategy to have a majority of the fleet secured on long term contracts, and is actively working on securing long-term charters for the fleet. The number of DOF Subsea vessels on fixed term contracts compared to project contracts is expected to stay steady throughout 2015, although the contract coverage is low in Q4 in some regions.

The considerable weakening of the oil price has increased the oil companies’ focus on cost cutting and capital rationing. This has led to lower activity, rates under pressure, and increased uncertainties on future markets.

Based on the Group’s market view, back-log and unchanged FX rates from today’s level, the Board of Directors at present expects an operational EBITDA for Q3, to be in line with or somewhat lower than in Q2. The board of directors keeps its expectations to EBITDA for the full year as previously reported.

2015 2016 2017 2018 2019 Therea/er Op2on 263 1 410 1 416 1 805 2 118 26 813

Firm 3 717 4 800 4 840 4 206 3 579 9 421

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

NOK million

Contract coverage at 30.06.2015 Contract Coverage per 30.06.2015


10

Declaration from the Board of Directors and the CEOWe declare that to the best of our knowledge the financial statements for the period 1 January to 30 June 2015, are prepared in accordance with IAS34 accounting standards for interim reporting, and that the information provided gives a true and fair view of the company’s assets, liabilities, profit and loss, and overall financial position.

We also declare, that to the best of our knowledge the first half 2015 report provides a true and fair overview of important events during the accounting period and their influence on the interim account, as well as the most significant risks and uncertainties facing the Group during the following accounting period, in addition to material transactions with related parties.

IR contact persons:

Mons S. Aase, CEO +47 91661012, [email protected] Drønen, CFO +47 91661009, [email protected]

DOF ASA5392 Storebø www.dof.no

Board of Directors DOF ASA, 12 August 2015

Helge SingelstadHelge MøgsterChairman

Karoline Møgster

Kristian Falnes Nina G. Sandnes Mons S. AaseCEO


11

Accounts Q2 2015 - management reporting

Condensed consolidated income statement and balance

Condensed statement of comprehensive income

(MNOK) Q2 2015 Q2 2014 YTD Q2 2015 YTD Q2 2014 2014

Operating income 2 778 2 791 5 299 5 032 10 681

Operating expenses -1 940 -1 925 -3 692 -3 411 -7 350

Net profit from associated and joint ventures - - -1 2 -9

Net gain on sale of tangible assets 138 - 363 204 468

Operating profit before depreciation EBITDA 976 866 1 968 1 826 3 790

Depreciation and impairment -566 -258 -836 -490 -1 127

Operating profit - EBIT 410 608 1 133 1 336 2 663

Financial income 19 16 38 40 77

Financial costs -306 -344 -643 -715 -1 420

Net realized gain/loss on currencies -79 -52 -182 -81 -212

Net unrealized gain/loss on currencies 183 3 -334 63 -441

Net changes in fair value of financial instruments 97 -30 228 -7 -218

Net financial costs -85 -407 -894 -700 -2 213

Profit (loss) before taxes 325 201 239 636 450

Taxes -105 -13 -24 -43 50

Profit 219 188 215 594 500

Profit attributable to

Non-controlling interest 152 96 224 302 419

Controlling interest 67 92 -9 292 81

Profit and diluted profit per share ex non-controlling interest 0,60 0,83 -0,08 2,63 0,73

(MNOK) Q2 2015 Q2 2014 YTD Q2 2015 YTD Q2 2014 2014

Profit (loss) for the period 219 188 215 594 500

Items that will be subsequently reclassified to profit or loss

Currency translation differences (CTA) -14 136 9 173 381

Hedges 134 104 -346 183 -332

Share of other comprehensive income of joint ventures 30 46 -132 72 -21

Items that not will be reclassified to profit or loss

Defined benefit plan actuarial gain (loss) - - - - -2

Other comprehensive income/loss net of tax 151 286 -470 428 27

Total comprehensive income/loss 370 474 -255 1 022 527

Total comprehensive income/loss net attributable to




12

Condensed consolidated statement of financial position

(MNOK) 30.06.2015 30.06.2014 31.12.2014

ASSETSDeferred tax assets 979 298 671

Goodwill 425 427 432

Intangible assets 1 404 724 1 103

Vessel 22 508 25 443 24 660

ROV 988 808 1 049

Newbuildings 2 834 974 1 075

Operating equipment 510 515 495

Tangible assets 26 840 27 740 27 280

Investment in associated and joint ventures 130 138 127

Other non-current receivables 237 154 238

Non-current financial assets 366 292 365

Total non-current assets 28 610 28 757 28 747

Trade receivables 2 117 2 060 2 338

Other receivables 908 832 767

Current receivables 3 026 2 892 3 105

Restricted deposits 576 693 639

Cash and cash equivalents 1 375 1 276 2 057

Cash and cash equivalents incl. restricted deposits 1 951 1 969 2 696

Total current assets 4 976 4 861 5 800

Total Assets 33 586 33 617 34 547

EQUITY AND LIABILITIESPaid in equity 1 452 1 452 1 452

Other equity 1 541 2 570 1 958

Non-controlling interests 3 599 3 343 3 456

Total equity 6 592 7 365 6 866

Deferred taxes 77 102 80

Other provisions 53 44 53

Non-current provisions and commitments 130 146 133

Bond loan 3 378 4 820 4 124

Debt to credit institutions 15 725 14 439 15 057

Derivatives 226 348 386

Other non-current liabilities 32 59 32

Non-current liabilities 19 361 19 665 19 599

Current part of interest bearing debt 5 604 4 704 6 049

Accounts payable 1 293 1 171 1 194

Other current liabilities 606 566 706

Current liabilities 7 503 6 441 7 949

Total liabilities 26 994 26 253 27 681

Total equity and liabilities 33 586 33 617 34 547


13

Accounts Q2 2015

Condensed consolidated income statement

Condensed statement of comprehensive income

(MNOK) Note Q2 2015 Q2 2014 YTD Q2 2015 YTD Q2 2014 2014

Operating income 2 648 2 669 5 036 4 797 10 196

Operating expenses -1 920 -1 900 -3 648 -3 355 -7 247

Net profit from associated and joint ventures 6 104 35 78 72 77

Net gain on sale of tangible assets 95 - 320 204 468

Operating profit before depreciation EBITDA 928 804 1 787 1 718 3 495

Depreciation and impairment 5 -543 -237 -791 -450 -1 045

Operating profit - EBIT 384 568 996 1 268 2 450

Financial income 23 19 44 43 82

Financial costs -293 -329 -612 -681 -1 355

Net realized gain/loss on currencies -67 -45 -167 -73 -203

Net unrealized gain/loss on currencies 156 2 -273 57 -336

Net changes in fair value of financial instruments 96 -29 227 -7 -217

Net financial costs -85 -383 -780 -661 -2 028

Profit (loss) before taxes 300 185 216 607 422

Taxes 11 -81 3 -1 -14 78


Profit attributable to



Profit and diluted profit per share ex non-controlling interest 0,60 0,83 -0,08 2,63 0,73

(MNOK) Note Q2 2015 Q2 2014 YTD Q2 2015 YTD Q2 2014 2014


Items that will be subsequently reclassified to profit or loss

Currency translation differences (CTA) -14 136 9 173 381

Hedges 4 134 104 -346 183 -332

Share of other comprehensive income of joint ventures 6 30 46 -132 72 -21

Items that not will be reclassified to profit or loss

Defined benefit plan actuarial gain (loss) - - - - -2

Other comprehensive income/loss net of tax 151 286 -470 428 27

Total comprehensive income/loss 370 474 -255 1 022 527

Total comprehensive income/loss net attributable to




14

Condensed consolidated statement of financial position

(MNOK) Note 30.06.2015 30.06.2014 31.12.2014

ASSETS

Deferred tax assets 887 288 638

Goodwill 425 426 418

Intangible assets 1 313 715 1 056

Vessel and equipments 5 20 492 22 646 21 887

ROV 5 946 758 1 002

Newbuildings 5 2 097 596 483

Operating equipment 5 509 514 494

Tangible assets 5 24 044 24 515 23 866

Investment in associated and joint ventures 6 777 1 324 1 246

Other non-current receivables 600 366 512

Non-current financial assets 1 377 1 690 1 759

Total non-current assets 26 733 26 920 26 681

Trade receivables 2 121 2 028 2 331

Other receivables 832 810 710

Current receivables 2 953 2 838 3 041

Restricted deposits 576 693 639

Cash and cash equivalents 1 299 1 192 1 971

Cash and cash equivalents incl. restricted deposits 7 1 874 1 884 2 609

Total current assets 4 827 4 723 5 650

Total Assets 31 560 31 642 32 331

EQUITY AND LIABILITIES

Paid in equity 1 452 1 452 1 452

Other equity 1 541 2 570 1 957

Non-controlling interests 3 599 3 343 3 458

Total equity 6 592 7 365 6 866

Deferred taxes 47 74 49

Other provisions 53 44 53

Non-current provisions and commitments 101 118 103

Bond loan 8 3 378 4 820 4 124

Debt to credit institutions 4, 8 13 960 12 720 13 091

Derivatives 8 224 345 384

Other non-current liabilities 32 35 32

Non-current liabilities 17 594 17 920 17 631

Current part of interest bearing debt 8 5 429 4 536 5 840

Accounts payable 1 264 1 142 1 192

Other current liabilities 581 562 700

Current liabilities 7 274 6 240 7 732

Total liabilities 24 968 24 277 25 465

Total equity and liabilities 31 560 31 642 32 331


15

Condensed consolidated statement of equity

(MNOK)

Paid-in capital

Retained earnings

Currency trans-lation differences

Total

Non-controlling interest

Total equity

Balance at 01.01.2015 1 452 1 774 182 1 956 3 458 6 866

Total comprehensive income/loss -423 9 -414 159 -255

Transaction with non-controlling interests - - -18 -18

Balance at 30.06.2015 1 452 1 351 191 1 542 3 599 6 592

Balance at 01.01.2014 1 452 2 196 -267 1 929 2 965 6 346

Total comprehensive income/loss - 360 280 640 381 1 022

Transaction with non-controlling interests - - - - -3 -3

Balance at 30.06.2014 1 452 2 556 13 2 569 3 343 7 365

Key figures

Q2 2015 Q2 2014 YTD Q2 2015 YTD Q2 2014 2014

EBITDA margin ex net gain on sale of vessel 1 31% 30% 29% 32% 30%

EBITDA margin 2 35% 30% 35% 36% 34%

EBIT margin 3 15% 21% 20% 26% 24%

Cashflow per share (controlling interest) 4 3,10 2,57 5,59 5,36 10,17

Profit per share (controlling interest) *) 5 0,60 0,83 -0,08 2,63 0,73

Profit per share ex. unrealized gain/loss on currencies and

changes fair value of financial instruments (controlling interest 6 -0,92 1,15 -0,03 2,47 4,05

Return on net capital 7 3% 8% 7%

Equity ratio 8 21% 23% 21%

Value adjusted equity 9 32% 36% 34%

Net interest bearing debt 20 609 20 332 20 981

Net interest bearing debt ex. unemployed capital 18 512 19 736 20 498

No of shares 111 051 348 111 051 348 111 051 348 111 051 348 111 051 348

Outstanding number of shares 111 051 348 111 051 348 111 051 348 111 051 348 111 051 348

*) Diluted number of share is the same as number of shares.1 Operating profit before net gain on sale of vessel and depreciation in percent of operating income. 2 Operating profit before depreciation in percent of operating income. 3 Operating profit in percent of operating income. 4 Pre-tax result + depreciation and write downs +/- unrealized gain/loss on currencies +/- net changes in fair value of financial instruments/average no of shares. 5 Result /average no. of shares. 6 Result + net unrealized currency gain/loss + net changes fair value of financial instruments)/average no of shares. 7 Result incl non-controlling interest/total equity. 8 Total equity/Total balance 9 Equity adjusted for excess values from broker valuation/Total assets adjusted for excess values from brokers valuation.


16

Condensed statement of cash flow

(MNOK) Q2 2015 Q2 2014 YTD Q2 2015 YTD Q2 2014 2014

Operating result 384 568 996 1 268 2 450

Depreciation and impairment 543 237 791 450 1 045

Gain/loss on disposal of tangible assets -95 - -320 -204 -468

Share of profit/loss from associates -104 -35 -78 -72 -78

Changes in accounts receivables 189 -445 210 -196 -499

Changes in accounts payable 186 227 72 102 151

Changes in other working capital -32 -5 -102 -195 -108

Foreign exchange gain/loss on operating activities -10 -62 -50 -96 50

Cash from operating activities 1 060 485 1 519 1 057 2 544

Interest received 21 10 34 28 63

Interest paid -282 -316 -628 -680 -1 346

Taxes paid -29 -15 -112 -24 -6

Net cash from operating activities 770 164 813 381 1 255

Sale of tangible assets 658 7 1 919 934 2 082

Purchase of tangible assets -1 078 -629 -3 056 -1 167 -2 001

Sales of shares 417 - 417 - -

Purchase of shares - -1 - -1 -6

Received dividend - - 3 - -

Other investments -167 -31 -242 -68 -156

Net cash from investing activities -169 -655 -958 -302 -81

Proceeds from borrowings 1 736 1 616 3 463 2 451 4 036

Repayment of borrowings -1 909 -1 303 -4 144 -2 854 -4 895

Payments to non-controlling interests -18 - -18 -3 -7

Net cash from financing activities -191 313 -699 -406 -866

Net changes in cash and cash equivalents 409 -177 -844 -328 307

Cash and cash equivalents at the start of the period 1 459 2 062 2 609 2 219 2 219

Exchange gain/loss on cash and cash equivalents 6 -1 109 -7 83

Cash and cash equivalents at the end of the period 1 874 1 884 1 874 1 884 2 609


17

Note 1 General

Notes to the Accounts

DOF ASA (the “Company”) and its subsidiaries (together, the “Group”) own and operate a fleet of PSV, AHTS, subsea vessels and service companies offering services to the subsea market worldwide.

The Company is a public limited company, which is listed on the Oslo Stock Exchange and incorporated and domiciled in Norway. The head office is located at Storebø in the municipality of Austevoll, Norway.

These condensed interim financial statements were approved for issue on 12 August 2015. These condensed interim financial statements have not been audited.

Basis of preparationThese condensed interim financial statements have been prepared in accordance with IAS 34, ‘Interim financial reporting’. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2014, which have been prepared in accordance with IFRS.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.

EstimatesThe preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed interim financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2014, with the exception of changes in estimates that are required in determining the provision for income taxes.


18

Note 2 Impact implementations IFRS 11

RESULT Q2 2015 Q2 2014

(MNOK)

Management reporting

IFRS Impact

Q2 2015


IFRS Impact

Q2 2014

Operating income 2 778 -129 2 648 2 791 -122 2 669

Operating expenses -1 940 20 -1 920 -1 925 26 -1 900

Net profit from associated and joint ventures - 104 104 - 35 35

Net gain on sale of tangible assets 138 -43 95 - - -

Operating profit before depreciation EBITDA 976 -48 928 866 -61 804

Depreciation and impairment -566 23 -543 -258 21 -237

Operating profit - EBIT 410 -25 384 608 -40 568

Financial income 19 4 23 16 3 19

Financial costs -306 13 -293 -344 16 -329

Net realized gain/loss on currencies -79 13 -67 -52 7 -45

Net unrealized gain/loss on currencies 183 -27 156 3 -2 2

Net changes in fair value of financial instruments 97 -2 96 -30 1 -29

Net financial costs -85 - -85 -407 24 -383

Profit (loss) before taxes 325 -25 300 201 -16 185

Taxes -105 25 -81 -13 17 3

Profit (loss) 219 - 219 188 - 188

BALANCE 30.06.2015 30.06.2014

(MNOK)


IFRS Impact

30.06.2015


IFRS Impact

30.06.2014

ASSETSIntangible assets 1 404 -91 1 313 724 -9 715

Tangible assets 26 840 -2 796 24 044 27 740 -3 226 24 515

Non-current financial assets 366 1 011 1 377 292 1 398 1 690

Total non-current assets 28 610 -1 877 26 733 28 757 -1 837 26 920

Receivables 3 026 -73 2 953 2 892 -53 2 838

Cash and cash equivalents 1 951 -76 1 874 1 969 -85 1 884

Total current assets 4 976 -149 4 827 4 861 -138 4 723

Total assets 33 586 -2 026 31 560 33 617 -1 975 31 642

EQUITY AND LIABILITIESEquity 6 592 - 6 592 7 365 - 7 365

Non-current provisions and commitments 130 -30 101 146 -28 118

Non-current liabilities 19 361 -1 767 17 594 19 665 -1 745 17 920

Current liabilities 7 503 -229 7 274 6 441 -202 6 240

Total liabilities 26 994 -2 026 24 968 26 253 -1 975 24 277

Total equity and liabilities 33 586 -2 026 31 560 33 617 -1 975 31 642

Net interest bearing liabilities 22 843 -1 862 20 981 22 067 -1 735 20 332


19

Note 4 Hedges

Note 3 Segment information - management reportering

Operating income, EBITDA and EBIT per segment

The Group applies cash flow hedge accounting related to foreign exchange rate risk on expected highly probable income in USD, using a non derivative financial hedging instrument. This hedging relationship is described below.

Cash flow hedge involving future highly probable incomeThe Group applies hedge accounting related to the cash flow hedging of expected highly probable income in USD, from its operations in Brazil.

The cash flow hedges hedge a portion of the foreign currency risk arising from highly probable income in USD relating to time charter contracts on vessels owned by the companies Norskan Offshore Ltda and DOF Subsea Navagacao Ltda.

The hedging instruments are portions of the companies’ long term debt denominated in USD. The risk being hedged in each hedging relationship is the spot element of the forward currency rate of USD/BRL. The future highly probable income has a significant exposure to the spot element as the spot element is the main part of the forward rate. The long term debt is translated from USD to BRL at spot rate on the balance sheet date every reporting period.

The effective portion of changes in fair value of the instruments that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement.

Amounts accumulated in equity are reclassified to profit or loss in the periods when the expected income is recognised.

Q2 2015 Q2 2014 YTD Q2 2015 YTD Q2 2014 2014

Operating IncomePSV 301 296 600 592 1 205

AHTS 400 393 789 659 1 459

CSV 2 076 2 102 3 909 3 781 8 017

Total 2 778 2 791 5 299 5 032 10 681

EBITDA *)PSV 102 118 233 223 452

AHTS 288 167 460 284 686

CSV 587 581 1 275 1 319 2 652

Total 976 866 1 968 1 826 3 790

EBIT *)PSV 40 47 122 116 245

AHTS 72 115 190 185 466

CSV 297 446 820 1 035 1 952

Total 410 608 1 133 1 336 2 663

*) EBITDA inkludes gain on sale of tangible asets of NOK 96 million in the AHTS segmentet and NOK 42 million in the CSV segmente in 2nd quarter 2015.

**) EBIT includes impairment loss of NOK 12 million in the PSV segment, NOK 140 million in the AHTS segment and NOK 110 million in the CSV segment, in

addition to the gain on sale of tangible assets mentioned above.


20

Note 5 Tangible assets

2015

Vessel and periodical maintenance

ROV

Newbuilds

Operating equipment

Total

Book value at 01.01.2015 21 887 1 002 483 494 23 866

Addition 276 38 2 607 135 3 056

Vessel completed 970 - -970 - -

Disposal -1 582 - - -17 -1 599

Reclassification 41 12 - -53 -

Depreciation -376 -99 - -53 -528

Impairment loss -262 - - - -262

Currency translation differences -462 -7 -23 3 -489

Book value at 30.06.2015 20 492 946 2 097 509 24 044

2014

Vessel and periodical maintenance

ROV

Newbuilds

Operating equipment

Total

Book value at 01.01.2014 22 187 817 406 478 23 888

Addition 77 -7 1 000 97 1 167

Vessel completed 838 - -838 - -

Disposal -683 -45 - -2 -730

Reclassification -43 43 - - -

Depreciation -352 -58 - -39 -449

Currency translation differences 622 8 28 -20 638

Book value at 30.06.2014 22 646 758 596 514 24 515


21

Note 7 Cash and cash equivalent30.06.2015 30.06.2014 31.12.2014

Restricted cash *) 576 693 639

Cash and cash equivalent 1 299 1 192 1 971

Total cash and cash equivalent 1 874 1 884 2 609

*) Including restricted cash related to non-current loan from Eksportfinans.

Effect of application of IFRS 11 on investments in joint ventures; 30.06.2015

Opening balance 31.12.2014 1 246

Profit (loss) 78

Profit (loss) through OCI -132

Disposal -417

Other 2

Closing balanse 30.06.2015 777

See Note 2 regarding the presentation of the implementation of IFRS 11.

Joint ventures Ownership

DOFCON Brasil AS with subsidiaries 50 %

DOF Deepwater AS 50 %

DOF Iceman AS 50 %

Associated companies

Master & Commander 20 %

PSV Invest II AS (Skandi Aukra) 15 %

Iceman AS (Skandi Iceman) 20 %

DOF OSM Services AS 50 %

Note 6 Investment in associated and joint ventures

The Company’s investment in associates and joint ventures as of 30.06.2015;


22

Note 8 Interest bearing liabilities

30.06.2015 30.06.2014 31.12.2014

Non-current interest bearing liabilities

Bond loan 3 378 4 820 4 124


Total non-current interest bearing liabilites 17 338 17 540 17 215

Current interest bearing liabilities

Bond loan 1 374 454 1 039


Utilised credit facilities 52 368 455

Total current interest bearing liabilities 5 241 4 321 5 625

Total interest bearing liabilities 22 579 21 861 22 839

Net interest bearing liabilities

Cash and cash equivalents *) 1 874 1 884 2 609

Net derivatives -277 -356 -379

Non-current receivables - - -

Total net interest bearing liabilities 20 981 20 332 20 609

*) A non-current loan has been provided by Eksportfinans and is invested as a restricted deposit in DNB. The loan is fully repaid in 2021. The cash deposit is

included in restricted deposits.

Out of current debt to credit institutions of NOK 4,326 million, the balloon payments amounts to NOK 2,880 million maturing within the next 12 months.

Included in the balloon payments is NOK 1,637 million in DOF Rederi and Norskan, and NOK 967 million in DOF Subsea. The Group has refinanced and

secured refinancing of all balloon payments in DOF Rederi and Norskan maturing in 2015 and 2016. DOF Subsea is working with, and has partly completed

refinancing of its balloon payments. DOF Subsea has bond loans of NOK 1,374 million maturing within the next 12 months. DOF Subsea has started buying

back bonds, and NOK 76 million was bought back as per June.

Installment- and balloon profile

Remaining 2015

2016

2017

2 018

2019

Subsequent

Total

Bond 667 696 694 1 995 700 - 4 752

Debt to credit institutions 1 612 3 286 1 687 1 548 2 877 6 765 17 775

Overdraft facilities 52 - - - - - 52

Total 2 331 3 982 2 381 3 543 3 577 6 765 22 579

Loan divided on currency and fixed interest Andel fastrente 30.06.2015

NOK 54% 11 950

USD 83% 10 072

GBP 28% 557

Total 67% 22 579

Covenants regarding non-current liabilities to credit institutions:

- The Group net asset value should be higher than 30% or higher than 20% if the contract coverage for the fleet is greather than 70%.

- The Group shall have available cash of least NOK 500 million at all times.

Per 30 June 2015 the value adjusted eguity ratio is 32 %, free liquidity is NOK 1 299 million and contract coverage is higher than 70% the next 12 months.

The Group is in compliance with it’s financial covenants as of 30 June 2015.


23

Note 9 Events after balance date

Note 10 Transaction with related parties

Note 11 Taxes

DOF Subsea has secured an agreement with Subsea7 for a three year contract for Skandi Acergy securing the vessel up until August 2019. Further Skandi Skansen is secured on firm contract during the summer season of 2016. Skandi Seven will be redelivered in January 2016.

DOF Subsea has secured an 18 months extension for Geoholm with Petrobras, up until December 2016.

Norskan was awarded a two year + two one-year options for Skandi Peregrino with Statoil in Brazil. The new contract has start-up in December 2015.

DOF has been awarded a contract with Total Austral in Argentina for the vessel Skandi Pacific. The contract has a duration of 9 months + 3 x 1 monthly options and start up early September.

DOF Subsea board of directors has decided to make a dividend distribution, of which DOF will receive NOK 102 million in dividend payment.

Transactions with related parties are governed by market terms and conditions in accordance with the “arm’s length principle”. The transactions are described in the Annual report for 2014.

DOF Rederi AS has sold the vessel Skandi Hawk to DOF Subsea Rederi AS in May 2015. The vessel is sold to market value.

Incidentally there are no major changes in the type of transactions between related parties.

Taxes per 30 June 2015 are a preliminary estimate.


24

Note 12 Share capital and shareholders

Largest shareholders as of 30.06.2015

Name No. shares Shareholding Voting shares

MØGSTER OFFSHORE AS 56 876 050 51,22% 51,22%

SKAGEN VEKST 5 762 213 5,19% 5,19%

PARETO AKSJE NORGE 4 567 694 4,11% 4,11%

PARETO AKTIV 3 047 442 2,74% 2,74%

ODIN OFFSHORE 2 750 000 2,48% 2,48%

MP PENSJON PK 1 885 503 1,70% 1,70%

PARETO VERDI 1 500 164 1,35% 1,35%

MOCO AS 1 094 184 0,99% 0,99%

VESTERFJORD AS 1 027 650 0,93% 0,93%

KANABUS AS 1 004 684 0,90% 0,90%

PARETO AS 994 000 0,90% 0,90%

FORSVARETS PERSONELLSERVICE 812 800 0,73% 0,73%

THE NORTHERN TRUST CO. 809 814 0,73% 0,73%

BCEE LUX - SICAV LUX 786 427 0,71% 0,71%

VERDIPAPIRFONDET EIKA NORGE 668 612 0,60% 0,60%

VERDIPAPIRFONDET ALFRED BERG NORGE 635 758 0,57% 0,57%

CITIBANK, N.A. 549 092 0,49% 0,49%

AS FLU 453 661 0,41% 0,41%

BKK PENSJONSKASSE 413 000 0,37% 0,37%

IMAGINE CAPITAL AS 373 098 0,34% 0,34%

Total 86 011 846 77,45% 77,45%

Total other shareholders 25 039 502 22,55% 22,55%

Total no of shares 111 051 348 100% 100%

DOF ASA

SINGAPORE

DOF Subsea Asia Pacific Pte Ltd460 Alexandra Road# 15-02PSA Building, 119963SINGAPOREPhone: +65 6561 2780Fax: +65 6561 [email protected]

DOF Management Australia Pty Ltd460 Alexandra Road# 15-02PSA Building, 119963SINGAPOREPhone: +65 6868 1001Fax: +65 6561 2431

UNITED KINGDOM

DOF Subsea UK LtdExchange No.1, 62 Market St. Aberdeen AB11 5PJ, UNITED KINGDOMPhone: +44 1224 614 000Fax: +44 1224 614 [email protected]

DOF (UK) LtdGeo House, Commerce Street Aberdeen, AB11 5FNUNITED KINGDOMPhone: +44 12 24 58 66 44Fax: +44 12 24 58 65 [email protected]

USA

DOF Subsea USA Inc5365 W. Sam Houston Parkway N Suite 400, Houston, Texas 77041 USAPhone: +1 713 896 2500Fax: +1 713 984 [email protected]

AUSTRALIA

DOF Management Australia Pty LtdLevel 1, 441 South RoadBentleigh, Vic. 3204AUSTRALIAPhone: +61 3 9556 5478Mobile: +61 418 430 939

DOF Subsea Australia Pty Ltd5th Floor, 181 St. Georges TcePerth, Wa 6000 AUSTRALIAPhone: +61 8 9278 8700Fax: +61 8 9278 [email protected]

BRAZIL

NorSkan Offshore LtdaRua Lauro Müller, 116 - Offices 2802 to 2805 - Botafogo - Rio de Janeiro - RJ BRAZIL - CEP: 22290-160Phone: +55 21 2103-5700Fax: +55 21 [email protected]

DOF Subsea Brasil Serviços LtdaRua A1, 35 - Vale Encantado - Macaè - RJ BRAZIL - CEP: 27910-000Phone: +55 22 2123-0100Fax: +55 22 [email protected]

CANADA

DOF Subsea Canada26 Allston Street, Unit 2Mount Pearl, NewfoundlandCanada A1N 0A4Phone: +1 709 576 2033Fax: +1 709 576 [email protected]

NORWAY

DOF Subsea ASThormøhlensgate 53 C5006 Bergen NORWAYPhone: +47 55 25 22 00Fax: +47 55 25 22 [email protected]

DOF Subsea Norway ASThormøhlensgate 53 C5006 Bergen NORWAYPhone: +47 55 25 22 00Fax: +47 55 25 22 [email protected]

DOF Management ASAlfabygget5392 StorebøNORWAY

Thormøhlensgate 53 C5006 Bergen NORWAY

Phone: +47 56 18 10 00Fax: +47 56 18 10 [email protected]

ANGOLA

DOF Subsea AngolaRua Ndumduma 56/58Caixa postal 2469, MiramarLuanda, Republic of Angola Phone/Fax: +244 222 43 28 58 +244 222 44 40 68Mobile: +244 227 28 00 96 +244 227 28 99 95 E-mail: [email protected]

Alfabygget5392 StorebøNORWAYPhone: +47 56 18 10 00Fax: +47 56 18 10 [email protected]

DOF ASA

Alfabygget

5392 Storebø

NORWAY

www.dof.no

Documents

DOF ASA Financial Report Q2 2015 ASA/IR/2015/DOF_ASA_Q2_2015_ENG...Financial Report Q2 2015 DOF ASA 6 • Book equity including minority interests as of 30 June is NOK 6,592 million