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Q4 Financial Presentation 2014
DOF ASA
Highlights
- Q4 Presentation 2014 DOF ASA
Main highlights Q4 2014
Strengthening balance sheet through sale of vessels approximately MNOK 1 350 in liquidity
Improved terms from refinancing activity
Record high backlog for 2015 (approximately 79% overall)
Challenging markets
3
- Q4 Presentation 2014 DOF ASA
Highlights Q4 2014
Subsea
• Asia Pacific – Decent utilisation, but good project execution
• North Sea - High utilisation and good project execution in October and November, but weak utilisation in December
• US Gulf – Stable utilisation
AHTS/PSV
• North Sea – Reasonable utilization, but low earnings from the spot market
• Brazil – Variable utilisation due to transit and mobilization of vessels, mostly for new contracts
• Asia Pacific – Stable utilisation, but one vessel idle in the period
Operational
4
- Q4 Presentation 2014 DOF ASA
Highlights Q4 2014
Contract awards
5
Skandi Vega including ROV, first option with Statoil firm until mid-May 2016 Skandi Caledonia, 6 months extension with Maersk UK firm until Apr 2016 Skandi Gamma, 1 yr extension with Statoil applicable from Feb 2015 DOF Subsea awarded LOA for a 7+3 yrs IRM contract (Skandi Hawk) Skandi Møgster and Skandi Saigon, extended 1 yr with Total Argentina firm until end Feb 2016 Skandi Giant and Skandi Atlantic, 150 days + options up to 5 wells for Origin Australia Skandi Barra, 3 yrs (+ up to 2 yrs options) with Total UK firm until Feb 2018 Skandi Buchan, 3 yrs (+ up to 2 yrs options) with Total UK firm until Sept 2018 Skandi Sotra, 1 yr (+ 4 x 6 months options) with Chevron North Sea Ltd firm until Dec 2015 Skandi Marstein, 10 months (+ up to 9 months options) with CNR International (UK) firm until Oct 2015 Skandi Texel, 20 months (+1 yr option) with BP Egypt firm until Aug 2016 Skandi Hav, 4 yrs with Petrobras firm until November 2018
Fleet
Skandi Aker sold and changed name to AKOFS Seafarer, releasing approx. MNOK 200 after redemption of debt
Skandi Skolten delivered to new owner releasing approx. MNOK 650 after redemption of debt Signed contract in Brazil for sale of five vessels, releasing approx. MNOK 500 after redemption of debt
Overview Group
- Q4 Presentation 2014 DOF ASA
DOF ASA in brief
Vessels
Fleet 72 vessels in operation
• 68 owned vessels • 4 Subsea vessels chartered in • PSV: 24, AHTS: 18 and Subsea: 30
7 newbuildings • AHTS: 2, Subsea: 5
54 ROVs, 13 ROVs on order NOK 34.4 bn in market value total
fleet (100% basis) in operation Average age 9 years, value adjusted
fleet age of 6.2 years Back log Total NOK 65.6 bn
• Firm contracts : NOK 30.9 bn • Options: NOK 34.7 bn
Global organization Head office in Norway Regional offices in Australia, Singapore,
UK, USA, Canada, Angola, Argentina and Brazil
Total of 5 375 employees Subsea employees: 1 858 Marine personnel: 3 517 Share price NOK 14.95 (31.12.2014)
NAV per share NOK 80.5
7
26
18
24
4 Subsea
AHTS
PSV
Chartered SubseaVessels
- Q4 Presentation 2014 DOF ASA
Fleet overview and contract coverage
* Including four chartered vessels ** Excluding two old PSVs in lay-up
8
PSV AHTS Subsea Total fleet
DOF ASA/DOF REDERI AS 19 3 2 24
NORSKAN OFFSHORE 5 12 2 19
DOF SUBSEA AS 0 0 29* 29
DOF INSTALLER ASA 0 0 2 2
DOF DEEPWATER AS 0 5 0 5
Total fleet 24 20 35 79
2015 Firm 89%** 76 % 74 % 79 %
2015 Including options 95 % 78 % 80 % 84 %
2016 Firm 58 % 48 % 40 % 48 %
2016 Including options 90 % 56 % 67 % 71 %
Contract coverage
No. of vessels
Good coverage in 2015: • Minor time charter renewal risk in
2015 • Important LOA (7 + 3 yr) secured
in subsea project fleet
Expectations for 2016: • Few vessels off charter next year
(including options) • Despite highly competitive subsea
market, we see good progress in securing long-term work
• Our global footprint and project capability will be vital for securing utilization
- Q4 Presentation 2014 DOF ASA
A global player
9
FOCUS AREAS
Perth Rio de Janeiro
Buenos Aires
Singapore
Houston
St. Johns
Aberdeen
Cairo
Brunei
Macaé Jakarta
Manila
Luanda
Moscow
Austevoll
Malaysia
34
3
27
9 3
Norway Brazil US/Canada UK Asia Pacific Angola Argentina Marine Crew Total
DOF employees 492 608 225 456 405 17 7 3 165 5 375
- Q4 Presentation 2014 DOF ASA
Vessel Yard Delivery Type Contract Financing
Skandi Angra Vard Brazil Apr 2015 AHTS 8 yrs Petrobras Funding secured
Skandi Paraty Vard Brazil Oct 2015 AHTS 4 yrs Petrobras Funding secured
Skandi Africa Vard Norway Summer 2015 CSV 5 yrs Technip Funding secured
Skandi TBN Vard 823 Vard Norway 2016 PLSV 8 yrs Petrobras
Skandi TBN Vard 824 Vard Norway 2016 PLSV 8 yrs Petrobras
Skandi TBN PLSV1 Vard Brazil 2016 PLSV 8 yrs Petrobras
Skandi TBN PLSV2 Vard Brazil 2017 PLSV 8 yrs Petrobras
Remaining newbuilding program
10
- Q4 Presentation 2014 DOF ASA
0
1000
2000
3000
4000
5000
6000
2007 2008 2009 2010 2011 2012 2013 2014
No. Of employees
2005 – 2006 2007 – 2008 2009 – 2010 2011 – 2012 2013 – 2014
Fleet: 41 vessels Fleet: 45 vessels Fleet: 56 vessels Fleet: 69 vessels Fleet: 70 vessels
• Acquisition of Geoconsult (later DOF Subsea)
• DOF Subsea listed on the OSEBX • DOFCON founded and ordered 7 large
CSVs • Acquired 100% shares in Norskan • Purchase 2 subsea vessels and
delivered 4 new-builds from yard (AHTS & PSVs)
• DOF Subsea established office in Perth, Australia (Covus Corp. Ltd)
• DOF Subsea established office in Brazil
• Acquired engineering capacity in Aberdeen, UK (Century Ltd)
• DOF Installer founded • DOFCON merged with DOF Subsea • DOF Deepwater (ex Aker DOF
Deepwater) founded, a JV with Aker Solutions
• Partnered with First Reserve to purchase DOF Subsea ASA and the company was taken private
• Delivery of 9 new-builds from yard (2 PSVs, 1 AHTS and 6 subsea vessels)
• 3 vessels sold
• Delivery and acquisition of 10 vessels (2 PSV, 2 AHTS and 6 subsea vessels)
• DOF Subsea established 2 joint-ventures with Technip in Norway and in Brazil
• 1 vessel sold • Acquired more engineering capacity in
Australia (SWG Offshore)
• Delivery of 12 new-builds from yards (4 PSVs, 3 AHTS, and 5 subsea vessels)
• Purchased Skandi Constructor • 1 vessel sold • 1 new-build (subsea vessel) sold
• Delivery of 2 vessels (PSV and subsea vessel)
• DOF Subsea &Technip JV won a USD 1,7 bn contract with Petrobras for 4 PLSVs
• Signed newbuild contracts for 4 PLSVs • Extensive growth in subsea project
activity • Chartered four external subsea
vessels (incl. 3 Jones Act vessels) for the project activity
• 2 vessels sold • Signed new-build contract for one
large subsea construction vessel
DOF ASA timeline DOF fleet evolution DOF Group employees
0
5000
10000
15000
20000
25000
30000
35000
40000
0
10
20
30
40
50
60
70
80
2007 2008 2009 2010 2011 2012 2013 2014
MN
OK
No.
Of V
esse
ls
No. of operated Vessels MV of Fleet
11
Financials- Management Reporting
- Q4 Presentation 2014 DOF ASA
All figures in NOK million Q4 2014 Q4 2013 2014 2013
Operating income 2 878 2 633 10 681 9 754 Operating expenses -2 082 -1 806 -7 350 -6 651 Net profit/loss from associates and joint ventures -11 -6 -9 1 Net gain on sale of vessel 264 3 468 8 Operating profit before depreciation- EBITDA 1 050 824 3 790 3 112
Depreciation and write-down -323 -296 -1 127 -1 193 Operating profit- EBIT 727 528 2 663 1 919
Financial income 24 17 77 62 Financial costs -355 -361 -1 419 -1 434 Net realized currency gain/loss -86 17 -212 39 Net profit/loss before unrealised gain/loss long term debt 310 202 1 109 586
Net unrealized currency gain/loss -400 -11 -441 -606 Net unrealized gain/loss on market instruments -201 -38 -218 -5 Profit/loss before tax -291 152 450 -25
Tax 89 -18 51 -27 Net profit/loss -202 134 501 -52
Profit attributable toNon-controlling interest 72 97 418 139 Controlling interest -274 37 82 -191
ALL FIGURES IN NOK MILLION
Result Q4 2014 Comments Operational result PSV: • 88% utilisation PSV fleet • Two vessels in the spot market • Vessels in transit for new contracts • Two vessels in lay-up from December
AHTS: • 80% utilisation AHTS fleet • Vessels on dry-docking and mobilization new
contracts • One vessel in the spot market end of the
period
Subsea: • 93% utilisation vessels on term contracts • 67% utilisation project fleet • High project activity in Atlantic region, lower
towards end of period • Stable activity in APAC, US and Brazil • Vessels in transit and several dockings in the
period
Finance: • Weak NOK in the period, high unrealized
currency loss
13
- Q4 Presentation 2014 DOF ASA
Amounts in NOK millQ4 2014 Q4 2013 Q4 2014 Q4 2013 Q4 2014 Q4 2013 Q4 2014 Q4 2013
Operating income 304 270 400 333 2 174 2 030 2 878 2 633
Operating result before depreciation and write-down (EBITDA) 103 99 186 166 761* 559 1 050 824
Operating result (EBIT) 48 61 120 112 559 354 727 527
EBITDA margin 34 % 37 % 47 % 50 % 35 % 28 % 36 % 31 %
EBIT margin 16 % 23 % 30 % 34 % 26 % 17 % 25 % 20 %
PSV AHTS CSV/Subsea Total
Segment reporting Q4 2014
14
ALL FIGURES IN NOK MILLION
10 % 18 %
72 %
EBITDA Q4 2014
PSV AHTS CSV
12 %
20 %
68 %
EBITDA Q4 2013
PSV AHTS CSV
* Including gain from sale of assets MNOK 264
- Q4 Presentation 2014 DOF ASA
Historical Performance Group (excl gain from sale of assets)
15
0%
5%
10%
15%
20%
25%
30%
35%
40%
-
500
1 000
1 500
2 000
2 500
3 000
3 500
Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014
EBIT
DA
Mar
gin
%
MN
OK
Operating revenue EBITDA EBITDA margin
Q4 2011 Q4 2012 Q4 2013 Q4 2014Operating revenue 1 862 2 069 2 633 2 878EBITDA 581 685 830 786EBITDA margin 31 % 33 % 32 % 27 %
Non-current assets 26 641 27 630 27 928 28 761Current assets 4 187 4 136 4 817 5 800Total Assets 30 828 31 766 32 745 34 561
Equity 6 669 6 735 6 346 6 869Non-current debt 20 012 21 563 21 576 19 739Current debt 4 147 3 468 4 822 7 954Total Equity and Debts 30 828 31 766 32 745 34 562
- Q4 Presentation 2014 DOF ASA
Amounts in NOK million 31.12.2014 31.12.2013
ASSETSIntangible assets 1 117 781Vessel and other tangible assets 26 204 26 244Newbuildings 1 075 646Financial assets 365 258Non-current assets 28 762 27 928
Receivables 3 105 2 503Cash and cash equivalents 2 696 2 314Current assets 5 800 4 817
Total assets 34 562 32 745
EQUITY AND LIABILITIESSubscribted equity 1 452 1 452Retained equity 1 960 1 929Non-controlling equity 3 456 2 965Equity 6 869 6 346
Provisions for commitments 140 155Other non-current liabilities 19 599 21 421Non-current liabilities 19 739 21 576
Current part of interest bearing debt 6 049 3 248Other current liabilities 1 905 1 574Current liabilities 7 954 4 822
Total equity and liabilities 34 562 32 745
Balance Q4 2014 Comments • Prepaid instalments new-buildings include 7
vessels (50% share in 4 vessels). Three vessels planned delivered in 2015
• Financial assets include minority share in 4
vessels
• Generally high project activity, impact on receivables (approx. 50% of total revenue represent subsea projects)
• Unsecured debt (bonds) MNOK 4 124 included in long term debt
• Current part long term debt includes bond
(MNOK 1 039), balloons (MNOK 2 300) and normal amortization
16
ALL FIGURES IN NOK MILLION
- Q4 Presentation 2014 DOF ASA
Q4 2014 Q4 2013 2014 2013
Cash from operating activities 1 050 871 2 963 2 809 Net interest paid -316 -299 -1 352 -1 342 Taxes paid 31 -12 -6 -48 Net cash from operating activities 765 561 1 605 1 419
Payment received on sale of tangible assets 1 148 5 2 082 87 Purchase of tangible assets -615 -128 -2 345 -1 616 Other changes in investing activities -41 47 -126 11 Net cash from investing activities 492 -76 -390 -1 518
Proceeds from borrow ings 1 585 752 4 036 3 186 Prepayment of borrow ings -1 800 -594 -4 952 -2 844 Payment from/to non-controlling interests -4 -98 -7 -99 Net cash from financing activities -219 60 -923 242
Net changes in cash and cash equivalents 1 038 545 293 144
Cash and cash equivalents at the start of the period 1 567 1 759 2 314 2 145 Exchange gain/loss on cash and cash equivalents 91 10 89 25 Cash and cash equivalents at the end of the period 2 696 2 314 2 696 2 314
Cash Flow Q4 2014
17
ALL FIGURES IN NOK MILLION Comments Improved cash from operating activities Investing activities • Two vessels sold during 2014 (one Q2 and one
in Q4)
• One new-build delivered in 2014
• Prepaid instalments 5 new-builds with delivery in 2015 and onwards
Financing activities • Approx MNOK 1 630 represents new financing
(one new-build and one new bond). Remaining net proceeds and repayments represent ordinary refinancing activity during 2014
- Q4 Presentation 2014 DOF ASA
Key figures Q4 2014
18
Q4 2014 Q4 2013 2014 2013FINANCIAL RESULTEBITDA margin ex net gain on sale of vessel 27 % 31 % 31 % 32 %EBITDA margin 36 % 31 % 35 % 32 %EBIT margin 25 % 20 % 25 % 20 %Cashflow per share 5,70 4,48 20,13 16,03 Profit per share ex. non-controlling interest -2,47 0,33 0,74 -1,72 Profit per share ex. unrealized loss/gain and taxes 3,60 1,65 10,44 5,03
BALANCEReturn on net capital 7 % -1 %Equity ratio 20 % 19 %Value adjusted equity 34 % 37 %Value adjusted equity per share 80 75 Net interest bearing debt 22 856 21 985 Net interest bearing debt ex. unemployed capital 21 781 21 339 Capex -615 -128 -2 345 -1 616
- Q4 Presentation 2014 DOF ASA
Net interest bearing debt Q4 2014
19
ALL FIGURES IN NOK MILLION 31.12.2014 31.12.2013
Bond loan 4 124 4 722 Debt to credit institutions 15 057 16 265 Total non-current interest bearing liabilities 19 181 20 988
Bond loan 1 039 454 Debt to credit institutions 4 328 2 461 Utilized credit facilities 455 97 Total current interest bearing liabilities 5 822 3 012
Total interest bearing liabilities 25 003 24 000
Cash and cash equivalents 2 696 2 314 Net derivatives -549 -357 Non-current receivables - 58 Total net interest bearing liabilities 22 856 21 985
New builds 1 075 646 Net interest bearing liabilities, excluding unemployed capital 21 781 21 339
Comments Current interest bearing debt: Bonds MNOK 1 039 • DOF08 MNOK 339 and DOFSUB06 MNOK
700 will be fully repaid in 2015
Debt to credit institutions MNOK 4 328 • Balloons MNOK 2 300 • Amortization approx. MNOK 2 000 Cash and derivatives: • MNOK 639 represent cash deposit • Derivatives mainly represent interest
derivatives
- Q4 Presentation 2014 DOF ASA
Debt maturity profile
DO
F D
OF
Sub
sea
• ECA mainly represent long term funding with BNDES and GIEK
• DOF08 and DOFSUB06 will be fully repaid in 2015
• MNOK 1 000 in balloons in 2015 is repaid or refinanced ytd 2015
DOF GROUP COUNTERPARTY EXPOSURE Q4 2014
20
34%
22%
44%
ECA Bond Other Banks
-
500
1 000
1 500
2 000
2 500
3 000
2015 2016 2017 2018 2019 After
Bank Debt
Bond loans
Balloons
0
500
1000
1500
2000
2500
2015E 2016E 2017E 2018E 2019E After
Bank Debt
Bond Loans
Balloons
- Q4 Presentation 2014 DOF ASA
Total Fleet Values
Vessels & new-buildings MNOK 40 363
Equipment (subsea) MNOK 1 550
Total Fleet MNOK 41 913
Note: Vessels based on fair market values as of 31 December 2014
• The figures reflects amortization and balloon payments on total debt drawn as per 31 December 2014 and onwards
Combined market value DOF Group fleet including newbuild is NOK 40.4 bn (total value 100% NOK 48.658 bn)
New-building program to be completed in 2017 (including 50% in 4 PLSV’s)
Asset-level gearing on the existing fleet is 61%, decreasing to 26% in 2019
• Significant gearing reduction forecasted
DOF ASA – Asset coverage
21
Gearing forecast – summary
0%
20%
40%
60%
80%
100%
2015 2016 2017 2018 2019
61% 53% 46% 36%
26%
39% 47% 54% 64%
74%
Debt Equity
- Q4 Presentation 2014 DOF ASA
Sale of 5 vessels in Brazil
22
Design Built Type Skandi Stolmen
UT 755 1997 PSV
Skandi Yare
UT 755 2001 PSV
Skandi Leblon
UT 755 L 2004 PSV
Skandi Flamengo
UT 755 L 2003 PSV
Skandi Copacabana
UT 722 L 2005 AHTS
DOF Subsea
- Q4 Presentation 2014 DOF ASA
DOF Subsea Group – In brief
24
Fleet • One of the largest subsea vessel owners in the world
• Owns and operates a fleet of 22 vessels, plus 5 newbuilds on order • In addition 4 external vessels on long-term charter • The market value of owned vessels in operation is NOK 15 billion, with a value adjusted
age of approx. 6.2 years • Operates 54 ROVs and 12 ROVs and 1 AUV on order
Global organization • Head office in Bergen • Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and Brazil
Total of 1 858 employees • Subsea employees: 1 858 • Of which offshore engineers and project staff: 1 390
Norway Brazil Canada US UK Asia Pacific Angola
345 443 53 172 440 388 17
- Q4 Presentation 2014 DOF ASA
DOF Subsea Group – In brief
25
Key figures Back-log incl. options NOK 36 billion
Market value of fleet NOK 15 billion
Number of shares 119 733 714
Total Per share
Book equity NOK 6.1 billion NOK 51.05
Value adj. equity NOK 9.0 billion NOK 75.17
Book equity ratio 30.5 %
Value adj. equity ratio 39.3 %
7.3 % CAGR
17.6 % CAGR
Quarterly figures
* According to internal Management reporting
0%
5%
10%
15%
20%
25%
30%
35%
-
500
1 000
1 500
2 000
2 500
Q4 2011 Q4 2012 Q4 2013 Q4 2014
NO
K m
illio
n
Operating revenue EBITDA EBITDA margin
- Q4 Presentation 2014 DOF ASA
Key credit metrics
26
-
0,50
1,00
1,50
2,00
2,50
3,00
2009 2010 2011 2012 2013 2014
Interest Coverage (EBIT / Interest cost)
-
2,00
4,00
6,00
8,00
10,00
12,00
2009 2010 2011 2012 2013 2014
NIBD/EBITDA
-
0,20
0,40
0,60
0,80
1,00
2009 2010 2011 2012 2013 2014
NIBD/Total assets
-
0,20
0,40
0,60
0,80
1,00
2009 2010 2011 2012 2013 2014
Debt/Total assets
- Q4 Presentation 2014 DOF ASA
DOF Subsea – Projects
• DOF Subsea has built a global presence over the last 9 years
• DOF Subsea has developed the project business gradually
• Increased project activity driving growth
• Project business going forward • Gradually increase the complexity
of work done (Step by Step) • Build a larger project back-log • Mix between owned and chartered
in vessels
27
* According to internal Management reporting
2012 2013 YTD2014Subsea projects 3 776 4 971 5 378Chartering of vessels 1 472 1 609 2 044Total 5 248 6 580 7 422
-
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
Operating income by segment
Chartering of vessels Subsea projects Total
- Q4 Presentation 2014 DOF ASA
Subsea: APAC market Construction in Australia slowing down But being replaced by IRM Operators spend slowing Competition scene changing
DOF SUB: High tendering activity, several long term opportunities Expect better utilisation in 2015 compared to 2014
Brazil market We expect a slow 2015, with few new tenders and pressure on rates
DOF SUB: In general good backlog, but challenging for vessels that are up for renewal
Market and outlook
28
- Q4 Presentation 2014 DOF ASA
Subsea: North America market Increasing demand for Jones Act Compliance IMR and light construction vessels Market slow down for DSV and larger construction vessels
DOF SUB: Fairly new player in the US subsea market. We expect gradually increased
market share and higher vessel utilisation
Atlantic market We expect Norway to slow down significantly in 2015 We expect also UK to slow down in 2015
DOF SUB: North Sea exposure reduced. Skandi Skolten sold. Only 3 vessels in the North
Sea in 2015 In sum we expect lower activity in our Atlantic region in 2015 compared to 2014
Market and outlook continued
29
- Q4 Presentation 2014 DOF ASA
Supply: Brazil:
We expect a slower 2015, with few new tenders and pressure on rates
DOF: Only 2 PSV’s and 1 AHTS up for renewal late in 2015. All 3 vessels are Brazilian built and flagged
North Sea:
We expect the North Sea market for both AHTS and PSV to be weak
DOF: Low spot exposure in 2015
Asia Pacific:
We see modest increase in tender activity in the region within supply
The AHTS/PSV market is holding up, but downward pressure on rates
DOF: Only 4 vessels in the region
Market and outlook continued
30
- Q4 Presentation 2014 DOF ASA
Guidance 2015: High backlog for 2015 already secured
Skandi Skolten and Skandi Aker already delivered to new owners
5 Brazilian vessels planned for delivery to new owners within April 2015
3 new vessels planned delivered in 2015 (Skandi Angra in April 2015, Skandi Paraty in October 2015 and Skandi Africa in August 2015). All 3 have long term contracts
Higher “than normal” uncertainty on earnings from vessels that do not have firm contracts
Operational EBITDA guidance 2015 MNOK 3 100 – 3 500
Market and outlook continued
31
Thank you Presented by Mons Aase - CEO Hilde Drønen - CFO
- Q4 Presentation 2014 DOF ASA
DISCLAIMER This presentation by DOF ASA designed to provide a high level overview of aspects of the operations of the DOF ASA Group. The material set out in the presentation is current as at 20 February 2015. This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based on management’s own current expectations, estimates and projections about matters relevant to DOF 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 ASA 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 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 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.
33