DOF Group (DOFG) CMD 2025 summary

Strategic positioning and investment

• Integrated marine and subsea services, a high-value fleet and global reach support a differentiated position just below Tier 1, with higher utilization and margins through local expertise.

• Targeting global leadership in mooring and IMR and a leading Tier 2 position in smaller SURF, while expanding conventional services and renewables readiness.

• Divesting lower-spec and non-core vessels while upgrading the fleet and subsea equipment; selective chartering and disciplined CapEx address vessel shortages, with typical modification CapEx of $7–8m per vessel.

• Focus on workforce development, retention, diversity and local workforce expansion, drawing on a global organization built over 25 years.

Regional business developments

• Brazil: 11 new Petrobras contracts, including 4-year terms, record backlog in 2025 and fleet growth from 27+ vessels to 29 by early 2026; up to four newbuild RSVs are under negotiation for 12-year contracts.

• Brazilian demand remains strong as Petrobras seeks long-term fleet capacity; higher budgets and contract flexibility support rate increases, while flagging and blocking regulations are being managed.

• North America has 14 vessels across the U.S., Canada, Guyana and Trinidad; long-term contracts and a Canadian newbuild for a 15-year contract from 2027 support growth, with Canada at capacity and Mexico cautiously reopening.

• Atlantic delivers integrated services in the North Sea and West Africa, with high utilization, strong backlog and projects in mooring, IMR and renewables; growth is expected to continue in 2026.

Financial guidance and shareholder returns

• Backlog exceeds $5bn, with 82% of 2025 revenue guidance secured; higher rates and margins support earnings growth and a clear path to EBITDA uplift in 2026.

• 2025 revenue guidance is $1.8–$1.95bn; 2024 order intake exceeded expectations, while high tender activity and a robust 2026 pipeline continue, though matching 2024’s record may be challenging.

• Net leverage was 1.8x 2025G EBITDA, with a target range of 1.5–2.0x and ongoing deleveraging.

• A $150m senior unsecured bond extends maturities, refinances near-term debt and supports contract CapEx; debt repayments remain flat through 2030.

• Quarterly dividends are intended to grow sustainably as leverage falls; Brazilian newbuild CapEx is not expected to affect cash flow or dividend capacity before 2028.