DOF Group (DOFG) CMD 2026 summary

Strategic positioning and fleet development

• Leading global position in subsea IMR and mooring services, with strong customer relationships and the largest fleet of high-end AHTS vessels.

• Fleet high-grading through acquisitions and divestments, including MSS, has reduced average fleet age by ~3 years since 2024; further reductions are expected from newbuilds scheduled for 2027–2030.

• High-end AHTS and subsea vessels support higher utilisation and EBITDA amid limited supply and strong demand; integrated services add project earnings with limited investment.

• Larger SURF and tieback projects are targeted to increase margins, while multiple $150–200m projects remain preferable to single mega-projects.

• Flexible global deployment, long-term contracts and repeat business support stable revenues and project execution across regions.

Regional business highlights

• APAC: Strong IMR and construction-support position, long-term contracts and high barriers to entry in Australia; opportunities span decommissioning and renewables.

• North America: 14 vessels deployed, with growth in IMR, SURF and mooring and key contracts in Canada, Guyana and Suriname; activity is shifting from the US to Central and South America.

• Brazil: 29-vessel fleet, record backlog and major Petrobras awards, including four RSV newbuilds on 12-year charters from 2030; positioned for large SURF and decommissioning projects.

• Atlantic: 23 vessels across the North Sea and West Africa, supporting long-term contracts, field work, decommissioning and construction in oil and gas and renewables.

Financial performance and capital allocation

• Backlog reached an all-time high of ~$7.2bn as of Q2 2026, with 92% of 2026 revenue guidance secured and strong coverage into 2027–2028.

• 2025 EBITDA was $781m, above guidance; further deleveraging is expected toward a 1.5x–2.0x leverage target, with leverage reported at 28%.

• No major debt maturities before 2030; near-term amortisation has been reduced by 40%.

• More than $500m returned to shareholders as dividends since June 2025; quarterly payments began, with dividends linked to operational results and leverage and potential increases from 2026.

• Vessel transactions are expected to be cash-neutral, selling older assets and adding higher-spec vessels to strengthen market position.