DOF Group (DOFG) CMD 2026 summary

Strategic priorities and market outlook

• Focus on high-grading the fleet by selling lower-earning vessels and acquiring higher-spec assets, with a strong emphasis on IRM/CSV and anchor handling segments.

• Record-high backlog of $7.2 billion as of Q2 2026, providing strong earnings visibility through 2027 and 2028, with expectations for further backlog growth into 2029.

• Expansion into larger SURF projects is targeted to increase margins, with a preference for multiple $150–200 million projects over single mega-projects.

• Global presence enables flexible vessel deployment and project execution, leveraging regional strengths in Brazil, North America, Atlantic, and APAC.

• Optimism for continued growth in IRM, anchor handling, and tieback projects, supported by industry consolidation and high demand.

Regional performance and opportunities

• APAC region maintains a strong IMR and construction support focus, with long-term contracts, high barriers to entry, and growth in renewables and conventional energy.

• North America sees significant growth in Guyana, Suriname, and Canada, with expanding IMR, SURF, and mooring activities, and a shift of business from the US to Central and South America.

• Brazil boasts a robust contract portfolio, with a 29-vessel fleet, record backlog, and major contract wins including newbuild RSVs and PLSVs, preparing for future large SURF and decommissioning projects.

• Atlantic region leverages a flexible fleet for long-term contracts and project work across Europe and Africa, focusing on turnkey solutions, field support, decommissioning, and construction for oil & gas and renewables.

Financial position and capital allocation

• Debt profile improved with a 40% reduction in near-term amortization, no major maturities before 2030, and leverage at 28%.

• Over $500m returned to shareholders as dividends since June 2025, with quarterly dividends initiated and potential for increases in 2026 and beyond.

• Vessel acquisitions are expected to be cash-neutral, with older vessels sold and newer, higher-spec assets added; ongoing evaluation of potential acquisitions to strengthen market position.

• EBITDA for 2025 reached $781m, exceeding guidance, with stable margins and further deleveraging expected to reach a 1.5x–2.0x leverage target.

• Market outlook remains strong, with higher activity levels expected in 2027–2028, driven by new contracts, fleet investments, and robust tender pipelines.