DOF Group (DOFG) Investor Update summary

Fleet and acquisition

• Acquired 22 high-end vessels, including CSVs, anchor handlers and a cable layer, with a value-weighted average age of 8.5 years, for $881 million; the purchase represented 0.66x broker values at closing, with asset values rising since.

• Closing enterprise value was USD 900 million.

• Four I-class CSVs are among the most modern globally, with earnings upside as contracts renew at higher market rates.

• Fleet deployment aims to capture subsea service scopes and use AHTS vessels as project vessels; transits and upgrades in H1-25 are expected to enable additional subsea services.

Market, contracts and backlog

• High global tender activity and strong demand for high-end anchor handlers and CSVs, particularly in Brazil, APAC and North America; clients are engaging earlier for 2026–2027 projects.

• The term market for high-end AHTS vessels is robust; Brazilian tenders have seen limited competition and high day rates.

• Strong 2025 contract coverage, with only three legacy contracts extending beyond 2025; firm contracts for several vessels run into 2027, with options into 2030.

• A new field support vessel for Canada's White Rose field has a 15-year firm contract, options to 2052 and an expected 7–7.5-year payback period.

• Firm 2025 contracts are estimated to contribute USD 125 million in EBITDA.

Financial outlook

• Preliminary 2025 EBITDA guidance is $720–800 million, including a $150–200 million contribution from DOF Denmark, including vessel-upgrade transition costs.

• H2-25 is expected to deliver an annualized EBITDA run rate above $200 million, with further increases in 2026 as contracts renew at market rates.

• Dividend ambitions remain unchanged; vessel-upgrade CapEx is largely financed, with limited cash-flow impact and long-term dividend capacity expected to increase.