DOF ASA Financial Report Q4 2015 - Cision · Financial report Q4 2015 4 Accounts Q4 2015 10 Income statement 10 Statement of financial position 11 Statement of equity and Key figures

DOF ASA Financial Report

Q4 2015

Management reporting - accounts Q4 2015

(MNOK) Q4 2015 Q4 2014 2015 2014

Operating income 2 610 2 878 10 809 10 681

Operating expenses -1 779 -2 082 -7 439 -7 350

Net profit from associated and jont ventures -16 -11 -26 -9

Net gain on sale of tangible assets 4 264 375 468

Operating profit before depreciation EBITDA 818 1 049 3 719 3 790

Depreciation -272 -306 -1 119 -1 111

Impairment -152 -16 -531 -16

Operating profit - EBIT 395 727 2 070 2 663

Financial income 22 24 88 77

Financial costs -330 -355 -1 290 -1 420

Net realised gain/loss on currencies -118 -86 -386 -212

Profit before unrealised finance costs -31 310 481 1 109

Unrealised finance costs -104 -601 -816 -659

Profit (loss) before taxes -134 -291 -335 450

Taxes 32 89 19 50

Profit (loss) -102 -203 -316 500

(MNOK) Q4 2015 Q4 2014 2015 2014

Net cash from operation activities 816 765 2 359 1 605

Net cash from investing activities -863 492 -1 766 -390

Net cash from financing activities 192 -219 -1 183 -923

Net changes in cash and cash equivalents 145 1 038 -590 293

Cash and cash equivalents at start of the period 2 039 1 567 2 695 2 314

Exchange gain/loss on cash and cash equivalents 35 91 114 89

Cash and cash equivalents at the end of the period 2 220 2 696 2 220 2 696

(MNOK) 31.12.2015 31.12.2014

ASSETSIntangible assets 1 953 1 103

Tangible assets 25 910 27 280

Non-current financial assets 530 365

Total non-current assets 28 393 28 747

Receivables 2 772 3 105

Cash and cash equivalents 2 220 2 696

Total current assets 4 992 5 800

Asset held for sale 477 0

Total current assets incl. asset held for sale 5 469 5 800

Total assets 33 862 34 547

EQUITY AND LIABILITIESEquity 5 184 6 866

Non-current provisions and commitments 121 133

Non-current liabilities 22 946 19 599

Current liabilities 5 350 7 949

Total liabilities 28 417 27 681

Liabilities held for sale 260 0

Total liabilities incl liabilities held for sale 28 678 27 681

Total equity and liabilities 33 862 34 547

Net interest bearing liabilities 23 950 22 686

RESULT

BALANCE

CASH FLOW

Index

Financial report Q4 2015 4

Accounts Q4 2015 10

Income statement 10

Statement of financial position 11

Statement of equity and Key figures 12

Statement of cash flow 13

Notes to the Accounts 14

Note 1 General 14

Note 2 Management reporting 15

Note 3 Segment information - management reporting 16

Note 4 Hedges 16

Note 5 Tangible assets 17

Note 5 Tangible assets (cont.) 18

Note 6 Investment in associated and Joint Ventures 18

Note 7 Cash and cash equivalent 18

Note 8 Interest bearing liabilities 19

Note 9 Events after balance date 20

Note 10 Transaction with related parties 20

Note 11 Taxes 20

Note 12 Share capital and shareholders 21

Financial Report Q4 2015 DOF ASA

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Group operating income for Q4 based on management reporting totals NOK 2,610 million (NOK 2,878 million) and operating profit before depreciation and amortisation (EBITDA) totals NOK 822 million (NOK 785 million). EBITDA including gain from sale of assets totals NOK 818 million (NOK 1,049 million). Group income in 2015 totals NOK 10,809 million (NOK 10,681 million) and operational EBITDA is NOK 3,344 million (NOK 3,322 million). EBITDA (including gain from sale of assets) totals NOK 3,719 million (NOK 3,790 million).

Q3 operational result per segment is as follows:

The average utilisation of the Group’s fleet during Q4 was 87%. The utilisation of the Subsea fleet was 84%, the AHTS fleet 81% and the PSV fleet 96%. The Group operated during Q4 two (wholly/partly owned) vessels in the North Sea spot market, and had two vessels in lay-up. One of the vessels in lay-up was sold in December. The contract coverage for 2016 for the combined fleet excluding options is today 70.9%; 80% for the PSV fleet, 69% for the AHTS fleet and 65% for the Subsea fleet. DOF Subsea had during the period 12 vessels operating in the subsea project market, with a utilisation of 74%. Five of the vessels were chartered in from external owners, of which two were redelivered in October. The subsidiary DOF Subsea took in October delivery of Skandi Africa. The vessel is awarded the title “Ship of the Year 2015”. Skandi Africa is the Group’s most advanced vessel designed for operations in harsh environment and with the capacity to do pipe-laying down to 3,000 metres depths. The vessel started upon delivery on a five-year contract with Technip.

DOF Subsea concluded in December an agreement for

the sale of Skandi Protector to the “Commonwealth of Australia.” The vessel was delivered in January 2016.

The Group secured two one-year contracts during the period; one with Asco Marine in the North Sea and one with Petrobras in Brazil. DOF Subsea was awarded IMR-and installation contracts in Asia, the North Sea and in South America during the period.

Finance Supervisory Authority of Norway (FSA) has performed a review of DOF ASA’s 2014 financial state-ments, where amongst others the Group’s use of broker estimates and value in use for vessels were reviewed against the requirements of IFRS. FSA did not require the company to do any changes in its financial state-ments for 2014 based on this review, however proposed improvement were indicated, which will be implemented in the 2015 financial statements.

DOF ASA is an international Group of companies owning and operating a fleet, which as of December totalled 68 wholly and partly owned vessels within the three segments PSV (19 vessels), AHTS (20 vessels) and Subsea (29 vessels), in addition to several engineering companies offering services to the subsea market. Included in the Group’s fleet of vessels are five vessels under construction with planned delivery in the period 2016-2017. Skandi Protector is sold and was delivered to the new owner in January. The Group further owns a ROV fleet of 62 units, in addition to five ROVs under construction.

The Group operates the majority of its fleet on long-term contracts. As of 31 December 2015 the nominal value of these contracts totals approx. NOK 32.6 billion, in addition to options valued at approx. NOK 35.2 billion.

Q4 OperationsThe main part of the Group’s PSV and AHTS fleet operates on firm time charter contracts, while the Subsea fleet partly operates on time charter contracts and on subsea project contracts. In the project market the utilisation is affected by the market and seasonal fluctuations. The project revenues represent 39% of the Group’s total revenues during the period.

PSVThe PSV fleet includes 19 vessels, of which one vessel is partly owned. The majority of the fleet operated during the period in the North Sea on firm contracts. In addition, Norskan Offshore Ltda. operates four vessels for external owners in Brazil. This segment was also characterised by high contract coverage and steady operation during the quarter.

Financial report Q4 2015

MNOK PSV AHTS CSV Sum

Operating income 310 403 1 897 2 610

Operating result before depreciation

and impairment (EBITDA) *) 107 148 563 818

Operating result (EBIT) **) 59 27 309 395

EBITDA margin 35 % 37 % 30 % 31 %

EBIT margin 19 % 7 % 16 % 15 %

*) EBITDA includes gain on sale for tangible assets of NOK 4 million in the CSV segment.

**) EBIT includes impairment loss of NOK 15 million in the PSV segment, NOK 64 million in the AHTS segment and NOK 73 mill in the CSV segment, in addition to gain on sale of vessels in the footnote above.

Financial Report Q4 2015DOF ASA

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AHTSThe AHTS fleet includes 19 vessels in operation and one vessel under construction. 12 vessels operated on firm contracts in South America during the period; four vessels in the North Sea/Mediterranean, including one vessel in lay-up, and three vessels operated in Asia. Five of the vessels are 50% owned through DOF Deepwater AS, and one vessel is owned through a minority share in Iceman AS. In addition, Norskan Offshore Ltda. operates one vessel for external owners in Brazil.

The vessels operating in Brazil are all Brazilian flagged vessels. One vessel operated partly in the spot market during the period after end of its contract with Petrobras in November, and before start-up of new contract end December. Three vessels operated on firm contracts for Total in Argentina. The three vessels operating in Asia completed their contracts during fourth quarter and sailed to Singapore pending new employment. In the North Sea, two vessels operated in the spot market during the quarter obtaining a utilisation slightly above 66%.

SUBSEAThe Group owns a fleet of 25 subsea vessels in operation, in addition to four vessels under construction. One vessel, Skandi Africa, was delivered during the period, and started in the beginning of October on a five year contract. The revenues from the subsea operation include revenues from both project contracts and firm contracts, split as follows: NOK 1,013 million from the project contracts and NOK 629 million from the time charter contracts.

The Group’s project activity is mainly operated by the regions North Sea, Asia, North- and South America. The aggregate utilisation of the project fleet during the period was 74%. The activity level was variable in the different regions with reduced activity in the Atlantic region and parts of the fleet in US-Gulf, while Asia and Brazil experienced good utilisation for its fleets. Skandi Inspector, (built 1979) was sold during the period and delivered to new owners in the beginning of December.

DOF Subsea Asia has three vessels operating in the project market. The vessels have operated on IMR contracts for Shell in the Philippines and for Chevron in Australia and Indonesia. One vessel, Skandi Protector, was partly off-hire during the period and prepared for delivery to new owner in January. In the North Sea DOF Subsea has conducted survey and construction work for Shell, Statoil, Total, OMV and survey - and positioning work (S&P) for various oil and engineering companies. These projects have during the period been conducted by three vessels, of which one was hired in from external owners. In Gulf of Mexico, DOF Subsea has

mainly conducted work within the S&P and IMR segment, mainly for clients such as Freeport McMoran and Chevron. The North America fleet comprises four vessels during the period, of which three were hired in. One of the hired-in vessels was redelivered during Q4.

The subsea operation in Brazil is based on firm contracts and includes hire of both vessels and ROVs. Utilisation and revenues were good during the period. The Group owns and operates nine subsea vessels in Brazil, including five RSV vessels, two construction vessels and two pipe laying vessels. The two pipe laying vessels carry Brazilian flag and are owned and operated through a Joint Venture together with Technip. One of the construction vessels, Skandi Salvador, is built in Brazil and operated on various project contracts during 2015.

The Group’s subsea vessels on time charter contracts experienced steady operation during the quarter with average utilisation of 91%.

Main Items Interim Accounts Q4 – Financial Reporting • Operating income totals NOK 2,486 million (NOK 2,753

million). • Operating profit before depreciation and impairment

(EBITDA) totals NOK 810 million (NOK 948 million).• Gain from sale of assets totals NOK 4 million (NOK 264

million)• Operating profit (EBIT) totals NOK 418 million (NOK

645 million).• Total depreciation and impairment amounts to NOK 392

million (NOK 303 million) of which NOK 138 million (NOK 16 million) is impairment loss.

• Net financial expenses before unrealised gain/loss on foreign exchange and change in fair value of financial instruments totals NOK -380 million (NOK -401 million).

• Unrealised gain/loss on foreign exchange and change in fair value of financial instruments totals NOK -227 million (NOK - 528 million).

Average utilisation of the Fleet

PSV AHTS CSV / Subsea


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• Pre-tax profit totals NOK -189 million (NOK - 285 million).

• Net interest bearing debt as of 31 December totals NOK 21,980 million (NOK 20,609 million).

• Net interest bearing debt excluding capital not employed as of 31 December is NOK 21,874 million (NOK 20,126 million).

• Book equity including non-controlling interests as of 31 December is NOK 5,184 million (NOK 6,866 million).

The Group has implemented hedge accounting for parts of the revenues related to the Brazil operation. This operation is based on long-term charter contracts in USD secured with debt in corresponding currency. During the period, we have terminated one hedge leading to an unrealised loss on foreign exchange of NOK -133 million booked to the income statement.

As mentioned above, the Finance Supervisory Authority of Norway (FSA) has reviewed the Group’s 2014 financial state-ments, where inter alia, method for calculation of recoverable amount was emphasized. In connection with the review, FSA was also presented with the Group’s impairment tests up until Q2 2015. FSA has taken into account the Group’s method for establishing the net sales value, including the use of broker estimates. FSA in general encourages companies to document that the use of external market valuations are in line with IFRS 13. Thus, the Group will continue its practice to use broker estimates in combination with the value in use method when calculating the recoverable amount.

Based on the reduction in broker estimates for the Group’s fleet of vessels as per December and value in use calculations, the Group has performed an impairment of its fleet in the amount of NOK 138 million in 4th quarter. In addition, impairment of vessels in the amount of NOK 14 million has been done in one Joint Venture company.

Tax expense is based on best estimate.

Total balance as of 31 December is NOK 31,629 million (NOK 32,331 million), of which vessels, newbuilds and subsea equipment amounts to NOK 23,188 million (NOK 23,866 million). Asset held for sale of NOK 477 million represents Skandi Protector which is sold and delivered to new owner in January. Unemployed capital of NOK 106 million (NOK 483 million) relates to one newbuild, Skandi Paraty, with planned delivery during 1st half of 2016. Prepaid instalments on the remaining newbuilds are included in investments in associated companies and total NOK 837 million.

Cash flow from operational activity after payment of interest during Q4 is NOK 710 million (NOK 627 million). Net cash flow from investing activities is NOK -826 million (NOK -637 million). Cash flow from financing activities totals NOK 237 million (NOK -226 million).

Main Items Accounts 2015 - Financial reporting (equity method for Joint Ventures)The Group’s operating revenues for 2015 totals NOK 10,291 million (NOK 10,196 million). Revenues from the subsidiary DOF Subsea’s project activity represent approximately 45% of gross revenues based on management reporting and are included in the CSV segment. The utilisation of this part of the fleet was during Q4 in line with or slightly below the utilisation in the previous quarter. Group operating profit before depreciation (EBITDA) is NOK 3,362 million (NOK 3,495 million), of which gain from sale of asset is NOK 332 million (NOK 468 million). Throughout the year 10 vessels were sold, of which one vessel was owned 50% through a Joint Venture. Operating profit is NOK 1,822 million (NOK 2,450 million). Operating profit is influenced by higher depreciation and impairment compared to last year, totalling NOK 1,541 million (NOK 1,045 million). Impairment totals NOK 531 million, out of which NOK 31 million totals impairment done in Joint Venture companies. The Group took delivery of two newbuilds during the year.

Net financial items year to date total NOK -2,232 million (NOK -2,028 million), of which unrealised gain/loss on foreign exchange on long term debt and change in fair value of financial instruments totals NOK -761 million (NOK -553 million). The high volatility in foreign exchange rates during the period had a significant impact on the financial result, the equity ratio and the non-current debt throughout the year.

Cash flow from operating activities in 2015 totals NOK 2,016 million (NOK 1,255 million). Net cash flow from investment activities totals NOK -1,958 million (NOK -81 million), and from finance activities NOK -735 million (NOK -866 million).

Cash flow Q4 2015


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Financing and Capital StructureThe Group’s remaining commitment as per 31 December for the five vessels under construction totals approx. USD 671 million. This includes the Group’s share of commitments related to the four newbuilds owned by DOF Subsea in a 50/50 Joint Venture with Technip. All newbuilds are secured on long-term contracts with Petrobras with scheduled delivery in the period 2016-2017. Two of the vessels are under construction in Norway, and two are under construction in Brazil. Long-term financing is secured for the first vessel built in Norway, and long-term financing is also concluded with BNDES for the Brazilian built vessels.

The subsidiary Norskan Offshore Ltda. has one vessel, Skandi Paraty, under construction in Brazil with estimated delivery during the first half year of 2016. The vessel is secured long-term financing and a four-year firm contract with Petrobras upon delivery.

The Group has taken delivery of two newbuilds and sold 10 vessels during 2015. Free cash after repayment of debt on sold vessels is approximately NOK 1,300 million. Total debt drawn upon delivery of newbuilds is USD 367 million. The Group has also refinanced balloon payments in the total amount of NOK 5,900 million on debt with maturity during 2015 and 2016. Short-term portion of long-term debt is reduced from NOK 5,840 million as per 31.12.2014 to NOK 3,034 million as per 31.12.2015. The subsidiary DOF Subsea repaid a bond loan, DOFSUB06, in October in the amount of NOK 505 million. In addition DOF ASA repaid a bond loan of NOK 339 million in Q1.A depreciation of NOK and BRL against USD has influenced the Group’s balance sheet and financial position negatively throughout the year. On an aggregate basis, unrealised losses on foreign exchange booked to equity totalling NOK -2,200 million. The majority of the losses on foreign exchange are booked as comprehensive income due to hedge accounting.

The Group book equity is 16% (21%) as per December 2015.

Net interest bearing debt has increased from NOK 20,609 million to NOK 21,980 million, of which NOK 1,518 million is net increased debt due to unrealised changes in foreign exchange and translation differences. The portion of long term debt secured with fixed rate of interest is approximately 66% of total debt and includes debt with fixed interest in BNDES.

Vessels and equipment constitute approx. 73% of total assets. Based on broker estimates received as per December 2015, the market values of the Group’s vessels are down with 5 – 10% compared to the estimates received in September. The broker estimates received both during Q4 and Q3 are partly outweighed by a strengthened USD against NOK.

The Group’s main financial covenants in existing loan agree-ments are based upon minimum value adjusted equity ratio of 30% or minimum 20% if the Group’s contract coverage is 70% or higher, and a minimum cash covenant of NOK 500 million. As of 31 December, value adjusted equity ratio is 32.6%, and the Group reported free liquidity of NOK 1,536 million. The contract coverage for the next 12 months period is 70.9%. The Group is in compliance with its financial covenants as of 31 December 2015, see note 8.

The Group’s short-term portion of long-term debt as per year-end is NOK 3,294 million, of which NOK 260 million relates to the sold vessel Skandi Protector, NOK 300 million represents two balloon payments in DOF Subsea, and NOK 422 million represents one bond, DOFSUB05, issued by DOF Subsea with maturity in April 2016. In addition, NOK 172 mil-lion is overdraft facilities, and NOK 2,140 million is scheduled amortisation on long-term debt. The bond loan DOFSUB05 will be repaid in April, DOF Subsea has started buying back this loan. DOF Subsea is in the process of refinancing the balloon payments maturing in 2016.

Interest bearing debt 31.12.2014 - 31.12.2015

Skip Yard Delivery Type Contract Financing

Skandi ParatyVard

Brazil 2016 AHTS4 yrs

PetrobrasSigned loan agreement

Skandi Acu * (NB 823)

Vard Norway 2016 PLSV

8 yrs Petrobras

Signed loan agreement

Skandi Buzios * (NB 824)


8 yrs Petrobras

Skandi Olinda * (EP 09)


8 yrs Petrobras

Loan agree-ment signed with BNDES

Skandi Recife * (EP10)

Vard Brazil 2017 PLSV

8 yrs Petrobras

Loan agree-ment signed with BNDES

*) 50 % ownership

Newbuildings


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Shareholders There were no significant changes in the shareholders’ structure during the period. As of 31 December the company had 3,264 shareholders. The share price per 31 December was NOK 4.48 per share.

Employees The Group employed as of 31 December 4,819 people including hired staff. The offshore marine personnel counts 2,947 people, while 1,566 people are employed within the subsea segment and 306 are employed onshore within the ship management organisation. Due to a weak market and sale of assets the Group has throughout 2015 reduced the workforce in several regions. The reduction in number of employees is approx. 550 people.

Quality, health and safety The Group experienced two fatal accidents during 2015. The Group has a strong focus on improving the safety further, including improvements and strengthening of safety planning throughout the entire organisation. No significant QHSE issues were identified during Q4.

FleetAs per December the Group owns a total fleet of 68 vessels (wholly/partly owned) and the Group has of year-end five vessels under construction. The vessels under construction are one AHTS vessel and four pipe-laying vessels (owned 50% with Technip). In addition, DOF Subsea owns 62 ROVs and has another five ROVs on order.

A Joint Venture company owned 50/50 by DOF Subsea and Technip has ordered four pipe-laying vessels, of which two are to be built in Norway and two in Brazil. All vessels have entered into 8+8 years contracts with Petrobras. The vessels will be equipped to operate on ultra-deep water; the Norwegian built vessels will be equipped with 650 ton pipe-laying towers. The Brazilian built vessels will be equipped with 350 ton towers. The vessels will be delivered during 2016-2017.

Norskan has one vessel under construction, Skandi Paraty, which is the last vessel in a series of three. Skandi Paraty is considerably delayed from the yard, and new expected delivery is first half of 2016. The vessel is secured on a four-year contract with Petrobras upon delivery.

DOF Subsea has three external vessels hired in from external owners. Harvey Deep-Sea is hired for a period of four years from mid-2013 and Ross Candies until March 2016. Both vessels are so-called Jones Act vessels and are utilised for the DOF Subsea project activity in the Gulf

of Mexico. The third vessel, Normand Reach is hired in for a period of 2+2x1 year from June 2014, and may be redelivered in June 2016. The vessel has been utilised for the project activity in the Atlantic region.

New contractsThe Group’s fleet operates world-wide, with the most important operational areas being the North Sea, Africa, Brazil and Asia/Australia.

DOF Rederi has secured a one-year contract for Skandi Sotra with Asco Marine in the North Sea and Norskan Offshore Ltda. secured a one-year contract for Skandi Botafogo with Petrobras. Both contracts had start-up in December. DOF Subsea secured during the period several IMR contracts in the Gulf of Mexico, Asia and Argentina, hence parts of the fleet have had good utilization at the start of the year.

OutlookThe trend in the market is still strongly negative with low tender activity in several regions. Despite the fact that 96 vessels in the North Sea were in lay-up at year-end, the market balance has yet to improve. The AHTS spot market is still volatile despite a small recovery towards the end of the year. However throughout 2015 and so far into 2016 the demand and revenues have been very weak. The contract coverage for the Group’s fleet of PSV vessels is high, although the rates achieved on new contracts are concluded on low levels.

Petrobras has during the year redelivered several vessels, of which the international flagged vessels have been mostly affected. A high share of the Group’s fleet carries the Brazilian flag, and as such the Group is less exposed to termination of contracts in Brazil. The processes related to contract renewals are however demanding and time consuming.

The weakening of the oil price has further increased the oil companies’ focus on cost cutting and capital rationing. The

Contract coverage per 31.12.2015


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market is expected to be more challenging during 2016 and the counterparty risk for the Group’s fleet will possibly increase.

The Group concluded several sales of vessels during the last 12-15 months and has a contract coverage of 70.9% for 2016. All five vessels under construction are secured on firm contracts. The negative market development has however increased the risk of lower utilization and reduced earnings for the Group’s vessels not secured long-term contracts at the start of 2016 and vessels up for renewal during 2016 and onwards. The uncertainty related to anticipated market development is considerably higher than normal. Despite an impairment of NOK 531 million in 2015, the values of the Group’s vessels, equipment and investments in associated companies will be challenged if the negative marked trend continues. This may in turn influence the Group’s liquidity situation and compliance with financial covenants. The Group maintains its strategy to have a majority of the fleet secured on long-term contracts, and is actively working

on securing and increasing firm employment of the fleet. The Group continues its work to reduce cost along with efficiency improvements.

The Group completed in 2015 its planned finance - and refinance program according to schedule. The Group needs to prepare for a continued weak market for the company’s vessels and services. This entails increased future risk related to the financial position, liquidity and long-term funding. As a consequence of the said demanding market situation, the board of directors and management have initiated an overall finance scheme to secure the Group with satisfactory financing and liquidity through an expected demanding period. The company will inform the market about this work in due course, first time during Q2 2016.

Based on the Group’s market view, the Board of Directors as of today expects lower operational earnings (EBITDA) for 2016 compared to previous year.

IR Contacts:

Mons S. Aase, CEO +47 91661012, [email protected] Drønen, CFO +47 91661009, [email protected]

DOF ASA5392 Storebø www.dof.no

Board of Directors DOF ASA, February 18th, 2016

Helge SingelstadHelge MøgsterChairman

Karoline Møgster

Kristian Falnes Nina G. Sandnes Mons S. AaseCEO


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Accounts Q4 2015

Income statement

Statement of comprehensive income

(MNOK) Note Q4 2015 Q4 2014 2015 2014

Operating income 2 486 2 753 10 291 10 196

Operating expenses -1 738 -2 056 -7 326 -7 247

Net profit from associated and Joint Ventures 6 58 -12 65 77

Net gain on sale of tangible assets 4 264 332 468

Operating profit before depreciation EBITDA 810 948 3 362 3 495

Depreciation 5 -254 -287 -1 041 -1 029

Impairment 5 -138 -16 -500 -16

Operating profit - EBIT 418 645 1 822 2 450

Financial income 26 26 99 82

Financial costs -320 -341 -1 238 -1 355

Net realised gain/loss on currencies -86 -86 -332 -203

Net unrealised gain/loss on currencies -241 -328 -869 -336

Net changes in fair value of financial instruments 14 -200 108 -217

Net financial costs -607 -930 -2 232 -2 028

Profit (loss) before taxes -189 -285 -410 422

Taxes 11 87 83 95 78

Profit (loss) for the period -102 -203 -316 500

Profit attributable to

Non-controlling interest 41 72 120 419

Controlling interest -143 -275 -436 81

Profit and diluted profit per share ex non-controlling interest -1,29 -2,47 -3,93 0,73

(MNOK) Q4 2015 Q4 2014 2015 2014

Profit (loss) for the period -102 -203 -316 500

Items that will be subsequently reclassified to profit or loss

Currency translation differences (CTA) 14 249 89 381

Hedges 4 230 -179 -979 -332

Share of other comprehensive income of Joint Ventures 5 -41 -15 -377 -21

Items that not will be reclassified to profit or loss

Defined benefit plan actuarial gain (loss) 17 -4 17 -2

Other comprehensive income/loss net of tax 220 50 -1 249 27

Total comprehensive income/loss 118 -152 -1 565 527

Non-controlling interest 37 123 -60 495

Controlling interest 81 -275 -1 505 31


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Statement of financial position

(MNOK) Note 31.12.2015 31.12.2014

ASSETS

Deferred tax assets 1 353 638

Goodwill 436 418

Intangible assets 1 789 1 056

Vessel and equipments 5 21 604 21 887

ROV 5 943 1 002

Newbuildings 5 106 483

Operating equipment 5 535 494

Tangible assets 5 23 188 23 866

Investment in associated and Joint Ventures 6 513 1 246

Other non-current receivables 905 512

Non-current financial assets 1 418 1 759

Total non-current assets 26 395 26 681

Trade receivables 2 112 2 331

Other receivables 589 710

Current receivables 2 701 3 041

Restricted deposits 520 639

Cash and cash equivalents 1 536 1 971

Cash and cash equivalents incl. restricted deposits 7 2 056 2 609

Current assets 4 757 5 650

Asset held for sale 477 -

Total current asset incl. Asset held for sale 5 234 5 650

Total Assets 31 629 32 331

EQUITY AND LIABILITIES

Paid in equity 1 452 1 452

Other equity 452 1 957

Non-controlling interests 3 281 3 458

Total equity 5 184 6 866

Deferred taxes 42 49

Other provisions 44 53

Non-current provisions and commitments 86 103

Bond loan 8 3 347 4 124

Debt to credit institutions 4, 8 17 354 13 091

Derivatives 8 244 384

Other non-current liabilities 26 32

Non-current liabilities 20 971 17 631

Current part of bond loan and debt to credit institutions 8 3 034 5 840

Accounts payable 1 439 1 192

Other current liabilities 654 700

Current liabilities 5 127 7 732

Liabilites held for sale 8 260 -

Total current liabilities incl Liabilities held for sale 5 387 7 732

Total liabilities 26 445 25 465

Total equity and liabilities 31 629 32 331


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Statement of equity

(MNOK) Paid-in capital

Retained earnings

Currency translation differences

Total Non-controlling interest

Total equity

Balance at 01.01.2015 1 452 1 774 182 1 956 3 458 6 866

Total comprehensive income/loss -1 529 24 -1 505 -60 -1 565

Transaction with non-controlling interests - -117 -117

Balance at 31.12.2015 1 452 245 206 451 3 281 5 184

Balance at 01.01.2014 1 452 2 051 -122 1 929 2 965 6 346

Total comprehensive income/loss -272 304 32 495 527

Transaction with non-controlling interests -4 -4 -3 -7

Balance at 31.12.2014 1 452 1 775 182 1 957 3 457 6 866

Key figures

Q4 2015 Q4 2014 2015 2014

EBITDA margin ex net gain on sale of vessel 1 32 % 25 % 29 % 30 %

EBITDA margin 2 33 % 34 % 33 % 34 %

EBIT margin 3 17 % 23 % 18 % 24 %

Cashflow per share (controlling interest) 4 2,28 2,49 7,87 7,85

Profit per share (controlling interest) *) 5 -2,55 0,58 -2,64 3,21

Profit per share ex. unrealised gain/loss on currencies and changes fair value

of financial instruments (controlling interest) 6 -0,13 0,79 -0,16 3,26

Return on net capital 7 -6 % 7 %

Equity ratio 8 16 % 21 %

Value adjusted equity 9 33 % 34 %

Net interest bearing debt 21 980 20 609

Net interest bearing debt ex. unemployed capital 21 874 20 126

No of shares 111 051 348 111 051 348 111 051 348 111 051 348

Outstanding number of shares 111 051 348 111 051 348 111 051 348 111 051 348

*) Diluted number of share is the same as number of shares1) Operating profit before net gain on sale of vessel and depreciation in percent of operating income. 2) Operating profit before depreciation in percent of operating income. 3) Operating profit in percent of operating income. 4) Pre-tax result + depreciation and impairment +/- unrealised gain/loss on currencies +/- net changes in fair value of financial instruments/average no of shares.5) Result /average no. of shares. 6) Result + net unrealised currency gain/loss + net changes fair value of financial instruments)/average no of shares. 7) Result incl non-controlling interest/total equity 8) Total equity/Total balance 9) Equity adjusted for excess values from broker valuation/Total assets adjusted for excess values from brokers valuation.


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Statement of cash flow

(MNOK) Q4 2015 Q4 2014 2015 2014

Operating result 418 645 1 822 2 450

Depreciation and impairment 392 303 1 541 1 045

Gain/loss on disposal of tangible assets -4 -264 -332 -468

Share of profit/loss from associates -58 12 -65 -78

Changes in accounts receivables 151 -159 219 -499

Changes in accounts payable 99 223 247 151

Changes in other working capital 169 63 208 -108

Foreign exchange gain/loss on operating activities -17 80 -196 50

Cash from operating activities 1 150 903 3 444 2 544

Interest received -7 17 36 63

Interest paid -354 -321 -1 248 -1 346

Taxes paid -80 28 -215 -6

Net cash from operating activities 710 627 2 016 1 255

Payments received for sale of tangible assets 16 1 148 1 953 2 082

Purchase of tangible assets -721 -514 -3 901 -2 001

Payments received for sale of shares - - 417 -

Purchase of shares - -5 - -6

Received dividend - - 3 -

Other investments -121 8 -431 -156

Net cash from investing activities -826 637 -1 958 -81

Proceeds from borrowings 1 305 1 585 6 681 4 036

Repayment of borrowings -1 068 -1 807 -7 299 -4 895

Payments from non-controlling interests - -4 -117 -7

Net cash from financing activities 237 -226 -735 -866

Net changes in cash and cash equivalents 120 1 038 -677 307

Cash and cash equivalents at the start of the period 1 907 1 485 2 609 2 219

Exchange gain/loss on cash and cash equivalents 28 86 124 83

Cash and cash equivalents at the end of the period 2 056 2 609 2 056 2 609


14

Note 1 General

Notes to the Accounts

DOF ASA (the “Company”) and its subsidiaries (together, the “Group”) own and operate a fleet of PSV, AHTS, subsea vessels and service companies offering services to the subsea market worldwide.

The Company is a public limited company, which is listed on the Oslo Stock Exchange and incorporated and domiciled in Norway. The head office is located at Storebø in the municipality of Austevoll, Norway.

These condensed interim financial statements were approved for issue on 18 February 2016. These condensed interim financial statements have not been audited.

Basis of preparationThese condensed interim financial statements have been prepared in accordance with IAS 34, ‘Interim financial reporting’. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2014, which have been prepared in accordance with IFRS.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.

EstimatesThe preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed interim financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2014, with the exception of changes in estimates that are required in determining the provision for income taxes.


15

Note 2 Management reporting

RESULT Q4 2015 Q4 2014

(MNOK) Management reporting

IFRS 11 impact

Financial reporting

Management reporting

IFRS 11 impact

Financial reporting

Operating income 2 610 -124 2 486 2 878 -125 2 753

Operating expenses -1 779 41 -1 738 -2 082 26 -2 056

Net profit from associated and Joint Ventures -16 74 58 -11 -2 -12

Net gain on sale of tangible assets 4 - 4 264 - 264

Operating profit before depreciation EBITDA 818 -8 810 1 049 -101 948

Depreciation -272 18 -254 -306 19 -287

Impairment -152 14 -138 -16 - -16

Operating profit - EBIT 395 23 418 727 -82 645

Financial income 22 3 26 24 2 26

Financial costs -330 10 -320 -355 14 -341

Net realised gain/loss on currencies -118 32 -86 -86 - -86

Net unrealised gain/loss on currencies -119 -121 -241 -400 72 -328

Net changes in fair value of financial instruments 16 -1 14 -201 1 -200

Net financial costs -529 -78 -607 -1 019 88 -930

Profit (loss) before taxes -134 -55 -189 -291 6 -285

Taxes 32 55 87 89 -6 83

Profit (loss) -102 -0 -102 -203 -0 -203

BALANCE 31.12.2015 31.12.2014

(MNOK) Management reporting

IFRS 11 impact

Financial reporting

Management reporting

IFRS 11 impact

Financial reporting

ASSETSIntangible assets 1 953 -164 1 789 1 103 -47 1 056

Tangible assets 25 910 -2 722 23 188 27 280 -3 413 23 866

Non-current financial assets 530 887 1 418 365 1 394 1 759

Total non-current assets 28 393 -1 998 26 395 28 747 -2 066 26 681

Receivables 2 772 -71 2 701 3 105 -64 3 041

Cash and cash equivalents 2 220 -164 2 056 2 696 -86 2 609

Total current assets 4 992 -235 4 757 5 800 -150 5 650

Asset held for sale 477 477 - -

Total current assets incl. asset held for sale 5 469 -235 5 234 5 800 -150 5 650

Total assets 33 862 -2 233 31 629 34 547 -2 216 32 331

EQUITY AND LIABILITIESEquity 5 184 - 5 184 6 866 -0 6 866

Non-current provisions and commitments 121 -35 86 133 -31 103

Non-current liabilities 22 946 -1 975 20 971 19 599 -1 968 17 631

Current liabilities 5 350 -223 5 127 7 949 -217 7 732

Total liabilities 28 417 -2 233 26 184 27 681 -2 216 25 465

Liabilities held for sale 260 - 260 - -

Total liabilities incl. liabilities held for sale 28 678 -2 233 26 445 27 681 -2 216 25 465

Total equity and liabilities 33 862 -2 233 31 629 34 547 -2 216 32 331

Net interest bearing liabilities 23 950 -1 970 21 980 22 686 -2 106 20 609


16

Note 4 Hedges

Note 3 Segment information - management reporting

Operating income, EBITDA and EBIT per segment

The Group applies cash flow hedge accounting related to foreign exchange rate risk on expected highly probable income in USD, using a non derivative financial hedging instrument. This hedging relationship is described below.

Cash flow hedge involving future highly probable incomeThe Group applies hedge accounting related to the cash flow hedging of expected highly probable income in USD, from its operations in Brazil.

The cash flow hedges hedge a portion of the foreign currency risk arising from highly probable income in USD relating to time charter contracts on vessels owned by the companies Norskan Offshore Ltda and DOF Subsea Navagacao Ltda.

The hedging instruments are portions of the companies’ long term debt denominated in USD. The risk being hedged in each hedging relationship is the spot element of the forward currency rate of USD/BRL. The future highly probable income has a significant exposure to the spot element as the spot element is the main part of the forward rate. The long term debt is translated from USD to BRL at spot rate on the balance sheet date every reporting period.

The effective portion of changes in fair value of the instruments that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement.

Amounts accumulated in equity are reclassified to profit or loss in the periods when the expected income is recognised.

Q4 2015 Q4 2014 2015 2014

Operating IncomePSV 310 304 1 217 1 205

AHTS 403 400 1 640 1 459

CSV 1 897 2 174 7 952 8 017

Total 2 610 2 878 10 809 10 681

EBITDA *)PSV 107 103 461 452

AHTS 148 186 829 686

CSV 563 761 2 430 2 652

Total 818 1 050 3 719 3 790

EBIT *)PSV 59 48 230 245

AHTS 27 120 341 466

CSV 309 559 1 499 1 952

Total 395 727 2 070 2 663

*) EBITDA includes gain on sale of tangible assets of NOK 4 million in the CSV segment in 4th quarter 2015.

**) EBIT includes impairment loss of NOK 15 million in the PSV segment, NOK 64 million in the AHTS segment and NOK 65 million in the CSV segment, in addition to the gain on sale of tangible assets mentioned above.


17

Impairment Due to impairment indicators related to the Group’s activity in general, impairment testing has been performed in order to calculate the recoverable amount for the Group’s vessels. Each vessel constitutes a separate cash generating unit, which is tested separately for impairment. The recoverable amount is tested against each vessel’s book value. In the event that the calculated recoverable amount is lower than book value of the vessel, impairment is made to reflect recoverable amount.

Recoverable amount is in accordance with IAS 36 defined as the higher of the assumed fair value less cost of disposal (net sales value) and value in use. For vessels not secured on long term contracts, the Group has in general assumed that net sales value based on independent broker estimates is the best estimate of the recoverable amount. This is due to the fact that there is great uncertainty related to the rate levels and utilization for years to come. Estimates from two brokers are collected per vessel, both prepared by reputable ship brokers. Net sales value is calculated based on an average of the two broker values, taken into account sales commission. This is further adjusted for any excess values in the incumbent contract for each vessel. Due to a limited number of sale and purchase transactions in the current market, there is a larger uncertainty related to the received broker estimates. For this reason, the Group has sought to substantiate the broker valuations, inter alia with value in use calculations or tests of reasonableness of implicit rates derived from the valuations. In the event that the net sales value falls below 110% of book value for each vessel, the Group has deemed it necessary to perform separate calculations to support the broker valuations.

The Group has prepared value in use calculations for 30 vessels. The value in use calculations are based on estimated discounted cash flows before financial items and tax. Estimated cash flows are based on the Group’s budgets per vessel for 2016, and forecasted earnings going forward. The cash flows per vessels are calculated based on the vessels remaining useful lifetime. Historical income rates, operational -and capital expenditure related to periodical maintenance, in addition to corresponding rate and expenditure levels for comparable vessels form the basis for the estimated cash flows. A weak market during the years 2016-2019 is anticipated, with expected normalisation in 2020. For vessels fixed on firm contracts during the period, the assumption is that the contracts run up until expiry, and that the rate level is reduced thereafter and until the end of 2019. Options have not been assigned any added value in the value in use calculations.

Note 5 Tangible assets

2015 Vessel and periodical maintenance

ROV Newbuilds Operating equipment Total

Book value at 01.01.2015 21 887 1 002 483 494 23 866

Addition 464 142 3 138 157 3 901

Vessel completed 3 397 70 -3 467 -

Asset hold for sale *) -469 -8 -477

Disposal -1 580 -6 -19 -1 605

Reclassification 24 -45 15 -6

Depreciation -722 -204 -115 -1 041

Impairment loss -491 -6 -3 -500

Currency translation differences -906 -11 -48 15 -950

Book value at 31.12.2015 21 604 942 106 536 23 188

*) The vessel Skandi Protector is reclassified as held for sale.

2014 Vessel and periodical maintenance

ROV Newbuilds Operating equipment Total

Book value at 01.01.2014 22 187 817 406 478 23 888

Addition 548 346 861 190 1 945

Vessel completed 924 -19 -806 -99 -

Disposal -1 544 -42 -4 -1 590

Reclassification -6 19 -6 7

Depreciation -807 -132 -90 -1 029

Currency translation differences 585 13 22 25 645

Book value at 31.12.2014 21 887 1 002 483 494 23 866


18

Note 7 Cash and cash equivalent31.12.2015 31.12.2014

Restricted cash *) 520 639

Cash and cash equivalent 1 536 1 971

Total cash and cash equivalent 2 056 2 609

*) Including restricted cash related to non-current loan from Eksportfinans.

Effect of application of IFRS 11 on investments in Joint Ventures; 31.12.2015

Opening balance 31.12.2014 1 246

Profit (loss) 65

Profit (loss) through OCI -379

Disposal -417

Other -2

Closing balanse 31.12.2015 513

See Note 2 regarding the presentation of the implementation of IFRS 11.

Joint Ventures Joint Ventures

DOFCON Brasil AS with subsidiaries 50 %

DOF Deepwater AS 50 %

DOF Iceman AS 50 %

Associated companies

Master & Commander 20 %

PSV Invest II AS (Skandi Aukra) 15 %

Iceman AS (Skandi Iceman) 20 %

DOF OSM Services AS 50 %

Note 6 Investment in associated and Joint Ventures

The Company’s investment in associates and Joint Ventures as of 31.12.2015;

The cash flows used in the value in use calculations are discounted using a real average cost of capital after tax (WACC) ranging from 5.25% - 5.6%. The value in use calculations are based on best estimate, and due to the current weak market, there is a high level of uncertainty related to the estimates.

The impairment tests have resulted in impairment of vessels and equipment totaling NOK 500 million. The impairments are spread on 10 vessels. For Q4 2015 the impairment totals NOK 138 million.

In addition, impairment of vessels in Joint Ventures have been completed, in the total amount of NOK 31 million in 2015 (50% share), spread on 4 vessels. For Q4 2015 impairment of vessels in Joint Ventures totals NOK 14 million (50% share).

The Group’s sensitivity analysis related to changes in main parameters in the value in use calculations (for example with respect to the WACC) indicates immaterial effects on calculated impairments. This is mainly due to the fact that net sales value is used as best estimate for recoverable amount, and that value in use calculations are used to support this estimate. As a consequence, the Group’s estimates for recoverable amount and accompanying impairment will be sensitive to changes in the broker valuations. For vessels where broker valuations has been used as best estimate for recoverable amount, a 10% reduction in broker values will result in an additional impairment of approximately NOK 500 million.

Note 5 Tangible assets (cont.)


19

Note 8 Interest bearing liabilities

31.12.2015 31.12.2014

Non-current interest bearing liabilities

Bond loan 3 347 4 124

Debt to credit institutions 17 354 13 091

Total non-current interest bearing liabilites 20 701 17 215

Current interest bearing liabilities

Bond loan 422 1 039

Debt to credit institutions 2 265 4 131

Utilised credit facilities 260 -

Liabilities held for sale 172 455

Total current interest bearing liabilities 3 120 5 625

Total interest bearing liabilities 23 821 22 839

Net interest bearing liabilities

Cash and cash equivalents *) 2 056 2 609

Net derivatives -216 -379

Non-current receivables -

Total net interest bearing liabilities 21 980 20 609

Installment- and balloon profile

Q1 2016

Q2 2016

Q3 2016

Q4 2016

2017

2 018

2019

2020

Subsequent

Total

Bond 422 690 1 958 699 3 769

Debt to credit institutions 740 583 446 757 2 243 2 089 3 474 3 096 6 452 19 880

Overdraft facilities 172 172

Total 740 1 005 446 929 2 933 4 047 4 173 3 096 6 452 23 821

Loan divided on currency and fixed interest

Share fixed interest

Balance 31.12.2015

NOK 50 % 12 156

USD 84 % 11 115

GBP 28 % 550

Total 66 % 23 821

Covenants regarding non-current liabilities to credit institutions: - The Group net asset value should be higher than 30% or higher than 20% if the contract coverage for the fleet is greather than 70%. - The Group shall have available cash of least NOK 500 million at all times.

Per 31 Desember 2015 the value adjusted eguity ratio is 32.6% and free liquidity is NOK 1,536 million. Contract coverage is 70.9% the next 12 months. The Group is in compliance with it’s financial covenants as of 31 December 2015.

A negative market trend has resulted in increased risk for lower contract coverage for the Group’s fleet of vessels, which again increases the risk for further deterioration of market values. Further, high volatility in foreign exchange rates has influenced the Group’s solidity. On an aggregate level this might to a high degree influence the Group’s ability to meet its obligations with respect financial covenants going forward.

*) A non-current loan has been provided by Eksportfinans and is invested as a restricted deposit in DNB. The loan is fully repaid in 2021. The cash deposit is included in restricted deposits.

Out of current debt to credit institutions of NOK 2,265 million, the balloon payments amounts to NOK 300 million and normal amortization amounts to NOK 1,966 million (excluded accrued interest). The balloon is related to DOF Subsea and due date is at the end of 2016.

Liabilities held for sale is debt on Skandi Protector, which is agreed sold. Current part of bond loan is related to DOF Subsea, DOFSUB05, with maturity in April 2016.


20

Note 9 Events after balance date

Note 10 Transaction with related parties

Note 11 Taxes

DOF ASA has been awarded a 1 year contract + 1 year option with Statoil for the vessel Skandi Vega. The new contract will commence in mid May, in direct continuation of the current contract.

In January DOF Subsea delivered Skandi Protector to the new owners.

A Joint Venture owned by DOF Subsea and Technip has in January taken partly delivery of the vessel Skandi Acu. Final delivery is expected in the beginning of second quarter 2016. The vessel will thereafter sail to Brasil for a long term contract with Petrobras.

DOF Subsea AS has purchased NOK 62 million in its bond loan DOFSUB05. The net outstanding after the transaction is NOK 62 million.

Transactions with related parties are governed by market terms and conditions in accordance with the “arm’s length principle”. The transactions are described in the Annual report for 2014.

There are no major changes in the type of transactions between related parties.

Taxes per 31 December 2015 are a preliminary estimate.


21

Note 12 Share capital and shareholders

Largest shareholders as of 31.12.2015

Name No. shares Shareholding Voting shares

MØGSTER OFFSHORE AS 56 876 050 51.22 % 51.22 %

PARETO AKSJE NORGE 9 794 402 8.82 % 8.82 %

SKAGEN VEKST 5 762 213 5.19 % 5.19 %

MP PENSJON PK 1 835 503 1.65 % 1.65 %

MOCO AS 1 094 184 0.99 % 0.99 %

VESTERFJORD AS 1 027 650 0.93 % 0.93 %

KANABUS AS 1 004 684 0.90 % 0.90 %

PARETO AS 994 000 0.90 % 0.90 %

FORSVARETS PERSONELLSERVICE 938 421 0.85 % 0.85 %

THE NORTHERN TRUST CO. 809 814 0.73 % 0.73 %

EIKA NORGE 668 612 0.60 % 0.60 %

VERDIPAPIRFONDET ALFRED BERG NORGE 635 758 0.57 % 0.57 %

SKANDINAVISKA ENSKILDA BANKEN AB 596 830 0.54 % 0.54 %

BCEE LUX - SICAV LUX 518 459 0.47 % 0.47 %

LISE AS 500 000 0.45 % 0.45 %

CITIBANK. N.A. 460 819 0.41 % 0.41 %

FLU AS 453 661 0.41 % 0.41 %

IMAGINE CAPITAL AS 423 098 0.38 % 0.38 %

HOFSTAD 419 423 0.38 % 0.38 %

ENERGY INVESTORS AS 419 384 0.38 % 0.38 %

Total 85 232 965 76.75 % 76.75 %

Total other shareholders 25 818 383 23.25 % 23.25 %

Total no of shares 111 051 348 100 % 100 %

DOF ASA SINGAPORE

DOF Subsea Asia Pacific Pte Ltd460 Alexandra Road# 15-02PSA Building, 119963SINGAPOREPhone: +65 6561 2780Fax: +65 6561 [email protected]

DOF Management Pte Ltd460 Alexandra Road# 15-02PSA Building, 119963SINGAPOREPhone: +65 6868 1001Fax: +65 6561 2431

UNITED KINGDOM

DOF Subsea UK LtdHorizons House, 81-83 Waterloo Quay Aberdeen, AB11 5DE, UNITED KINGDOMPhone: +44 1224 614 000Fax: +44 1224 614 [email protected]

DOF (UK) LtdHorizons House, 81-83 Waterloo Quay Aberdeen, AB11 5DEUNITED KINGDOMPhone: +44 12 24 58 66 44Fax: +44 12 24 58 65 [email protected]

USA

DOF Subsea USA Inc5365 W. Sam Houston Parkway N Suite 400, Houston, Texas 77041 USAPhone: +1 713 896 2500Fax: +1 713 984 [email protected]

ARGENTINA

DOF Management Argentina S.A.Peron 315, piso 1, Oficina 6-b1038 - Buenos AiresArgentinaPhone: +5411 4342 [email protected]

AUSTRALIA

DOF Management AustraliaLevel 1, 441 South RoadBentleigh, Vic. 3204AUSTRALIAPhone: +61 3 9556 5478Mobile: +61 418 430 939

DOF Subsea Australia Pty Ltd5th Floor, 181 St. Georges TcePerth, Wa 6000 AUSTRALIAPhone: +61 8 9278 8700Fax: +61 8 9278 [email protected]

BRAZIL

NorSkan Offshore LtdaRua Lauro Müller, 116 - Offices 2802 to 2805 - Botafogo - Rio de Janeiro - RJ BRAZIL - CEP: 22290-160Phone: +55 21 2103-5700Fax: +55 21 [email protected]

DOF Subsea Brasil Serviços LtdaRua Fiscal Juca, 330 Q: W2 – L: 0001 Loteamento Novo Cavaleiros Vale Encantado – Macaé/RJ Phone: +55 22 2123-0100Fax: +55 22 [email protected]

CANADA

DOF Subsea Canada26 Allston Street, Unit 2Mount Pearl, NewfoundlandCanada A1N 0A4Phone: +1 709 576 2033Fax: +1 709 576 [email protected]

NORWAY

DOF Subsea ASThormøhlensgate 53 C5006 Bergen NORWAYPhone: +47 55 25 22 00Fax: +47 55 25 22 [email protected]

DOF Subsea Norway ASThormøhlensgate 53 C5006 Bergen NORWAYPhone: +47 55 25 22 00Fax: +47 55 25 22 [email protected]

DOF Management ASAlfabygget5392 StorebøNORWAY

Thormøhlensgate 53 C5006 Bergen NORWAY

Phone: +47 56 18 10 00Fax: +47 56 18 10 [email protected]

ANGOLA

DOF Subsea AngolaRua Ndumduma 56/58Caixa postal 2469, MiramarLuanda, Republic of Angola Phone/Fax: +244 222 43 28 58 +244 222 44 40 68Mobile: +244 227 28 00 96 +244 227 28 99 95 E-mail: [email protected]

Alfabygget5392 StorebøNORWAYPhone: +47 56 18 10 00Fax: +47 56 18 10 [email protected]

DOF ASA

Alfabygget

5392 Storebø

NORWAY

www.dof.no

Documents

DOF ASA Financial Report Q4 2015 - Cision · Financial report Q4 2015 4 Accounts Q4 2015 10 Income statement 10 Statement of financial position 11 Statement of equity and Key figures