Q4 Financial Presentation 2016
DOF ASA
Highlights
Main Highlights
Operational EBITDA 2016 MNOK 3 022 (excl. hedge accounting)
Operational EBITDA Q4 MNOK 640 (excl. hedge accounting)

Average utilisation total fleet 82% in Q4

Good performance Brazilian AHTS fleet

Variable utilisation from subsea regions

Backlog 57% for 2017

Refinancing in DOF ASA and DOF Rederi AS completed

Skandi Buzios (PLSV) delivered from the yard in Norway

Two vessels sold in Q4
All numbers based on management reporting
DOF ASA
- Q4 Presentation 2016
3
Highlights

Subsea
•
Operational

DOF ASA
Average utilisation project fleet 74% and TC (time charter) fleet 82%
Project fleet:
• Variable-/low utilisation in Atlantic and North America regions
• Asia Pacific – Good utilisation and performance
• Brazil – stable utilisation
TC fleet:
• Utilisation impacted by docking and transit of vessels
AHTS/PSV
•
North Sea & Med – Stable utilisation PSV fleet, variable utilisation AHTS
fleet, 3 vessels in lay-up
•
Brazil – Good utilisation AHTS fleet, two vessels imported with Brazilian flag
•
Asia Pacific – Stable utilisation, one vessel in lay-up
- Q4 Presentation 2016
4
Highlights
Contracts
DOF ASA

Geoholm awarded a contract by TechnipFMC Oceania Pty Ltd

DOF Subsea awarded a LOA for a subsea vessel in the Atlantic region with duration of more than
1 year

Skandi Sotra and Skandi Saigon awarded 75 days firm contracts + 30 days options in Egypt

DOF Subsea awarded a 3-year IMR frame agreement in Asia Pacific

Skandi Botafogo awarded 1 year firm contract +1 year option with Petrobras from February.

Skandi Vitoria (PLSV owned through a JV with Technip) awarded 532 days with Petrobras

Skandi Pacific awarded 3 years firm + 2 years option with Total Austral in Argentina from Q2

Skandi Aukra awarded 2 years firm + options with Asco Marine from December

Skandi Iceman awarded 13 months call-off, minimum 60 days firm with Eni Norge from December
- Q4 Presentation 2016
5
Highlights
Fleet

Skandi Buzios (PLSV) delivered in January

Skandi Hera (AHTS) and Skandi Darwin (Subsea) added to the fleet in February

Skandi Stord (AHTS) sold and delivered to new owners

Skandi Santos (OSCV) sold and delivered to Akastor JV
•
Financing
DOF ASA
Marine management and ROV service to continue under Norskan and DOF Subsea

The Holding company has agreed a working capital facility of NOK 400 million with
tenor of 3 years

DOF Subsea has refinanced two balloons in Q4

A new facility of NOK 3 800 mill drawn in October (final part of the Group refinancing)
- Q4 Presentation 2016
6
Overview Group
DOF ASA in brief
Fleet

68 vessels
Back log*

Total NOK 60.0 bn
(18 PSV, 20 AHTS, 30 Subsea)
•
61 vessels in operation, 4 in lay up
•
2 vessels owned via minority share
•
2 vessels on “management” with purchase
options
•
3 newbuilds (2 vessels 50% owned via
Technip JV and 1 vessel owned 45%)

1 subsea vessel chartered in from
external owner (firm until August 2017)

67 ROVs + 2 ROVs on order

NOK 32,3 billion in fair market value
owned vessel in operation* (100% basis)
•
Firm contracts: NOK 27.0 bn
•
Options: NOK 33.0 bn
Global organisation


Head office in Norway
Regional offices in Australia,
Singapore, UK, USA, Canada,
Angola, Argentina and Brazil
Vessels
Total of 4 072 employees*


Subsea employees:
Marine personnel:
1 278
2 794
1
Subsea
18

Average age approx. 9 years,
value adjusted fleet age of 6.0 years*
30
PSV
(*As per 31.12.2016)
20
DOF ASA
- Q4 Presentation 2016
AHTS
Chartered Subsea
Vessels
8
Fleet overview and contract coverage
No. of vessels
PSV
AHTS
Subsea
Total fleet
DOF ASA/DOF REDERI AS
16
3
3
23
NORSKAN OFFSHORE
1
11
2
13
DOF SUBSEA AS
0
0
23*
23
DOF INSTALLER ASA
0
0
2
2
DOF DEEPWATER AS
0
5
0
5
Total fleet
17
19
30
66**
Expectations for 2017 and
onwards
• Our global footprint, track record and
project capacity will be vital to secure
utilisation
• Blocking rights in Brazil vital to
secure contracts in this region
Contract coverage
*
2017 Firm
48,5%
62,8%
58,4%
57,1%
2017 Including options
64,4%
68,6%
67,4%
67,0%
**
• Reasonable tender activity and
number of leads in some regions
Including Newbuilds, Skandi Hera and Skandi Darwin
Excl. vessels owned via minority share
DOF ASA
- Q4 Presentation 2016
9
DOF backlog overview 2017 -2020
26,813
Backlog at 31.12.2016
40 000
35 000
NOK million
30 000
25 000
20 000
15 000
10 000
5 000
0
Option
Firm
•
DOF ASA
2017
2018
2019
2020
Thereafter
556
1 335
1 563
1 920
27 962
5 442
4 364
4 042
3 233
10 125
Total value backlog (firm & options) from 2020 and onwards is MNOK 38,087
- Q4 Presentation 2016
A global player
30
546
Austevoll
5
Aberdeen
217
St. Johns
North America
Atlantic
Houston
Cairo
Mumbai
364
Manila
1
Malaysia
Brunei
Singapore
22
Region
Rio de Janeiro
Employees
Macaé
Buenos Aires
Vessels
Brazil
Jakarta
Luanda
437
Darwin
7
Perth
Asia Pacific
Melbourne
Marine crew: 2 508
DOF ASA
- Q4 Presentation 2016
11
Newbuilding program
Skandi Buzios (PLSV)
50% ownership
8 yrs contract
(Petrobras)
Delivered
Loan agreement signed, first
tranche drawn on 1st delivery
Summer 2018*
Loan agreement signed with
BNDES
Q1 2019*
Loan agreement signed with
BNDES
Skandi Recife (PLSV)
50% ownership
8 yrs contract
(Petrobras)
Skandi Olinda (PLSV)
50% ownership
8 yrs contract
(Petrobras)
Skandi Vinland (MPSV)
45% ownership
10 yrs contract
(Husky Energy)**
Q2 2017
* Agreement regarding postponed delivery signed with Petrobras
** DOF Subsea committed to hire the vessel on BB to serve Husky contract
DOF ASA
- Q4 Presentation 2016
12
Establishing a strategic position in Brazil
The first 10 years
Getting established with Brazilian-flagged vessels, local content, local employees
2001-2006
2009
Skandi Copacabana
First Brazilian built AHTS
Skandi Salvador
First Brazilian built CSV
2010
2011
Skandi Vitória
& Skandi Niterói
First Brazilian built PLSVs
Events last 12 months shows that our strategy is working
2016
Skandi Buzios (PLSV) currently mobilising for 8 yrs contract
Skandi Botafogo (AHTS) 1 yr contract in Feb 2017
Skandi Vitoria (CSV) 532 days contract from Jan 2017
Skandi Leblon (PSV) 365 days contract from Jan 2017
Skandi Flamengo (PSV) 668 days contract from Jan 2017
Skandi Salvador (CSV) 1 yr firm contract from August 2016
Skandi Açu (PLSV) on-hire for 8 yrs contract in Aug 2016
Geograph (RSV) 18 months contract from May 2016
Skandi Paraty (AHTS) on-hire 4 yrs contract in May 2016
DOF ASA
- Q4 Presentation 2016
2017
2012
4 new PLSV´s
2 built in Brazil
2013 – 2016
Skandi Amazonas
& Skandi Iguaçu
Biggest AHTS vessels built
in Brazil by DOF
Adding vessels
Opportunities in a challenging market
Agreement with the new owner for management and operation of two vessels.
Option to purchase vessels at a price corresponding to the outstanding debt (approx. 50-60% of historical build costs).
Skandi Hera
Skandi Darwin
•
Built: 2009
•
Built: 2012
•
LOA: 93,8 m
•
LOA: 93,8 m
•
Crane: prepared for 250 t
•
GRT: 4 827 t
•
Bollard pull: 263 t
•
Crane: prepared for 100 t
Skandi Hera will give good exposure in both AHTS and Subsea
markets.
DOF ASA
- Q4 Presentation 2016
To be utilised for the Shell Prelude IMR contract in
the Asia Pacific region.
14
Financials
Management Reporting
Result Q4 2016
Q4 2016
Q4 2015
2016
2015
1 955
-1 319
5
98
738
-43
695
2 652
-1 779
-16
4
860
-75
785
8 776
-5 745
-10
171
3 193
-207
2 986
10 991
-7 439
-26
375
3 901
-182
3 719
Depreciation
Impairment
Operating profit- EBIT
-304
-413
-21
-272
-152
362
-1 142
-1 932
-89
-1 119
-531
2 070
Financial income
Financial costs
Net realised currency gain/loss
29
-337
-200
22
-330
-118
1 116
-1 190
-483
88
-1 290
-386
Net profit/loss before unrealised currency
-530
-64
-646
481
Net unrealised currency gain/loss
Net unrealised gain/loss on market instr.
20
-116
-119
16
800
249
-925
109
Profit/loss before tax
-625
-167
403
-335
Tax
Net profit/loss
-89
-714
24
-143
-202
201
11
-323
All figures in NOK million
Operating income
Operating expenses
Net profit/loss from TS and JV
Net gain on sale of vessel
EBITDA before hedge
Hedge operating income
Operating profit before depr - EBITDA
According to management reporting
DOF ASA
- Q4 Presentation 2016
Comments result Q4
Operational performance:
PSV:
• 89% utilisation fleet
• One vessel in lay-up
• One vessel sold
AHTS:
• 78% utilisation fleet
• Three vessel in lay-up (partly)
• One vessel mobilised for Brazil flag
Subsea:
• 82% utilisation TC fleet
• 75% utilisation project fleet
• Variable performance in US-gulf, stable in Brazil
and in APAC
• Vessel transits, and mobilised for Brazil flag
• One vessel sold
Depreciation and impairment:
• Impairment loss in 2016 reflect drop in FMVs:
15% PSV fleet, 4,5% AHTS fleet and 3,5% Subsea fleet
Finance:
• Unrealised loss mainly due to strong USD
16
Segment reporting Q4 2016
PSV
Q4 2016
Q4 2015
Amounts in NOK million
Operating income
AHTS
Q4 2016
Q4 2015
CSV
Q4 2016
Q4 2015
Total
Q4 2016
Q4 2015
210
310
431
403
1 271
1 897
1 912
2 609
2
-
-
-
96
4
98
4
Operating result before depreciation and impairment (EBITDA)
59
107
218
148
418
563
695
818
Depreciation
43
34
69
57
190
181
302
271
Impairment
177
15
53
64
184
73
414
152
-161
59
96
27
44
309
-21
395
28 %
-77 %
35 %
19 %
50 %
22 %
37 %
7%
33 %
3%
30 %
16 %
36 %
-1 %
31 %
15 %
Gain on sale of tangible assets
Operating result (EBIT)
EBITDA margin
EBIT margin
According to management reporting
EBITDA Q4 2016
EBITDA Q4 2015
9%
13 %
18 %
31 %
60 %
69 %
PSV
DOF ASA
- Q4 Presentation 2016
AHTS
CSV
PSV
AHTS
CSV
17
Historical Performance Group (excl gain from sale of assets)
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
3 500
40%
Operating revenue
EBITDA
EBITDA margin
30%
2 500
MNOK
25%
2 000
20%
1 500
15%
1 000
10%
500
EBITDA MARGIN %
35%
3 000
5%
0%
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Operating revenue
EBITDA
EBITDA margin
Q4 2013
2 633
827
31 %
Q4 2014
2 878
799
28 %
Q4 2015
2 610
890
34 %
Q4 2016
1 912
640
34 %
Non-current assets
Current assets
Total Assets
27 928
4 817
32 745
28 747
5 800
34 547
28 381
5 469
33 850
29 511
4 614
34 125
Equity
Non-current debt
Current debt
Total Equity and Debts
6 346
21 576
4 822
32 745
6 866
19 732
7 949
34 547
5 172
23 067
5 611
33 850
8 146
22 123
3 856
34 125
Q4 2016
According to management reporting
DOF ASA
- Q4 Presentation 2016
18
Balance Q4 2016
31.12.2016
Amounts in NOK million
31.12.2015
ASSETS
Intangible assets
Vessel and other tangible assets
Newbuildings
Financial assets
Non-current assets
1 354
25 664
1 805
689
29 511
1 941
24 967
943
530
28 381
Receivables
Cash and cash equivalents
Asset held for sale
Current assets incl asset held for sale
Total assets
2 243
2 370
0
4 614
34 125
2 772
2 220
0
4 992
33 373
2 842
1 784
3 520
8 146
1 452
439
3 281
5 172
67
22 056
22 123
121
22 946
23 067
2 081
1 775
0
3 856
3 198
2 152
0
5 350
34 125
33 590
EQUITY AND LIABILITIES
Subscribted equity
Retained equity
Non-controlling equity
Equity
Provisions for commitments
Other non-current liabilities
Non-current liabilities
Current part of interest bearing debt
Other current liabilities
Liabilities held for sale
Current liabilities
Total equity and liabilities
Comments to balance
Assets:
• Intangible assets include deferred tax of
MNOK 1 024 and goodwill of MNOK 330
• Vessels change include three vessel sold and
two newbuilds delivered
• Newbuilds include 1st delivery Skandi Buzios
• Financial assets include minority share and
long term funding of JVs
Equity:
• Include rights issue and new convertible bond
done in November and December
• Outstanding convertible bond by year end
MNOK 493
Non Current liabilities:
• Secured debt MNOK 20 760
• Unsecured debt MNOK 1 296
Current liabilities:
• Current part interest term bearing debt
include 12 months amortisation and accrued
interest
According to management reporting
DOF ASA
- Q4 Presentation 2016
19
Key Figures
NIBD historical development
FINANCIAL RESULT
EBITDA margin (operational)
EBIT margin (operational)
Profit per share ex. non-controlling interest
Profit per share ex. unrealised loss/gain and taxes
Q4 2016
Q4 2015
33 %
17 %
-0,41
-0,41
33 %
23 %
-1,36
-1,22
25 000
1
2
9,00
8,00
20 000
7,00
3
4
2%
24 %
21 442
19 637
6,65
10,45
-6 %
15 %
23 731
22 788
6,46
9,46
MILLION NOK
6,00
BALANCE
Return on net capital
Equity ratio
Net interest bearing debt
Net interest bearing debt ex. unemployed capital
NIBD/EBITDA
NIBD/EBIT
15 000
5,00
4,00
10 000
3,00
2,00
5 000
1,00
1 EBITDA excluded net gain on sale of assets and hedge accounting / Operating Income
2 EBIT excluded net gain on sale of assets, hedge accounting and impairment / Operating Income
3 Net interest bearing debt excluded unemployed capital / 4 quarters rolling EBITDA excluded net gain on sale of
assets, hedge accounting
4 Net interest bearing debt excluded unemployed capital / 4 quarters rolling EBIT excluded net gain on sale of assets
and hedge accounting
-
2011
2012
2013
2014
2015
2016
Net interest bearing debt ex unemployed capital
EBITDA ex gain on sale of assets and hedge accounting
NIBD/EBITDA
According to management reporting
DOF ASA
- Q4 Presentation 2016
20
Net interest bearing debt 31.12.2016
31.12.2016
31.12.2015
1 297
20 604
21 901
3 347
19 328
22 674
1 912
1 912
422
2 422
172
260
3 276
Total interest bearing liabilities
23 812
25 950
Cash and cash equivalents
Total net interest bearing liabilities
2 370
21 442
2 220
23 731
1 805
943
19 637
22 788
Amounts in NOK million
Bond loan
Debt to credit institutions
Total non-current interest bearing liabilities
Bond loan
Debt to credit institutions
Utilised credit facilities
Liabilities held for sale
Total current interest bearing liabilities
Newbuilds
Net interest bearing liabilities, excluding unemployed
capital
Comments interest bearing debt
Non-current debt:
• Bond loan: DOFSUB07, maturity May 2018
Current debt:
• Debt: 12 months amortisation secured debt
Cash and derivatives:
• Cash: MNOK 405 represent restricted cash
Newbuilds:
• Newbuilds include installments 4 vessels
owned by DOFCON Brazil, including 1st part
delivery of Skandi Buzios
According to management reporting
DOF ASA
- Q4 Presentation 2016
21
Cash Flow Statement
Q4 2016
Q4 2015
2016
2015
Cash from operating activities
Net interest paid
Taxes paid
Net cash from operating activities
887
-268
-5
615
1 273
-369
-88
816
3 159
-1 089
-68
2 003
3 882
-1 271
-252
2 359
Sale of tangible assets
Purchase of tangible assets
Sale of shares
Purchase of shares
Other changes in investing activities
Net cash from investing activities
980
-372
-3
-6
7
607
17
-819
-8
-53
-863
1 531
-4 085
-7
-145
-2 707
2 615
-4 231
-8
-142
-1 766
Proceeds from borrowings
Prepayment of borrowings
Share issue
Purchase of convertible bond loan
Payment from/to non-controlling interests
Net cash from financing activities
3 799
-4 902
-0
-1 104
1 326
-1 133
-0
192
7 250
-7 150
1 044
-209
-26
910
6 807
-7 873
-117
-1 183
Net changes in cash and cash equivalents
119
145
205
-590
2 260
-8
2 370
2 039
35
2 220
2 220
-54
2 370
2 695
114
2 220
Amounts in NOK million
Cash and cash equivalents at the start of the period
Exchange gain/loss on cash and cash equivalents
Cash and cash equivalents at the end of the period
Comments Cash flow Statement Q4
Investing activities:
Sale of assets:
Skandi Santos and Skandi Stord
Purchase assets: Instalments newbuilds ROV
and conversions
Financing activitites:
Proceeds:
Prepayments:
New facility DOF Rederi
Repayment facilities DOF Rederi
Repayment sale of vessels
Amortisation
According to management reporting
DOF ASA
- Q4 Presentation 2016
22
Debt maturity profile after restructuring debt
5 000
4 447
DOF Group
counterparty exposure Q4 2016
DOF ex Subsea
4 500
4 000
3 500
3 000
Balloons
1 802
2 000
48 %
Bond
1 500
46 %
940
1 000
6%
Bank Debt
2 500
631
771
665 725
631
ECA
Banks
Bonds
500
-
-
-
-
-
-
-
-
-
-
2017E
2018E
2019E
2020E
2021E
After
4 000
3 600
DOF Subsea
3 500
ECA mainly represent exposure with Norwegian
and Brazilian ECAs (GIEK and BNDES)
3 000
2 500
Bank Debt
2 000
1 500
Balloons
1 318
1 282
1 300
1 249
847
1 000
Bond
1 195
829
786
Bonds:
• DOFSUB07 Maturity in May 2018
Bank Balloons:
• No balloons before 2019
328
500
-
-
-
-
-
-
-
-
2017E
DOF ASA
2018E
2019E
- Q4 Presentation 2016
2020E
2021E
Thereafter
23
DOF Subsea
DOF Subsea Group in Brief
DOF ASA
First Reserve Corporation
(51%)
(49%)
DOF Subsea Holding
(100%)
DOF Subsea
2005
20 526
Modern
1 278
Established
NOK million total assets
High-end fleet and equipment
Employees
(according to management reporting)
20
4
1
67 ROVs,
Owned subsea vessels
Vessels on order
Vessel on charter
2 ROVs on order
DOF ASA
- Q4 Presentation 2016
25
Modern High-end Fleet
Fleet age
Year of delivery DOF Subsea fleet
8,0
Newbuilds
17 %
6,0
Years
2000-2006
25 %
Skandi Africa, Ship of the Year 2015
4,0
2,0
2007-2015
58 %
Average
fleet age
Value adjusted average fleet age
Skandi Acu, PLSV built 2016
* Newbuilds not included in
calculation of average fleet age
* As at 31 December 2016 – i.e. Skandi Buzios still considered as newbuild
• Majority of the fleet delivered from 2007 and onwards
• Modern fleet with a value adjusted average fleet age of 6.3 years
• High-end vessels, capable of a wide scope of worldwide operations
DOF ASA
- Q4 Presentation 2016
Skandi Buzios, PLSV built 2017
26
Historical performance DOF Subsea Group (excl. gain from sale of assets)
Operating revenue
EBITDA
EBITDA margin
MNOK
2 000
40%
35%
30%
25%
1 500
20%
1 000
15%
10%
500
EBITDA MARGIN %
2 500
5%
0%
Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
Operating revenue
EBITDA
EBITDA margin
Q4 2013
1 871
550
29%
Q4 2014
2 025
502
25%
Q4 2015
1 642
516
31%
Q4 2016
1 127
320
28%
Non-current assets
Current assets
Total assets
16 340
3 470
19 810
15 796
4 223
20 019
16 818
3 752
20 570
18 043
2 483
20 526
Equity
Non-current debt
Current debt
Total Equity and Debts
5 216
11 427
3 167
19 810
6 112
9 402
4 505
20 019
5 692
11 228
3 650
20 570
6 055
11 993
2 478
20 526
According to management reporting
DOF ASA
- Q4 Presentation 2016
27
Market and outlook
General:
Weak global markets within supply and subsea, however still differences in regional opportunities.
The tender activity has picked up slightly and we see signs of increased activity in some regions
and within some segments
2017 will be very challenging
Subsea:
APAC market

Low spending from operators have led to low activity

Competition scene have changed with fewer players and increased competition from larger
players now interested in IRM

Australia still dominated by the big LNG projects – Prelude, Gorgon & Ichthys. Most of these
projects will be completed in 2017 followed by more IRM work. However, Operators trying to
reduce cost by reducing IRM
Brazil market
We expect a similar market as we saw in 2016, with few new tenders, pressure on rates, “blocking
activity” with international tonnage being replaced

DOF ASA
Important with Brazilian flag
- Q4 Presentation 2016
28
Market and outlook
Subsea: North America market

We expect a similar market to 2016 with pressure on rates and utilisation. Ongoing
“Jones Act” discussions can strengthen the US flagged vessels position
DOFSUB:

Challenging, but building a good track record
Atlantic market

Both Norway and UK are oversupplied resulting in low utilisation and weak
earnings. West Africa is challenging, but some interesting term opportunities
DOF ASA
- Q4 Presentation 2016
29
Market and outlook
Supply:
Brazil

We expect a similar market as we saw in 2016, with few new tenders, pressure on
rates, "blocking activity" with international tonnage being replaced

Important with Brazilian flag
Atlantic:

Both Norway and UK are oversupplied resulting in low utilisation and weak earnings.
West Africa challenging and few opportunities
Asia Pacific:

Low spending from operators have led to low activity

New drilling activity almost non-existent
DOF ASA
- Q4 Presentation 2016
30
Outlook
Operational EBITDA in 2016 in line with our guidance
(guidance MNOK 2 900 – MNOK 3 300, actual MNOK 3 022)

Backlog of 57%, expected to grow, but high uncertainty regarding utilisation and
earnings

Main focus is to have the majority of the fleet on contracts

High uncertainty to guide for 2017, best estimate today is an operational EBITDA of
MNOK 2 400 – MNOK 2 800 (MNOK 2 600- MNOK 3 000 excl. hedge)
DOF ASA
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Thank you
Presented by
Mons Aase
- CEO
Hilde Drønen - CFO
DISCLAIMER
This presentation by DOF ASA designed to provide a high level overview of aspects of the operations of the DOF ASA Group.
The material set out in the presentation is current as at 17 February 2017.
This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based on
management’s own current expectations, estimates and projections about matters relevant to DOF ASA‘s future financial
performance. Words such as “likely”, “aims”, “looking forward”, “potential”, “anticipates”, “expects”, “predicts”, “plans”, “targets”,
“believes” and “estimates” and similar expressions are intended to identify forward-looking statements.
References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions,
estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the
industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material
effect on future business performance and results.
No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of the
DOF ASA Group or the likelihood that the assumptions, estimates or outcomes will be achieved.
While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided
for information only. DOF ASA , its officers and management exclude and disclaim any liability in respect of anything done in
reliance on the presentation.
All forward-looking statements made in this presentation are based on information presently available to management and DOF
ASA assumes no obligation to update any forward looking- statements. Nothing in this presentation constitutes investment
advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise
engage in any investment activity.
You should make your own enquiries and take your own advice (including financial and legal advice) before making an
investment in the company's shares or in making a decision to hold or sell your shares.
DOF ASA
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