FINANCIAL REPORT Q3 2018 - DOF Subsea · DOF SUBSEA| Financial Report Q3 2018 5 The total equity...

FINANCIAL REPORT

Q3 2018

PREPARING FOR THE RECOVERY

DOF Subsea ASThormøhlens gate 53 C5006 BergenNORWAYwww.dofsubsea.com

IndexFinancial Report 3rd quarter 2018 . . . . . . . . . . . . . . . . . . .4

Financial statements 3rd quarter 2018 . . . . . . . . . . . . . . .8

Consolidated statement of comprehensive income . . . . . . . . . . . 8

Consolidated statement of financial position . . . . . . . . . . . . . . . . . . 9

Consolidated statement of cash flows. . . . . . . . . . . . . . . . . . . . . . . . 11

Consolidated statement of changes in equity . . . . . . . . . . . . . . . . 12

Notes to the financial statements . . . . . . . . . . . . . . . . . . 14

Note 1 Management reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Note 2 Segment information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Note 3 Operating revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Note 3 Operating revenue (continued) . . . . . . . . . . . . . . . . . . . . . . . . 18

Note 4 Financial income and expenses . . . . . . . . . . . . . . . . . . . . . . . 18

Note 5 Tangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Note 6 Net interest-bearing debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Note 7 Financial instruments and hedging activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Note 8 Transactions with related parties . . . . . . . . . . . . . . . . . . . . . 22

Note 9 Investments in associates and joint ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Note 10 Events after period end . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Note 11 Shareholder information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Note 12 General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Note 13 New standards and interpretations not yet adopted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Note 14 Performance measurement definitions . . . . . . . . . . . . . 25

Supplemental information . . . . . . . . . . . . . . . . . . . . . . . . . 26

Condensed statement of comprehensive income 5 last quarters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Condensed statement of financial position 5 last quarters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Key figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Financial Report Q3 2018 | DOF SUBSEA

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Financial Report 3rd quarter 2018

Australia and New Zealand and IMR and Survey work for Chevron and Conoco Phillips in Australia. In the Atlantic region, the Group has executed engineering, survey, light construction and installation work for Eni Angola, Conoco Phillips, Total, CNR and Saipem.

In the North America region, the Group has conducted IMR work for Husky Energy, Chevron, Eni, Enbridge, and survey and positioning work for HMC. In Brazil, the Group has been engaged in ROV inspection work for Petrobras, Shell and Saipem. In addition, the joint venture with TechnipFMC has provided pipelay services for Petrobras.

During the quarter, the Group has been awarded short-term contracts in the Subsea/IMR Projects segment and in the renewable industry.

Utilisation 3Q 2018 2Q 2018 1Q 2018 2017

Long-term Chartering 75 % 86 % 88 % 85 %

Subsea/IMR Projects 76% 72 % 65 % 65 %

Fleet 75% 76 % 72 % 71 %

Consolidated statement of comprehensive income and consolidated statement of financial positionIn the 3rd quarter of 2018, the Group achieved an operating income of NOK 958 million compared to an operating income of NOK 899 million in the 3rd quarter of 2017. Operating profit before depreciation (EBITDA) was NOK 271 million (NOK 285 million in 2017). The operating profit after depreciation and impairment (EBIT) was NOK 73 million (loss NOK 41 million). Depreciation and impairment amounted to NOK 197 million (NOK 326 million).

NOK million 3Q 2018 3Q 2017 Change %

Operating revenue 958 899 7 %

EBITDA 271 285 -5 %

EBIT 73 -41 279 %

Net financial loss was NOK 159 million (income NOK 168 million), where NOK 11 million (NOK 262 million) was unre-alised net gain on derivative instruments and currency positions. The loss before tax was NOK 86 million (profit NOK 127 million), and the loss for the period was NOK 98 million (profit NOK 138 million).

The Group’s total assets were NOK 16 129 million (NOK 16 786 million), where non-current assets amounted to NOK 14 287 million (NOK 14 650 million), including NOK 581 million (NOK 730 million) in intangible assets. Current assets were NOK 1 841 million (NOK 2 136 million), of which NOK 748 million (NOK 1 097 million) was cash and cash equivalents.

NOK million 30 .09 .2018 30 .09 .2017 Change %

Total assets 16 129 16 786 -4 %

Tangible assets 11 232 11 888 -6 %

Cash and cash equivalents 748 1 097 -32 %

Net interest-bearing debt 8 387 8 477 -1 %

Total equity 6 063 6 156 -2 %

HeadlinesFor the first nine months of 2018, the DOF Subsea Group had an operating income of NOK 2 797 million, an oper-ating profit before depreciation of NOK 820 million and an operating profit of NOK 198 million after depreciation and impairment of NOK 623 million. The net financial loss was NOK 380 million giving a loss before tax of NOK 182 million.

In the 3rd quarter of 2018, the Group had an operating income of NOK 958 million (NOK 899 million in the 3rd quarter of 2017) with an operating profit before depreci-ation of NOK 271 million (NOK 285 million). The operating profit was NOK 73 million (loss NOK 41 million) after depreciation and impairment of NOK 197 million (NOK 326 million). The net financial loss was NOK 159 million (income NOK 168 million), and the loss before tax was NOK 86 million (profit NOK 127 million).

Key figures (NOK million) 3Q 2018 3Q 2017 YTD 2018 YTD 2017

Operating revenue 958 899 2 797 2 781

EBITDA 271 285 820 843

EBIT 73 -41 198 45

Net interest-bearing debt 8 387 8 477 8 387 8 477

EBITDA proportional method 376 332 1 060 1 005

In the 3rd quarter the Group has seen an increase in revenue compared to 3rd quarter last year, the increase in revenue is mainly linked to more vessels in operation and higher project activity compared to 3rd quarter last year. In the Subsea/IMR Projects segment the Group has faced problems on two projects reducing the quarterly EBITDA within the segment by NOK 30 million. In the North America region, the project activity was reduced by the dry-docking of the Jones Act vessel Harvey Deep-Sea. In Brazil the Group faced prolonged mobilization and testing and late startup of the contracts on Skandi Achiever and Skandi Salvador. In general, the market conditions within our industry are still challenging, however in line with the rebound in the oil price the tendering activity has increased during the quarter for projects with start-up in 2019.

During the quarter, the Group has seen a stable performance and vessel utilisation in the Subsea/IMR Projects segment. In 3rd quarter, Skandi Seven, Skandi Salvador, Skandi Patagonia, Skandi Skansen and Harvey Deep-Sea were in dry dock. Skandi Achiever was under importation and mobilization for a long-term contract with Petrobras and started her contract mid-September. Geoholm and Geograph were idle during the quarter. In the Long-term Charter segment Skandi Vitoria ended her contract with Petrobras in the beginning of the quarter and has since then been idle together with Skandi Niteroi. The average vessel utilisation of the Subsea/IMR Projects segment has been 76 % during the quarter whilst the utilization of the vessels within Long-term Charter segment has been 75%.

Operational events 3rd quarterAs at 30 September 2018, the number of subsea employees was 1 322, and the Group’s fleet comprised 23 owned vessels, 4 chartered-in vessels and 1 newbuilds under construction, plus a fleet of 71 ROVs.

During the 3rd quarter, the Asia Pacific region has conducted IMR and construction work for Shell in the Philippines,

| Financial Report Q3 2018DOF SUBSEA

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The total equity was NOK 6 063 million (NOK 6 156 million), including non-controlling interests of NOK 199 million (NOK 226 million). Non-current liabilities were NOK 7 549 million (NOK 8 090 million). Current liabilities were NOK 2 516 million (NOK 2 540 million), of which NOK 1 772 million (NOK 1 690 million) was current portion of debt. The Group’s total equity and liabilities were NOK 16 129 million (NOK 16 786 million). The net interest-bearing debt (NIBD) was NOK 8 387 million (NOK 8 477 million). At the end of the 3rd quarter, the book equity ratio was 37.6 %, and the value-ad-justed equity ratio was 43 %. The value-adjusted equity ratio is calculated by adjusting the book equity and total assets by excess values on all owned vessels in the Group.

Cash and cash equivalents have changed due to operating, investing and financing activities. Net cash flow from operating activities in the 3rd quarter was NOK -109 million (NOK 111 million). Cash flow from investing activities was NOK -57 million (NOK -70 million), of which NOK -71 million (NOK

-49 million) was from investment in assets that increase or will increase capacity for the Group. Cash flow from financing activities was NOK -104 million (NOK -231 million) of which NOK -224 million (NOK -231 million) was instalments and repayments on long-term interest-bearing debt. At the end of the 3rd quarter, the Group’s cash and cash equivalents were NOK 748 million (NOK 1 097 million).

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Cash and cashequivalents01.01.2018

Net cash flowfrom

operatingactivities

Cash flowfrom investing

activities

Cash flowfrom financing

activities

Exchange rateeffects

Cash and cashequivalents30.09.2018

NO

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Cash flow 01.01.2018 - 30.09.2018

Debt, financing and liquidityThe Group’s total interest bearing debt was NOK 9 208 million, the current portion of interest bearing debt at the end of September was NOK 1 772 million, including balloons, bond, drawn credit facilities and ordinary instalments. During the quarter the Group has paid ordinary instalments and interest rate on debt. In July the Group established a long-term drawing facility with one of it’s main banks.The prolonged weak market conditions have increased the risk for impairment of the Group’s non-current assets and put pressure on the Group’s liquidity position, however over the last quarter the vessel values have shown sign of recovery.

Financial riskThe Group’s operating income is in NOK, USD, AUD, GBP, CAD and BRL, while the Group’s loans are distributed between NOK, USD and CAD. This exposes the Group to the risk of exchange rate fluctuations. The Group has an active exchange rate policy and uses derivatives to hedge the exchange rate exposure.

ShareholdersThe shares in DOF Subsea AS are owned by DOF ASA (64.9%), FRC Lux Holding Limited (30.6%) and Dolphin Invest 2 AS (4.5%). The number of outstanding shares is 167 352 762, with a book equity of NOK 36.23 per share.

EmployeesAt the end of 3rd quarter, the number of employees in the Group was 1 322. The number does not include marine employees that are employed in DOF Management and Norskan and hired in through shipman agreements to operate the vessels.

The FleetAt the end of 3rd quarter, the Group’s fleet comprised 23 owned vessels, 4 chartered-in vessels and 1 vessel under construction in DOFCON Navegacao Ltda., a 50/50 joint venture with TechnipFMC.

The BacklogAs at end of 3rd quarter, the firm contract backlog amounts to NOK 15.1 billion, and including options NOK 33.7 billion. However, the Group is exposed to the short-term market conditions in the Subsea/IMR Projects segment. In this segment the management is working to increase the backlog and improve the utilisation of personnel and assets.

Contract Backlog*

* Contract backlog excludes master service agreements (MSAs) within the subsea/IRM Projects segment. Under the MSAs only confirmed POs are accounted for.

Events after period end

DOF Subsea AS is contemplating the issuance of new unsecured bonds of NOK 800-1,000 million with maturity in November 2023.

2018 2019 2020 2021 2022 ThereafterOptions 0,1 0,6 0,5 0,9 1,1 15,5Firm 1,0 2,9 2,6 2,2 1,8 4,6

0,0

5,0

10,0

15,0

20,0

NOK b

illion

Firm Options


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Forward looking statementThe Board of Directors is not satisfied with the financial numbers delivered for 3rd quarter which are below expectation. The market has continued to be challenging with variations in the different regions during the quarter and the Board of Directors expects the market to continue to be challenging during the winter season.

A continuing weak market with regards to both terms and margins on new contracts, may lead to further impairment for the Groups non-current assets. As such the Group will continue its focus on adjusting the capacity and risk exposure to the challenging market conditions. However, with oil price stabilizing above USD 70 per barrel, oil companies have increased their tendering activity for subsea work, which may indicate that the activity will gradually improve, increasing the demand for the Group’s services going forward. The majority of the Group’s high-end assets are committed on long term contract and represent the largest portion of the Group’s backlog, including the remaining newbuild committed on a 8-year contract.

Bergen, 12 November 2018 The Board of Directors of DOF Subsea AS Contact information:Mons S. Aase, CEO +47 916 61 012Marianne Møgster +47 993 06 916

DOF Subsea ASThormølens gate 53 C5006 Bergenwww.dofsubsea.com


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8

Amounts in NOK million

Financial statements 3rd quarter 2018

Consolidated statement of comprehensive income

Note 3Q 2018 3Q 2017 YTD 2018 YTD 2017 2017

Operating revenue 1, 2, 3 958 899 2 797 2 781 3 849

Payroll expenses -344 -360 -1 021 -1 051 -1 420Other operating expenses -422 -365 -1 257 -1 130 -1 593Share of net income of associates and joint ventures 1, 9 78 110 300 248 303Profit from sale of non-current assets - - 1 -5 -5

Operating profit before depreciation (EBITDA) 1, 2 271 285 820 843 1 135

Depreciation and impairment 5 -197 -326 -623 -798 -999Operating profit (EBIT) 73 -41 198 45 136

Financial income 4 15 6 41 41 55Financial expenses 4 -126 -124 -360 -389 -521Realised net gain / loss on derivative instruments and currency position 4 -59 24 -91 -88 -80Unrealised net gain / loss on derivative instruments and currency position 4 11 262 29 482 288Net financial income / loss -159 168 -380 46 -259

Profit / loss before tax -86 127 -182 91 -123Income tax expense -12 11 -28 11 -150

Profit / loss for the period -98 138 -210 102 -273

Other comprehensive income net of taxItems that may be subsequently reclassified to profit / lossCurrency translation difference (CTA) 3 7 -39 -24 -20

Share of other comprehensive income of associates and joint ventures 9 20 -35 20 -54 -1Items that will not be subsequently reclassified to profit / loss

Defined benefit plan actuarials gains/losses - - - - 8

Other comprehensive income / loss net of tax 23 -28 -19 -78 -13

Total comprehensive income / loss for the period net of tax -75 110 -229 24 -286

Total comprehensive income / loss attributable to:Non-controlling interests -1 1 4 1 1Owners of the parents -74 109 -233 23 -287


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Consolidated statement of financial position

Assets Note 30 .09 .2018 30 .09 .2017 31 .12 .2017

Tangible assets 5 11 232 11 888 11 773Goodwill 359 363 366Deferred tax asset 222 367 243Investment in associates and joint ventures 1, 9 1 346 918 1 027Non-current receivables 7 1 128 1 115 1 125Non-current assets 14 287 14 650 14 534

Trade receivables 806 714 855Other current receivables 7 288 326 252Total current receivables 1 094 1 040 1 107

Restricted cash 214 295 311Unrestricted cash and cash equivalents 534 801 786Cash and cash equivalents 6 748 1 097 1 097

Current assets 1 841 2 136 2 204

Total assets 16 129 16 786 16 738


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Equity and liabilities Note 30 .09 .2018 30 .09 .2017 31 .12 .2017

Paid-in equity 11 4 344 3 844 4 344Other equity 1 520 2 086 1 778Non-controlling interests 199 226 226Total equity 6 063 6 156 6 348

Bond loans 6 1 930 1 368 1 914Debt to credit institutions 6 5 591 6 670 6 518Financial non-current derivatives 7 10 24 24Other non-current liabilities 18 28 24Non-current liabilities 7 549 8 090 8 481

Current portion of debt 6 1 772 1 690 1 191Trade payables 410 402 392Other current liabilities 334 449 325Current liabilities 2 516 2 540 1 909

Total liabilities 10 066 10 630 10 390

Total equity and liabilities 16 129 16 786 16 738



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Consolidated statement of cash flows

Note 3Q 2018 3Q 2017 YTD 2018 YTD 2017 2017

Operating profit (EBIT) 73 -41 198 45 136Depreciation and impairment 5 197 326 623 798 999Profit from sale of non-current assets - - -1 5 5Share of net income of associates and joint ventures 1, 9 -78 -110 -300 -248 -303Change in trade receivables -70 -52 49 77 -64Change in trade payables -29 -7 18 -98 -108Changes in other working capital -14 136 97 138 -3Exchange rate effect on operating activities -47 -16 -115 -59 -4Cash flow from operating activities 32 236 568 659 659

Interest received - 2 5 25 28Interest paid -129 -135 -383 -380 -494Tax paid -12 8 -16 -18 -50Net cash flow from operating activities -109 111 173 286 143

Sale of tangible assets - - 1 -2 -2Purchase of tangible assets 5 -71 -49 -193 -588 -625Purchase of shares - - - -9 -9Net cash flows from other non-current receivables 14 -21 27 -74 -43Cash flow from investing activities -57 -70 -165 -673 -678

Proceeds of interest-bearing debt 150 - 632 1 976 1 932Instalments on interest-bearing debt -224 -231 -930 -1569 -1 875Share issue - - - - 500Payments from non-controlling interests -31 - -31 - -Cash flow from financing activities -104 -231 -328 407 558

Net change in cash and cash equivalents -270 -190 -320 20 23

Cash and cash equivalents at the beginning of period 1 017 1 285 1 097 1 062 1 062

Cash and cash equivalents from merger and acquisition - - - 27 27Exchange rate effect on cash and cash equivalents - 2 -29 -13 -15

Cash and cash equivalents at the end of the period 748 1 097 748 1 097 1 097


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Consolidated statement of changes in equity

Share

capital

Share

premium

Other paid-in capital

Paid-in equity

Retained earnings

Currency translation

differences

Other equity

Non- controlling

interests

Total

equity

Equity at 01 .01 .2018 1 674 540 2 130 4 344 1 716 62 1 778 226 6 348Profit / loss for the period - - - - -214 - -214 4 -210Other comprehensive income for the period - - - - 20 -39 -19 - -19Total comprehensive income for the period - - - - -194 -39 -233 4 -229

IFRS 9 implementation effect - - - - -25 - -25 - -25Changes in non-controlling interests - - - - - - - -31 -31

Equity at 30 .09 .2018 1 674 540 2 130 4 344 1 497 23 1 520 199 6 063

Equity at 01 .01 .2017 1 197 516 2 130 3 844 1 906 81 5 830 224 6 055

Profit / loss for the period - - - - 100 - 100 2 102Other comprehensive income for the period - - - - -54 -24 -78 -1 -79

Total comprehensive income for the period - - - - 46 -24 22 1 23

Merger DOF Subsea Holding AS - - - - 79 - 79 - 79

Equity at 30 .09 .2017 1 197 516 2 130 3 844 2 031 56 5 931 225 6 156


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Notes to the financial statements

Note 1 Management reporting

The Group uses the proportionate consolidation method when accounting for joint ventures in management reporting. Porportional consolidation method is used to better reflect the operating performance for vessels in the joint ventures. At the end of the 3rd quarter of 2018 the joint venture has 5 PLSVs in operation and 1 PLSV under construction.

The table below shows the effect of proportional consolidation method used in management reporting.

3Q 2018Consistent with

management reporting

Reconciliation to equity

method 3Q 2018

YTD 2018Consistent with

management reporting

Reconciliation to equity

method YTD 2018

Operating revenue 1 184 -226 958 3 441 -644 2 797Payroll expenses -355 11 -344 -1 061 40 -1 021

Other operating expenses -455 33 -422 -1 335 78 -1 257Share of net income of associates and joint ventures 2 77 78 15 285 300Profit from sale of non-current assets - - - - 1 1

Operating profit before depreciation (EBITDA) 376 -105 271 1 060 -239 820

Depreciation and impairment -235 38 -197 -717 94 -623Operating profit (EBIT) 141 -68 73 343 -145 198

Financial income 5 9 15 15 27 41Financial expenses -177 52 -126 -463 103 -360Realised net gain / loss on derivative instruments and currency position -59 - -59 -92 1 -91Unrealised net gain / loss on derivative instruments and currency position 10 1 11 35 -6 29Net financial income / loss -220 61 -159 -505 125 -380

Profit / loss before tax -79 -7 -86 -163 -20 -182Income tax expense -19 7 -12 -47 20 -28

Profit / loss for the period -98 - -98 -210 - -210


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Note 1 Management reporting (continued from previous page)


30 .09 .2018Consistent with

management reportingReconciliation

to equity method 30 .09 .2018

Intangible assets 628 -47 581

Tangible assets 16 615 -5 382 11 232Financial assets 281 2 193 2 474Non-current assets 17 523 -3 236 14 287Current assets 2 320 -479 1 841Total assets 19 843 -3 715 16 129





Total equity 6 063 - 6 063

Non-current liabilities 10 798 -3 249 7 549Current liabilities 2 983 -466 2 516Total liabilities 13 780 -3 715 10 066Total equity and liabilities 19 843 -3 715 16 129

Consolidated statement of cash flows




Net cash flow from operating activities 575 -401 173Cash flow from investing activities -1 028 863 -165Cash flow from financing activities 224 -552 -328Net change in cash and cash equivalents -230 -90 -320

Cash and cash equivalent at the beinning of the period 1 269 -172 1 097Exchange rate effect on cash and cash equivalents -28 -1 -29Cash and Cash equivalents at the end of the period 1 011 -263 748


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Note 2 Segment information

The Group applies the equity method to account for joint ventures, as required by IFRS 11. The segment reporting below is presented according to internal management reporting, with principle as described in note 1, and reconciled to the equity method.

Presentation of segments includes information that is reported to the chief operating decision-makers on a regular basis. Corporate expenses and similar are allocated to the segments proportionately based on the estimated split of services delivered to each segment.

The Group’s business is divided into two business segments: Subsea/IMR Projects and Long-term Chartering.

The Subsea/IMR Projects segment covers operations in four regions; the Asia Pacific region, the Atlantic region, the North America region and the Brazil region. In the Subsea/IMR Projects segment, the vessels and equipment are utilised on a global basis. The Subsea/IMR Projects segment is the Group’s largest segment, accounting for 66% of the Group’s total revenues for the 3rd quarter 2018.

The Group has gradually built up the Subsea/IMR Projects segment, and has become a global provider of subsea services with a core focus on IMR. Within IMR, the Group has been awarded several long-term contracts over the last couple of years, among others, the 7-year contract with Shell Philippines, the 3-year contract with Chevron Australia, the 5-year contract with Shell Australia, the 10-year contract with Husky Energy in Canada and the 3-year diving contract with Petrobras. In addition to the IMR market, the Subsea/IMR Projects segment has focused on mooring and survey work utilising the Group’s core competences and assets.

The Long-term Chartering segment covers letting of vessels to third-party charterers and is managed through the Group’s associated company, DOF Management AS, and sister company Norskan Offshore Ltda.

The Long-term Chartering segment is built on DOF Subsea’s long standing as an internationally recognised vessel owner and operator of high-end subsea vessels. Typical clients of the Group’s Long-term Chartering services are, inter alia, Total, Petrobras, TechnipFMC and Subsea 7.

Operating revenue consistent with management reporting

3Q 2018

3Q 2017

YTD 2018

YTD 2017

2017

Long-term Chartering 397 366 1 175 1 025 1 423Subsea/IMR Projects 787 727 2 266 2 250 3 127Total consistent with management reporting 1 184 1 093 3 441 3 275 4 550

Reconciliation to equity method -226 -194 -644 -494 -700Total 958 899 2 797 2 781 3 849

EBITDA consistent with management reportingLong-term Chartering 315 282 908 784 1 084Subsea/IMR Projects 61 50 150 221 323Total consistent with management reporting 376 332 1 058 1 005 1 408

Reconciliation to equity method -105 -47 -238 -162 -273Total 271 285 820 843 1 135


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Accounting policiesRevenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a service to a customer. If those services are distinct, the promises are performance obligations and are accounted for separately. A service is distinct if the customer can benefit from the service on its own or together with other resources that are readily available to the customer and the entity’s promise to transfer the service to the customer is separately identifiable from other promises in the contract.

For Time Charter revenue, the performance obligations are to operate the vessels that are made available for the client. This performance obligation is satisfied over time.

For Project revenue, the performance obligations are tailor made services or constructions on the client’s installations and/or assets. Normally, the customer will benefit and control the service/construction in line with the progress of the project. Thus, performance obligations are satisfied over time.

Operating revenue is shown net of discounts and value-added tax.

For lump sum projects, contract revenue and expenses are recognised over time in accordance with the stage of completion of a contract. The stage of completion is calculated by dividing contract costs incurred to date by total estimated contract costs (input method).

Contract revenue comprises the set amount of revenue agreed by the client in the contract plus variation orders where applicable. Variation orders will only be included in contract revenue to the extent they are considered as one performance obligation in combination with the original contract. If the variation order or a group of variation orders are considered as distinct, thus the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer, the performance obligation is accounted for separately.

Cost forecasts are reviewed on a continuous basis and the project accounts are updated in a monthly project manager’s report as a result of these reviews.

Costs incurred relating to future performance obligations are deferred and recognised as assets in the consolidated statement of financial position. The costs incurred will be expensed in line with the satisfaction of the performance obligation. Conversely, where revenue is received in advance of costs being incurred, a deferred liability is recognised in the consolidated statement of financial position.

The Group’s operating revenue streams are a result of the Group’s Time Charter contracts and Project contracts.

Time Charter revenue is based on contracts where the Group delivers a vessel including crew, to a client. The charterer determines, within the contractual limits, how the vessel is to be utilised. A Time Charter contract consists of a bareboat component and a service component. The bareboat period starts from the time the vessel is made available to the customer and expires on the agreed return date. The bareboat component will normally be within the range 30-80% of the total contract value. The service component is covering crew and other operational costs. The service component is within the scope of IFRS 15, while the bareboat component is within the scope of IAS 17/IFRS 16. Both the service and the bareboat are rec-ognised as revenue over the lease period on a straight-line basis. There is no Time Charter revenue when the vessels are off hire.

Project revenue is based on contracts where the Group utilises its vessels, equipment, crew and the onshore project organisation to perform tailor made services on the client’s installations and/or assets. The project revenue is recognised over time.

Both Time Charter contracts and Project contracts are contracts with customers where the Group is compensated based on a fixed day rate for vessel, equipment and personnel. Some of the project contracts will from time to time be lump sum contracts based on a fixed fee for the total service and/or construction delivered.

Operating revenue

3Q 2018

3Q 2017

YTD 2018

YTD 2017

2017Lump sum contracts 21 15 59 85 362Day rate contracts 938 884 2 738 2 696 3 487Total operating revenue 958 899 2 797 2 781 3 849

Note 3 Operating revenue


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Note 4 Financial income and expenses

3Q 2018 3Q 2017 YTD 2018 YTD 2017 2017

Interest income 13 5 37 38 49Other financial income 2 2 5 3 5Financial income 15 6 41 41 55

Interest expenses -119 -117 -341 -365 -490Capitalisation of interest - - - 3 3Other financial expenses -7 -7 -19 -27 -34Financial expenses -126 -124 -360 -389 -521

Net gain / loss on non-current debt -23 -17 -62 -95 -80Net gain / loss on operational capital -6 18 -11 1 -12Net gain / loss on financial derivatives -30 23 -18 6 11Net realised gain / loss on financial instruments -59 24 -91 -88 -80

Net unrealised gain / loss on non-current debt -13 204 -5 380 235Net unrealised gain / loss on operational capital -7 -2 -51 -4 -1Net unrealised gain / loss on financial derivatives 31 60 85 106 54Unrealised gain / loss on financial instruments 11 262 29 482 288

Net financial income / loss -159 168 -380 46 -259

In the event that it is probable that total contract costs will exceed contract revenue (onerous contracts), the anticipated loss is immediately recognised as an operating expense in the consolidated statement of comprehensive income. Expected losses are determined by reference to the latest estimate of project results at completion. The calculation of onerous contracts are in line with the principles in IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

New standards and changesThe Group has applied IFRS 15 Revenue from contracts with customers from 1 January 2018. The transition method is applied retrospectively on contracts that were not completed by 1 January 2018.

Implementation of IFRS 15 has not changed the timing of revenue recognition for the Group’s revenue streams. There was no adjustment to the equity as of 1 January 2018.

For further information about the implementation of IFRS 15 Revenue from contracts with customers please refer to the Annual Report for 2017.

Note 3 Operating revenue (continued)


19


Note 5 Tangible assets

30 .09 .2018

Vessels & periodic maintenance

ROVs

Machinery & other equipment

Newbuilds

Total

Net booked value 01 .01 . 10 525 856 381 11 11 773Additions 146 3 36 8 193Reclassification - 20 -6 -14 -Depreciation -227 -116 -63 - -406Impairment -216 - -1 - -217Currency translation differences -96 -4 -11 - -111Net booked value 30 .09 . 10 131 760 335 5 11 232

30 .09 .2017 Vessels & periodic

maintenance

ROVsMachinery & other

equipment

Newbuilds

Total

Net booked value 01 .01 . 10 686 859 378 28 11 950Additions 119 11 26 602 759Disposals - -3 - - -3Reclassification 499 60 -2 -557 -Depreciation -253 -108 -67 - -427Impairment -361 - - - -361Currency translation differences -33 -2 -8 12 -31Net booked value 30 .09 . 10 658 817 328 86 11 888

The challenging market conditions for offshore service vessels have continued. In the 3rd quarter 2018, the Group faced lower market values for some of the Group`s vessels. Impairment indicators are observed, and an impairment test for vessels in the Group has been performed. Impairment tests are performed in line with accounting principles presented in the annual report for 2017. Impairments of NOK 65 million have been recognised on the oldest part of the fleet in the 3rd quarter of 2018. YTD 2018, the Group has recognised impairments of NOK 217 million.


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Note 6 Net interest-bearing debt

30 .09 .2018 30 .09 .2017 31 .12 .2017

Non-current interest-bearing debt Bond loans 1 930 1 368 1 914Debt to credit institutions 5 591 6 670 6 518Total non-current interest bearing debt 7 521 8 038 8 433

Current interest-bearing debtBond loans - 508 -Debt to credit institutions 1 688 1 097 1 085Total current interest-bearing debt 1 688 1 605 1 085

Total non-current and current interest-bearing debt 9 208 9 643 9 518

Net interest-bearing debtCash and cash equivalent 748 1 097 1 097Other interest-bearing assets - non-current 73 69 71Total net interest-bearing debt 8 387 8 477 8 350

A non-current loan has been provided by Eksportfinans and is invested as a restricted deposit. The repayment terms on the loan from Eksportfinans are equivalent with the reduction on the deposit. The loan is fully repaid in 2020. The cash deposit is included in restricted deposits.

Debt repayment profile Q4 2018 Q1 2019 Q2 2019 Q3 2019

Total current

debt Q4 2019 2020 2021 2022 Thereafter Total

Bond loan - - - - - -100 -408 - -1 415 - -1 923Debt to credit institutions -414 -263 -739 -259 -1 674 -548 -1 709 -872 -624 -1 871 -7 299Total repayment -414 -263 -739 -259 - 1674 -648 -2 117 -872 -2 039 -1 871 -9 222

Reconciliation of changes in debt

Cash changes Non-cash changes

Non-current interest bearing debt Balance 31 .12 .17 Cash flows IFRS 9 effect

Amortised loan expense

Re-classification

Currency adjustment

Balance 30 .09 .18

Bond loans 1 914 - 25 -5 - -5 1 930Debt to credit institutions 6 518 -466 - 12 -418 -55 5 591Total non-current interest bearing debt 8 433 -466 25 7 -418 -60 7 521

Current interest bearing debt

Debt to credit institutions 1 085 168 - - 418 17 1 688Total current interest bearing debt 1 085 168 - - 418 17 1 688

Total interest bearing debt 9 518 -298 25 7 - -42 9 208

The Group has applied IFRS 9 Financial instruments from 1 January 2018. IFRS 9 Financial instruments addresses the classification, measurement and de-recognition of financial assets and financial liabilities and introduces new rules for hedge accounting. The implementation had a negative effect on the equity of NOK 25 million as of 1 January 2018, due to the modification of the remaining part of the DOFSUB07 bond loan in December 2017. The increased liability related to the DOFSUB07 bond loan will be amortised as reduced interest cost over the remaining time to maturity.


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Share of debt secured by fixed interest rate

30 .09 .2018 Fixed rate Floating rate Total

NOKDebt to credit institutions 85 % 15 % 100 %Bond loan 0 % 100 % 100 %Total NOK 75 % 25 % 100 %

USDDebt to credit institutions 72 % 28 % 100 %Bond loan 100 % 0 % 100 %Total USD 80 % 20 % 100 %

CADDebt to credit institutions 100 % 0 % 100 %Total CAD 100 % 0 % 100 %

Total debt 79 % 21 % 100 %

Note 6 Interest-bearing debt (continued from previous page)

Financial covenants

The Group’s long-term financing agreements include the following covenants: • The Group shall have available cash of at least NOK 500 million at all times (based on the proportionate consolidation method

of accounting for joint ventures) • The Group shall have value-adjusted equity to value-adjusted assets of at least 30%• The Group shall have book equity of at least NOK 3 000 million at all times• The Group shall have positive working capital at all times, excl. current portion of debt to credit institutions• The fair value of the Group’s vessels shall always be at least 110-130% of the outstanding loan amount

In addition to the above mentioned financial covenants, the loan agreements are also subject to the following covenants:• The Group’s assets shall be fully insured• There shall not be any change to classification, management or ownership of the ships without the prior written approval of the lenders• DOF ASA shall be the principal shareholder in DOF Subsea AS, and own a minimum of 50.1 % of the shares• DOF Subsea AS shall not merge or demerge activities without the prior written approval of the lenders • DOF Subsea AS shall report financial information to the lenders and Oslo Stock Exchange on a regular basis • The Group’s vessels shall be operated in accordance with applicable laws and regulations

The Group is in compliance with all covenants.


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Note 8 Transactions with related parties

Description of transactions with related parties is given in the Annual Report for 2017. There are no major changes in type of transactions between related parties during the second quarter 2018. During the quarter the Group has had Skandi Chieftain, owned by DOF ASA, on bareboat charter. In addition, the Group has receivables and liabilities towards DOF ASA, Norskan, DOF Management and Marin IT related to operations.

Committed Received

30 .09 .2018

AmountCommitted

Received

30 .09 .2017

Amount

Instrument

Foreign exchange contracts, buy NOK NOK 2 128 NOK 2 116

Note 7 Financial instruments and hedging activities

Assets

30 .09 .2018

Liabilities

Assets

30 .09 .2017

Liabilities

Non-current and current portionInterest rate swaps 43 10 15 47Foreign exchange contracts 20 34 35 16Total non-current and current 63 43 50 63

Non-current portionInterest rate swaps 43 7 15 22Foreign exchange contracts 3 4 8 2Total non-current portion 47 10 23 24

Total current portion 17 33 28 39


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Note 9 Investments in associates and joint ventures

Entity Proportion of ownership

30 .09 .2018Joint venturesDOFCON Brasil AS 50 %

Associated companiesMarin IT AS 35 %DOF Management AS 33.8 %Master & Commander IS 20 %

30 .09 .2018Booked value of investments in associates and joint ventures 31.12.2017 1 027

Share of net income of associates and joint ventures 300Share of other comprehensive income related to associates and joint ventures 19Booked value of investments in associates and joint ventures 30 .09 .2018 1 346

See also note 1 and note 2.

Note 10 Events after period end

DOF Subsea AS is contemplating the issuance of new unsecured bonds of NOK 800-1,000 million with maturity in November 2023.

Note 11 Shareholder information

Name No . shares Shareholding Voting sharesDOF ASA 108 683 241 64.9 % 64.9 %FRC Lux Holding Limited 51 131 358 30.6 % 30.6 %Dolphin Invest 2 AS 7 538 163 4.5 % 4.5 %Total 167 352 762 100 % 100 %

This Financial Report has been prepared in accordance with the standard for interim reporting (IAS 34). The Financial Report does not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual consolidated financial statements as at 31 December 2017. The Financial Report is unaudited.

Note 12 General


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Note 13 New standards and interpretations not yet adopted

IFRS 16 Leases replaces the current standard IAS 17 Leases and related interpretations. IFRS 16 Leases removes the current distinction between operating and financing leases for lessees, and requires recognition of an asset (the right to use the leased item) and a financial liability representing its obligation to make lease payments. Lease payments are to be reflected as interest expense and a reduction of lease liabilities. The standard is effective for accounting periods beginning on or after January 1, 2019. The Group will adopt the standard at its mandatory date.

The Group has completed an initial assessment of the potential impact on its consolidated financial statements by reviewing the Group’s leasing arrangements over the last year in light of the new lease accounting rules in IFRS 16 Leases. The actual impact of applying IFRS 16 Leases on the financial statements in the period of initial application will depend on future economic conditions, including the Group’s borrowing rate at 1 January 2019, currency, accuracy in calculation, the composition of the Group’s lease portfolio at that date, the Group’s latest assessment of whether it will exercise any lease renewal options and the extent to which the Group chooses to use practical expedients and recognition exemptions.

The following arrangements are likely to be effected;• Bareboat charters will typically meet the new definition of a lease since under these agreements the charterer controls the use of

the vessel for a period of time.• Time charters are likely to contain both a lease (i.e. right to use the vessel) and service components (i.e. operation and maintenance

of the vessel by the vessel owner).• Rent of offices.• Other equipment.

IFRS 16 Leases redefines financial key figures such as debt ratio and EBITDA. The standard will affect primarily the accounting for the Group’s operating leases. The Group does not expect any significant impact on the financial statements for leases in which the Group is a lessor, expect for sub-leases. By the end of the third quarter the Group estimates the following impact from IFRS 16 Leases based on the estimated lease portfolio as per the transitional date 1 January 2019 and compared to as if the standard was not implemented;• Lease liabilities of approximately 410 MNOK, • Right-of-use assets of approximately 240 MNOK,• Finance lease receivable of approximately 170 MNOK,• Net profit before tax will decrease by approximately 6 MNOK,• EBITDA is expected to increase by approximately 40 MNOK.The above estimates do not include additions to the lease portfolio during 2019.

By the end of the 3rd quarter 2018, the following main policy choices have been made and form the basis for the Groups IFRS 16 implementation and application work:

IFRS 16 transition choicesThe Group intends to apply the simplified transition approach and will not restate comparative amounts for the year prior to first adoption. Contracts already classified either as leases under IAS 17 or as non-lease service arrangements will maintain their respective classifications upon the implementation of IFRS 16 (“grandfathering of contracts”).

Lease liabilities are measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of 1 January 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities presented are 5%. Right-of-use assets will be measured on transition as at the amount of the lease liability on adoption (adjusted for any prepaid or accrued lease expenses). The cumulative effect of initially applying the standard to be recognised as an adjustment to the opening balance of retained earnings is hence expected to be zero.

When applying a modified retrospective approach to leases previously classified as operating leases under IAS 17, the lessee can elect, on a lease-by-lease basis, whether to apply a number of practical expedients on transition. The Group has used the following practical expedients permitted by the standard: • applying IAS 37 for assessment of whether leases are onerous,• the accounting for operating leases with a remaining lease term of less than 12 months as at 1 January 2019 as short-term leases,• the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application.

IFRS 16 application policy choicesThe Group has decided not to apply IFRS 16 for intangible assets.

The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets.

Non-lease components within lease contracts will be accounted for separately for all underlying classes of assets, and reflected in the relevant expense category as incurred.


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Operating profit before depreciation (EBITDA)Operating profit before depreciation (EBITDA) is defined as operating profit, including profit from sale of non-current assets, before impairment of tangible and intangible assets, depreciation of tangible assets and amortisation of contract assets. EBITDA represents earnings before interest, tax, depreciation and amortisation, and is a key financial parameter for the Group. This measure is useful in evaluating operating profitability on a more variable cost basis as it excludes depreciation, impairment and amortised expenses related primarily to capital expenditures and acquisitions that occurred in the past. The EBITDA margin presented is defined as EBITDA divided by operating revenue.

Operating profit (EBIT)Operating profit (EBIT) represents earnings before interest and tax, and is a common non-IFRS measure to assess profitability before financial income and loss items and tax expenses.

Net interest-bearing debt Net interest-bearing debt consists of both current and non-current interest-bearing liabilities less interest bearing financial assets and cash and cash equivalents. Non-current receivables from joint ventures are not included in net interest-bearing debt. Cash and cash equivalents will include restricted cash. Current interest-bearing debt includes interest-bearing debt related to asset held for sale. Net interest-bearing debt is a measure of the Group’s net indebtedness that provides an indicator of the overall statement.

Equity ratioEquity ratio is defined as total equity divided by total assets at the reporting date.

Market valueCalculated average vessel value between two independent brokers’ estimates based on the principle of “willing buyer and willing seller”.

Vessel utilisation Vessel utilisation is a measure of the Group`s ability to keep vessels in operation and on contracts with clients, expressed as a percentage. The vessel utilisation numbers are based on actual available days, including yard-stay days for dry docking, repair and upgrade/conversion, transits and idle time between Subsea/IMR project contracts and Chartering contracts.

Contract backlogSum of undiscounted revenue related to secured contracts in the future and optional contract extensions as determined by the client in the future. Contract backlog excludes master service agreements (MSAs) within the Subsea/IRM Projects segment. Under the MSAs only confirmed POs are included.

Firm contract backlog Sum of undiscounted revenue related to secured contracts in the future. Secured contracts are contracts signed with clients in the past, covering future delivery of services.

Backlog optionsSum of undiscounted revenue related to optional contract extensions as determined by the client in the future.

Working capitalThe working capital position of the Group is equal to current assets less current liabilities. It is a measure of the Group’s liquidity and efficiency, and demonstrates the Group’s ability to pay its current liabilities.

Note 14 Performance measurement definitions


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Supplemental information

Condensed statement of comprehensive income 5 last quarters

3Q 2018 2Q 2018 1Q 2018 4Q 2017 3Q 2017

Operating revenue 1 184 1 203 1 053 1 275 1 093

Payroll expenses -355 -348 -358 -381 -363Other operating expenses -455 -491 -390 -494 -395Share of net income of associates and joint ventures 2 7 6 2 -3Profit from sale of non-current assets - - 1 - -Total operating expenses -808 -831 -742 -872 -762

Operating profit before depreciation (EBITDA) 376 372 311 402 332

Depreciation and impairment -235 -221 -260 -231 -352Operating profit (EBIT) 141 151 51 172 -21

Financial income 5 3 6 5 -Financial expenses -177 -149 -137 -193 -151Realised gain / loss on financial instruments -59 -9 -25 8 24Unrealised gain / loss on financial instruments 10 -266 291 -195 260Net financial income / loss -220 -421 136 -374 133

Profit / loss before tax -79 -270 187 -203 112Tax expenses -19 -21 -7 -173 26

Profit / loss for the period -98 -292 180 -375 138

The supplemental information below is presented according to internal management reporting, based on the proportionate consolidation method. Proportionate consolidation method implies full consolidation for subsidiaries, and consolidation of 50% of the comprehensive income and financial position for the joint ventures.


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Condensed statement of financial position 5 last quarters

Assets 3Q 2018 2Q 2018 1Q 2018 4Q 2017 3Q 2017

Intangible assets 628 640 659 673 794Tangible assets 16 615 16 752 15 924 16 397 16 365Financial assets 281 292 297 287 317Non-current assets 17 523 17 684 16 881 17 358 17 476

Total receivables 1 309 1 237 1 228 1 338 1 293Cash and cash equivalents 1 011 1 237 1 171 1 269 1 208

Current assets 2 320 2 474 2 399 2 607 2 501

Total assets 19 843 20 158 19 280 19 965 19 977

Equity and liabilities 3Q 2018 2Q 2018 1Q 2018 4Q 2017 3Q 2017

Paid in equity 4 344 4 344 4 344 4 344 3 844Other equity 1 520 1 595 1 874 1 778 2 086Non-controlling interests 199 230 232 226 226Total equity 6 063 6 170 6 450 6 348 6 156

Non-current provisions for commitment 15 18 17 18 14Other non-current liabilities 10 783 11 092 10 467 11 158 10 756Non-current liabilities 10 798 11 110 10 485 11 177 10 771

Current portion of debt to credit institutions 2 090 1 888 1 426 1 498 1 991Other current liabilities 893 990 919 942 1 060Current liabilities 2 983 2 879 2 345 2 440 3 051

Total liabilities 13 780 13 988 12 829 13 617 13 821

Total equity and liabilities 19 843 20 158 19 280 19 965 19 977

Key figures

3Q 2018 2Q 2018 1Q 2018 4Q 2017 3Q 2017

Profit per share (NOK) -0.59 -0.02 1.08 -2.24 0.12EBITDA margin 32 % 31 % 30 % 32 % 30 %EBIT margin 12 % 13 % 5 % 13 % -2 %Return on net capital -2 % -5 % 3 % -6 % 2 %Book value equity per share (NOK) 36.23 36.87 38.54 37.93 51.41Value-adjusted equity per share (NOK) 45.67 44.96 43.42 44.73 58.60Net interest-bearing debt (NOK million) 11 642 11 510 10 698 11 822 11 914

From 1 January 2018 the Group has changed the way it presents debt and receivables against the Joint Ventures. The debt and receivables are now presented on a net basis. For presentation purpose, the previous years are restated accordingly.


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DOF Subsea currently owns one of the largest fleet of high-end construction vessels (including newbuilds) in the world. These assets offer a versatile, new generation of high-powered and purpose-built vessels with broad offshore capabilities.

Owned vessels

Skandi Acergy

Geograph Geoholm Geosea

Geosund

Skandi Carla Skandi Constructor

Skandi Achiever

Skandi Hawk

Skandi Africa Skandi BuziosSkandi Açu

DOF Subsea vessels


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Skandi Skansen

Skandi Patagonia

Skandi Vitoria

Skandi Salvador

Skandi Seven Skandi Singapore

Skandi Neptune Skandi NiteroiSkandi Hercules

Skandi Vinland

Skandi Recife


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Skandi Darwin

Harvey Deep-Sea Harvey Sub-Sea

DOF Subsea invests in the next generations of vessels. An ambitious Newbuild program utilises new technology and smart engineering to ensure efficient and environmentally-friendly operations in the future.

Newbuilds in joint ventures and associated companies

Chartered-in vessels

DOF Subsea charters in vessels on short and long-term contracts based on operational needs, building greater flexibility and a complementary fleet mix to meet our clients’ subsea challenges.

Skandi Olinda

Skandi Chieftain

DOF Subsea vessels (continued)

AUSTRALIA

DOF Subsea Australia Pty Ltd5th Floor, 181 St. Georges TcePerth, Wa 6000 AUSTRALIAPhone: +61 8 9278 8700Fax: +61 8 9278 8799

DOF Management Australia5th Floor, 181 St. Georges TcePerth, Wa 6000 AUSTRALIAPhone: +61 3 9556 5478 Mobile: +61 418 430 939

BRAZIL

DOF Subsea Brasil Serviços LtdaRua Fiscal Juca, 330 Q: W2 – L: 0001 Loteamento Novo Cavaleiros Vale Encantado – Macaé/RJ BRAZIL - CEP 27933-450 Rio address: Rua Lauro Muller 116, 17 andar Torre do Rio Sul - Botafogo Rio de Janeiro, R.J. BRAZIL - CEP: 22290-160 Phone: +55 22 2123-0100 Fax: +55 22 2123-0199

CANADA

DOF Subsea Canada26 Allstone Street, Unit 2Mount Pearl, NewfoundlandCANADA, A1N 0A4Phone: +1 709 576 2033Fax: +1 709 576 2500

SINGAPORE

DOF Subsea Asia Pacific Pte Ltd460 Alexandra Road# 15-02PSA Building, 119963SINGAPOREPhone: +65 6561 2780Fax: +65 6561 2431

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

GLOBAL HQ

DOF Subsea ASThormøhlensgate 53 C5006 Bergen NORWAYPhone: +47 55 25 22 00Fax: +47 55 25 22 01

NORWAY

DOF Subsea Norway ASThormøhlensgate 53 C5006 Bergen NORWAYPhone: +47 55 25 22 00Fax: +47 55 25 22 01

SEMAR ASOksenøystein 121366 Lysaker NORWAYPhone: +47 67 12 40 06Fax: +47 67 12 40 06

DOF Management ASAlfabygget5392 StorebøNORWAY

Thormøhlensgate 53 C5006 Bergen NORWAYPhone: +47 56 18 10 00Fax: +47 56 18 10 06

ANGOLA

DOF Subsea AngolaBelas Business Park-Talatona Edificio Bengo, 1º AndarSala 106/107, LuandaRepublic of AngolaPhone: +244 222 43 28 58Fax: +244 222 44 40 68Mobile: +244 227 28 00 96 +244 277 28 00 95

UNITED KINGDOM

DOF Subsea UK LtdHorizons House, 81-83 Waterloo Quay Aberdeen, AB11 5DE UNITED KINGDOMPhone: +44 1224 614 000Fax: +44 1224 614 001

DOF Subsea S&P UK LtdHorizons House, 81-83 Waterloo Quay Aberdeen, AB11 5DE UNITED KINGDOMPhone: +44 1224 614 000Fax: +44 1224 614 001

CSL EngineeringHorizons House, 81-83 Waterloo Quay Aberdeen, AB11 5DE UNITED KINGDOMPhone: +44 1224 285 566Fax: +44 1224 285 599

DOF (UK) LtdHorizons House, 81-83 Waterloo Quay Aberdeen, AB11 5DE UNITED KINGDOMPhone: +44 12 24 58 66 44Fax: +44 12 24 58 65 55

USA

DOF Subsea USA Inc5365 W. Sam Houston Parkway Suite 400, Houston, Texas 77041, USAPhone: +1 713 896 2500Fax: +1 713 726 5800

DOF Subsea ASThormøhlens gate 53 C

5006 BergenNORWAY

www.dofsubsea.com

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FINANCIAL REPORT Q3 2018 - DOF Subsea · DOF SUBSEA| Financial Report Q3 2018 5 The total equity...

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