Q2 2024 Dof Group ASA Earnings Call Transcript
Key Points
- DOF Group ASA (STU:UV3) reported a strong EBITDA of USD 122 million for Q2 2024, reflecting consistent performance.
- The company achieved a record high order intake of over USD 1 billion in Q2, with an additional USD 400 million post-balance date.
- Fleet utilization stood at 89%, indicating high operational efficiency.
- The acquisition of Maersk Supply Service A/S is expected to enhance fleet capabilities and service offerings.
- DOF Group ASA (STU:UV3) has a robust backlog, providing revenue visibility and stability for the upcoming years.
- Lower performance in Brazil due to dockings and maintenance activities impacted overall results.
- The company faced a significant unrealized currency loss of USD 62 million, primarily due to the weakening of the Brazilian real.
- Norskan's performance was disappointing, affected by vessel off-hire and maintenance costs.
- Increased CapEx guidance from USD 90-100 million to USD 100-110 million due to new contract requirements.
- The company has yet to finalize plans for dividend payments, creating uncertainty for shareholders.
Good afternoon, good morning, and welcome to the second quarter presentation for DOF Group. I'm here with Hilde Drønen, our CFO, and I'm Mons Aase, the CEO.
So a few comments on the first page here showing one red boat and one blue boat. And of course, that's obviously because we have announced in the quarter transaction with Maersk Supply Services for acquisition of Maersk Supply Service A/S. We have a few slides on that later on and we'll come back to that.
First of all here (inaudible) loans, just shows what we also -- we have operating all 57 boats around the globe, somewhat almost 33 owned, five on charter, and the rest of management, operate from all continents, main hubs Australia, West Africa, US, Norway, UK, and so we're not done. We have our own. I think we had 4,300 employees by end of the quarter.
We will come back to the numbers but where we see cost, revenue, and the EBITDA; have continued to grow also the last [off here]. What we do, we own vessels as said and we own a large fleet of surplus equipment ROVs
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