FINANCIAL REPORT 1ST QUARTER 2012 DOF ASA

Transcription

1 FINANCIAL REPORT 1ST QUARTER 2012 DOF ASA

2 Financial Report Q DOF ASA INDEX: REPORT Q ACCOUNTS 1ST QUARTER 2012 THE GROUPS PROFIT AND LOSS ACCOUNT COMPREHENSIVE STATEMENT THE GROUP S PROFIT & LOSS THE GROUP S BALANCE SHEET GROUP S CASH FLOW STATEMENT GROUP S EQUITY STATEMENT KEY FIGURES NOTES TO THE ACCOUNTS 1ST QUARTER 2012 NOTE 1 GENERAL NOTE 2 SEGMENT INFORMATION NOTE 3 EVENTS AFTER BALANCE DATE NOTE 4 DEPRECIAITON NOTE 5 CASH AND CASH EQUIVALENT NOTE 6 NET INTEREST BEARING LIABILITIES NOTE 7 TRANSACTIONS WITH RELATED PARTIES NOTE 8 TAXES NOTE 9 SHARE CAPITAL AND SHAREHOLDERS DOF SUPPLY FIRM CONTRACT COVERAGE NORSKAN / ADD FIRM CONTRACT COVERAGE DOF SUBSEA FIRM CONTRACT COVERAGE BACKLOG CONTACT DOF ASA Q Financial Report

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4 Financial Report Q DOF ASA SIGNIFICANT EVENTS Q1 Group income for Q1 totalled NOK 1,868 million (NOK 1,386 million), with an operating result before depreciation (EBITDA) of NOK 607 million (NOK 375 million). The average rate of employment for the subsea fleet in Q1 was 87% (75%), with 91% (92%) for the supply fleet. The Group took delivery of three newbuildings in the quarter; Skandi Atlantic (AHTS) from a yard in Vietnam, Skandi Hawk (PSV/CSV) from a yard in India and Skandi Kvitsøy (PSV) from a yard in Norway. Several new contracts have been signed for the supply fleet during the quarter, with a predominance of contracts in Australia. DOF Subsea has signed a number of contracts with varying durations during the past few months and has achieved a high rate of employment for its project fleet. In Q1, DOF Subsea has signed an agreement for the sale of the newbuilding, Skandi Bergen, at an approximate price of USD 130 million. DOF Subsea has also contracted a construction support vessel with STX, for delivery in In February, the Group issued two new unsecured bond loans totalling NOK 1,400 million, maturing in 2015 and 2017 respectively. These loans have partly been utilised to repurchase loans maturing in the period from 2012 to DOF ASA is an international Group of companies involved in the ownership and operation of a fleet comprising PSV, AHTS and subsea vessels, and service companies for the subsea market. The Group has a modern fleet with an average age of approximately 6 years. As of February 2012, the fleet (wholly/partly owned) comprises 74 vessels, of which 66 are in operation and 8 are newbuildings due for delivery in 2012 and The fleet comprises the following vessels: 20 AHTS vessels, 23 PSVs and 31 CSVs. In addition, the Group owns a fleet of 53 modern ROVs, including newbuildings. The main share of DOF ASA s fleet operates on long-term contracts. As of December, the financial nominal value of these contracts totalled approximately NOK 20.7 billion, including options with a value of approximately NOK 38.5 billion. Contract coverage in 2012 is 90 % with 69 % for MAIN ITEMS IN THE INTERIM ACCOUNTS FOR Q1 Operating income amounted to NOK 1,868 million (NOK 1,386 million). Operating result before depreciation (EBITDA) totalled NOK 607 million (NOK 375 million). The operating profit (EBIT) amounted to NOK 360 million (NOK 105 million). Total financial costs before unrealised gain/loss on foreign exchange and change in value of financial instruments were NOK 303 million (NOK 300 million). Unrealised loss/gain on foreign exchange totalled NOK 287 million (NOK 108 million) and net cha nge in value of financial instruments was NOK 66 million (NOK 5 million). The pre-tax profit exclusive of unrealised changes in currency and value totalled NOK 58 million (loss of NOK 194 million). The pre-tax profit was NOK 411 million (loss of NOK 81 million). Net interest-bearing liabilities as of 31 March 2012 were NOK 20,239 million (NOK 16,212 million). Prepaid instalments for newbuildings as of 31 March 2012 were NOK 1,644 million (NOK 2,262 million). 4 DOF ASA Q Financial Report

5 Book equity including minority interests as of 31 March 2012 totalled NOK 6,906 million (NOK 6,617 million). COMMENTS TO FIRST QUARTER OPERATIONS The majority of the Group s vessels are hired out on fixed contracts. DOF Subsea has vessels operating on shorter term contracts on the project and spot markets, where the rate of employment for the vessels is impacted by seasonal fluctuations. The supply fleet in the North Sea has reported 94% employment in Q1. Two vessels, Skandi Sotra and Skandi Falcon, have operated on the spot market during the quarter. The latter vessel sailed from the North Sea to start on a contract in Australia in the first quarter. This fleet has also reported high technical uptime. One vessel completed a scheduled dry-dock during the quarter. Skandi Kvitsøy was delivered in March and started on a contract at the start of April. The company s subsidiary, Norskan, has all its vessels on periodic contracts with an average rate of employment for Q1 of 88 %. Certain vessels have reported a low rate of employment in the quarter due to technical problems. One subsea vessel has completed its scheduled reconstruction which started last year, and the vessel returned to operation in the middle of February. In February, Norskan took delivery of Skandi Hawk from India. After assembly, this vessel sailed to Singapore for assembly of a 60-ton crane. Skandi Hawk started operations at the start of May. On 1 January, the Group introduced joint management for Norskan and DOF Subsea Brasil, with Eirik Tørressen as the new Managing Director of both companies. Aker DOF Deepwater (ADD), a joint venture owned by Norskan and Aker Solutions, owns a fleet of 5 AHTS vessels. During the first quarter, Skandi Peregrino has been on a fixed contract for Statoil in Brazil. Skandi Emerald completed its contract for OGX in January then subsequently sailed to the North Sea for operations on the spot market together with her sister ship, Skandi Saigon. The rate of employment on the spot market in Q1 has been approx. 35%. Skandi Pacific has had operations in Vietnam in the quarter and reported a technical accident in January, resulting in a period of 17 days offhire. The vessel now has a new contract in Vietnam which expires in September The most recent newbuilding, Skandi Atlantic, was delivered in March and started on a contract in Australia in May. The subsea fleet has reported a satisfactory rate of employment in the quarter, with 89% in January, 85% in February and 88% in March. Operations for DOF Subsea Asia have exclusively been project based and the rate of employment for the fleet has been variable during the quarter. Geobay has been offhire for the entire quarter due to factors which include a classification drydock. The other vessels in this region have reported a regular rate of employment. Survey and positioning activities have generated good earnings in the quarter, particularly in the USA. DOF Subsea Atlantic has reported an improvement in rate of employment and earnings in the first quarter when compared with the same period last year, including good earnings from operations for Skandi Skolten and Geoholm. Geosund has been partly offhire during the quarter due to the change in area of operation, from the Black Sea to the North Sea. The vessel started on a general agreement for Statoil in March. During the quarter, Skandi Skansen has installed a new A-frame on contract with Subsea7. This contract started in March. Skandi Inspector has demobilised subsea equipment during the quarter, prior to a contract with ISS. Skandi Constructor completed its contract with Dong in January and was offhire for a short period of time before starting on a new contract for Shell. The reconstruction of Geosea to an RSV was completed at the start of January. The vessel then sailed to Brazil for a 5-year contract for Petrobras, which started in February. Q Financial Report DOF ASA 5

6 DOF ASA DEPRECIATION In 2011, DOF was instructed by the Financial Supervisory Authority of Norway to make use of market value as the basis for estimating residual value of the Group s fleet. This principle has been applied for calculating depreciation for the quarter. Changes in market values may result in a higher level of volatility for future deprecation. FINANCIAL RESULT AND TAX Norskan operates with BRL as functional currency. Significant fluctuations between BRL and USD have a considerable impact on the accounts, even though Norskan has a limited degree of exposure to foreign exchange as all long-term contracts are hedged in the same currencies as the operating and financial costs. Unrealised gain on foreign exchange in Q1 amounted to NOK 287 million, and mainly relates to the weaker USD against NOK and BRL. The ratio of fixed interest versus floating interest has increased during the quarter with the signing of several fixed interest contracts for NOK and USD loans. When compared with the fourth quarter of 2011, the first quarter has seen less movement in long-term interest rates. Unrealised change in financial instruments amounted to NOK 66 million in the first quarter. TAX The tax cost is based on best estimate. BALANCE SHEET The Group s net interest-bearing liabilities, including unemployed capital at the end of March, is NOK 18,595 million. The increase in net interest-bearing liabilities mainly represents new long-term loans taken out in connection with the delivery of new vessels. To date this year, the Group has taken delivery of three vessels, of which two vessels are classified as newbuildings on the balance sheet as of March. These vessels started on contracts in May. CASH FLOW AS OF MARCH MNOK Cash flow from operations Cash flow from investments Cash flow from financing Net change in cash and cash equivs Cash and cash equivalents - start Aglo/disago payment Cash and cash equivalents FINANCING AND CAPITAL STRUCTURE In February 2012, DOF issued a new bond loan of NOK 700 million, maturing in February The purpose of the loan is to refinance DOF 07, maturing in 2013 and totalling NOK 924 million. In 2012, DOF Subsea also issued a new bond loan of NOK 700 million, maturing in This loan is to refinance DOFSUB 03 (matures 2012) and DOFSUB 04 (matures 2014). DOF Subsea has purchased NOK 200 million of the new loan. In the first quarter, DOF and Norskan have taken out three new loans totalling NOK 615 million, in connection with the delivery of three newbuildings. The remaining commitments for the Group in terms of vessels under construction amount to approx. NOK 4,200 million as of March, and cover deliveries up to the end of Planned long-term financing of this newbuilding program totals approximately NOK 4,100 million of which approx. NOK 2,700 million has been secured long-term financing. The newbuilding program comprises a total of 8 vessels, of which 6 have been secured long-term contracts for ConocoPhillips and Petrobras. 6 DOF ASA Q Financial Report

7 SHAREHOLDERS There were no significant changes in the company shareholders during the quarter. As of 31 March 2012, the company had 3,704 shareholders. The share price as of 31 March 2012 was NOK The Annual General Meeting was held on 24 May, during which the Board of Directors authorisation to issue up to 27,750,000 shares was renewed. At the same Annual General Meeting, the Board of Directors was authorised to acquire 10% of the company s shares at highest nominal value NOK 100 and lowest nominal value NOK 20 per share. THE FLEET/BUSINESS ACTIVITIES In February, Norskan took delivery of Skandi Hawk, a combined PSV/RSV vessel, from Cochin Shipyard in India. After delivery, the vessel sailed to Singapore for the assembly of a 60-ton crane. Skandi Hawk will form part of DOF Subsea Asia s project fleet for a period of up to one year. In March, Aker DOF Deepwater (ADD) took delivery of its latest newbuilding, Skandi Atlantic, from STX Vietnam. This vessel has the same design as the other vessels in the ADD fleet. In May, the vessel started on a long-term contract in Australia. Skandi Kvitsøy was delivered in mid March and started on a 6-year contract for ConocoPhillips. This is Skandi Feistein s sister ship and is owned by PSV Invest I. DOF controls 52% of this company. In March, DOF Subsea signed an agreement with Commonwealth Australia for the sale of Skandi Bergen, at an approximate price of USD 130 million. The vessel was handed over to its new owner after delivery from the shipyard in May. DOF Subsea has signed an agreement with STX for the delivery of a new subsea vessel with similar design to Skandi Bergen. This newbuilding is scheduled for delivery in May Norskan has planned delivery of Skandi Iguazu at the end of June/start of July. The vessel has been secured a long-term contract with Petrobras. NEW CONTRACTS The Group s fleet has global operations and the most important operating areas are the North Sea, West Africa, Brazil and Asia/Australia. SUBSEA DOF Subsea Asia has added one new vessel, Skandi Hawk, to its fleet. This vessel has been secured a 67-day contract in Vietnam. DOF Subsea has obtained a good rate of employment for its fleet in the North Sea, including a new frame agreement with Statoil for employment of Geosund. Subsea7 has declared its option for extension of the contract for Skandi Seven and Skandi Skansen. These two vessels are therefore secured fixed employment until March 2014 and July 2013 respectively. AHTS/PSV The first quarter has seen a high rate of contract activity for supply vessels. Several new contracts have been awarded in the quarter, particularly on the markets in the East and Australia. Skandi Pacific has a contract for up to 100 days in Vietnam A 2-year contract for Skandi Møgster for OGX in Brazil A 1-year contract for Skandi Waveney for Peterson in the North Sea 2 x 5-year contracts for Skandi Foula and Skandi Rona for Shell UK in the North Sea Q Financial Report DOF ASA 7

8 DOF ASA A 490-day contract for Skandi Falcon for MacDow in Australia A 900-day contract for Skandi Atlantic for Apache in Australia A 3-year contract for Skandi Caledonia for Maersk in the North Sea THE MARKET The spot market in the North Sea has been generally weak during Q1. For PSV vessels, the rate of employment has been good, with average rates somewhat lower than Q The rate of employment and earnings reported for the AHTS segment have been low. The market saw a slight recovery in March and April, but was weak in the second half of May, particularly for the AHTS segment. Both the TC and project markets for subsea vessels have seen significant improvements to date this year, when compared with the same quarter last year. As of the end of March, 289 supply vessels were operating in the North Sea market, of which 95 vessels on the spot market. There is high demand for vessels in the Brazilian market. The market in South-East Asia has shown positive developments with high demand for subsea vessels. The level of activity in Australia is expected to remain high, based on the number of projects scheduled for the near future. OUTLOOK DOF has signed several new contracts, particularly for the supply fleet in the past few months.. At the end of March, all the PSV vessels had fixed employment and only two AHTS vessels were exposed to the spot market. DOF Subsea has achieved satisfactory contract coverage for its project fleet in 2012, and will remain loyal to the Group strategy to combine vessels on long-term contracts with short-term project contracts. The company expects earnings in Q to be higher than those reported for Q1, principally due to the addition of newbuildings, higher contract rates for several vessels and an improvement in the average rate of employment for the Group s fleet. HELGE SINGELSTAD CHAIRMAN OF THE BOARD HELGE MØGSTER BOARD MEMEBER ODDVAR STANGELAND BOARD MEMEBER WENCHE KJØLÅS BOARD MEMEBER BRITT MJELLEM BOARD MEMEBER KAROLINE MØGSTER BOARD MEMEBER MONS S. AASE CEO 8 DOF ASA Q Financial Report

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10 Accounts 1st Quarter 2012 DOF ASA THE GROUP S SUMMARIZED PROFIT AND LOSS ACCOUNT (MNOK) NOTE Q Q Operating income operating expenses vessels Operating profit before depreciation EBITDA Depreciation Write-down Operating profit - EBIT Net profit from associated companies Financial income Financial costs Net realized gain/loss on currencies Net unrealized gain/ loss on currencies Net changes in fair value of financial instruments Net financial costs Pre-tax profit Taxes Result Non- controlling interest Controlling interest COMPREHENSIVE STATEMENT (MNOK) Q Q Currency translation differences Other income and costs Other comprehensive income/loss Total comprehensive income/loss attrubutable to Non- controlling interest Controlling interest Profit per share ex. non-controlling interest *) (NOK) 2,20-0,04-3,69 * ) Diluted number of share is the same as number of shares. 10 DOF ASA Q Financial Report

11 THE GROUP S SUMMARIZED BALANCE SHEET (MNOK) NOTE ASSETS Deferred taxes Goodwill Intangible assets Vessel and equipments Newbuildings Tangible assets Investment in affiliated companies and other shares Other non-current receivables Financial assets Financial assets Accounts receivables Other current receivables Current receivables Restricted deposits Cash and cash equivaltents Cash and cash equivalents incl. restricted deposits Currrent assets Total Assets EQUITY AND LIABILITIES Paid in equity Other equity Non-controlling interests Equity Deferred taxes Other provisions and derivates Non-current provisions and commitments Bond loan Debt to credit institutions Other non-current liabilities Non-current liabilities Debt to credit institutions Accounts payable Other current liabilities Current liabilities Total liabilities Total equity and liabilities Q Financial Report DOF ASA 11

12 DOF ASA THE GROUP S CASH FLOW STATEMENT (MNOK) Profit before taxes Profit/loss on disposal of tangible assets Depreciation and write offs of tangible assets Changes in accounts receivables Changes in accounts payable Foreign exchange gain/losses Changes in other working capital Share of profit/loss from assosiates Cash from operating activities Interest income/cost Interest received Interest paid Tax paid for the period Net cash from operating activities Payments received fro sale of tangible assets Purchase of tangible assets Payments received for sale of shares Purchase of shares and associates Payments received /purchase of other non-current receivables Net cash from investering activities Proceeds from borrowings Repayment fo borrowings Payments from non-conrolling interests Equity payments received Net cash from financing activities Net changes in cash and cash equivalents 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 DOF ASA Q Financial Report

13 THE GROUP S EQUITY STATEMENT (MNOK) PAID-IN CAPITAL RETAINED EARNINGS CURRENCY TRANSLATION DIFFERENCES TOTAL NON- COMTROLLING INTEREST TOTAL EQUITY Balance at Result /loss for the year Other comprehensive income/loss Share issues Balance Result /loss for the year Other comprehensive income/loss Balanse KEY FIGURES TYPE 1 KV KV EBITDA margin 1 33 % 27 % 31 % EBIT margin 2 19 % 8 % 18 % Kontantstrøm pr. aksje 3 5,22 3,09 9,56 Resultat pr. aksje eks ikke kontrollerende andel *) 4 2,20-0,04-3,69 Profit per share ex. unrealized gain/loss 5-0,03-1,81 1,67 Return on net capital 6 5 % -1 % -8 % Equity ratio 7 22 % 24 % 22 % Value adjusted equity 40 % 43 % 44 % Net interest bearing debt Net interest bearing debt ex. unemployed capital Average number of shares Outstanding number of shares Face value per share *) Diluted number of share is the same as number of shares. 1) Operating profit before depreciation in percent of operating income. 2) Operating profit in percent of operating income. 3) Cash flow from operation/average no of shares. 4) Result ex non-controlling interest share)/average no. of shares. 5) Result incl non-controlling interest + net unrealized currency gain/loss + net changes fair value of financial instruments)/average no of shares. 6) Resul after tax in percent of equity. 7) Equity/ Total assets Q Financial Report DOF ASA 13

14 Notes to the Accounts 1st Quarter 2012 DOF ASA NOTE 1 GENERAL This interim report has been prepared in accordance with the standard for interim reporting (IAS34). Amendments to the standards and their interpretation may result in amended figures. The accounting principles and calculation methods applied for the last annual accounts published have been applied to this document. The interim report has not been audited and should be read in the context of the annual report for The Financial statement are unaudited. NOTE 2 SEGMENT INFORMATION OPERATING INCOME AND EBITDA PER SEGMENT Q Q OPERATING INCOME PSV AHTS CSV Total EBITDA PSV AHTS CSV Total EBIT PSV AHTS CSV Total NOTE 3 EVENTS AFTER BALANCE DATE DOF Subsea Rederi AS, a subsidiary of O`DOF Subsea AS, has sold the newbuild no 771 at STX OSV AS, to Commonwelth of Austalia (COA). The vessel is delivered to COA 22 of May, DOF ASA has decided to purchase 20% in Iceman AS. Iceman has contracted a newbuild at STX OSV Norge (AHTS) with delivery in DOF ASA Q Financial Report

15 NOTE 4 DEPRECIAITON DOF has an intention that the Group not shall own vessel which is older than 20 years. Hence DOF has to calculate a residual value after the estimated useful life of the vessel within the DOF Group. The basis for the residual value should be market valuation of charter free vessel. The market values have to be adjusted to reflect the market value of the vessels if it haad been of an age and in the condition expected at the end of the useful life. To estimate the residual value DOF has applied a linear model depending on the age of the vessel increasing from 50% (on a newbuild) to 100% (of a 20 years old vessel )o f the received market valuation. DOF changed the estimated residual value from Q Comparable figures for Q is not restated. The effect of changing the residual value is approximately NOK 33 million in reduced depreciation for Q NOTE 5 CASH AND CASH EQUIVALENT Q Q Restricted cash *) Cash and cash equivalent Total cash and cash equivalent *) Including restricted cash related to non-current loan from Eksportfinans. NOTE 6 NET INTEREST BEARING LIABILITIES Q Q Bond loan Debt to credit institutions Other non-current liabilities Current part of bond loan Current part of other non-current liabilites Other current liabilities Totat net interest bearing liabilites Cash and cash equivalents Net interest bearing liabilities NOTE 7 TRANSACTION WITH RELATED PARTIES Transactions with realated parties are governed by market terms and conditions inaccordance with the arm s length principle. NOTE 8 TAXES Taxes per 31 March, 2012 are an estimate. Q Financial Report DOF ASA 15

16 DOF ASA NOTE 9 SHARE CAPITAL AND SHAREHOLDERS LARGEST SHAREHOLDERS AS OF NAME NO. SHARES OWNERSHIP VOTING SHARES MØGSTER OFFSHORE AS ,22 % 51,22 % ODIN NORGE ,96 % 5,96 % PARETO AKSJE NORGE ,66 % 5,66 % SKAGEN VEKST ,13 % 5,13 % PARETO AKTIV ,54 % 2,54 % ODIN OFFSHORE ,21 % 2,21 % MP PENSJON PK ,09 % 2,09 % PARETO VERDI ,49 % 1,49 % VESTERFJORD AS ,93 % 0,93 % KANABUS AS ,89 % 0,89 % MOCO AS ,62 % 0,62 % SKANDINAVISKA ENSKILDA BANKEN ,59 % 0,59 % ODIN MARITIM ,52 % 0,52 % SIX SIS AG ,49 % 0,49 % UBS AG, LONDON BRANCH ,47 % 0,47 % MUSTAD INDUSTRIER AS ,47 % 0,47 % DNB NOR SMB ,45 % 0,45 % PACTUM AS ,41 % 0,41 % FORSVARETS PERSONELLSERVICE ,39 % 0,39 % PARETO SICAV ,38 % 0,38 % Total ,93 % 82,93 % Total other shareholders ,07 % 17,07 % Total no of shares ,00 % 100,00 % 16 DOF ASA Q Financial Report

17 DOF SUPPLY FIRM CONTRACT COVERAGE FIRM OPTION TO EXTEND CONTRACT UNDER CONSTRUCTION Q Financial Report DOF ASA 17

18 DOF ASA NORSKAN / AKER DOF DEEPWATER FIRM CONTRACT COVERAGE FIRM OPTION TO EXTEND CONTRACT UNDER CONSTRUCTION 18 DOF ASA Q Financial Report

19 DOF SUBSEA FIRM CONTRACT COVERAGE FIRM OPTION TO EXTEND CONTRACT UNDER CONSTRUCTION Q Financial Report DOF ASA 19

20 DOF ASA NORWAY: DOF ASA Phone: Fax: Address: Alfabygget 5392 Storebø, Norway DOF SUBSEA AS Phone: Fax: Address: Thormøhlensgate 53 C 5006 Bergen, NORWAY DOF SUBSEA NORWAY AS Phone: Fax: info@dofsubsea.com Address: Thormøhlensgate 53 C 5006 Bergen, NORWAY DOF MANAGEMENT AS Phone: Fax: Management@dof.no Austevoll Address: Alfabygget 5392 Storebø, Norway Bergen Address: Thormøhlensgate 53 C 5006 Bergen, NORWAY SINGAPORE: DOF MANAGEMENT PTE LTD Phone: Fax: Address: 460 Alexandra Road# PSA Building,119963, Singapore DOF SUBSEA ASIA PACIFIC PTE LTD Phone: Fax: asia-pacific@dofsubsea.com Address: 460 Alexandra Road# PSA Building, , Singapore UNITED KINGDOM: DOF (UK) LTD Phone: Fax: info@dofman.co.uk Address: Voyager House, 75 Waterloo Quay Aberdeen AB11 5 DE, UNITED KINGDOM DOF SUBSEA UK LTD Phone: Fax: uk@dofsubsea.com Address: Exchange No.1, 62 Market St. Aberdeen, AB11 5PJ, UNITED KINGDOM AUSTRALIA: DOF SUBSEA AUSTRALIA PTY LTD Phone: Fax: asia-pacific@dofsubsea.com Address: 5th Floor, 181 St. Georges Tce Perth WA 6000, Australia DOF MANAGEMENT AUSTRA LIA Phone: Mobile: Address: Level 1, 441 South Road, Bentleigh, Vic. 3204, Australia USA: DOF SUBSEA USA INC Phone: Fax: info@dofsubsea.us Address: 5335 W. Sam Houston Parkway N Suite 390, Houston Texas, USA BRAZIL: NORSKAN OFFSHORE LTDA Phone: Fax: office@norskan.com.br Address: Rua Lauro Müller, 116 Salas 2802 a 2805 Torre do Rio Sul Botafogo Rio de Janeiro, R.J. BRAZIL DOF SUBSEA BRASIL SERVIÇOS LTDA Phone: brasil@dofsubsea.com Address: Rua A1, número 35 Vale Encantado Macae - Rio de Janeiro, BRAZIL DOF SUBSEA BRASIL SERVIÇOS LTDA Phone: Fax: brasil@dofsubsea.com Address: Rua Lauro Müller 116 Salas 2802 a 2805 Torre do Rio Sul - Botafogo Rio de Janeiro, R.J., BRAZIL ANGOLA: DOF SUBSEA ANGOLA Phone/Fax: Mobile: / angola@dofsubsea.com Address: Rua Ndumduma 56/58 Caixa postal 2469, Miramar Luanda, Republic of Angola 20 DOF ASA Q Financial Report

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22 FINANCIAL REPORT 1ST QUARTER 2012 DOF ASA WWW. DOF.NO