Dof Group Asa · OSL:DOFG
Dof Group Asa — Investor Day (September 2026)
66 slides from Dof Group Asa's investor day presentation, Sep 15, 2026
Slide 1: DOF Group ASA – 2026 Capital Markets Day
15th of September 2026 DOF Group ASA – 2026 Capital Markets Day
Slide 2: Content
Content Intro, fleet strategy and market perspectives Mons Aase, CEO Asia-Pacific region deep dive Michael Rosich, EVP APAC North America region deep dive Marco Sclocchi, EVP North America Break Brazil region deep dive Mario Fuzetti, EVP Brasil Atlantic region deep dive Dag Raymond Rasch, EVP Atlant
Slide 3: Intro, fleet strategy and market perspectives
Intro, fleet strategy and market perspectives Mons Aase, CEO
Slide 4: Video: Click here to view
4 Video: Click here to view 4
Slide 5: Leading position in core markets globally
Leading position in The go-to provider of Ongoing fleet Strong market outlook core markets globally high-end AHTS capacity high-grading in the years to come • DOF is one of the leading • DOF has the largest fleet of very • Steps taken to increase the • Still earnings uplift on new long- providers of
Slide 6: DOF at a glance
DOF at a glance Historical revenues Global reach Key operating areas for DOF USDm 2.500 2 293 An integrated offshore services company 2.000 2 014 combining asset ownership 1 513 and project engineering North America 1.500 1 265 Atlantic 1 116 1 045 1.000 913 875 876 877 807 500 South America Asia-Pa
Slide 7: DOF is an offshore service provider, vessel owner and operator
DOF is an offshore service provider, vessel owner and operator Vessel owner & marine management Specialised subsea service provider Integrator of offshore services Offshore energy value chain Engineering Construction fleet Diving and subsea assets PROJECT OFFSHORE SPECIALIST MANAGEMENT SOLUTIONS FLE
Slide 8: High earnings visibility - USD ~7.2 billion backlog
High earnings visibility - USD ~7.2 billion backlog Large end of Q2 2026 backlog Significant backlog execution in 2026 and beyond USD million1 DOF excl. DOFCON DOFCON JV Additions after 30.06 USD million DOF excl. DOFCON DOFCON JV Additions after 30.06 7196 Significant improvement on parallel shif
Slide 9: Key capabilities and markets
Highly capable and versatile fleet % of broker value1 High-end subsea vessel 42% IMR/CSV 20% AHTS 37% PSV 1% Large subsea vessels with specialised Predominantly used to Key capabilities and markets Diversified AHTS fleet spanning conventional anchor-handling Subsea vessels with different crane capac
Slide 10: Owned fleet development from before the MSS acquisition to today
Owned fleet development from before the MSS acquisition to today CSV AHTS PSV Cable layer Value weighted fleet age MSS acquisition - Nov. 2024 Post MSS acquisition – Q3 2026 Q3 2026 including newbuilds ~13.4 years ~11.5 years1 Two large AHTS with Contract-backed newbuilds, fully over 390t bollard pu
Slide 11: Reduced fleet age through strategic acquisitions and divestments
Reduced fleet age through strategic acquisitions, divestments and acquisitions Q3 ’26 fleet age – Pre MSS acquisition, Q3 ’26 including and excluding newbuilds Pre MSS acquistion (Nov. 2024) Pro-forma Q3’26 1 Pro-forma Q3’26 inc. newbuilds • Strategic acquisitions and vessel -3.4 years -1.4 years -2
Slide 12: AHTS fleet high-grading – Replacing older/less capable with high-end vessels
AHTS fleet high-grading – Replacing older/less capable with high-end vessels DOF AHTS fleet development since pre-MSS acquisition Comments <250t 250-300t > 300t • MSS acquisition added 14 AHTS, including five high-end M-class vessels Avg. ~198t ~400t bollard bollard pull pull 14 28 • Four lower-spec
Slide 13: High-end AHTS with crane enables increased earnings capacity
High-end AHTS with crane enables increased earnings capacity High-end AHTS EBITDA Comments Large AHTS with subsea crane Large AHTS without subsea crane • A crane enables AHTS vessels to perform 349t 354t 277t 319t 353t 357t ~260t a wider range of work scopes and generate additional earnings through
Slide 14: High-end AHTS drive higher earnings through stronger rates and utilisation
High-end AHTS drive higher earnings through stronger rates and utilisation High-end AHTS - Asset EBITDA 2025 DOF AHTS fleet by bollard pull High-end AHTS Conventional AHTS Bollard pull (t) Acquired 400 Skandi Sandefjord Skandi Saltfjord 98% Skandi Hercules Skandi Skansen 89% 89% Skandi Vega 350 Skan
Slide 15: Relevant AHTS fleet >300t bollard pull and beam >22m
Relevant AHTS fleet >300t bollard pull and beam >22m Bollard pull (t) 480 Island Victory 460 440 420 400 Skandi Saltfjord Skandi Sandefjord 380 Skandi Hercules 360 Skandi Iguacu Skandi Skansen Skandi Vega Normand Drott 340 Normand Prosper 320 Skandi Iceman Bram Titan Normand Installer Horizon Arctic
Slide 16: Expected continued high activity for projects requiring high-end AHTS
Expected continued high activity for projects requiring high-end AHTS Potential floater (FPSO, FSO, FLNG) pipeline - 2026-2030+1 Potential floater pipeline by year - 2026-20301 West Africa Brazil Americas (ex-Brazil) Europe 19 1 14 6 24 13 13 19 2 11 4 1 1 2 4 8 4 2 6 West Africa Brazil 1 6 1 4 1 6
Slide 17: Fleet development DOF subsea vessels
Fleet development DOF subsea vessels DOF subsea vessel fleet development since pre MSS acquisition Comments High-end subsea vessels IMF/FSV CLV • The MSS acquisition added eight vessels, Value weighted ~13.6 years fleet age including four high-end subsea vessels ~10.9 years1 with 400t crane – high-g
Slide 18: Fleet high-grading unlocks capital-light earnings growth
Fleet high-grading unlocks capital-light earnings growth High-end subsea vessels enable incremental project earnings with limited additional investment (illustrative) 1. Additional earnings capacity though 2. Implied payback on 250t CSV newbuilds 3. Project earnings vs conventional vessel earnings i
Slide 19: Strong base of long-term IMR/FSV contracts supported by the CSV fleet
Strong base of long-term IMR/FSV contracts supported by the CSV fleet • DOF has a global presence in the subsea inspection, maintenance and repair (IMR) / field support vessel 2x leased in vessels (FSV) market, with contracts across all regions where Skandi Nexus Skandi Vinland DOF is present Skandi
Slide 20: Subsea operations create enduring client relationships
Subsea operations create enduring client relationships IMR/FSV vessels often go far beyond the initial contract term Vessel Location Contract legacy & client relationship Legacy contract Current contract Extension options Skandi Seven – 250t CSV 2020 2021 2022 2023 2024 2025 2026 2027 Angola – West
Slide 21: Growing base of installed subsea infrastructure drives demand for IMR services
Growing based of installed subsea infrastructure drives demand for IMR services Number of subsea trees in operation by region Kilometres of SURF lines installed by region Africa Asia Europe North America Oceania South America +10% +18% 131 663 119 496 +14% +7% 100 960 +11% 6 850 88 229 +5% 83 819 6
Slide 22: Still uplift in earnings on new contracts
Still uplift in earnings on new contracts Selected examples of new contracts & asset earnings – Yearly EBITDA Comments • CSV contract extensions secured at IMR/FSV CSV AHTS with crane slightly higher EBITDA levels than two years ago, maintaining attractive earnings. +13% +50% • Significant increase
Slide 23: APAC region deep dive
APAC region deep dive Michael Rosich, EVP - APAC
Slide 24: DOF APAC region at a glance
DOF APAC region at a glance Market positioning Key assets in the region Strong backlog 9 Vessels in the region: securing utilisation of 3 CSVs, 2 MPSVs, 2 g resources cklo AHTS (managed) and 2 Ba PSVs (managed) Flee x3 CSV Skandi Inventor, Hercules and Singapore t Regional focus on tlook constructio
Slide 25: Project showcase
Project showcase Chevron dedicated vessel & IMR services Scope of Work • IMR services contract supporting Chevron’s North-West Shelf and Project Overview near shore subsea AU assets with DP Vessels, ROVs, AUVs, Client Chevron Australia Pty Ltd Intervention, Inspection, Management and Engineering Ser
Slide 26: Skandi Inventor enhances subsea solutions
Skandi Inventor enhances subsea solutions • Skandi Inventor brought into the region as a high-performance differentiator and enabler [] • Two further awards following initial arrival on long term contract: Subsea Commissioning Support services and Subsea Construction and Pre-Commissioning Support se
Slide 27: Project showcase: global resource sharing
Project showcase: global resource sharing Australia’s Deepest Mooring Installation Scope of Work Project Overview • Provision of a Construction Support Vessel (CSV) and Direct client Undisclosed support services for the Vessel Skandi Hercules & HLV installation and hook-up of twelve mooring lines (3
Slide 28: Market and opportunities
Market and opportunities Conventional (Oil & Gas) Renewables Steady Market Strong Market Strong Market Strong Market Steady Market Slow growth Growth Potential Potential Potential Growth Australia Indonesia S/E Asia Philippines MPSVs/ 250te CSVs South Korea & Japan Broad-base of IMR Indonesia has se
Slide 29: North America region deep dive
North America region deep dive Marco Sclocchi, EVP North America
Slide 30: North America at a glance
North America at a glance Market positioning Selected key contracts in the region 43 vessel years firm across 14 vessels currently in the Canada, Guyana and region: 7x AHTS and 8x CSV g Suriname cklo (incl. two third-party CSVs) Cenovus PME-FSV Turn-key project in Ba Long-term AHTS contracts Argenti
Slide 31: White Rose FSV + West WR
White Rose FSV + West WR Scope of Work Support all pj. mgmt., engineering, Field Development & IMR field development and IMR activity Project Overview • Custom-built multi-task vessel (PSV, Iceberg Management, Client Cenovus Standby and light subsea Vessel Skandi Vinland construction) Period July 20
Slide 32: Stabroek Block FSVs
Stabroek Block FSVs Scope of Work Support all activity post first oil Post First Oil IMR and Field Development with 3 of 4 FSVs assigned to support the developments. Project Overview • In the almost 4 year of service Client ExxonMobil DOF installed Vessel Skandi Involver, Constructor & Nomad • 78 su
Slide 33: Shell Chemical Intervention
Shell Chemical Intervention Scope of Work Project management to provide Field Development & IMR integrated spread to support multi- well chemical injections for well Project Overview enhancement comprising of: Client Shell • WI ready vessel Vessel Skandi Implementer • Rig-less Well Injection System
Slide 34: Uaru & Hammerhead
Uaru & Hammerhead Scope of Work UARU Pre-mooring line Installation • T&I of 16 x mooring lines Project Overview supporting Jumbo to accelerate delivery program Client Modec / ExxonMobil Vessel Skansen / Implementer • Fast track project with project management running parallel Period Aug 2025 , May-A
Slide 35: VMOS – Oil off-loading system
VMOS – Oil off-loading system Scope of Work Canada is the contract holder, T&I - CALM Buoys and pipeline Tie-in responsible for the project management and planning and Project Overview execution of • Pre-set mooring of 2 CALM Client VMOS (YPF) Buoys Vessel Skandi Hera , Skansen & Patagonia • Support
Slide 36: Regional markets and opportunities
Regional markets and opportunities Area General IMR SURF Mooring Operators in deepwater focusing more on IMR still active Operators looking for alternatives Mooring replacement and production enhancement with fewer major JAC requirement and cost still to major contractors to support decommissioning
Slide 37: DOF’s position in the region
DOF’s position in the region Strong position in Canada and CARICOM DOF is currently a leading IMR contractor in: • Trinidad & Tobago supporting both Shell & BP • Guyana with 3 of 4 FSVs for ExxonMobil • Canada with multiple vessels for both Cenovus & Suncor, and • Suriname after commencement of the
Slide 38: Brazil region deep dive
Brazil region deep dive Mario Fuzetti, EVP Brasil
Slide 39: Offshore Support Vessels in Brazil
Offshore Support Vessels in Brazil Fleet Evolution Source: ABEAM 39 39
Slide 40: Brazil Region – Operations
Brazil Region – Operations Market positioning Assets Fleet 3 – IMR Very high added backlog: A Fleet 1 – AHTS • 5 AHTS new 4y contracts start 1Q27 Skandi Rio + ROV Skandi Jupiter Skandi Salvador (MPSV) Stril Explorer (mgmt.) • 5 AHTS 1y contract extensions to 1Q27 In mid 2025 DOF’s fleet of 23 high-
Slide 41: DOFCON & TECHDOF – Operations
DOFCON & TECHDOF – Operations Market positioning Assets State of the art PLSV fleet. Very high added backlog so far: • 3 PLSV new 3 y contracts • 3 PLSVs booked to 2030 Fleet 2 - PLSV g • 3 PLSVs with potential cklo • 3 PLSVs contract extensions to 1Q27 Ba booking for 2032 • 2 PLSV contract extensio
Slide 42: DOF Brasil
DOF Brasil Fleet 1 AHTS 12 Sk. Iguaçu Sk. Angra Sk. Paraty Sk. Urca Sk. Botafogo Sk. Fluminense Sk. Rio Sk. Ipanema Sk. Jupiter Sk. Mercury Sk. Logger Sk. Lifter 2012 2015 2016 2014 2006 2007 2007 2010 2010 2009 2009 2009 PLSV ~2600+ 2 6 employees Sk. Açu Sk. Buzios Sk. Olinda Sk. Recife Sk. Niterói
Slide 43: DOF Brasil contract coverage - AHTS
DOF Brasil contract coverage - AHTS Brazil AHTS fleet 2026 2027 2028 2029 2030 2031 Skandi Mercury Skandi Jupiter Skandi Logger Skandi Lifter Skandi Ipanema Skandi Rio Skandi Botafogo Skandi Fluminense Skandi Urca Skandi Paraty Skandi Angra Skandi Iguacu Current contract Extension contract AHTS 2024
Slide 44: DOF Brasil contract coverage - PLSV
DOF Brasil contract coverage - PLSV Brasil PLSV fleet 2026 2027 2028 2029 2030 2031 2032 Skandi Vitoria Skandi Niteroi Skandi Recife Skandi Olinda Skandi Buzios Skandi Acu Current contract Extension contract PLSV 2024 contract Mobilisation & acceptance test Ongoing tender / negotiations Ongoing exte
Slide 45: DOF Brasil contract coverage – IMR / RSV
DOF Brasil contract coverage – IMR / RSV Brasil subsea fleet 2026 2027 2028 2029 20230 2031 HOS Brass Ring Sea1 Atlas Stril Explorer Siem Pilot Skandi Olympia Skandi Chieftain Skandi Commander Skandi Carla Geoholm Skandi Achiever Skandi Salvador Current contract Extension contract RSV 2024 contract
Slide 46: Contract Awards in Brazil
Contract Awards in Brazil Fleet Recent awards (Mid 2025 – Mid 2026) • 7 x 4-year new contracts with Petrobras Fleet 1 • 5 x contract extensions to 1Q2027 AHTS • Planned start of 5 x new contracts above 1Q2027 at earliest • Total contracts value in excess of USD 950m for new contracts and extensions.
Slide 47: Four RSV newbuilds backed by 12-year long-term charter/service contracts
Four RSV newbuilds backed by 12-year long-term charter/service contracts RSV illustration & specifications • The contracts have a duration of 12 years and are expected to commence from 2030. • The award includes construction of four newbuild vessels built at Navship, a Brazilian shipyard. • First tw
Slide 48: PIDF overview
PIDF overview PIDF PIDF 2025 PIDF PIDF PIDF 123 2023 2025 Equipment Subsea Inspection SASMIC PIDF-1 & PIDF-2 (flexible pipeline flowline & riser up to 20m) PIDF-3 (flexible pipeline 0m – 20m) Firm demand IDEC Inspection: Connector pipelines cases Flexjoint Inspection (PIDR-2 & PIDR-3) PIDR-2 (rigid
Slide 49: Petrobras Business Plan 2026 - 2030
Petrobras Business Plan 2026 - 2030 Petrobras FPSO schedule Capex spending 2026-2030 Update on FPSOs P-80 (Buzios 9) and P-82 (Buzios 10) • Both units to start voyage to Brazil soon • Out of shipyards in Singapore • DOF AHTS Skandi Urca, Angra, Paraty and Iguaçu involved in the torpedo anchors/moori
Slide 50: Brazilian market and market dynamics
Brazilian market and market dynamics SURF Mooring Decommissioning • The SURF market in Brazil is primarily for • Moorings in Brazil are mainly associated • Decommissioning has been an expanding market in very large SURFs in very deepwater with FPSOs for large fields in deep and Brazil over the past
Slide 51: Outlook - DOF Brasil
Outlook - DOF Brasil Outlook Ongoing tenders ➢ All time record backlog added in 2025 ands 2026 so far Petrobras ➢ Majority of the local fleet booked to end of decade ➢ PLSV2025 tender on-going • Due: June 19th 2026 ➢ Workforce growing – trainees programs expanding • Flag: Br & Foreign • Mob: Aug 27
Slide 52: Equatorial Margin
Equatorial Margin Brazil’s New Frontier ➢ Petrobras has announced presence of hydrocarbons, a potential discovery in Amapá Deep Waters – Morpho Well, in 2,866m water depth, 175 km of the coast. ➢ IBAMA has authorized Petrobras to drill 3 more wells in addition to Morpho 52 52
Slide 53: Atlantic region deep dive
Atlantic region deep dive Dag Raymond Rasch, EVP Atlantic
Slide 54: DOF Atlantic Region at a glance
DOF Atlantic Region at a glance Market positioning Vessels in the region Strong backlog 23 Vessels in Region securing utilisation of Including CSVs, AHTS Havila Phoenix g Rem Inspector resources cklo and PSVs Ba x19 inc. Skandi Acergy, Skandi Installer, Skandi Vega, Skandi Flee Iceman, Skandi Skanse
Slide 55: ENI Congo Project Video
ENI Congo Project Video 55 Video: Click here to 55 view
Slide 56: Project Showcase
Project Showcase ENI Congo Scope of Work The project delivered the Project Overview following: Client ENI • Mooring installation and Vessel Skandi Hera, Skandi Installer, Skandi Laser, hookup activities Skandi Minder, Skandi Master, third-party AHTS Period 2025 - 2026 • Flexibles and cables Operatio
Slide 57: DOF Atlantic Region Service Line Portfolio
DOF Atlantic Region Service Line Portfolio Recent milestone Projects bp SCIRM Culzean Mooring Export Cable Repair Shell Norske Knarr & Gaupe Decommissioning Long-term North Sea IMR Culzean Floating Wind Pilot Rapid Offshore Wind Support Recovery Major Subsea Infrastructure Mooring Installation Remov
Slide 58: Regional Market & Dynamics
Regional Market & Dynamics Construction Decommissioning FSV & IMR Mooring Renewables Steady Market Steady Market Limited Near-Term Steady Market High Growth Growth Growth Growth Potential Growth Potential North Sea & West Africa North Sea North Sea & West Africa North Sea & West Africa North Sea Con
Slide 59: Opportunities in Atlantic Region
Opportunities in Atlantic Region Strong North Sea Position with Multiple Growth Drivers Across Atlantic Markets Mooring and construction FSV and IMR Decommissioning Expanding opportunities across traditional Providing resilient earnings and a platform for Unlocking long-term opportunities across the
Slide 60: Closing remarks
Closing remarks Mons Aase, CEO Martin Lundberg, CFO
Slide 61: Strong financial development
Strong financial development Operations and debt development Comments EBITDA margin % Operating revenue EBITDA (excl. gain/loss) • Stable EBITDA margins USDm EBITDA margin % through different economic 700 100 cycles 600 80 500 • Further reducing debt and 60 400 leverage after the financial 300 40 re
Slide 62: No near-term maturities - First major maturities in 2030
No near-term maturities - First major maturities in 2030 Scheduled amortisation as of Q2 2026, adjusted for Skandi Sandefjord draw down and Skandi Açu refinancing DOF Shipowning ex. Norseman USPP & RCF (USD 991m total) Norskan BNDES (USD 309m total) Norseman USPP (USD 140m total) Bond (USD 150m) DOF
Slide 63: Delivering according to plan
Delivering according to plan DOF has delivered on financial guidance and executed on the strategy communicated 1. Guiding 2. Leverage 3. Shareholder return strategy Initial guiding (EBITDA) Final guiding Result 2024 Capital Markets Day We are working towards distributing our first 2.9x quarterly div
Slide 64: Leading position in core markets globally
Leading position in The go-to provider of Ongoing fleet Strong market outlook core markets globally high-end AHTS capacity high-grading in the years to come • DOF is one of the leading • DOF has the largest fleet of very • Steps taken to increase the • Still earnings uplift on new long- providers of
Slide 65: Disclaimer
DISCLAIMER This presentation by DOF Group ASA is designed to provide a high-level overview of aspects of the operations of the DOF Group. The material set out in the presentation is current as of 15 September 2026. This presentation contains forward-looking statements relating to operations of the D
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