DOF ASA Q1 2011
INTERIM REPORT Q1 2011
Group income for Q1 totalled NOK 1,386 million
(NOK 1,129 million), and an operating result before
depreciation (EBITDA) of NOK 375 million (NOK 338
million).
The result achieved in Q1 was marked by a low
utilization, particularly for the subsea fleet, due to
conversion work and planned dry docks. Several
vessels have been in transit from the North Sea to
other markets. The utilization rate has therefore
been low when compared with Q4 2010.
The DOF Group received delivery of three vessels in
Q1; Skandi Niteroi, a PLSV built in Brazil, Skandi
Gamma, a PSV(LNG) built in Norway and Skandi
Emerald, an AHTS built in Vietnam.
In April, DOF Subsea issued a 5 year bond loan of
NOK 750 million, which was partly utilised to
repurchase existing bond loans.
DOF ASA is an international corporation involved in
the ownership and operation of a fleet comprising
supply and subsea vessels and engineering
companies providing services to the subsea market.
The Group has a modern fleet with an average age of
6.4 years, adjusted in terms of market values to an
average age of 3.3 years. As of May, the fleet
(partly/wholly owned) comprises 73 vessels
(including newbuildings). Fleet distribution is as
follows: 20 AHTS, 24 PSV and 29 CSV. In addition, the
Group owns a fleet of 45 modern ROVs.
The main share of DOF ASA's fleet operates on long-
term contracts. As of February, the financial nominal
value of these contracts totalled approximately NOK
20 billion, including options with a value of
approximately NOK 38 billion. Contractual coverage
in 2011 is 84 %, with 64 % for 2012.
Main items in the interim accounts for Q1
 Operating income amounted to NOK 1,386
million (NOK 1,129 million).
 Operating result before depreciation
(EBITDA) totalled NOK 375 million (NOK 338
million).
 The operating result (EBIT) was NOK 105
million (NOK 101 million).
 Total financial costs before unrealised
gain/loss on foreign exchange was NOK - 296
million (NOK -115 million).
 Unrealised gain/loss on foreign exchange
totalled NOK 110 million (NOK -88 million).
 The pre-tax result was NOK -81 million
(NOK -102 million).
 Net interest-bearing liabilities as of 31 March
2011 were NOK 16,212 million (NOK 12,039
million).
 Prepaid instalments on new-builds as of 31
March 2011 were NOK 2,262 million (NOK
3,404 million).
 Book equity including minority interests as of
31 March 2011 was NOK 6,617 million (NOK
6,791 million).
Comments to first quarter operations
The supply fleet in the North Sea has reported
satisfactory technical operations during the quarter
and vessel utilization on fixed contracts has been
good. One vessel, Skandi Commander, has been
offhire due to reconstruction required for a long-term
contract in Brazil. Skandi Falcon has operated in the
spot market and earnings have been low. Skandi
Gamma was delivered in mid February and started on
a 4-year contract for Statoil after delivery. The fleet in
Brazil has reported improvements in technical
operations when compared with Q4 2010. However, a
weaker USD against NOK and BRL had a negative
impact on the EBITDA figure.
DOF Subsea had an average utilization rate of approx.
75 % for the first quarter. A key aspect for operations
at DOF Subsea in Q1 has been the conversions of three
vessels in addition to scheduled dry docks, and the
repositioning of two vessels from the North Sea to
Brazil and Australia. The reconstruction work carried
out included the installation of a 250-ton crane on
Skandi Neptune and a 140-ton crane on Skandi
Hercules. Two vessels; Skandi Hercules and Skandi
Skolten, have partly operated on the North Sea spot
market and have reported low earnings. Both vessels
have now been repositioned for subsea project work
in Australia and the US Gulf respectively. The level of
activity in the North Sea has been low in general, with
a constant increase in Asia/Australia. Geobay returned
to DOF Subsea Asia in February and the vessel has had
high exploitation for the rest of the quarter.
Depreciation
During the first quarter, the DOF Group has amended
the principle it applies for depreciation. In brief, the
INTERIM REPORT Q1 2011
amendment implies that vessels are no longer
decomposed. The prevailing period for depreciation
will be sustained, implying that a vessel is
depreciated to 50 % of acquisition price over the first
20 years and then individual estimates of
depreciation during the last 10 years. The change in
depreciation principle has had a positive impact on
the operating result of approx. NOK 78 million for the
quarter.
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.
The financial result includes an unrealised gain on
foreign exchange of NOK 110 million, mainly related
to Brazil and generated from a weaker USD against
BRL.
The tax cost is based on an estimate.
Balance sheet
The Group's net interest-bearing liabilities including
unemployed capital as of 31 March 2011 total
approximately NOK 13,950 million (NOK 8,635
million). The increase in net interest-bearing liabilities
is attributed to the delivery of three newbuildings, of
which two vessels are partly owned. Total cash
reserves as of 31 March 2011 total approx. NOK
2,112 million.
Net cash flow from investment activities at the end of
Q1 was negative at NOK -1,114 million (negative at
NOK -1,324 million) and net cash flow from financial
activities was NOK 311 million (NOK 803 million).
Financing and capital structure
In April, DOF Subsea issued an unsecured 5-year
bond loan of NOK 750 million, of which NOK 200
million is owned on the company's accounts. Parts of
the bond loan due in 2012 have been repurchased.
The cash effect of this transaction amounted to
approx. NOK 400 million and will have an impact on
the balance from 2nd quarter.
The remaining commitments for the DOF Group in
terms of vessels under construction amount to approx.
NOK 7,250 million and cover deliveries in the period
from 2011 to 2013. External financing planned for this
newbuilding programme totals approx. NOK 7,100
million, of which approx. NOK 4,900 million has been
secured in long-term financing. Plans have been made
to obtain financing for newbuildings in Brazil via
FMM/BNDES. The company has agreed long term TC
contracts for the major part of the vessels that have
not secured long term financing.
In the first quarter, the DOF Group draw new loans of
approx. NOK 1,400 million in connection with the
delivery of new vessels and scheduled refinancing.
Shareholders
There were no significant changes in the company
shareholders during the quarter. As of 31 March 2011,
the company had 4,232 shareholders. The share price
as of 31 March 2011 was NOK 55.75 (NOK 45).
The fleet/business activities
In January, DOF Subsea received delivery of Skandi
Niteroi (PLSV), the second pipe-laying vessel to be built
in Brazil. The vessel is partly owned (50/50) by DOF
Subsea and Technip. The vessel has sailed to Norway
for mobilisation of pipe-laying equipment. She is
scheduled to return to Brazil in the third quarter.
In February, DOF Rederi received delivery of Skandi
Gamma (PSV) which is the first vessel for the DOF
Group to have LNG propulsion. In addition, the vessel
is equipped with a modern and flexible tank system.
Aker DOF Deepwater (50/50 owned by DOF and Aker
Solutions) received delivery of Skandi Emerald (AHTS)
in March, which is vessel no. 3 from STX Vietnam. After
delivery, the vessel sailed to Brazil for a long-term
contract for OGX.
In May, DOF Subsea signed an agreement for the
purchase of Sarah (renamed to Skandi Constructor).
This is a well intervention/construction vessel with
Ulstein SX121 OCV/IRM design. Plans have been
prepared to utilise the vessel on the subsea/project
market.
The DOF Group is planning to take delivery of a further
6 vessels before the end of 2011.
INTERIM REPORT Q1 2011

Market/new contracts
The Group’s fleet mainly operates in the North Sea,
West Africa, Brazil and Asia/Australia.
As expected, DOF Subsea has had a low level of
project activity in the North Sea during the quarter. In
West Africa, DOF Subsea has been awarded a number
of contracts, securing good exploitation for Geoholm
in the quarter and good contractual coverage for the
rest of the year.
In Brazil, DOF Subsea has long-term contracts for its
entire fleet of vessels and ROVs. The rate of
exploitation has been good for the quarter. Geograph
started on a 5-year contract with Petrobras in the
first quarter. Skandi Commander arrived in Brazil in
May and started a contract with Petrobras on 22
May. The last vessel to serve the company’s three 5-
year contracts for RSV vessels, Skandi Hawk, is
expected to be delivered in Brazil in the fourth
quarter.
The level of contract-related activity within supply
has been hectic in the quarter, and DOF has signed a
total of 5 new contracts with Conoco Phillips. These
comprise two 6-year contracts for two PSVs and
three 7-year contracts for two MRV vessels and one
ROV vessel.
During the quarter, Skandi Leblon has signed a new 4-
year contract with Petrobras and Skandi Olympia has
agreed upon a 2-year extension of their contract with
Fugro.
The spot market in the North Sea has been weak in the
first quarter. DOF has had one vessel, Skandi Falcon, in
this market during the quarter. Skandi Falcon started
on a 4-6 month contract in mid April. Skandi Sotra
ended its contract with Statoil in mid May and then
transferred directly to a 2-3 month contract.
DOF does not intend to have vessels on the spot
market for the next few months. The company expects
the spot market in the North Sea to be volatile in Q2.
As of the end of March, 268 vessels were operating on
the North Sea market, of which 71 vessels on the
North Sea spot market.
Outlook
The company has a high contractual coverage for its
supply fleet and a low rate of uncertainty regarding
earnings.
DOF Subsea has already secured contracts for several
of its project vessels, so that earnings are expected to
be significantly higher in the second quarter.

The Board of Directors for DOF ASA, 24 May 2011

Helge Møgster Helge Singelstad Oddvar Stangeland

(Chairman of the Board)

Wenche Kjølås Britt Mjellem Mons Aase

(CEO)

IR contact persons:
Mons S Aase, CEO +47 91661012 msa@dof.no
Hilde Drønen, CFO +47 91661009 hdr@dof.no
DOF ASA, 5392 Storebø, www.dof.no
INTERIM REPORT Q1 2011

THE GROUPS SUMMARIZED PROFIT AND LOSS ACCOUNT

(MNOK) Note Q1 2011 Q1 2010 2010

Opera ti ng i ncome 2 1.386 1.129 5.462

opera ti ng expens es ves s el s 2 1.011 791 3.753
Operating profit before depreciation EBITDA 2 375 338 1.709
Depreci a ti on 4 263 237 1.166
Wri te-down 7 - -
Operating profit - EBIT 105 101 543
- - -
Net profi t from a s s oci a ted compa ni es 2 - -5
other fi na nci a l Items -298 -115 -821
Unra l i zed profi t/ l os s on currenci es 110 -88 83
Net financial costs -187 -203 -743

Pre-tax profit -81 -102 -200

Ta xes 8 -30 -30 15
Result -51 -72 -215

Profit attributable to
Non- control l i ng i nteres t -48 -27 -75
Control l i ng i nteres t -4 -45 -140

COMPREHENSIVE STATEMENT

(MNOK) Note Q1 2011 Q1 2010 2010

Currency tra ns l a ti on di fferences -90 50 90

Other i ncome a nd cos ts 31 - -1
Other comprehensive income -59 50 89
Total comprehensive income -111 -22 -126

Total comprehensive income attrubutable to

Non- control l i ng i nteres t -61 3 -72
Control l i ng i nteres t -50
- -25
- -54
-

Key Figures
Q4 2011 Q1 2010, 2010

EBITDA ma rgi n 1) 27 % 30 % 31 %
EBIT ma rgi n 2) 8% 9% 10 %
Ca s hfl ow per s ha re 3) 3,09 4,99 11,91
Profi t per s ha re ex. mi nori ty i nteres t 4) -0,04 -0,49 -1,53
Profi t per s ha re ex. unrea l i zed l os s /ga i n 5) -1,77 0,18 -3,27

Return on net ca pi ta l 6) -1 % -1 % -3 %
Equi ty ra ti o 7) 24 % 25 % 25 %
Net i nteres t bea ri ng debt 16.212 12.039 15.469
Net i nteres t bea ri ng debt ex. unempl oyed ca pi ta l 13.950 8.635 13.544
No of s ha res 91.037.975 91.037.975 91.037.975
Fa ce va l ue per s ha re 2 2 2
1(Operating pro fit befo re depreciatio n in percent o f o perating inco me) 4 (Result ex mino rity share)/average no . o f shares
2 (Operating pro fit in percent o f o perating inco me) 5 (Result befo re taxes + depreciatio n + unrealized lo ss o n currencies +
mino rity)/average no o f shares
3 (Result incl. mino rity share ex unrealized gain/lo ss o n currencies/average no o f
6 (P ro fit after taxes in percent o f bo o ked equity)
shares)

7 (Equity/to tal capital)

INTERIM REPORT Q1 2011

THE GROUPS'S SUMMARIZED BALANCE SHEET

(MNOK) Note 31.03.2011 31.03.2010 31.12.2010
ASSETS
Intangi bl e a s s ets 501 474 506
Ta ngi bel a s s ets 22.324 18.613 21.632
Fi na nci a l a s s ets 366 212 285
Total non current assets 23.191 19.299 22.423
Recei va bl es 2.051 1.392 1.984
Res tri cted depos i ts 5 857 1.022 948
Ca s h a nd ca s h equi va l ents 5 1.255 1.126 1.696
Total current assets 4.163 3.540 4.629
Total Assets 27.354 22.839 27.053
EQUITY AND LIABILITIES
Subs cri bed equi ty 860 860 860
Retai ned ea rni ngs 3.088 3.147 3.118
Non-control l i ng i nteres t 2.669 2.784 2.750
Total Equity 6.617 6.791 6.728
Provi s i ons for commi tment 454 586 493
Other non-current l i a bi l i ties 16.581 11.757 16.438
Total non-current liabilities 17.036 12.343 16.931
Debt to credi t i ns titutions 7 1.629 2.776 1.876
Other current l i a bi l i ties 2.072 928 1.517
Total current liablilities 3.701 3.705 3.393
Total liability and equity 27.354 22.839 27.053

SUMMARIZED CASH FLOW STATEMENT

(MNOK) Q1 2011 Q1 2010 2010

Ca s h fl ow from opera ti on a cti vi ty 281 454 1.084

Ca s h fl ow from i nves tment a cti vi ty -1.114 -1.324 -5.352
Ca s h from fi na nci a l a cti vi ty 311 803 4.689
Changes in cash over the period -522 -66 421
Li qui d a s s ets a t the begi nni ng of the peri od 2.645 2.214 2.214
Excha nge ga i n/l os s on ca s h a nd ca s h equi va l ents -11 - 10
Liquid assets at the end of the period 2.112 2.148 2.645
INTERIM REPORT Q1 2011
STATEMENT OF CHANGES IN EQUITY

Subscribed Retained equity Currency Total retained Minority Total equity

equity differences equity interests

Balance 01.01.2010 860 2.701 417 3.118 2.750 6.728

Net earnings in the period - -4 -4 -48 -51

Other comprehensive income - 16 -62 -46 -13 -59
Capital increase - - - -
Transaction with non-controlling interest - - - - -

Balance 31.03.2010 860 2.713 3.068 2.689 6.617

Balance 01.01.11 860 2.841 3.171 2.777 6.809

Net earnings in the period - -46 -46 -27 -73

Other comprehensive income - 20 20 30 50
Capital increase - - - - -
Transaction with non-controlling interest - - - 4 4

Balance 31.03.2011 860 2.815 3.145 2.785 6.791

SHARE CAPITAL AND SHAREHOLDERS

Largest shareholders as of 31.03.11

Name No. shares Shareholding Voting shares

MØGSTER OFFSHORE AS 46.210.050 50,76 % 50,76 %

ODIN NORGE 6.037.052 6,63 % 6,63 %
SKAGEN VEKST 4.935.100 5,42 % 5,42 %
PARETO AKSJE NORGE 4.917.907 5,40 % 5,40 %
PARETO AKTIV 2.292.339 2,52 % 2,52 %
MP PENSJON PK 1.845.600 2,03 % 2,03 %
ODIN OFFSHORE 1.751.900 1,92 % 1,92 %
PARETO VERDI 1.146.598 1,26 % 1,26 %
VESTERFJORD AS 873.650 0,96 % 0,96 %
DNB NOR SMB 800.000 0,88 % 0,88 %
MUSTAD INDUSTRIER AS 590.000 0,65 % 0,65 %
HOLBERG NORGE 515.550 0,57 % 0,57 %
NORDEA BANK NORGE ASA MARKETS 503.284 0,55 % 0,55 %
MOCO AS 498.100 0,55 % 0,55 %
PACTUM AS 400.000 0,44 % 0,44 %
CITIBANK N.A. NEW YORK BRANCH 390.565 0,43 % 0,43 %
ODIN NORGE II 359.840 0,40 % 0,40 %
FORSVARETS PERSONELLSERVICE 356.200 0,39 % 0,39 %
ODIN MARITIM 339.800 0,37 % 0,37 %
POSH AS 282.600 0,31 % 0,31 %
Total 75.046.135 82,43 % 82,43 %
Total other shareholders 15.991.840 17,57 % 17,57 %
Total no of shares 91.037.975 100 % 100 %
INTERIM REPORT Q1 2011
STATEMENT OF CHANGES IN EQUITY
Subscribed Retained equity Currency Total retained Minority Total equity
equity differences equity interests

Balance 01.01.2010 860 2.701 417 3.118 2.750 6.728

Net earnings in the period - -4 -4 -48 -51

Other comprehensive income - 16 -62 -46 -13 -59
Capital increase - - - -
Transaction with non-controlling interest - - - - -

Balance 31.03.2010 860 2.713 3.068 2.689 6.617

Balance 01.01.11 860 2.841 3.171 2.777 6.809

Net earnings in the period - -46 -46 -27 -73

Other comprehensive income - 20 20 30 50
Capital increase - - - - -
Transaction with non-controlling interest - - - 4 4

Balance 31.03.2011 860 2.815 3.145 2.785 6.791

Notes to the Condensed Financial statements

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 2010. The Financial statement are unaudited.

Note 2 Segment informasjon

Operating income and EBITDA per segment

Operating Income Q1 2011 Q1 2010 2010
PSV 167 177 747
AHTS 256 182 877
CSV 963 770 3.837
Not allocated - - -
Total 1.386 1.129 5.462

EBITDA Q1 2011 Q1 2010 2010

PSV 58 62 270
AHTS 103 80 370
CSV 214 196 1.069
Not allocated - - -
Total 375 338 1.709

Note 3 Events after balance date

In Apri l , DOF Subs ea i s s ued a n uns ecured 5-yea r bond l oa n of NOK 750 mi l l i on, of whi ch NOK 200 mi l l i on i s owned on the compa ny's a ccounts .
Pa rts of the bond l oa n due i n 2012 ha ve been repurcha s ed. The ca s h effect of thi s tra ns a cti on a mounted to a pprox. NOK 400 mi l l i on a nd wi l l
ha ve a n i mpa ct on the ba l a nce from 2nd qua rter.
In Ma y, DOF Subs ea s i gned a n a greement for the purcha s e of Sa ra h (rena med to Ska ndi Cons tructor). Thi s i s a wel l i nterventi on/
cons tructi on ves s el wi th Ul s tei n SX121 OCV/IRM des i gn. Pl a ns ha ve been prepa red to uti l i s e the ves s el on the s ubs ea /project
ma rket.
DOF Ins ta l l er ASA, a s ubs i di a ry of DOF Subs ea AS, compl eted a pri va te pl a cement ra i s i n gros s proceeds of NOK 200 mi l l i on.
The pri va te pl a cement i s s ubject to a pprova l a t the Annua l Meeti ng i n DOF Ins ta l l er ASA to be hel d on 25 Ma y 2011.

Note 4 Depreciaiton
DOF Group ha s from 1.1.2011 a mended the pri nci pl e i t a ppl i es for depreci a ti on . The a mendment i mpl i es tha t ves s el s a re no l onger decompos ed.
The preva i l i ng peri od for depreci a ti on wi l l be s us ta i ned, i mpl yi ng tha t a ves s el i s depreci a ted to 50% of a cqui s i ti on pri ce over the fi rs t 20 yea rs
a nd then i ndi vi dua l es ti ma tes of depreci a ti on duri ng the l a s t 10 yea rs . The cha nge i n depreci a ti on pri nci pl e ha s ha d a pos i ti ve i mpa ct on the
opera ti ng res ul t of a pprox. NOK 78 mi l l i on for the qua rter.

Note 5 Cash and cash equivalent

31.12.2011 31.03.2010 31.03.2010
Cash and cash equivalent 857 1.022 948
Of which is restricted cash 1.255 1.126 1.696
Total cash and cash equivalent 2.112 2.148 2.645

Note 6 Transaction with related parties

There ha ve been no s i gni fi ca nt tra ns a cti ons wi th rel a ted pa rti es .