Norwegian offshore vessel operator DOF Group ASA reported a record second-quarter 2026 EBITDA of $358 million on Wednesday, driven by higher revenue and fleet utilization, while raising its full-year financial outlook.
The company’s underlying EBITDA, excluding vessel sale gains and insurance payouts, reached $238 million, up 11% year-over-year. Reported EBITDA included a $110 million positive impact from the constructive total loss of the Skandi Amazonas and a $10 million gain on vessel sales. Revenue rose 18.5% to $601 million from $507 million in Q2 2025, supported by stable fleet utilization of 88% across 78 vessels.
DOF’s contract backlog totaled $7.2 billion, including $2.4 billion in new orders secured during the quarter, lifting firm backlog to $6.7 billion at June 30. The company now covers 92% of its 2026 revenue guidance midpoint and 68% of 2027’s, following a $2 billion, 12-year contract with Petrobras in Brazil and a $100–200 million, four-year deal for the Skandi Hera in North America.
Financial guidance for 2026 was upgraded, with revenue projected at $2.25 billion, up from $2.2 billion previously. EBITDA guidance was tightened to a range of $840–860 million, excluding gains on sales, while capital expenditure was increased to $285–300 million to fund two new construction support vessels under construction in China. Maintenance capex was raised to $150–160 million.
The company’s net interest-bearing debt stood at $1.47 billion as of June 30, with a leverage ratio of 1.8 times trailing EBITDA, within its target range of 1.5x to 2.0x. Cash and equivalents totaled $394 million, up $17 million from the prior quarter, supported by $191 million in operating cash flow. DOF also declared a quarterly dividend of $0.38 per share, amounting to $94 million, payable on September 4.
Fleet upgrades included the acquisition of two 250-tonne capacity construction support vessels, each equipped with work-class ROVs, while four platform supply vessels were sold post-quarter for approximately $50 million in net proceeds after debt repayment. The company retains management contracts and minority stakes in the divested assets.
