Norwegian offshore services provider DOF Group ASA reported a record underlying EBITDA of $238 million for the second quarter of 2026, up 11% year-over-year, as the company posted a total EBITDA of $358 million including a $110 million insurance settlement and a $10 million gain from the sale of the Skandi Laser anchor handler.
Fleet utilization reached 88% in the quarter, while net debt to EBITDA stood at 1.8x, within the company’s target range of 1.5x to 2.0x. DOF raised its 2024 revenue guidance to a midpoint of $2.25 billion, up from $2 billion previously, and set EBITDA guidance excluding gains at $840 million to $860 million. The company also increased its dividend payout, distributing nearly $90 million in the quarter and $505 million over the past 18 months, supporting a dividend yield of 9.88%.
Shares of DOF fell 4.03% in pre-market trading to NOK 132.90, down from the previous close of NOK 138.90. The stock remains 7.2% below its 52-week high of NOK 143.70 and 54.2% above its 52-week low of NOK 86.40. The company’s price-to-earnings ratio stood at 6.84, with revenue growth of 32.41% over the last twelve months.
DOF’s backlog totaled approximately $7.2 billion, including post-balance date awards, with 92% of 2026 visibility already covered. The company operates 61 owned vessels and has a tangible fixed asset base of $3.16 billion. CEO Mons Aase highlighted the highest quarterly EBITDA in company history and the strongest visibility on record, while CFO Martin Lundberg noted leverage remained comfortably within the target range.
The company continues to execute a fleet renewal strategy, selling older non-core assets such as four platform supply vessels for $50 million in cash while adding high-end units including anchor handlers and closed-loop subsea vessels. Two closed-loop subsea vessels are on order, with deliveries expected in late 2024 and early 2028. DOF also reported a 68% to 70% booking level for 2027 and 55% for 2028, alongside a pipeline of 6 floaters scheduled for 2026, 20 for 2027, and 20 for 2028.
