Dof makes strong start

Dof has cruised past market expectations in the first quarter.

Oslo-listed Dof booked a profit of NOK 405m ($68.31m) to overturn a loss of NOK 83m seen 12 months ago.

Revenue picked up from NOK 1.99bn to NOK 2.24bn, helped by a better than expected spot market.

Kristoffer Riis Iden of Arctic Securities says adjusted EBITDA of $756m was solid, beating his estimate of $725m.

Operating profit reached NOK 728m, compared with the NOK 624m consensus in the market, Iden said in a report this morning.  

The analyst says results from Dof’s subsea operation were “very solid”. Its core operating profit of NOK 705m was 16% clear of the consensus.

Dof said: “The group is at present exposed to the North Sea spot market with five PSVs and one AHTS. The market is expected to be good for the PSV segment during Q2.

“It is expected that Dof Subsea’s vessels on firm contracts will remain stable for the remaining part of the year.”