Edition:
United States

DOF ASA Reports Qtrly Loss Per Share NOK 0.40


Wednesday, 22 May 2019 03:11pm EDT 

May 22 (Reuters) - Dof ASA ::GROUP'S OPERATING INCOME FOR 1ST QUARTER (MANAGEMENT REPORTING) TOTALS NOK 1,633 MILLION (NOK 1,690 MILLION).GROUP'S Q1 OPERATING PROFIT BEFORE DEPRECIATION AND IMPAIRMENT (EBITDA) TOTALS NOK 496 MILLION (NOK 479 MILLION).Q1 OPERATING PROFIT (EBIT) IS NOK 133 MILLION (NOK - 11 MILLION).QTRLY EBITDA ADJUSTED FOR HEDGE ACCOUNTING IS NOK 541 MILLION (NOK 520 MILLION).QTRLY AVERAGE UTILISATION OF GROUP'S FLEET DURING 1ST QUARTER WAS 70%; 67% FOR SUBSEA FLEET.GROUP'S BACKLOG IS NOK 20 BILLION AS OF QUARTER END.QTRLY LOSS PER SHARE NOK 0.40.DOF- "AS A RESULT OF CONTINUED CHALLENGING MARKET SITUATION, GROUP HAS EXPERIENCED THAT REGULAR ROLLOVER OF EXISTING LOAN FACILITIES IS VERY CHALLENGING".DOF- NEW SITUATION IS LIKELY TO RESULT IN GROUP BEING IN BREACH OF ITS FINANCIAL COVENANTS IN NEAR FUTURE.DOF- NEW SITUATION IS LIKELY TO RESULT IN GROUP BEING UNABLE TO REPAY (OR ROLLOVER) CERTAIN OF ITS EXISTING LOANS WHEN THEY FALL DUE.BOARD EXPECTS TODAY THE GROUP’S EBITDA FOR 2ND QUARTER 2019 TO BE HIGHER THAN 1ST QUARTER.DOF- MANAGEMENT WILL COMMENCE A DIALOGUE WITH INVOLVED PARTIES, BELIEVES IT IS POSSIBLE TO REACH AGREEMENTS TO SOLVE EXPECTED SITUATION FOR GROUP. 

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