Record breaking Q3, contract bonanza for Dof

The quarter's results were announced alongside $909m in contracts for the subsea group.

The contracts cover subsea, ROV, engineering, inspection and installation work across the globe, including South America, Asia Pacific, Europe and North America, and bring the company's backlog to the largest in its history at NOK57.4bn, of which NOK30bn is options.

Despite the hike in operating profit, the groups net profit for the quarter was NOK164m, down on last Q3's NOK190m

Group income for the quarter totalled NOK2.6bn, up from NOK2bn in the third quarter last year.

Dof does have exposure of 3-4 vessels in the North Sea for the seasonally weak fourth quarter however, as well as exposure to the volatile Brazilian spot market in the form of Skandi Møgster since the cancellation of its contract with OGX in November.

With most of the group's 70-strong fleet on longer term contracts, and coverage of 91% in the fourth quarter, the company is confident of a strong Q4, with earnings below the third quarter but ahead of the first and second.

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