Page 22: of Offshore Engineer Magazine (Sep/Oct 2024)

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MARKETS OSVs the dividend level for 2025, increasing to NOK 6 per share up from $490 – 520 million from the ?rst quarter update in 2026. This equals a yield of 17% and 20%, respectively. and $470 – 520 million from the fourth quarter last year.

DOF followed up soon thereafter, announcing to com- Moreover, DOFG announced during the summer that mence quarterly distributions in the second quarter of the company is acquiring Maersk Supply Services for circa 2025. The company expects to distribute $0.3 per share, $1.1 billion. The transaction will be paid with $577 mil- which equals 14% annualized dividend yield. DOF will lion in cash and 59 million new shares in DOF. Following review the size of dividend on a quarterly basis and given the acquisition, DOF owns 65 vessels with an average ?eet a continued strong market the company sees the poten- age of 10.7 years. The transaction was set at 0.8x EV/GAV, tial to increase the distributions from 2026 and onwards. while DOF has been trading above 1x in the months prior

Moreover, DOF hiked the lower end of its 2024 EBITDA to the transaction. Thus, impressive work from DOF in guidance range, now guiding $500 – 520 million. This is acquiring quality assets at an attractive price. © Fearnley Securities 22 OFFSHORE ENGINEER OEDIGITAL.COM