DOF Group
Integrated Annual Report 2024
In our report
MANAGEMENT REPORT 11
THIS IS DOF 12
How DOF creates value 13
Our strategic priorities 14
DOF’s approach to sustainability 15
Stakeholder engagement 16
Enterprise risk management in DOF 17
The Board of Directors 18
The Management Team 20
Report of the Board of Directors 21
Responsibility statement 26
PRINCIPLES & GOVERNANCE 27
Corporate Governance Report 27
FINANCIAL STATEMENTS
Group consolidated
financial accounts 105
Financial statements
DOF Group 105
Financial statements
DOF Group ASA 144
Auditor’s report 154
Appendix 156
SUSTAINABILITY STATEMENTS 31
Sustainability Statements 2024 31
ESRS 2 32
DOF Governance structure 35
Stakeholder engagement 39
Environment 54
E1 Climate Change 56
E2 Pollution 61
E5 Circular Economy 64
EU Taxonomy 68
Social 77
S1 Own Workforce 78
S2 Workers in the Value Chain 96
Governance 101
G1 Business Conduct 102
2024 IN BRIEF
From the CEO 3
New EU reporting requirements 5
Financial performance 6
A new chapter for DOF 7
Performance highlights 8
Trusted, talented, transferable 10
2
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
CEO message
An Exciting New Chapter For The DOF Group
The DOF Group marked a significant milestone on 1
November 2024. As the DOF Denmark (formerly MSS)
transaction closed we unlocked a comprehensive increase
in scale and a wide range of services across all continents
in the offshore energy industries. We welcomed a highly
professional team of approximately 1,200 onshore and offshore
employees, and we added 22 modern vessels to our fleet.
Now, with the world’s largest fleet of CSVs and high-
end AHTS vessels, we are able to enhance the customer
experience through increased scale, global reach, and
industry-leading services, combining the capabilities
and decades of experience of the two organisations.
With the transaction closed, our focus is on the future and
the realisation of the original transaction rationale’s strategic
and earnings benefits. This includes a carefully orchestrated
integration process is underway, leveraging the combined
organisation’s capabilities and competencies. This also
includes a significant upgrade programme to transition DOF
Denmark vessels to the DOF commercial model and capture
the anticipated substantial earnings growth potential from
the renewal of legacy contracts and through the addition
of subsea services scopes to the fleet’s capacity.
In addition, Cenovus Energy awarded DOF Denmark a new-build
contract for a field support vessel, scheduled to be delivered
in the first half of 2027. The shipyard started steel cutting
at the beginning of January 2025. On completion the vessel
will be on contract in Canada for a 15-year firm period.
Our business model, leveraging a robust vessel management
organisation with a complex subsea project organisation, has
enabled us to achieve additional earnings on our own fleet
and also on third-party owned vessels. We continue to deliver
a good performance from our subsea regions. This growth
continued throughout 2024 with high demand for our services
and we are well positioned for further growth in 2025.
We have built a fantastic organisation that is delivering
in all areas around the globe. As always, I am proud to
say the professionalism of our team is the foundation for
delivering safe, responsible, and efficient operations.
By end of the year the Group’s balance sheet has
improved and a strong backlog is secured for 2025 and
beyond. Finally, the DOF share has performed strongly
since the listing, giving value to our shareholders.
Financial Highlights
The Group achieved a record high EBITDA of USD 529 million
in 2024 (management reporting). There has been growth across
all segments, with a strong performance from the subsea
segment where we have experienced a significant growth in the
activity level together with improved rates and project margins.
With the refinancing now in place, the Group has further
improved its financial position by addressing all near term
maturities and done the necessary amendments for the
Group to commence dividend payments in Q2 2025.
The NIBD/EBITDA LTM excluding DOF Denmark at
year-end was 21x down from 28x in 2023.
The EBITDA guidance for 2025 is in the
range of USD 720 - 800 million.
Photo: Finansavisen/Iván Kverme
FROM THE CEO
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
Operational Highlights
The markets were positive throughout the year,
and we experienced high activity in all regions.
Combined with an already strong backlog at the
start of the year and good execution, the market
increase resulted in record performance from
these regions and for the Group. In total, the Group
achieved a utilisation rate of 88% in 2024.
In Brazil, the PLSV fleet continued to operate
on long-term contracts, with several contracts
extended and Skandi Buzios back on-hire from
August. DOF is active in two current ongoing tender
processes for Petrobras - one for AHTS vessels,
with eight lots across various specifications,
mobilising in Q1 2026, and one for RSVs (ROV
support vessels) with 11 lots spread across
various specifications mobilising in Q4 2025 /
Q4 2026 and a 4-year firm contract length.
Through the year, the Group secured several
new contracts with a value of approximately
USD 2 billion (excluding DOF Denmark) bringing
the backlog at year-end to USD 3.25 billion.
Margins and rates across contract wins
reflect a stronger market and will provide
a good foundation for delivering good
operational performance in 2025.
Our People
The key to DOF’s success remains unchanged
- our people. Attracting, developing, and
retaining the right people is imperative
in maintaining our competitive edge.
As we make history in expanding our capability
and capacity, it is my great pleasure to welcome
our DOF Denmark colleagues to the team. The
potential and opportunities that arise from
combining the knowledge, experience and
professionalism of two highly regarded teams make
this one of the most exciting times to be part of
DOF. Our focus is on providing a safe, inclusive,
and healthy, collaborative working environment
to cement the success of upscaling the Group.
With 1,200 new colleagues the total headcount
increased by 25% compared to 2023, at the end
of 2024 there were 5,440 people in the Group.
We Aim To Be An Incident-Free Organisation
Our highest priority is the safety and well-being
of our people. The Group remains dedicated to
enhancing safety and environmental performance
across worksites worldwide. In 2024, safety
performance showed a negative trend. However,
campaigns to address the trend were rolled
out globally. Our focus has been on reinforcing
safety leadership, culture, and capability,
and our actions continue into 2025 as we
target increased leading indicator levels for a
measurable improvement in safety culture.
Creating a safe working environment is a
continuous undertaking. Safety means protecting
and empowering our employees and contractors
to stop unsafe or inappropriate actions, to report
any breach of law or any violation of the DOF
Group’s policies, or other legal or ethical concerns,
without fear of intimidation or reprisal. Following
2023 industry and company surveys related to
harassment, we identified a need to strengthen
our “Speak Up” and “Stop Work” culture and
rolled-out DOF’s “Dignity & Respect” campaign
focused on identifying, managing, and reporting
harassment in the workplace. The campaigns ran
throughout 2024 and will continue into 2025.
UN Sustainable Development Goals
and Human Rights
DOF upholds fundamental labour standards
and the UN’s Global Compact. We continue our
partnership with Slave Free Alliance to review
our Human Rights exposure and as a result we
have robust guidelines to ensure we do our best
to manage the risks present in our industry.
Sustainable Environment
Our report aligns with the EU Corporate
Sustainability Reporting Directive (CSRD),
reinforcing our commitment to transparency
and accountability in non-financial reporting. A
detailed overview of our progress is available
in the Sustainability Statement, which,
together with this report, forms an integral
part of this year’s Management Report.
While the structure and format of this report
have evolved to meet CSRD requirements,
DOF’s core commitment to transparency,
accuracy, and clarity remains unchanged.
Continuous Improvement
Continuous improvement helps to reduce
risk, improve performance, and align ways of
working. The Group has streamlined, unified and
systematised improvement initiatives projects
under the improvement programme, which is
issued annually. Based on thorough planning,
improvement projects have been carried out
through the Group’s value chain, focusing on
technology, digitalisation, and improved efficiency.
The improvement initiatives continue in 2025.
Outlook
High tender activity and higher overall activity,
indicates 2025 will continue the same positive
trend experienced in 2024. I strongly believe that
DOF has a fantastic organisation, a strong business
model with a lot of opportunities going forward.
Longer term, I am confident the offshore floating
wind market will provide additional opportunities to
expand our backlog. Our focus will be to keep our
people safe and deliver value to our stakeholders.
Thank You
Thank you to our clients and partners,
new and established, for trusting us with
your operations around the world.
Finally, thank you to every colleague and
contractor for contributing to our success. It is
the collective efforts and professionalism that
help to keep us safe, deliver on our commitments,
and our reputation as a preferred marine and
subsea services provider. Throughout 2024
I have been inspired to see the dedication
and hard work I witness every day.
I look forward to further developing the DOF
Group together with my new and existing
colleagues, ensuring the continued delivery
of world-class services to our customers.
Thank you
4
DOF INTEGRATED ANNUAL REPORT 2024
FROM THE CEO
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
A new chapter in sustainability reporting
A new way of reporting,
the same commitment to transparency
In 2024, DOF started a new phase in its sustainability reporting journey,
which began in 2014 with our first Sustainability Report For the
first time our Integrated Annual Report aligns with the EU Corporate
Sustainability Reporting Directive (CSRD), reinforcing our commitment
to transparency and accountability in non-financial reporting
Since 2020, we have integrated financial, social, and environmental
considerations into a single Annual Integrated Report, reflecting our
understanding that both financial and non-financial information are
equally important to our stakeholders DOF’s financial reporting is
audited by an independent firm elected at the foundation of DOF Group
ASA In line with CSRD requirements, our sustainability statement
is now also subject to limited assurance by the same independent
auditor, enhancing the integrity of our ESG-related data
Aligned with the CSRD framework, we have strengthened our double
materiality assessment to identify the most critical sustainability topics
for DOF This assessment considers societal, environmental, and financial
impacts, highlighting key focus areas such as climate change, pollution
prevention, resource efficiency, workforce conditions, and anti-corruption
These priorities align with our broader strategic aspirations across the Group
The insights gained from this assessment have enhanced our ability to
track and report on material sustainability topics A detailed overview of
our progress is available in the Sustainability Statement, which, together
with this report, forms an integral part of this year’s Management Report
While the structure and format of this report have evolved to meet
CSRD requirements, DOF’s core commitment to transparency, accuracy,
and clarity remains unchanged We continue to provide a report
that upholds the highest standards of accountability and integrity,
ensuring clear and unambiguous information for all stakeholders
DOF iNTEGRATED ANNUAL REPORT 2024 5
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
All graphs and figures based on management reporting
1
Based on the audited consolidated annual accounts of the former DOF ASA for the period from
2016-2021 and DOF Group ASA for 2022-2023
0
1,750
1,500
1,250
1,000
750
500
250
0%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
USD million
2017 2019 20212016 2018 2020 2022 2023 2024
Operating revenue
EBITDA
Operating margin
0
3,000
2,500
2,000
1,500
1,000
500
2017 2019 20212016 2018 2020
USD million
2022 2023 2024
IBD
Interest Bearing Debt
NIBD
Net Interest Bearing Debt
DOF Rederi 9%
DOF Denmark 1%
DOF Subsea 78%
Norskan 11%
DOF Rederi 7%
DOF Denmark 3%
DOF Subsea 70%
Norskan 16%
Corporate 4%
Financial performance
An overview of our 2024 financial performance
Key figures DOF Group Operational development
1
Debt development
1
2024 Revenue per segment 2024 EBITDA per segment
AMOUNTS IN USD MILLION
Management reporting Financial reporting
From the Profit (Loss) 2024 2023 2024 2023
Operating income
1 513
1 265
1 385
1 129
Operating expenses
-984
-802
-910
-745
Operating profit (loss) before depreciation and impairment - EBITDA
529 463 475 384
Depreciation
-205
-156
-160
-119
Impairment (-) Reversal of impairment
134
157
98
181
Operating profit (loss) - EBIT
458 464 413 446
Net finance costs
-103
-101
-84
-85
Realised and unrealised currency gain (loss)
-160
17
-145
16
Net financial items
-263
-85
-229
-69
Profit (loss) before taxes
195 379 184 377
Tax income (expenses)
-17
-12
-6
15
Profit (loss) for the year
178 367 178 392
Non-controlling interests
-
4
-
4
From the Balance sheet
Vessels and other non-current assets
3 045
2 283
2 803
2 032
Current assets
1 052
754
980
649
Total assets
4 097 3 037 3 783 2 681
Interest free debt
393
262
356
231
Net financing of the entity
3 704 2 775 3 427 2 449
Interest bearing debt
1 932
1 741
1 655
1 415
Equity
1 772 1 034 1 772 1 034
Key Figures
Backlog
3 254
1 943
2 803
1 638
Order intake
2 000
993
1 400
993
EBITDA before gain (loss) on sale of tangible assets
526
456
473
377
Operating margin
1)
35%
36%
34%
33%
Net interest bearing debt
2)
1 378
1 365
1 051
1 023
Leverage ratio
3)
2�6x
2�8x
2�2x
2�7x
Equity ratio
4)
43%
34%
47%
39%
Capex
5)
157
219
146
165
Basic and diluted earnings per share (USD)
6)
0�93
2�16
0�93
2�16
Average number of shares
190 618 343
168 021 488
190 618 343
168 021 488
1) Ebitda before gain (loss) on sale of tangible assets/Operating income
2) Interest bearing debt minus interest bearing receivables and cash. See note 23
3) Net interest bearing debt/EBITDA before gain (loss) on sale of tangible assets
4) Booked equity/Total assets
5) Note 13
6) Majority share of profit for the year/Average number of shares. See note 12
The management reporting is based on proportional consolidation of Joint Ventures (JV), see the Group’s note 5 about the management reporting.
6 DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
MAKING HISTORY
DOF reached a milestone on 1 November 2024 We expanded capability and capacity immediately with the
completion of the DOF Denmark (formerly MSS) transaction The new high-end CSVs and AHTS vessels
will be deployed with DOF’s core capabilities, adding subsea service scopes and utilising AHTS vessels as
project vessels The business model enables increased earnings across the fleet and our service offering
8 high specification Construction support Vessels
13 high specification Anchor Handling Tug Supply Vessels
1 Cable layer
A new chapter for DOF
Expanding our fleet, geographical footprint and operational capacity
FLEET ADDITIONS
KEY FACTS
Immediate increase
in scale and
capability
A further 1,200
dedicated, onshore and
offshore employees
Modern and
high-quality fleet
expansion
22 vessels, no
substantial newbuild
lead-time, and
significantly lower
per-vessel-investment
Complementary
cultures
Core values, operations
and geographical fit
between organisations
Earnings growth
potential
Substantial DOF
Denmark fleet earnings
from legacy contracts
renewal and adding
subsea services
8.3
Value-weighted
fleet age (years)
8
CSV
8.3
Value-weighted
fleet age (years)
13
AHTS
8.0
Value-weighted
fleet age (years)
1
CLV
DOF Denmark was awarded the contract by
Cenovus Energy for a field support newbuild
vessel for the White Rose field In Canada;
• Specifications tailored to provide drilling
support, ice management, walk to work
gangway, platform re-supply, emergency
towing and large POB-capacity
• To be delivered in the first half of 2027, into
a 15-year firm contract has further options
extending into 2052
NEWBUILD FIELD SUPPORT VESSEL
DOF iNTEGRATED ANNUAL REPORT 2024 7
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL PERFORMANCE
Performance highlights
Building backlog
Entered into contracts
with an aggregate value
of USD 2 billion during the
year (ex DOF Denmark)
Total order intake
of ~USD 2bn in
2024, representing
a book-to-bill ratio
of 1.4x for the year.
0
1 200
1 000
800
600
400
200
0%
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
USD billion B2B
Q2’22 Q4’22 Q2’23Q1’22 Q3’22 Q1’23 Q3’23 Q4’23 Q1’24
Q2’24 Q3’24 Q4’24
Revenue
Order intake
B2B
BOOK TO BILL
Q ‘22 TO Q4 ‘24
Skandi Kvitsøy
Client: Major Oil Company
Duration: 2+2 years
Skandi Skansen
Client: Altera
Location: Africa
Duration: 3 years
Skandi Amazonas
Client: Petrobras
Location: Brazil
Duration: 3+2 years
Skandi Hawk
Client: Prime Energy
Location: APAC
Duration: 4-years
Skandi Iceman
Client: Equinor
Duration: 3+3 years
Skandi Installer
Client: Energy company
Location: West Africa
Duration: 100-150 days
Q1
Q2
M/V REM Inspector
Client: Equinor
Location: NCS
Duration: 3+3x1 years
Skandi Botafogo
Client: Petrobras
Location: Brazil
Duration: 4+1 years
Skandi Niterói
Client: Petrobras
Location: Brazil
Duration: 3 years + option
Skandi Seven
Client: Energy company
Location: Angola
Duration: 2+1 years
Skandi Rio
Client: Petrobras
Location: Brazil
Duration: 4+1 years
Skandi Vitória
Client: Petrobras
Location: Brazil
Duration: 3 years + option
BUILDING BACKLOG
Delivering on guiding
Delivering EBITDA of USD 519
million (ex DOF Denmark) and
gain on sale of assets, which is
the upper end of the guidance
range of USD 470-520million
provided in February 2024
Deleveraging according to plan
Continued to reduce debt and
leverage, reaching a NIBD/
EBITDA LTM of 21x at year-
end 2024 (ex DOF Denmark)
Conservative leverage in DOF
Denmark with a net LTV of 25%
DOF iNTEGRATED ANNUAL REPORT 2024 8
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
88%
Fleet utilisation
in 2024
2 bn
~USD
Total order intake
in 2024
Skandi Nomad
Client: Exxon
Location: Guyana
Duration: 1-year extension
Skandi Açu
Client: Petrobras
Location: Brazil
Duration: Extension + 3 years
Skandi Salvador
Client: Tier 1 EPCI-SURF contractor
Location: Brazil
Duration: 180 days + option
Skandi Clipper
Location: Canada
Duration: 1-year extension
Skandi Jupiter & Skandi Mercury
Client: Petrobras
Location: Brazil
Duration: 3 years + option
Skandi Nexus
Location: Canada
Duration: 1-year extension
FSV Newbuild
Client: Cenovus
Location: Canada
Duration: 15 years firm
Skandi Forza
Location: West Africa
Duration: 2-year extension
Skandi Mover & Skandi Minder
Client: Cenovus
Location: Canada
Duration: 55 and 2 years firm
Skandi Singapore
Extension and new contract
Location: APAC
Duration: 150 days + options
Skandi Hercules
Location: APAC
Duration: 50 days
Skandi Feistein
Client: Int oil company
Location: APAC
Duration: 18 months firm
+ 18 months option
Skandi Africa
Client: Tier 1 SURF contractor
Duration: 2 years + option
Skandi Cutter
Location: Canada
Duration: 1-year extension
Q3
Q4
BUILDING BACKLOG
Skandi Involver
Location: Canada
Duration: 4-month contract commencing Q1-26
DOF iNTEGRATED ANNUAL REPORT 2024 9
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
Trusted, talented, transferable
DOF has a unique value proposition: owned and operated vessels, integrated subsea and marine services with in-house project management and engineering capability
Our reputation for teamwork, professionalism, and high-quality assets, built over forty-four years, attracts repeat business, new clients and allows us to expand into new
segments More than a vessel owner, DOF’s subsea project capability offers expanded earnings and multiple strategic opportunities as these few 2024 examples show
DOF’s reputation for project delivery supports our organic growth
strategy to expand the marine and subsea services footprint
The Mooring and Flowline Installation project awarded in Q2 by
Altera Infrastructure to install FPSO at the Baleine field in Cote
d’Ivoire, West-Africa offers an example of how our business model
builds networks close to our customers
The project was executed in three campaigns over six months
to moor, hook-up and install two floating assets Four vessels
were deployed across the project: Skandi Skansen, Skandi Hera,
Skandi Mercury and Skandi Jupiter The offshore team recorded
160,000-man hours overall supported by the onshore team in the
planning and execution phase Close collaboration between client,
company, subcontractors, and additional non-DOF vessels delivered
a successful safety and operational performance across the project
Expertise, experience, and capability were key in Equinor’s award
for Inspection, Maintenance and Repair (IMR) frame agreement
in Q2 DOF is recognised as a trusted and leading partner in the
Conventional Energy segment as evidenced by this significant
contract award
The Inspection, Maintenance and Repair (IMR) services frame
agreement duration is up to 3 years firm + 3 annual options
Commencing offshore in April 2025 the scope includes subsea
operations covering IMR activities throughout Equinor’s assets
on the Norwegian Continental Shelf The project will utilise
purpose-built IMR vessel M/V REM Inspector with DOF MHS
(Module Handling System) and three ROVs (Remotely Operated
Vehicle) onboard DOF’s in-house full suite of project management,
engineering, procurement, and logistical solutions are included
DOF’s renewable energy organisation builds the structure,
capability, and future assets incrementally to meet increasing
demand in this segment Transferable skills and assets were key
in delivering the fast-track cable solutions project to international
energy operator for an offshore wind farm in Southern North Sea
DOF executed the fast-track cable solutions project as lead
contractor using Skandi Hera The scope included the full suite
of in-house project management, engineering, procurement and
subsea services to complete operations The full duration of 50
days offshore and delivered from award in Q1 to early Q2 2024
DOF iNTEGRATED ANNUAL REPORT 2024 10
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
This is DOF
No matter where DOF operates in the world,
safety is held as the highest priority.
DOF is a leading provider of integrated subsea
and marine services to the global offshore energy
market Established in Austevoll in 1981, DOF
has continued a proud tradition of delivering
safe and quality services to our customers
SEOUL
GEORGETOWN
“
We aspire to be a trusted and
leading partner delivering integrated
subsea and marine services globally
for a sustainable utilisation of offshore
energy and other subsea resources.”
12
29
700
COPENHAGEN
+40
years
operational history
6
operating
continents
Norway
headquartered
Vessel per region
1
Employees per region
1,858
2,292
10
588
26
USD
1,513
million
annual revenue
65
+ 4 chartered in
+ 8 on management
>5,000
people
3,800
people offshore
12
high end subsea
vessels
28
AHTS + AHTS with
ROV/crane
18
owned IMR CSV
+ 4 chartered-in
6
PSVs
1
CLV
vessels
¹ Includes owned and chartered in vessels
ASIAPACIFIC REGION
BERGEN
AUSTEVOLL (HQ)
ABERDEEN
LUANDA
ST JOHN’S
HOUSTON
RIO DE JANEIRO
BUENOS AIRES
ATLANTIC REGION
SOUTH AMERICA REGION
NORTH AMERICA REGION
MACAÉ
PERTH
SINGAPORE
MANILA
12 DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF is structured around diversified strengths, offering both marine and offshore subsea services, a global footprint, and strong local
networks In 2024 the company worked with over 130 operators, subsea engineering companies and eight wind farm developers
How DOF creates value for stakeholders
DEVELOPMENT
PRODUCTION
DECOMISSIONING
DISTRIBUTION + MARKETING END USE
UPSTREAM
DOWNSTREAM
EXPLORATION + INVESTIGATION
SITE INVESTIGAT ION + FABRICATION
A purpose-built fleet and knowledgeable,
dedicated core crews to support
safe operations
Regionally based vessels in a global fleet to provide flexibility
and capability across a wide-range of operations,
water depths and environmental conditions
End-to-end customised project delivery
A single point of access to all project resources including
design and engineering, vessels and marine management
Our operations rely on… these business activities and other capital inputs
Investment and
Development
decisions
FabricationShipyards
Offshore fossil
fuel value chain*
Offshore renewable
energy value chain*
Natural
Resources
*How our activities relate to
ESRS sectors EEU and MOU
Expert Team
Strong
customer
relationships
Financial Platform
Offices &
operational yards Technology
Reputation
MARINE
MANAGEMENT
SPECIALIST
FLEET
PROJECT
MANAGEMENT
We offer customers:
How our services are used, outcomes and benefits…
Circular
business
practices
INTEGRATED PROJECT DELIVERY TO MEET GLOBAL ENERGY DEMAND
Construction fleet
and subsea assets
AHTS and
PSV fleet
Ship building
and fabrication
Skilled and
dedicated
personnel
Survey and
Inspection
ROVs
Engineering
Diving
A safe, diverse
and inspiring,
inclusive
workplace
Lasting value for investors
and a long-term
competitive return
on the investment
Delivering our
partner
agreements
Practices to support
labour conditions
across the value chain
Contributing to the
energy mix required
by society
13 DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
S
T
R
A
T
E
G
I
C
A
N
D
O
B
J
E
C
T
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CFO
Finance
Group General
Counsel
Legal
EVP
People &
Organisation
EVP
Renewables
EVP Marine & Assets
Operations
EVP
Asia-Pacific
EVP
Atlantic
EVP
North America
EVP
Brazil
HSEQ lead
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STRATEGY,
BUSINESS
OBJECTIVES
AND
PERFORMANCE
ENHANCED
PERFORMANCE
MISSION,
VISION AND
CORE VALUES
(CODE OF BUSINESS
CONDUCT & POLICIES)
Our strategic priorities
The foundations of our strategic aspirations
BOARD OF DIRECTORS, CEO, AUDIT COMMITTEE
DOF’s organisational structure and leadership
team align our business lines and services to
meet demand and grow in an evolving market
Sustainable finance Maintain ESG leadership Global organisation Expand conventional services Grow renewables
“
DOF has a great team, solid backlog, a strong reputation
within our traditional segments and is positioned to meet
growing demand in the renewables segment. We’ve adapted and
organised vessels and teams globally to be more productive and
ultimately more competitive. We have the foundation, and with the
new structure we can focus on activities and achieve more.”
Mons S Aase, CEO
Enterprise
risk management
Materiality
assessment
DELIVERING STRATEGIC COMMITMENTS
CEO
14 DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF’s approach to sustainability
MANAGEMENT REPORT - STAKEHOLDER ENGAGEMENT
SDGs Environment
SDG 13
Social
SDGS 5, 4, 3, 8, 9
Governance
SDG 16
Main Stakeholder Groups Customers,
Investors
Our People,
Customers
Value chain workers Investors / Customers and / People
Main Challenges ahead DOF’s ability to reduce GHG emissions and meet stricter
climate related regulations is a challenge. Consequently,
DOF’s risk profile prioritises the decarbonisation of
operations into the future, to adapt and build a resilient
business model against climate change physical and
transition risks.
New and different demands from our customers and
changes in the energy market mean:
DOF’s business model must increasingly offer
valued low-carbon solutions and support customers’
decarbonisation targets.
New opportunities regarding natural resources offshore
other than oil and gas, are key drivers for our future
organisation and utilisation of our competence and
assets. DOF is positioning the organisation to become
a segment leader in the renewables market, specifically
Floating Offshore Wind (FOW) field development.
Vessel overhauls and ship breaking contribute to the
generation of general and hazardous waste.
Occupational health, safety and security hazards are
an inherent part of DOF’s day-to-day operations. The
challenges encompass occupational illness, credible
security threats or serious accident events affecting
multiple personnel. Safeguarding people is vital to the
organisation.
Additionally, the team’s experience, know-how and
commitment are a competitive advantage in service
delivery to customers. Developing, attracting, and
retaining personnel with the skills, and availability to
support new markets, growing assets and operational
commitments is essential to the achievement of DOF’s
strategic ambition. This includes overcoming perceived
or actual barriers to inclusion and diversity in a male-
dominant industry.
Ensuring adequate working conditions, secure
employment, and fair wages in the supply chain is
challenging. Our geographical footprint and supply chain
exposes DOF to potential compliance issues across
fundamental industry labour standards (ILO, MLC, UN
Guiding Principles on Human Rights, Modern Slavery
Act, Transparency Act). The main concern is exposure
to non-compliance labour and human rights practices
through the use of short-term contracts and temporary
employment through manning agencies, which may
weaken worker’s rights.
Regulatory frameworks continue to evolve with
increasing emphasis on sustainability and corporate
responsibility, the Group’s governance is essential in
staying informed of emerging laws and regulations.
DOF’s geographic footprint and operations expose the
Group to various compliance risk sources relating to
evolving and inconsistent legislative conditions across
group jurisdictions, including Tax, Taxonomies, ESG
disclosures and Labour laws.
DOF’s Sustainability related
Goals
Employ a Circular Economy (CE) approach: to progress
Decarbonisation roadmap to meet the Groups emissions
reduction ambition.
Energy management: harness technology to digitalise
operations, optimise energy efficiency and reduce
consumption.
Employee engagement: build a knowledgeable culture,
motived to change behaviours, promote advocacy and
protect Ecosystem Health.
Participate in industry forums to develop energy efficient
and alternative fuel solutions.
Promote a strong health and safety culture, and a robust
safety system.
Enhance DOF’s diversity, inclusion and equitable working
environment performance.
Future Skills - Training and development.
Continuity management: strategic succession planning.
Continual review of remuneration and increase in-line
with market rates.
Control human rights exposure across value chain. Ensure robust tools and control mechanisms to support
safe, legal and ethical decision making, wherever we do
business.
Enterprise Risk Management process maintain
compliance.
Ethics Helpline to capture any non-compliance issues.
Data Security to ensure multiple-platform integrity
(through technology, processes and people) and protect
business information and continuity.
Responses
in ESRS Link
E1 Climate Change
E2 Pollution
E5 Circular Economy
S1 Own Workforce
S2 Workers in the Value Chain
G1 Business Conduct
This universal approach to sustainability is applied across all the geographic regions in which we operate Our strategy covers the services we provide to our Conventional
Energy and Offshore Wind industries It is informed by our relationships with our customers and designed to meet their sustainable management requirements and build
awareness of our services sustainable attributes Our stakeholder engagement strategy fosters awareness and understanding of our approach
APPLIED IN ALL THE REGIONS WE OPERATE, ACROSS ALL OUR SERVICES, IN PARTNERSHIP WITH OUR CONVENTIONAL ENERGY AND GAS AND OFFSHORE WIND CUSTOMERS
15 DOF INTEGRATED ANNUAL REPORT 2024
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MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
Stakeholder engagement
Across all areas of DOF’s value chain, we engage with internal and external parties who are important to us and who may be directly
or indirectly affected by our actions.
The responsibility we have to engage stakeholder groups is not something we take lightly, and their valued input informs our decision-making
processes and operations DOF seeks to live up to stakeholders’ expectations by understanding their viewpoints and delivering value in the areas that
are most important to them The table below outlines how DOF understands and engages with the various stakeholder groups that drive our business
Stakeholder Group Our Channels Key Topics 2024 Measures and Initiatives
Our own Workforce
Employees
Contractors
Stakeholder expectations
Meaningful work, equitable treatment and compensation, inclusivity, and ample
development prospects for everyone
Annual Employee satisfaction surveys
Regular Townhall meetings
Organisational development workshops
DOF Code of Business Conduct
HR Policy, & training programmes
Performance Appraisals
Intranet / DOF portal
Ethics Helpline
Safety, security, health and wellbeing
Business model resilience and emissions management
Sustainable finance
Business ethics and compliance
Employee wellbeing, experience and engagement
Equality and diversity
Training and development
Employee engagement survey
HR Employee Survey improvement plans
Diversity and inclusion committee and plan
Workplace safety environment focus
Offshore Leader’s Conference Safety workshop
Dignity and respect in the workplace guide (page 92)
Value Chain Workers
Stakeholder expectations
Responsible business practices, and partnership on strategic issues to uphold
adequate working conditions, secure employment, and fair wages through our
supply chain
Union negotiations
Via other worker representatives
Surveys and feedback sessions
Training and capacity-building programmes
Safety, Health, Security and wellbeing
Code of business Conduct
Due diligence
Governance practices to safeguard labour conditions across the value chain
Human Rights due diligence and compliance audits
Customers
Stakeholder expectations
DOF to anticipate and deliver a vessel fleet and subsea services that prioritise
responsible practices, meet operational requirements and complement supply
chains from an ESG perspective
Contract review meetings
Customer- and Client feedback process
Regular operational meetings
Day-to-day communication
Risk assessments
Industry seminars
Safety, Health, Security and wellbeing
GHG emissions. Energy management
Waste and hazardous materials management
Ecological impact / Biodiversity
Human rights
Data security
Employee diversity, engagement & inclusion
Business model resilience
Sustainable finance
Product design and life cycle mgmt. Supply chain management
Physical impact of climate change
Business ethics
Management of legal & regulatory environment
Critical incident risk management
Understand customers’ expectations
Governance and ethical business practices
Customer supply chain emissions reduction
Human Rights due diligence and compliance audits
Quality services
Suppliers
Stakeholder expectations
DOF to promote responsible business practices and offer partnership on
strategic issues
Regular communication
Annual workshop
Code of Business Conduct within contract terms
Oversight of performance and contractual issues
Audits
Safety, Health, Security and wellbeing
Human rights and Labour practices
Waste and hazardous materials management
Supplier Code of Conduct
Governance and ethical business practices
Human Rights due diligence and compliance audits
Fair procurement strategy
Supply Chain Managers Forum
Financial /Investors Stakeholders
Stakeholder expectations
DOF is expected to implement strategies, plans, and actions aimed at mitigating
short- and long-term risks to the business model. They seek proactive measures
to safeguard against potential threats and ensure sustained financial stability
Quarterly and Monthly reports and investor presentations forums
Budgeting process
Fleet key performance indicators
Continuous dialogue, engagement and consulting
Management agreements
GHG emissions reductions and Energy management
Human rights and Labour practices
Employee health, safety and security
Employee diversity, engagement & inclusion
Business model resilience
Physical impact of climate change
Business ethics
Critical incident risk management
ESG ratings
Compliant financial and sustainability data reporting
Secure finance
MANAGEMENT REPORT - STAKEHOLDER ENGAGEMENT
16 DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
RISK INFORMATION, COMMUNICATION AND REPORTING
Transparent reporting to maximise communication
of risk and opportunity to all stakeholders.
REVIEW AND REVISION MECHANISMS:
Audit Committee, Risk and Opportunity Review,
Double-Materiality Workshop, Financial / Scenario Planning
ENHANCED
PERFORMANCE
MISSION,
VISION AND
CORE VALUES
(CODE OF BUSINESS
CONDUCT & POLICIES)
ROLES AND RESPONSIBILITIES IN RISK AND OPPORTUNITY MANAGEMENT
Project Risk Registers
HAZID/HIRAs
Commercial/ Business
Acquisition Risk Reviews
BOARD OF DIRECTORS
AUDIT COMMITTEE
EXECUTIVE MANAGEMENT
REGIONAL AND BUSINESS
UNIT MANAGEMENT TEAMS
EXECUTION TEAMS
Risk and
Opportunity Register
Material Topics
GOVERNANCE STRUCTURE
Regional Risk
and
Opportunity Register
DOF RISK AND
OPPORTUNITY
REGISTER
Risks,opportunities and
impacts associated with
pillars; People, Planet,
Prosperity
and Principles
DOF
DOUBLE-MATERIALITY TOPICS
IMPACT
MATERIALITY
SCOPE: all sustainability matters affected by,
or that affect, DOF.
FINANCIAL
MATERIALITY
STRATEGIC RISK
associated with
executing strategy;
framing value creation
and annual improvement
programme.
OPERATIONAL RISK
associated with operations;
planning and executing marine
and subsea services.
BUSINESS RISK
associated with corporate
culture; adapting global model to
regional environments and
customs; local legal issues;
regional management.
MATERIAL FROM
BOTH PERSPECTIVES
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Enterprise risk management in DOF
Preserving and enhancing value
Roles and responsibilities
Our governance structure
defines accountability, roles,
and control mechanism
across three risk and
opportunity types: Strategic,
Business and Operational
The process ensures risk
and opportunity is managed
through-out the organisation,
at the appropriate point
of the business cycle, by
the teams with specific
expertise to identify, assess
and manage the risk type
The Board of Directors,
Executive Leadership
and Audit Committee
maintain oversight and
treatment of overall risk
and opportunity, set risk
appetite, to deliver improved
overall performance and
sustainable success
DOF’s Enterprise Risk Management framework captures risk and opportunity in a coordinated, ongoing process to preserve and enhance value. In the framework, prioritised
risks, opportunities, and material topics flow into strategy which is realised through the annual global improvement programme. Regular review schedules and well-practiced
routines manage risk, capture opportunities, and assess material topics to enhance decision-making at every level of the organisation.
Enterprise Risk Management framework: COSO
MANAGEMENT REPORT - ENTERPRISE RISK MANAGEMENT
17 DOF INTEGRATED ANNUAL REPORT 2024
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MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
The Board of Directors
MANAGEMENT REPORT - THE BOARD OF DIRECTORS
Svein Harald Øygard
Chair
Born in 1960
Joined DOF
Svein Harald Øygard was appointed as Chair of the
Board in 2023
Qualifications
Mr Øygard holds a degree in Economics (CandOecon)
from the University of Oslo
Experience
He is a business owner and independent advisor
Svein Harald has worked within the Norwegian
Ministry of Finance, including as Deputy Minister He
has had multiple senior roles at McKinsey, including
senior partner, and has held the title of senior
partner in Sparebank1 Markets In 2009, Svein
Harald served as Central Bank Governor of Iceland,
also leading the Executive Committee of the
Icelandic bank restructuring He is the co-founder of
both DBO Energy and Janeiro Energy Svein Harald
is Chairman of Norwegian Air Shuttle and DBO
Energy, and sits on the boards of TGS-NOPEC, AGR
Petroleum Services, Holu, Nettbil, Labrida and
Akershus University Hospital He served on the
board of Seadrill through the last phase of its
restructuring process Svein Harald Øygard is a
Norwegian citizen and resides in Norway
Erik Bergöö
Vice Chair
Born in 1978
Joined DOF
Erik Bergöö was appointed as Vice Chair of the
Board at the extraordinary general meeting of the
Company on 26 July 2024 and acceded his position
on 1 November 2024 in connection with closing of
the Transaction
Qualifications
Mr Bergöö holds a Master of Science (MSc) in
Industrial Engineering and Management
Experience
He is currently the Head of Shipping and Offshore
Portfolio at AP Møller Holding A/S, which position
he has held since July 2023 Mr Bergöö joined AP
Møller Holding A/S in 2016 as Head of financial
investments and has prior to this gained extensive
experience in various roles within global financial
markets across Scandinavia, the UK, and Singapore
In addition to his current role at the Company, Mr
Bergöö serves as a director of Maersk Product
Tankers A/S, AP Møller Maritime ApS, Ammonia
Carriers A/S, and APMH Invest V ApS Further, Mr
Bergöö serves as manager of APMH Invest XVI ApS
and AP Møller Maritime ApS Erik Bergöö is a
Swedish citizen and is based in Sweden
Harald Thorstein
Board Member
Born in 1979
Joined DOF
Harald Thorstein was appointed as Director of the
Board in 2023
Qualifications
Mr Thorstein holds a MSc in Industrial Economics and
Technology Management from Norwegian University of
Science and Technology (NTNU), with specialisation in
Finance and Optimalisation
Experience
He is the founder and owner of the London based
advisory company Arkwright London Ltd and has
previously held positions in Seatankers Management
and DNB Markets Harald is currently Chair of the
Board of B2 Holding ASA, Altus Intervention, Jacktel
AS, Aquaship AS and a director of Odfjell Drilling
Previous board experience includes Aktiv Kapital,
Axactor, SFL Corp, Seadrill, Frontline 2012, Golden
Ocean, Deep Sea Supply and Solstad Offshore
Harald Thorstein is a Norwegian citizen living in the
United Kingdom
Christine Morris
Board Member
Born in 1966
Joined DOF
Christine J Morris was appointed as Director of the
Board in 2023
Qualifications
Ms Morris holds a BS in Mathematics and an MS
in Actuarial Sciences from the Catholic University
of Louvain (UCL) in Belgium, and an MBA for the
Graduate School of Business at Stanford University,
CA, USA
Experience
She has over 25 years of broad financial experience
in business consulting, capital markets, accounting
and financial operations Christine has spent most of
her career in the US but has held positions in
Belgium, Denmark and in the UK She served as
CFO of Maersk Drilling and most recently as CFO of
BT Business Christine has prior experience as CFO
and senior finance roles for public and private US
companies in the telecommunication and technology
space, including US West, MediaOne, Covad
Communications, Adelphia and DataLogix Christine
J Morris is a Belgian and American citizen living in
the United Kingdom
2025 Audit committee
18 DOF INTEGRATED ANNUAL REPORT 2024
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MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
MANAGEMENT REPORT - THE BOARD OF DIRECTORS
Daniela Davila
Board Member
Born in 1970
Joined DOF
Daniela Davila was appointed as Director of the
Board in 2023
Qualifications
Mrs Davila is a Brazilian lawyer, and holds a
bachelor’s degree in law from Pontificia
Universidade Católica - PUC, Rio de Janeiro, Brazil,
with LLM in Corporate Law (FGV) and MBA in
Petroleum Business (COPPE/UFRJ)
Experience
She is a senior partner and member of the board of
directors of the Brazilian law firm Vieira Rezende
Advogados, where she leads the O&G and Offshore
practice She acts as special counsel to ABESPETRO
(Brazilian Association of Suppliers to the Petroleum
Industry) and is a member of AIEN (Association for
International Energy Negotiators) Latin American
Executive Committee Previously, she served as an
advisor to the Brazilian Ministry of Mines and Energy
and worked as special counsel to PETROBRAS’s
financial department for over 10 years Daniela held
positions as director of Sipetrol Brasil (ENAP group)
and Höegh LNG Brasil (HÖEGH LNG group) She is a
Brazilian and Portuguese citizen living in Brazil
Adrian Geelmuyden
Board Member
Born in 1985
Joined DOF
Adrian Geelmuyden was appointed as Director of the
Board in 2024
Qualifications
Mr Geelmuyden holds a BSc in economics from the
Norwegian School of Economics and Business
Administration
Experience
He is employed as an Investment Director with
Seatankers Management, and has previously held
positions in Solstad Offshore, Deep Sea Supply and
RS Platou Adrian is currently also a Director of
Edda Wind He is a Norwegian citizen living in the
United Kingdom
Kristin H. Holth
Board Member
Born in 1956
Joined DOF
Kristin H Holth was appointed as a Director at the
extraordinary general meeting of the Company on 26
July 2024 and acceded her position on 1 November
2024 in connection with closing of the Transaction
Qualifications
Mrs Holth holds a Bachelor’s degree in Economics
and Business Administration
Experience
With extensive high-level business experience, she has
previously held several Executive Vice President (EVP)
positions at DNB Bank ASA, most recently serving as
EVP and Global Head of Ocean Industries Mrs Holth
serves as director of Safe Bulkers Inc, Noble Corp
Plc, ECOnnect Energy AS, Equality Check AS and
HitecVision AS and is also a member of the BI Social
Impact Advisory Board, as well as part of the Faculty
Team at the Copenhagen Business School (CBS) Blue
Board Leadership Program Mrs Holth is a Norwegian
citizen and is based in Norway
2025 Audit committee
19 DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
The Management Team
Regional Management Team
MANAGEMENT REPORT - THE MANAGEMENT TEAM
Mons S. Aase
CEO
Mons S Aase has been the CEO of
the DOF Group since 2005 and has
been part of the management team
since 1998 Mr Aase holds a MSc
from the Norwegian Institute of
Technology (NTNU), and a Cand Merc
from the Norwegian School of
Economics (NHH in Bergen) Mr Aase
has previous experience from finance
and shipbroking industries and has
more than 25 years’ experience with
the offshore energy industry He
chairs and serves on numerous Boards
of Directors of several companies
Martin Lundberg
CFO
Martin Lundberg currently serves as
the CFO in the DOF Group Mr
Lundberg has more than 15 years’
experience within the offshore energy
industry He has previously held various
roles within the DOF Group, including
Group Head of Treasury, Acting Chief
Financial Officer, and SVP Finance and
Investor Relations, and has been the
CFO since 2025 He holds a Business
Administration degree from Norwegian
School of Economics, and an MBA
from Norwegian School of Economics,
and is a graduate of the AFF Solstrand
Leadership Program He chairs and serves
on numerous Boards of Directors of
several companies within the DOF Group
Petter Ove Pharo
Group General Counsel
Petter Ove Pharo currently serves as
Group General Counsel He joined the
DOF Group in 2009 and is a highly
skilled and experienced legal
professional with over 25 years of
experience in various legal roles in
Norway He has a strong background
in Norwegian and international tax
law, corporate law, and general
business law, having provided
consulting services to major national
and international companies from
amongst his tenure at EY
Marianne Møgster
EVP Marine & Asset Operations
Marianne Møgster currently serves as
Executive Vice President Marine &
Asset Operation, in 2024 she held the
position of EVP Sustainability with
DOF She has experience from several
other leadership positions in DOF She
joined the DOF Group in 2008 and
has more than 20 years’ experience in
the offshore energy industry, including
finance roles in DOF, StatoilHydro, and
Norsk Hydro She is currently serving
on several Board of Directors in
Norway, including Norwegian
Shipowners Association, Norwegian
Hull Club and Belships
Toril Træen
EVP People & Organisation
Toril Træen currently serves as
Executive Vice President of People
and Organisation, and has experience
from several leadership positions in
DOF She joined the DOF Group in
2013, and has more than 23 years’
extensive experience with international
HR management in the offshore
energy industry, including leadership
positions in FMC Technology, AGR
Field Operations, MRC Solberg &
Andersen and Frontier Drilling She is
currently serving as deputy board
member for Underwater Entrepreneurs,
Norwegian Shipowners Association
Jan-Kristian Haukeland
EVP Renewables
Jan Kristian Haukeland currently
serves as the Executive Vice
President of Renewables, and has
experience from several leadership
positions in DOF He joined the DOF
Group in 2011 and has more than 30
years’ experience in the subsea and
shipping business His career includes
significant subsea project experience
He has served on numerous Board of
Directors in Norway and currently
serves on, among others, North Wind
and Group for Underwater Entrepreneurs
Michael Rosich
EVP Asia-Pacific
Michael Rosich joined DOF Subsea in
2006 and has experience from several
leadership positions in the Group He
has specialised in the global offshore oil
and gas discipline for more than 30
years Prior to joining the Group, Mr
Rosich gained broad engineering and
project management experience in
various roles in Brown & Root, Subsea 7,
including Rockwater and Halliburton
Subsea and CSL, operating in the Asia
Pacific region, the North Sea and Nigeria
Marco Sclocchi
EVP North America
Marco Sclocchi has specialised in the
global offshore oil and gas discipline
for more than 20 years and has
worked with Saipem America, Inc and
Sonsub, Inc holding various executive
leadership and management roles
including Vice President of Business
Development, Commercial Manager,
Project Manager and Project Engineer
Mario Fuzetti
EVP Brazil
Mario Fuzetti joined DOF from
Saipem US, where he held the
position of Director - Commercial and
Business Development Mr Fuzetti
has 30 years’ experience including
Leadership, Project Management,
EPCI contracts, engineering, fabrication
and installation of offshore facilities,
pipelines, and SURF - subsea systems
in deep and shallow water, worldwide
Dag Raymond Rasch
EVP Atlantic
Day Raymond joined DOF in 2017
and has held several commercial
leadership positions in the Group
Mr Rasch has more than 20 years’
experience which includes operational
and leadership roles across project
execution and commercial functions
in both conventional and renewable
energy globally
20 DOF INTEGRATED ANNUAL REPORT 2024
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MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
Key notes
The DOF Group (“the Group”) continues to build backlog and deliver good results through 2024.
After completion of the DOF Denmark transaction, the DOF Group now comprises a workforce of
more than 5,400 employees with 77 modern offshore & subsea vessels (65 owned), one newbuild
on order, and engineering capacity that strengthens the Group’s integrated service offering and
position towards a strong oil & gas market and a growing offshore wind market.
The Group’s revenue (management reporting) was USD 1,513 million (USD 1,265 million) and the
EBITDA was USD 529 million (USD 463 million). The EBIT of USD 458 million (USD 464 million) and
the net profit of USD 178 million (USD 367 million) was impacted by reversal of previous impair-
ments due to an improved market and increased values of the Group’s assets. The Group’s total
assets (management reporting) by year-end was USD 4,097 million (USD 3,037 million). The equity
ratio was 43% (34%) and the net interest bearing debt was USD 1,378 million (USD 1,365 million).
Business overview and strategy
The Company is the parent company of several subsidiaries and corporations which provide offshore
and subsea services to the global Conventional and Renewable energy industry The Group owns and
operates a fleet of CSV (Construction Support Vessels), AHTS (Anchor Handling Tug Support Vessels),
a Cable layer and PSVs (Platform Supply Vessels) The Group further owns specialist engineering
companies that provide integrated subsea services in combination with the fleet and vessel
management in four regions: the Atlantic region, the Asia-Pacific region, the North America region and
the South America region
The Group’s main strategy is to engage in long-term and industrial offshore relationships, delivering
high quality subsea and marine services in the offshore energy sector, and to operate within a mix of
subsea project contracts and time charter contracts The Group’s backlog, including DOFCON Brasil
JV, was by year-end approximately USD 325 billion
On 2 July 2024, DOF Group ASA entered into an agreement to acquire 100% of the shares in
Maersk Supply Service A/S (MSS), renamed to DOF Denmark A/S, to further enhance its position as
a major integrated offshore service provider The transaction was closed on 1 November 2024 The
combined company is a leading offshore service provider with comprehensive scale and a wide range
of services across all continents in the offshore energy industries The current operations are both
strategically and geographically complementary
Operating segments
The segments reflect the Group’s operational performance from the main subsidiaries; DOF Subsea
Group, DOF Denmark, DOF Rederi & Iceman, Norskan Offshore and Corporate The main part of the
fleet owned by DOF Rederi, DOF Denmark and Norskan Offshore operates on time charter contracts
while the fleet owned by DOF Subsea Group partly operates on time charter contracts, project- and
lump sum contracts or frame agreements The engineering activities are performed by companies within
the DOF Subsea Group
DOF Denmark
The DOF Denmark fleet comprises 13 anchor handling vessels, eight subsea support vessels, one
cable layer vessel along with one newbuild to be delivered in 2027 The newbuild will upon completion
commence on a contract for Cenovus Energy in Canada with a 15-year firm period The acquisition has
contributed to the Groups earnings from 1 November 2024 and the utilisation of the fleet was 65% for
the last two months of 2024
DOF Rederi & Iceman
By year-end this fleet included six PSVs, two AHTS and four CSVs (ROV support vessels) and the fleet
achieved a utilisation of 90% (90%) throughout the year Two PSVs have been sold during the year
The main operational area has been the North Sea, but some vessels have operated fully or partly
in Australia and in Brazil The majority of the PSV fleet has operated in the North Sea on firm
contracts or in the spot market The AHTS fleet represents two large and advanced vessels, both
equipped with ROVs Both vessels are on firm contracts with Equinor The tender activity has been
high resulting in high contract coverage in the segment
Norskan Offshore
By year-end this fleet included nine AHTS and the fleet has achieved a utilisation of 88% (83%)
throughout the year The utilisation has been impacted by mobilisation to several new contracts
and one vessel partly idle between contracts All vessels in the Norskan Offshore fleet are Brazilian
flagged and are characterised with firm contracts By year-end 100% of the fleet was committed
on long-term contracts with Petrobras and a contract coverage of 91% for 2025 The current backlog
value is approximately USD 740 million The market is strong in Brazil and the latest contract awards
for the AHTS fleet have achieved significantly higher rates than previous contracts Norskan is the
vessel manager for the Group’s fleet of 23 vessels that operate in Brazil
DOF Subsea Group
The DOF Subsea Group (“DOF Subsea”) owns 22 vessels (including the DOFCON fleet) and has an
additional four vessels hired in from external owners on firm contracts The average utilisation of the
DOF Subsea fleet was 91% (91%) in 2024
The activities from the subsea operations include Subsea IMR projects contracts (“subsea projects”)
and fixed time charter contract (“long-term chartering”) During the year, DOF Subsea has engaged
the majority of its vessels and employees in this part of the business The project activity has seen a
Report of the Board of Directors 2024
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sustained increase through the year and more vessels have been hired-in to support subsea projects
undertaken in the Group’s four regions The long-term Chartering comprises eight vessels, of which
seven are PLSVs (pipe laying vessels) Six PLSVs are owned via the joint venture DOFCON, (50/50
owned by DOF Subsea and TechnipFMC) The current backlog for DOF Subsea is approximately USD
1,525 million including the DOFCON JV
The Atlantic region includes operations in the North Sea, Mediterranean and West Africa and has
achieved a strong operational performance due to the high activity in the region The main activities
in 2024 have been projects within the IMR segment on existing infrastructure, FPSO installations,
decommissioning and mooring projects, for clients within offshore conventional and renewable energy
production Main projects have included field support in West-Africa, and several decommissioning
projects in the North Sea
In the Asia-Pacific region various long-term IMR with subsea vessel frame agreements were the core
activities undertaken, in addition to mooring installations, decommissioning, and diving projects In
addition to several subsea vessels utilised in the frame agreement, one vessel continued to operate on
a firm contract in the Philippines and one vessel has operated on a firm contract in Australia
The North American region maintained growth after the start-up on a subsea project contract with
Exxon in 2023 at the Starbroek Block offshore Guyana utilising two large CSVs of which one is
hired in from an external owner The region has further performed IMR, survey and light subsea
construction projects for several key clients in the Gulf of Mexico utilising the Groups or the hired-in
vessels and continued on IMR and installation work on a long-term contract in Canada
The activities in South America mainly represent operations in Brazil, and the region has continued to
deliver high activity throughout 2024 The main contract has been a survey and inspection project
(PIDF) for Petrobras utilising multiple vessels The region has successfully undertaken subsea projects
for various clients in Brazil and is also responsible for the operation of a large ROV fleet, a diving
support vessel, and IMR and RSV vessels in its region
The six PLSVs owned by the DOFCON JV continued to operate on firm contracts in Brazil through the
year and achieved a utilisation rate of 87% (95% excluding Skandi Buzios) Skandi Buzios resumed
operations in August 2024, following a comprehensive repair after a fire incident in June 2023
DOF Subsea further owns one PLSV 100% and this vessel has continued a firm contract with
TechnipFMC
Social and Environmental Sustainability
The Sustainability Statements have been prepared according to the Corporate Sustainability Reporting
Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) The Sustainability
Statements can be found on page 31
The Transparency Act Statement is available on the DOF website and is subject to yearly updates
within 30 June each year in accordance with §5 in the Transparency Act
Shareholders and the Board
The Company was established on 26 September 2022 By year-end 2024 the share capital was NOK
615,696,637 divided into 246,278,655 ordinary shares with nominal value of NOK 250
The Company completed two share issues, one in July with 81 million shares to a share price of NOK
99 and one in November with 616 million shares to a share price of NOK 8791
Last traded share price by year-end 2024 was NOK 8450 per share For information on the
shareholders, see note 21 to the accounts
The board comprise of Svein Harald Øygard (Chair), Erik Bergöö (Vice chair), Harald Thorstein,
Christine J Morris, Daniela Davila, Adrian Geelmuyden and Kristin H Holth as Directors
The Company has signed D&O insurance on behalf of the board members and executive management
to protect against claims which may arise from the decisions and actions taken within the scope of
their regular duties The insurance policy is signed with international reputable companies
Financial performance
The Group revenue in 2024 was USD 1,385 million (USD 1,129 million), and the operating profit
before depreciation and finance (EBITDA) was USD 475 million (USD 384 million) The main reason
for the significantly improved EBITDA is higher activity from subsea projects and generally improved
earnings within all the segments due to higher rates on contract renewals during the year
The operating profit (EBIT) amounted to USD 413 million (USD 420 million) of which USD -160
million (USD -120 million) represents depreciation and USD 98 million (USD 157 million) represents
impairment and reversal of previous impairment The reversal of previous impairments is the result of
improved markets and adjustments to the value in use (VIU) estimates
Net financial items amounted to USD -229 million (USD -69 million), of which net financial costs
represented USD -113 million (USD -112 million) The net currency gain/loss amounted to USD -145
million (USD 17 million), is mainly unrealised currency loss related to non-current debt
Tax cost including effect of pillar 2 implementation is amounted to USD -6 million (USD 15 million)
The Group’s net profit in 2024 was USD 178 million (USD 367 million) and adjusted for other
comprehensive income the net result was USD 181 million (USD 392 million) The reduction in net
profit is mainly explained by lower reversal of impairments and unrealised currency loss
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The consolidated balance sheet at year-end 2024 was USD 3,783 million (USD 2,681 million) The
non-current assets are mainly vessels and subsea equipment at a book value of USD 2,238 million
(USD 1,495 million) and the shares in joint ventures at a value of USD 311 million (USD 316 million)
representing 67% of the Group’s total assets The other non-current assets of USD 253 million (USD
221 million) are deferred tax assets, contract costs, goodwill and other non-current receivable The
latter asset mainly represents a shareholder loan to the DOFCON JV The Group’s cash reserve is
USD 495 million (USD 280 million) of which USD 76 million (USD 80 million) is restricted cash
The Group’s equity is USD 1,772 million (USD 1,034 million) representing an equity ratio of 47%
The Group reported net interest-bearing debt of USD 1,051 million (USD 1,023 million) as of 31
December 2024 The current debt totals USD 490 million (USD 327 million), of which USD 165
million (USD 95 million) represents interest-bearing debt
The Group’s net cash flow from operating activities was USD 393 million (USD 124 million) The
operating cash flow has been increased mainly due to improved earnings and dividend from Joint
ventures The net cash flow from investments activities was USD -462 million (USD -74 million) which
include purchase of shares of USD -567 million (USD zero in 2023) and cash received at acquisition
of DOF Denmark USD 172 million The cash flow from financing activities was USD 307 million (USD
-58 million), of which USD 234 million (USD -84 million) represent net cash impact from borrowings,
while share issues represent USD 74 million (USD 43 million)
Parent company financial statements
The parent company financial statements for 2024 show a revenue of USD zero (USD 3 million) and
an operating profit of USD -8 million (USD -2 million) Net financial items are USD 111 million (USD
18 million) and are impacted by reversed impairment of financial assets of USD 121 million (USD
-63 million) and reversal of accruals on guarantees of USD 8 million (USD 65 million) Net result after
taxes was USD 102 million (USD 12 million)
The parent company’s balance sheet as of 31 December 2024 totals USD 1,512 million of which
booked equity was USD 1,376 million
Financing and capital structure
The Group’s total interest-bearing debt at the end of the year is USD 1,655 million (USD 1,415 million)
of which USD 1,553 million (USD 1,275 million) represent secured debt to credit institutions, USD 53
million is the remaining bond debt in DOF Subsea and USD 49 million as lease debt (related to right-
of-use assets and sub-leases) The increase in interest-bearing debt is mainly due to the acquisition of
DOF Denmark A significant part of the Group’s debt-to-credit institutions is in USD and the remaining
debt is in NOK After refinancing in March 2025 all debt-to-credit institutions is in USD
In Norskan, the BNDES portion of the secured debt represent a significant part of this company’s
secured debt The BNDES loan matures in the period from 2030-2033 and includes fixed interest rates
in the range of 39-49% for the entire duration of the loans Reduced amortisation has been agreed
until end of 2025 for the BNDES facilities The remaining debt in Norskan is planned settled as part of
the refinancing
Financial Risks
The Group remains vigilant in addressing geopolitical risks beyond the conflicts in Ukraine and in the
Middle East This requires heightened risk mitigation measures, reinforcing a commitment to robust
enterprise risk management processes aligned with global standards
The Group has limited exposure to Russia, Ukraine and the Middle East However, the general risk has
increased following the invasion of Ukraine, the conflict in the Middle East and the geopolitical instability
and the impact on the world economy
Financial and liquidity risk
The Group is exposed to financial and liquidity risk through its operations and the existing or future debt
arrangements could limit the Group’s liquidity and flexibility in obtaining additional financing, in pursuing
other business opportunities or corporate activities
The Group’s credit facilities contain, and any future bank and bond loan agreements may contain, certain
covenants and event of default clauses, including cross default provisions and restrictive covenants and
performance requirements, free cash reserves, certain cash sweep limitations and valuation require-
ments for vessels, which may affect the operational and financial flexibility of the Group
The Group’s business is capital intensive, and the Group may need to raise additional funds through
public or private debt or equity financing to fund capital expenditures Adequate sources of funds may
not be available, or available at acceptable terms and conditions, when needed
Interest risk
The Group is exposed to changes in interest rates as parts of the Group’s liabilities have a floating
rate of interest All vessels with financing via BNDES in Brazil are secured at a fixed rate of interest
throughout the duration of the loan The BNDES loans represent approximately 25% of the Group’s
interest-bearing debt
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Currency risk
The Group operates globally and is exposed to foreign exchange risks arising from various currency
exposures, primarily with respect to USD, BRL, AUD, CAD, EUR, NOK, DKK, AOA and GBP Foreign
exchange risk arises from future commercial transactions, contractual obligations (assets), liabilities and
investments in foreign operations The Group aims to achieve a natural hedge between cash inflows and
cash outflows to secure the debt funding in equivalent currency as the committed earnings from the
charter contracts, and further to manage the remaining foreign exchange risk arising from commercial
transactions, through forward contracts and similar instruments as appropriate
Credit and client concentration risk
The Group’s credit risk has historically been low as the Group’s customers have had a good financial
capability to meet their obligations and have high credit ratings Historically, the portion of
receivables not being collectable has been low
The Group’s total revenues are derived from a smaller group of large clients, thus exposing the
Group to client concentration risk Revenue from the 10 largest customers, large oil companies and
operators, represent approximately 72% of the Group’s revenue, whereof Petrobras represent the
largest customer Because of client concentration in the Group’s contracts, the Group’s business
could be adversely affected if any of its major clients fail to compensate the Group or if the Group
does not perform according to its contractual obligations This could lead to termination, or no
renewal of contracts or additional costs related to disputes on the existing contracts among others
Market risk
The markets for the offshore service industry and the rates the Group can charge have been,
and are, cyclical and volatile Fluctuations in rates the Group can charge its customers are caused
by changes in the global supply of offshore services and the global demand for offshore support
vessels and subsea services Over the past years there have been large upheavals in global
offshore energy markets, which prior to the recent increase in oil prices, saw a steep decline in oil
prices resulting in lower demand for the services provided by the Group
The demand for offshore support vessels and subsea services depends also on the Group’s
customers’ level of exploration and production (“E&P”) activity The main factor for the level of E&P
activity is the price for oil and gas Higher oil and gas prices increase the level of E&P activity
and, typically, the demand and price for the Group’s services
There are several factors that influence the supply of offshore support services Subsea services
are mainly delivered by offshore support vessels As such, the supply of offshore support services
depends on the number of operating vessels, which is influenced by factors such as the number
of newbuilds ordered and delivered, the number of vessels being scrapped, conversion of vessels
to other uses and the number of vessels that are out of service and lay-ups due to market
situations An increase in the supply of offshore support vessels could have a material adverse effect
on the Group’s revenues, profitability, liquidity, cash, and financial position
The Group’s strategy is to focus on long-term relationships with the clients and firm contracts for its
fleet and has managed to continue a high utilisation also through the downturn Since 2022 the client’s
willingness to agree contracts for longer periods has increased due to improving markets
Price risk
The Group is exposed to increases in costs in general Higher inflation and increased costs in general
may impact the cost of vessel maintenance, services and salaries In addition, logistics and supply
management have become more challenging and more costly The Group has focused on timely
planning to mitigate the risk of not receiving deliveries on time and agreements with the main suppliers
at fixed prices
Tax risk
The Group has a global organisation and operates vessels and subsea services in several different tax
jurisdictions and is subject to complex laws and regulations The income and profit from these operations
are subject to income taxes and judgment may be involved when determining the taxable results Tax
authorities in different jurisdictions may challenge the calculation of taxes payable from prior periods
through tax audits
Furthermore, the Group is exposed to changes in the tax rules, including tax rates and legislation
and rules with regards to employees and consultants, in a great number of jurisdictions compared to
companies with less global operations Since 2024 the Group is covered by the new law that imple-
ments Global minimum tax
Several tax audits have been conducted over the last couple of years, where some of the tax claims
are disputed by the Group, ref note 34 ‘Contingencies’ to the accounts In general, attention from tax
authorities is increasing, and the trend is that each individual country has increased focus on protecting
their tax base
Cyber risk
The ongoing digitalisation of routines and operations heightens the vulnerability of the Group’s business
information and communication systems to both external and internal cyber-attacks Such attacks pose
the risk of business disruption and potential data breaches and remain a material topic for the Group To
effectively manage this risk, the Group implements systematic measures to enhance its resilience against
cyber-attacks and mitigate the impact of potential breaches Cyber-security is integrated into the organi-
sation’s framework, with internal training programs aimed at equipping employees with the knowledge and
skills necessary to recognise and respond to cyber threats effectively Through these proactive efforts, the
Group aims to strengthen its cyber-security posture and safeguard its business operations and sensitive
information against evolving cyber risks
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Going concern
The financial statements of the Parent Company’s and the Group’s consolidated financial statement are
prepared on the assumption of going concern.
The markets have continued to be strong and based on the high backlog and the budgets, the Board is of
the opinion that the Company and the Group are going concerns.
Profit allocation and dividend
DOF aims to create long-term shareholder value through increased share value and dividend payments.
Simultaneously, DOF focuses on managing the Group’s leverage at a level that is resilient through cycles.
The current leverage target is net debt/EBITDA in the range 1.5-2.0. This target is subject to review
based on the visibility of earnings and the backlog of the Group. In addition to dividend payments, repur-
chases of own shares will be used as a flexible tool for allocating excess capital to DOF Group’s owners
The Board of Directors has thus proposed a dividend of USD 0.3 per share for 2024, for distribution on
5 June 2025, subject to approval from the General Meeting. If approved DOF Group ASA will distribute a
total of USD 74 million in dividends for 2024.
Allocations proposed
The parent company has a profit for the year of USD 102 million, compared with a profit for the year of
USD 12 million in 2023
Amounts in USD million
2024 2023
Profit for the year
102
12
Share dividend proposed
74
-
Transfer to other equity
28
12
Total allocation
102
12
Dividend per share (USD)
03
-
Events after balance sheet date
On 27 March 2025, the Group successfully refinanced a significant portion of its debt with a new USD
1,025 million term facility The facility has a five-year term and a seven-year repayment profile
On 31 March 2025 the Company annonced arrangement of investor meetings commencing from Monday
31 March 2025 and a new USD denominated 5-year senior unsecured bond issue may follow, subject
to inter alia market conditions. The net proceeds from the contemplated bank issue shall be applied to
refinance existing debt and for general corporate purposes.
For more information about the refinancing and potencial new bond see note 35 ‘Subsequent event’.
Outlook
DOF is guiding revenue of USD 18 to 19 billion for 2025 with EBITDA in the range of USD 720
to USD 800 million Of the guided revenue, more than 75% is already secured through backlog, thus
visibility for 2025 is very good
The financial outlook for the Group is strong with an improved equity position, a positive leverage
development and a refinancing for the near term maturities secured in Q1 2025
For the longer term the Group sees continued strong market for the company’s offerings of vessel
charters and within the subsea services segment with a strong project and tender pipeline also for the
years to come There is also a positive trajectory in spending in many of the locations where the company
has a good presence and strong market position
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Christine Morris
Director
Adrian Geelmuyden
Director
Storebø, 3 April 2025
The Board of Directors of DOF Group ASA
Svein Harald Øygard
Chair
Harald Thorstein
Director
Erik Bergöö
Vice Chair
Kristin H.Holth
Director
Mons S. Aase
CEO
Daniela Davila
Director
Responsibility statement
The Board of Directors and the CEO have today considered and approved the integrated report
for DOF Group ASA for the 2024 calendar year and per 31 December 2024
The consolidated financial statements have been prepared in accordance with IFRS® Accounting
Standards as adopted by EU, European Single Electronic Format (ESEF) regulations as well
as additional information requirements as per the Norwegian Accounting Act The financial
statements for DOF Group ASA have been prepared and presented in accordance with simplified
IFRS pursuant of the Norwegian Accounting Act
We confirm to the best of our knowledge that:
►
The 2024 financial statements for the Company and the Group have been prepared in
accordance with applicable accounting standards
►
The 2024 consolidated financial statements have been prepared in accordance with the
requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single
Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian
Securities Trading Act
►
The information in the financial statements gives a true and fair view of the Company’s and
the Group’s assets, liabilities, financial position and result per 31 December 2024
►
The integrated report 2024 meets the information requirements of the Norwegian accounting
act with regard to the Report of the Board of Directors and statements on corporate
governance and corporate social responsibility
The integrated report for the Company;
►
Gives a true and fair view of the Company’s and the Group’s development, performance and
financial position, and includes a description of the principal risks and uncertainty factors
facing the Company
We further confirm to the best of our knowledge that:
►
The 2024 Sustainability Statements have been prepared in accordance with and meets the
information requirements of the Norwegian Accounting Act, European Sustainability Reporting
Standards (ESRS), EU taxonomy (Article 8 of EU Regulation 2020/852)
We confirm to the best of our knowledge that:
►
The Sustainability Statements have been prepared according to the Corporate Sustainability
Reporting Directive (CSRD) and the European Sustainability Reporting Standards ( ESRS)
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2024 Corporate Governance Report
As a Norwegian public limited liability company listed on the Oslo Stock Exchange, DOF Group ASA
(“DOF” or the “Company”) is subject to a number of corporate governance regulations contained in the
Norwegian legislation DOF’s board of directors firmly believes that robust corporate governance is funda-
mental to driving sustainable value creation and achieving the Company’s core objectives, and essential
for aligning the interests of shareholders, management, employees, and other stakeholders
1 STATEMENT ON CORPORATE GOVERNANCE IN DOF
DOF has adopted a set of corporate governance documents These apply to all consolidated entities
within the DOF group of companies (the “DOF Group” or the “Group”) and are available on the Company’s
website
DOF’s current corporate governance principles were adopted by the board of directors on 10 May
2023 and made effective at the date of listing of the Company on the Oslo Stock Exchange on 22
June 2023 DOF’s corporate governance principles are based on the Norwegian Code of Practice for
Corporate Governance, most recently revised in 2021 (the “Code”) In accordance with the Code and
other legislation, DOF reports annually on its compliance with corporate governance requirements and
recommendations This corporate governance report follows the system used in the Code Deviations
from the Code are addressed under each section
2 BUSINESS PURPOSE
The business purpose of DOF is set out in section 2 of the Company’s articles of association which reads:
The object of the company is to engage in trading and shipping business and other offshore related
activity, including participation in other companies with the same or similar objects.
The articles of association are available at the Company’s website
The board of directors has defined clear objectives, strategies and risk profiles for the Company’s
business activities The Company has established comprehensive guidelines for integrating considerations
related to its surroundings and stakeholders into its value creation process In this endeavour, the board
of directors takes into account financial, social, and environmental factors These objectives, strategies,
and risk profiles are evaluated annually by the board to ensure alignment with the Company’s goals
DOF’s compliance with these objectives, the strategy, and risk profile, as well as the possible need for
adjustments of them, are monitored by the board of directors throughout the year
3 EQUITY AND DIVIDENDS
Capital structure
DOF and subsidiaries had USD 1,772 million in book equity as of 31 December 2024, corresponding
to an equity ratio of 47 per cent The parent company’s book equity amounted to USD 1,376 million,
corresponding to an equity ratio of 91 per cent The board of directors regularly monitors that the capital
structure is appropriate to the Group’s objective, strategy and risk profile, and that the capital require-
ments set forth in applicable laws and regulations are met
DOF aims to create long-term shareholder value through increased share value and dividend payments
Simultaneously, DOF focuses on managing the Group’s leverage at a level that is resilient through cycles
The current leverage target is net debt/EBITDA in the range 15-20 This target is subject to review
based on the visibility of earnings and the backlog of the Group
Dividend policy
The Company’s dividend policy is established by the board of directors and forms the basis for the
board’s proposals on dividend payments to the Company’s general meeting The main principles for the
Company’s dividend policy are available on the Company’s website
DOF’s board of directors did not seek a mandate from the 2024 annual general meeting to distribute
dividends No dividends have been proposed or paid in 2024
Board authorisations
DOF’s board of directors obtained a mandate in the annual general meeting in May 2024 to increase
the Company’s share capital by up to NOK 44,162,3045 to facilitate further growth The board of
directors further obtained mandates in the extraordinary general meeting in July 2024 to increase the
share capital by up to NOK 155,602,280 to issue shares to the sellers of Maersk Supply Service AS
(now DOF Denmark A/S), by up to NOK 5,037,35750 in connection with a subsequent repair offering,
and by up to NOK 46,177,205 for general business purposes At the same time, the remaining part of
the general mandate granted in the annual general meeting in May 2024 was revoked The board also
obtained a mandate in the 2024 annual general meeting to acquire own shares with a total nominal value
equivalent to approximately 10% of the share capital at the time
The board’s proposals for board authorisations comply with the relevant recommendation in the Code All
authorisation granted to the board were assessed and resolved as separate agenda items at the general
meetings The authorisations were limited to defined issues and remain valid until the next annual general
meeting, however not beyond end of June the following year
The mandates to increase the share capital were used in connection with the Company’s acquisition
of Maersk Supply Service A/S in 2024, in part to carry out a private placement and in part to issue
consideration shares to the seller of Maersk Supply Service A/S The mandate to increase the share
capital in connection with a contemplated repair offering was not used during 2024 due to the share
price development in the period after the private placement
The mandate to acquire own shares was not used during 2024 As of 31 December 2024, DOF held no
treasury shares
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4 EQUAL TREATMENT OF SHAREHOLDERS
DOF has one share class, each share carries one vote, and all shares carry equal rights, including the
right to participate in general meetings and the right to dividends
Existing shareholders have pre-emptive rights to subscribe for shares in the event of share capital
increases The general meeting may resolve by a qualified majority to set aside the pre-emptive rights
of existing shareholders Should the board of directors wish to propose to the general meeting that a
departure be made from the pre-emptive right of existing shareholders in the event of a capital increase,
such a proposal will be justified by the common interests of the company and the shareholders, and the
grounds for the proposal will be presented in the notice of the general meeting
The board of director’s justifications for waiving the pre-emption rights of the existing shareholders when
carrying out the share capital increases undertaken in 2024 were disclosed in stock exchange announce-
ments released in connection with the capital increases
5 FREELY NEGOTIABLE SHARES
The shares of DOF Group ASA are listed on the Oslo Stock Exchange The articles of association have no
restrictions on owning, trading or voting for shares in DOF
The shares subscribed for by certain members of the board of directors and executive management on 8
June 2023, in connection with the Company’s initial public offering in June 2023, are subject to lock-up
undertakings with the Company The undertakings are effective until and including the date falling 36
months from the first day of trading of the shares on the Oslo Stock Exchange for 2/3 of the subscribed
shares and 24 months for 1/3 of the subscribed shares The undertaking can be waived by the Company
6 GENERAL MEETINGS
The board of directors sets the agenda for the general meetings and oversees that the meetings are
prepared and conducted in a manner that enables all shareholders to participate
The notice of the general meetings is given in writing no later than 21 days prior to the meeting The
deadline for shareholders to give notice of their intention to attend the meeting is set no earlier than two
business days before the date of the general meeting
All relevant documents, including proposals for resolutions to be considered by the general meeting and
recommendations by the nomination committee, are available at the Company’s website from the same
date The documents are sufficiently detailed, comprehensive and specific to allow shareholders to form a
view on all matters to be considered at the meeting
Shareholders may exercise their rights at the general meeting by proxy attendance and electronic
attendance Forms for granting proxies, which allows for voting on each individual matter, are attached to
the notice of the general meetings
The minutes of the general meeting are made available on the Company’s website promptly after the
meeting in closed
Deviations from the Code:
DOF has chosen not to follow the Code’s recommendation to facilitate the election of an independent
chair of the general meeting Based on the company’s organisation and shareholder structure, it is
deemed appropriate that the chair of the board be proposed as the chair the general meeting
The chair of the board has been the only member of the board present in the general meetings under-
taken in 2024 The nature of the matters to be adopted by the general meetings has not necessitated
the presence of the entire board or the chair of the nomination committee
The names of the two new candidates for the board of directors and the new chair of the nomination
committee to be elected by the extraordinary general meeting in July 2024 were published later than 21
days prior to the meeting The reason for the delay was communicated to all shareholders in the notice of
the extraordinary general meeting
DOF has chosen not to follow the Code’s recommendation to vote separately on each candidate
nominated for election to the board This choice is based on the collective nature of the board, and
the nomination committee’s considerations related to the combined qualifications and experience of the
proposed members of the board, justifying combined voting
7 NOMINATION COMMITTEE
The nomination committee of DOF is established pursuant to DOF’s articles of association section 6
The general meeting has adopted instructions for the nomination committee governing the duties of
the nomination committee The instructions are available on the Company’s website The nomination
committee recommends candidates for the chair and members of the board, candidates for the chair
and members of the nomination committee, and remuneration of the members of the board and the
nomination committee The recommendations from the nomination committee contain justifications for the
proposals made by the committee
The current members of the nomination committee are Martin Larsen (chair), Kristian Falnes and Jan Erik
Klepsland None of the members of the nomination committee are employed by or hold board positions in
the Company A majority of the members of the nomination committee is considered independent of the
board and executive management of the Company
Information concerning the nomination committee and deadlines for making suggestions or proposing
candidates for the board and nomination committee are available on DOF’s website
Deviations from the Code:
The Company’s instructions for the nomination committee does not establish explicit rules for how
the election of the nomination committee is to be prepared, criteria for eligibility or the possibility of
re-election of members of the nomination committee It is deemed appropriate that these matters are
handled by the nomination committee
8 COMPOSITION AND INDEPENDENCE OF THE BOARD
Pursuant to DOF’s articles of association section 5 the Company’s board of directors shall consist of
four to seven members The current board consist of seven shareholder-elected members, whereof five,
including the chair, was elected at the annual general meeting in May 2024 for a period of one year, and
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two were elected at the extraordinary general meeting in July 2024 for a period of two years effective
from the closing of the Maersk Supply Service transaction on 1 November 2024
The composition of the board aims to ensure that the interests of all shareholders are attended to, that
the board functions as a collegiate body, and that the Company has the competence, resources, and
diversity it needs at its disposal
A majority of the members of the board are independent of the executive management and have no
material business connections of the Company At least two board members are independent of the main
shareholder (shareholders holding more than 10%), and the gender representation requirements set out in
section 6-11a of the Norwegian Public Limited Liability Companies Act are complied with The executive
management of the Company does not hold board positions
Members of the board are encouraged to own shares in the Company Further information about the
board members, including competence, considerations on independence and shareholding is available in
the integrated annual report and on the Company’s website
9 THE WORK OF THE BOARD
General
The board have implemented instructions for the board and the executive management The instructions
focus on determining allocation of responsibilities and duties of the board
The board of directors holds board meetings whenever needed, but normally six to ten times a year The
need for extraordinary board meetings may arise due to urgent matters requiring the board’s deliberation
and approval, making it difficult to fit this into the calendar of the ordinary board meetings The 2024
annual report includes information on attendance at board meetings held throughout the year
Conflict of interests and disqualification
Members of the board and executive management cannot consider matters in which they have a special
and prominent personal or financial interest To ensure unbiased and impartial considerations and resolu-
tions, the instructions for the board of directors stipulates that each board member shall inform the board
and executive management of any material interests that they may have in matters to be considered by
the board of directors
Transactions with shareholders and other closely related parties
Transactions between the Company and its shareholders, a shareholder’s parent company, members of
the board, executive management or closely associated parties to any such party which are deemed
material under the Norwegian Public Limited Liability Companies Act, are subject to approval by the
general meeting Furthermore, the board is required to arrange for an independent auditor valuation of
the transaction An independent third party valuation is also procured for (i) transactions with share-
holders and other closely associated persons that are deemed non-immaterial to either party involved
(ie transactions that are below the materiality threshold set out in the Norwegian Public Limited Liability
Companies Act, but still not deemed immaterial), and (ii) transactions between companies within the
Group if any of the companies involved have minority shareholders All such agreements are presented in
the Company’s annual report
Board committees
The board has established an audit committee and a remuneration committee to yield efficiency in the
board work The board committees are preparatory bodies, and no decision-making responsibility is
delegated to any of the board committees The board have issued specific instructions for the work of
both the audit committee and the remuneration committee
The current audit committee consists of Christine J Morris (chair) and Kristin H Holth, with Svein Harald
Øygard as observer The composition and duties of the audit committee complies with the statutory
requirements The committee is a working committee for the board, preparing matters and acting in an
advisory capacity The committee performs a review of the quarterly reports and the annual integrated
(financial and ESG) report of the company and supports the board of directors in safeguarding that
the company has sound risk management and internal controls over external reporting Both members
have either formal qualifications within accounting or auditing, or relevant experience and skills within
the same DOF considers that the committee members have the competence required to fulfil their
duties based on the organisation and operations of the Company Both members are independent of the
Company’s executive management
The current remuneration committee consist of Harald L Thorstein (chair), Daniela Ribeiro de Fernandez-
Davila, Erik Bergöö and Svein Harald Øygard The remuneration committee serves as a preparatory and
advisory sub-committee of the board in questions relating to the Company’s compensation of its executive
management, enabling a thorough and independent preparation of matters relating to compensation of the
Company’s executive management The remuneration committee’s mandate is set out in the Company’s
“Guidelines for salary and other remuneration to executives in DOF”, available on the Company’s website,
and is in accordance with section 6-16a of the Norwegian Public Limited Liability Companies Act
Annual evaluations
The board of directors has conducted a self-evaluation of its performance for the preceding year,
including an assessment of its composition, competence and work methods
10 RISK MANAGEMENT AND INTERNAL CONTROL
General
Effective and proper internal control and risk management are crucial for building and maintaining trust,
achieving the Company’s objectives, and ultimately creating value Implementing robust internal control
systems and risk management practices can prevent the Company from encountering situations that
could harm its reputation or financial standing
DOF’s Code of Business Conduct, adopted by the board, describes the main principles for compliance
and how the compliance function is organised The Company also has a comprehensive set of governing
documents which provide detailed descriptions of procedures covering all aspects of the management of
the Company’s operational business
Annual review and risk management in the annual report
The board oversee the implementation of appropriate internal control systems and systems for risk
management, and that these are proportionate to and reflect the extent and nature of the Company’s
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activities A review of the most critical areas of risk exposure and the internal control arrangements for
such areas is performed annually
In the annual report, the board have described the main features of the Company’s internal control and
risk management systems as they are connected to the Company’s financial reporting This covers the
control environment in the Company, risk assessment, control activities and information, communication and
follow-up The Company’s management focus on frequent and relevant reporting of both operational and
financial matters to the board, to ensure that the board has sufficient information for decision-making and
can respond quickly to changing conditions Board meetings are held frequently, and management reports
are provided to the board on a monthly basis Financial performance is reported on a quarterly basis
11 REMUNERATION OF THE BOARD OF DIRECTORS
The remuneration of the board of directors is determined by the Company’s annual general meeting,
based on the proposal from the nomination committee
The annual executive remuneration report and the annual report provides details of all elements of the
remuneration and benefits of each member of the board, including any consideration paid by the Company
to members of the board in addition to the board remuneration
DOF believes that the board’s remuneration accurately reflects the responsibility, expertise, and
complexity of the Company and its business, as well as the time and level of activity dedicated by board
members and any committees they participate in
12 REMUNERATION FOR EXECUTIVE PERSONNEL
The general meeting of DOF has adopted guidelines for determining remuneration to the CEO and other
members of the executive management The guidelines include the main principles for the Company’s
remuneration policy, including measures to ensure alignment of the interests of the shareholders and the
executive management
DOF considers that the guidelines contribute to meeting the Company’s strategic goals, long-term
interests, and financial sustainability
The salary and other remuneration elements of the CEO is determined by the board, based on a recom-
mendation from the remuneration committee
In accordance with relevant legislation, DOF prepares an annual executive remuneration report with
details of all elements of the remuneration and benefits of each member of the executive management of
DOF The report is presented to the annual general meeting for advisory vote
Deviations from the Code:
The structure of the performance-related remuneration of the CEO is not in compliance with recommen-
dations of the Code in respect of caps This is deemed to be in the long-terms interests of the Company
13 INFORMATION AND COMMUNICATIONS
DOF has established guidelines for reporting financial and other information based on transparency and
the requirement of equal treatment in the securities market, including separate instructions for handling
inside information
Information is given in compliance with the rules of the Public Limited Liability Companies Act, the rules
applicable to companies listed on the Oslo Stock Exchange and otherwise as deemed appropriate and
required at any given time and is published through Oslo Stock Exchange’s information system and at the
Company’s website
Communications with the shareholders outside of the general meeting are done in compliance with the
provisions of applicable laws and regulations and in accordance with the principle of equal treatment of
the Company’s shareholders
All information distributed to the Company’s shareholders are published on the Company’s website at the
same time as it is sent to shareholders
14 TAKEOVERS
The board of directors has established the main principles for its actions in the event of a takeover offer
The principles refer to and incorporate the principles for takeover situations of the Code In the event of
a take-over bid the board of directors will act in the best interest of the shareholders and in compliance
with all rules and regulations applicable for such an event as well as practices recommended in the Code,
including a particular duty of care to disclose information to ensure equal treatment of all shareholders
15 STATUTORY AUDITOR
The Company’s auditor annually submits the main elements of the plan for the audit of the Company
to the audit committee, as well as an annual written confirmation of its independence, information on
services other than statutory audit provided to the Company, information about threats to the auditor’s
independence, and measures implemented to combat such threats
The auditor is invited to the board meeting that deals with the annual accounts, to report on any material
changes in the Company’s accounting principles and key aspects of the audit, comment on any material
estimated accounting figures and report all material matters on which there has been disagreement
between the auditor and the executive management of the Company
The board of directors reviews the Company’s internal control with the auditor annually, addressing
weaknesses the auditor has identified and suggestions for improvements The auditor further participates
in all the meetings in the audit committee
The board of directors have established guidelines addressing the executive management’s use of the
auditor for other purposes than auditing
The auditor is invited to attend the annual general meeting and will attend if the matters to be dealt with
are of such nature that the auditor’s presence is deemed necessary
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DOF Group
Sustainability Statements 2024
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ESRS 2
Basis for Preparation 1
General information
DOF has reported to the Global Reporting Index (GRI) standard since 2014 and has published material economic,
environmental, and social metrics and performance in Annual Integrated Reports This year’s Sustainability
Statement has been prepared to meet the requirements of the Corporate Sustainability Reporting Directive
(CSRD) and its associated European Sustainability Reporting Standards (ESRS)
In this Statement, ESRS General and Topical standard disclosures are presented in detail for our business
operations and include our upstream and downstream value chain to give a full account of our sustainability
performance
DOF has adopted the ESRS approach to our double materiality assessment (DMA) process, which includes
impacts, risks and opportunities, in addition to ESRS-aligned policies, actions, metrics and targets (For a detailed
description of the scope, methodology and assumptions of our DMA process, see ESRS 2 IRO-1 below)
The Sustainability Statement follows the categorisation of short, medium and long-term time horizons as defined
in ESRS 1
The new structure places the Sustainability Statements within the Management Report and is presented in four
sections
1 General information,
2 Environmental information,
3 Social information,
4 Governance information,
External assurance
Limited level of assurance of ESRS reporting and that has been conducted by an independent third party,
PricewaterhouseCoopers AS For the auditors’ report, see page 154
Our Sustainability Statement has been prepared on a consolidated basis, aligning with the scope of the financial
report for 2024 The Group’s Financial statements reflect the IFRS® Accounting Standards as adopted by the
EU The Group’s consolidation principles are as follows:
• Subsidiaries are all entities over which the Group has control The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity
• Subsidiaries are fully consolidated from the date on which control is transferred to the Group They are
deconsolidated from the date that control ceases
• GHG emissions from vessels in the DOF / TechnipFMC, Joint Venture in Brazil, DOFCON, are accounted for
under Scope 3 Investment category
• The acquisition of DOF Denmark (previously known as Maersk Supply Services) has been incorporated in the
consolidated financial and sustainability statement from closing on 1 November 2024
No information corresponding to intellectual property, know-how or the results of innovation has been omitted
from the sustainability statement
Basis for Preparation 2
Value chain estimation, sources of estimation and outcome uncertainty
There are some metrics in the upstream value chain related to Scope 3 emissions in E1-6 that are based on
estimates This relates to Scope 3 categories 1 (purchased goods and services), 2 (capital goods) and partially
4 (upstream transportation and distribution) Please refer to E1-6 for further details regarding the methodology
This has a medium degree of uncertainty
Readers should note changes and limitations of scope that result from adapting our sustainability reporting to
align with the CSRD and the ESRS, these include:
• A revised double materiality assessment (DMA) process, ensuring that the methodology and outcomes comply
with ESRS requirement As a result, we have different material topics than in previous years
• ESRS requirements have changed the parameters for GHG emissions reporting ESRS boundaries for
Scope 1 emissions differ from GHG protocol boundaries, and a significant part of the Scope 3 emissions will
now be accounted in Scope 1 This is further explained in E1-6
• The acquisition of DOF Denmark (previously known as Maersk Supply Services), which closed on
1 November 2024, increased the owned fleet by 22 vessels to 69 vessels, the employee count by approx
1000 people to 5000 people, and the number of offices by eight to 26, rendering our previously reported
emissions data not fit-for-use as a baseline for emission reduction targets A review and reset for emissions
reduction baseline data, metrics and targets, is underway and therefore, we have declared no transition plan
for this reporting period However, our decarbonisation activities are controlled and managed in the Global
Improvement Programme and progress continued in 2024 (reference to E1-3)
• ESRS Phase in Requirement exemptions (ESRS 2 BP-2 17a) have been The specific phase in requirement
exceptions are on page 49
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GOV-1 The role of the administrative, management and supervisory bodies
Good corporate governance is essential for sustainable value creation and underpins the Company’s strategic
and ESG performance Our corporate governance principles are based on the Norwegian Code of Practice for
Corporate Governance (the Code), most recently published on the 14 October 2021 (wwwnuesno) Overall, the
Corporate Governance structure and processes define Accountability, Actions, Assurance and Advice to align the
organisation’s strategic ESG objectives and activities with prioritised stakeholder interests
The Board of Directors, Audit Committee and Executive Management interface is responsible for oversight,
control and management of identified material Impacts, Risks and Opportunities (IROs) and DOF’s Enterprise Risk
Management (ERM) framework is a key mechanism in the process
The ERM framework is guided by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO) model to identify, assess, and manage risk factors that could impact the organisation’s performance The
process ensures risk and opportunity is managed throughout the organisation, at the appropriate point of the
business cycle, by the teams with specific expertise to identify, assess and manage the risk type The process
encompasses the DMA and ongoing management of material topics The Board, Audit Committee and Executive
Management employ a schedule to review enterprise risk as well as the our IROs Within the ERM process the
Board and Audit Committee actively monitor the development of top risks and acts correspondingly to mitigate
and manage them The EVP Sustainability has the day-to-day management responsibility of identified IROs to
ensure dedicated oversight and appropriate management (see ERM model page 17)
In terms of ESG matters, employee representation in the development and management of IROs is conducted
across multiple formal channels which are described in the Stakeholder Engagement table (see page 39) As all
employees are invited to engage in at least one of the channels, the gender breakdown of representation reflects the
company-wide breakdown Established ERM routines ensures risk and opportunity, including IROs, are managed
throughout the organisation and suitably qualified employees play a significant role in ESG risk management
The governance structure includes regular meeting schedules, where ERM and IROs are assessed to manage
risk, capture opportunities, and monitor material topics, many of which are included in the Global Improvement
Programme The Board, Executive Management and the EVP Sustainability conduct an annual review of the Global
Improvement Programme, agree priorities for the next strategic period and set targets related to material IROs
Having overseen the establishment of targets these bodies monitor progress through a quarterly review process,
ensuring alignment with organisation’s sustainability priorities and strategic vision
The Board of Directors
The Board is the highest governing body and is responsible for governance, strategy and sustainable development
to create lasting value and align with the prioritised interests of stakeholders The Board strengthens its
oversight of ESG performance with the input of the Audit Committee Additionally, the Board delegates roles
and responsibilities and provides resources to Executive Management and EVP Sustainability to achieve the
organisation’s ESG objectives and maintains oversight of legal, regulatory and ethical compliance
The Board comprises seven non-executive directors, with a 43% female and 57% male membership composition
857% of Board members are independent as defined by the Norwegian Corporate Governance Board’s
recommendation for independence of the Board A single board member is associated with the main shareholder
There are ten members of the Executive Management Team (EMT) of comprising 20% female and 80% male, none
of whom hold Board positions in the parent company of the Group
Board members draw on diverse professional disciplines and hold the skills and experience relevant to the conventional
and emerging offshore energy sector in varied geographic locations and, our core services, to give well-rounded
insights into our operations An overview of the experience includes resources, offshore energy, sustainability,
finance, technology, global market dynamics, and the public sector (see Board of Directors page 18)
The Board’s performance, expertise and composition is evaluated annually to ensure it has the competencies to
support our strategic aspirations Board members enhance their understanding of current ESG matters though
their work on other related industry Boards, as well as the seminars and conferences they attend In 2024 the
Audit Committee received several CSRD briefing sessions in addition to an overview of IROs The skills and
competencies required to deliver the strategic direction and operations, including new and evolving disciplines,
are identified and managed in the Corporate People and Organisation strategy and reported to the Board
The Audit Committee
The Audit Committee supports the Board in the administration and exercise of its oversight responsibility in
accordance with, inter alia, the Norwegian Public Limited Liability Companies Act, the Norwegian securities
legislation, the Norwegian Auditors Act, Regulation (EU) No 596/2014 of the European Parliament and of the
Council of 16 April 2014 on market abuse (commonly referred to as Markedsmisbruksforordningen or MAR),
applicable listing rules of Oslo Børs, including Oslo Rule Book II - Issuer Rules regarding non-harmonised rules for
issuers listed on Oslo Børs, the Norwegian Code of Practice for Corporate Governance, as applicable and other
recommendations or requirements applicable to a stock listed company
Responsibilities of the Audit Committee are outlined in Instructions for the Audit Committee (document
18669630/1) incorporated in the Corporate Governance Principles and reflected in the Instructions to the Board
of Directors The Audit Committee has a broad focus to ensure it has sufficient understanding of:
• Governance, controls and mechanisms,
• ESG risk and opportunity management,
• Material topics,
• Financial and sustainability accounting and reporting principles and processes, including risk management
and internal control ,
• Policy reviews and advice
• Auditor independence
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The Audit Committee equips the Board to review implications for DOF’s ESG strategy, operational capacity and
business conduct, as well as understand market dynamic developments and international policy responses The
ERM process, which includes our DMA process and material topics, gives the Audit Committee an ongoing review
of enterprise risk as well as our IROs Additionally, the Board delegates responsibility for all company policy
development and review to the Audit Committee which is tasked with assessing the implications and efficacy of
policies and governing documents and providing advice to ensure DOF meets its professional obligations and is
managed appropriately
The members of the Audit Committee are elected by and amongst the members of the Board for a term of up to
two years and has the Risk Management, Energy Sector and Financial competence required to fulfill duties based
on the organisation and operations of the Company
The CEO and Executive Management Team
The Board has overall responsibility for the management of the company, however, as sustainable development is
integrated into business strategy it falls within the CEO’s day-to-day management responsibility In this capacity,
the CEO provides leadership for the Global Improvement Programme, where strategic and key ESG initiatives
are organised and managed The CEO also has responsibility for the interface with DOF’s EVP Sustainability and
related executive corporate leader’s collaboration to progress the organisation’s sustainability priorities.
In addition to the day-to-day management responsibilities, the CEO is accountable to the Board for ensuring that
all policies related to business conduct are implemented DOF’s policies and business management system, and
the process by which they are managed, are a core element of internal control for business conduct compliance in
all areas of our operations
EVP Sustainability and Team
The Board delegates the day-to-day management responsibility of identified IROs to the EVP Sustainability
who leads and directs actions, in dialogue with the Board, Audit Committee and Executive Management The
EVP Sustainability is supported by a global sustainability team and has subject-matter experts from all relevant
departments relating to CSRD compliance, who provide sustainability expertise within each material impact,
risk and opportunity (page 41) The role also draws on resources from a wider Executive Management team
as necessary to provide expertise and support IRO management and reporting The sustainability team has
expertise in:
• ESG risk and opportunity management,
• Digitalisation and technology (innovation),
• DMA development and communication,
• Sustainability reporting
GOV-2 Information provided to and sustainability matters addressed by the business’s
administrative, management and supervisory bodies
The Audit Committee met five times in 2024 The agenda includes material impacts, risks, and opportunities
which are reported to the Board through regular updates provided by the AC Chair and the EVP Sustainability
Reporting occurs quarterly during board meetings and committee sessions, ensuring continuous oversight
The Audit Committee meetings cover matters relating to evaluation of implementation of due diligence,
effectiveness of policies, and the outcomes of actions, metrics, and targets adopted Reviews are conducted
annually, with special sessions convened when significant changes occur or when new risks emerge The material
impacts, risks and opportunities addressed by the Board and Executive Management during the reporting period,
are defined through the DMA process, tabled at Audit Committee meetings and are detailed in the SBM 3 IRO
Table on page 41
Impacts, risks, and opportunities are integrated into the Board and Executive Management’s discussions on the
business’s strategy, major transactions, and risk management processes DOF’s acquisition strategy requires the
consideration of sustainability matters such as health and safety and locked-in emissions in our due diligence
process when acquiring other businesses These considerations involve comprehensive analyses that weigh
trade-offs associated with various impacts, risks, and opportunities to make informed decisions aligned with
sustainability objectives
Throughout the year, various impacts, risks, and opportunities are consistently monitored To guarantee effective
performance monitoring, we address key targets relevant to our business at each board meeting Health and
safety risks are a routine topic of discussion at these meetings (Occupational Health and Safety on page 85)
Similarly, climate-related risks and our efforts towards achieving decarbonisation goals are frequently reviewed by
our governance bodies (Environment on page 54)
GOV-3 Integration of sustainability-related performance in incentive schemes
DOF does not integrate sustainability-related performance in our incentive schemes
GOV-4 Statement on due diligence
See Core elements of due diligence on page 53
GOV-5 Risk management and internal controls over sustainability reporting
The global sustainability team is tasked with developing comprehensive group reports on sustainability issues
and ESG metrics This responsibility encompasses organising and leading essential activities, including the
consolidated DMA, evaluating climate risks, and managing data collection and conversion processes for
sustainability reporting
Gathering relevant data and information for the yearly report is a continuous effort The primary challenges in
creating unified sustainability disclosures across multiple units include human errors, data misalignment and the
addition of DOF Denmark in the later part of the year To minimise reporting errors, the global sustainability team
oversees a unified data framework for the entire group, which follows a systematic risk prioritisation methodology
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DOF Governance Structure
CEO
Executive Management Team
Sustainability is integrated into business strategy
which falls within the CEO’s day-to-day
management responsibility Leading the executive
management team the CEO oversees:
Strategy Development and Implementation |
Business Risk and Opportunity Management |
HSEQ | Operations | Global Improvement
Programme | Finance | People and Organization |
Legal and Ethical Business
EVP
Sustainability
The Board delegates the day-to-day
management responsibility of the Group’s
administrative, management, and supervisory
responsibilities regarding IROs to the EVP
who oversees:
Energy Strategy | Decarbonisation Strategy
Development | ESG Risk & Opportunity
management | DMA Development and
Communication | Sustainability Reporting
Board of Directors
The highest governing body - responsible for making strategic decisions in the best interests of the group, enterprise risk management,
Managing material topics so as to create lasting value for stakeholders
Audit Committee
The Board strengthens its oversight of Sustainability with the input
of the Audit Committee, established in line with the Norwegian public
limited liability companies act, the committee is a working committee
for the Board, preparing matters and acting in an advisory capacity
The Audit Committee has a broad focus to ensure it has sufficient
understanding of:
Management and control of the operations, risks, material topics |
Financial and sustainability accounting and reporting principles and
processes | Risk management and internal control | External auditor
and its independence
Remuneration Committee
Functions as a preparatory and advisory sub-committee of
the Board in questions relating to the Company’s strategy for
the compensation of its executive management - ensures
thorough and independent preparation of matters relating to
compensation of the Company’s executive management
Nomination Committee
Recommend candidates for the election of members and
chairperson of the Board, and is independent of the
Company’s Board
Monthly Board Reporting
Strategy Other Committees
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36 DOF INTEGRATED ANNUAL REPORT 2024 36 DOF INTEGRATED ANNUAL REPORT 2024
This standardises definitions, calculations, and critical metrics like emission factors in compliance with the
GHG Protocol This centralised approach to reporting also enables the team to function as an information hub,
identifying and rectifying inconsistencies or errors in data submitted by business units
The EVP Sustainability informs the Audit Committee regularly about the progress of the sustainability report, who
in turn, update the Board quarterly
SBM-1 Strategy, business model and value chain
DOF operates as an international contractor to offshore energy producers, subsea engineering companies and
offshore windfarm developers Our primary value generating activities are integrated subsea and marine services
where access to a fleet of vessels and subsea assets are an essential component of the business model, and the
fleet is the source of the Group’s largest GHG emissions
Present in six operating continents, DOF employs more than 5,000 people across 25 offices and in 2024 had
140 clients There is a trend in our client base, who in meeting their own commitments, expect contractors to
reduce GHG emissions and continuously improve other areas of ESG performance Evolving stakeholder demands
in relation to our core activities’ climate impacts and the changes in the energy market are key strategic drivers for
our organisation’s future value creation (see page 15)
Employees per Country
Region Country Employees as of (31.12. 2024)
Asia Pacific Australia 278
Asia Pacific Philippines 69
Asia Pacific
Singapore
335
Asia Pacific Indonesia 3
Atlantic Denmark 597
Atlantic
UK
152
Atlantic Angola 98
Atlantic Norway 914
North America
Canada
265
North America Mexico 47
North America USA 134
South America
Brazil
1807
South America Argentina 43
DOF’s value creation model and value chain
Our value creation model and value chain are described here (How DOF creates value for stakeholders, page
13) We rely on upstream inputs from our main suppliers and depend on various forms of ‘capital’ to deliver
integrated subsea and marine services We use the IFRS framework understanding of value creation model where
‘capitals’ are defined as stocks of value that are increased, decreased or transformed through the activities and
outputs of the organisation
Core components of the business model are the provision of a specialist fleet, the associated marine management
activities and combinations of specialist subsea services to enable integrated project delivery in a mix of subsea
project contracts and time charter contracts We have developed long-term relationships with reputable shipyards
in each of our operating regions to ensure our maintenance, class renewal and other drydocking schedules, and
bunkering services are undertaken in a commercial manner Offshore project delivery relies on third-party fabrication
services and port facilities for every day but essential activities such as project mobilisation and demobilisation
These and other supply chain relationships are built over-time, operated under contract parameters, compliance
vetted through Vendor Fact-lines assessment and audited Local Port Authorities have clear controls, operating
procedures and safety and security protocols which DOF observes
Capital inputs we rely on:
Our expert team: includes employees and contractors Our team’s experience, know-how and commitment are a
competitive advantage in service delivery to customers Recognised as an important stakeholder group, employee
engagement helps us provide meaningful work, equitable treatment and compensation, inclusivity, and ample
development prospects The Corporate People and Organisation strategy builds the capability necessary to
prioritise the future potential of assets in the fleet and to enter new markets
Key initiatives include:
• Future skill development: competency project and annual performance appraisal compliance
• DOF Ambassadors programme: next generation leaders’ development, a year-long, professional
development programme
• Continuity management: strategic succession planning to anticipate and pro-actively address planned and
unplanned vacancies in the executive management team
• The Employee Brand refresh project and improved recruitment and retainment processes
• Remuneration review programme and increase in-line with market rates
Strong customer relationships and partnerships: we aim to offer services and technologies to match and support
our customer’s evolving requirements Feedback through customer engagement allows us to anticipate and
deliver a vessel fleet and subsea services that prioritise responsible practices, meet operational requirements and
complement supply chains from an ESG perspective
Key features include:
• The energy transition to cleaner energy production and renewable sources is a key feature of our industry
sector New and evolving demands from our stakeholders and the changes in the energy market are key
drivers for the organisation’s future value creation potential
• DOF is positioning its assets and competencies to address new markets and become a segment leader
in the renewables market, specifically Floating Offshore Wind (FOW) field development Although FOW
development utilises the transferable skills of the existing team, we are developing the renewable
organisation, focusing on managing personnel continuity, and key individuals that are critical to organic
diversification into emerging market areas
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37 DOF INTEGRATED ANNUAL REPORT 2024 37 DOF INTEGRATED ANNUAL REPORT 2024
Offices and operational yards: offering vessels, asset and services located close to regional customers, in the
same time zone but supported by a global team, is a commercial imperative in our business model To do this
DOF has regional teams, vessels and assets accommodated in over 26 strategically located offices, operational
yards and logistics bases These facilities may change from time-to-time but are always managed under contract
parameters, compliance vetted through Vendor Fact-lines assessment and subject to audits All locations have
clear controls and safety and security protocols
Natural resources: we consume natural resources to operate This includes fossil fuels for propulsion and energy,
seawater for ballasting and other metals or minerals as part of consumables or components Natural resource
inputs are managed through the Environmental Impact Policy as well as regional supply chains and interfaces
A robust financial platform: our business is capital intensive, and working capital is subject to the timing of contract
cash flows where the timing of receipts from clients and the payments of suppliers are not aligned In addition,
existing or future debt arrangements could limit liquidity and flexibility in obtaining additional financing to pursue
other business opportunities or corporate activities DOF has a robust investor engagement strategy to communicate
company performance, strategy and risks and ensure sustained financial stability and as well-established controls
and mechanism to manage the financial performance See Financial statements DOF Group on page 105
Key objectives include:
• Securing firm commitment of DOF’s assets and services to build visible backlog and sustainable capital
returns
• Securing long term relationship with the clients
• Hedging strategy focusing on the cash inflow vs outflow
• Hedging accounting when appropriate
Technology: a high-quality fleet and assets that meet stakeholder expectations is essential in our value proposition
DOF has initiatives in place to digitalise our operations, optimise energy efficiency and reduce energy consumption
DOF leverages its capability in fleet and asset management by:
• Continuing to implement DigiTech programmes to digitalise existing assets where it can provide a
competitive advantage, including vessel batteries, autonomy and remote operations, maintenance
monitoring, fuel efficiency, cloud-based solutions, and high-speed, offshore internet
• Ongoing review and analysis of market trends
• Contracting high-quality vessels into the fleet
Our reputation: for quality, reliability, and trusted offshore project delivery Built over decades, our reputation starts
with our corporate values and our governance systems and controls to support safe, legal and ethical operations
wherever we do business We plan and deliver comprehensive solutions for conventional and renewables offshore
operations, ensuring projects run safely, smoothly and to schedule, and clients can rely on us to do so
All the contracts DOF undertakes are in the development, operation and decommissioning phases of the value
chain that first rely on front-end investment and development decisions made by International Operators and
Governments Our business does extend to the early investment, investigation or development phase of either Oil
and Gas or Renewables value chains
The majority of our offshore operations assists in the production of energy for clients where other agencies ‘own’
the on-sales or distribution channels Ultimately, our business sits in a value chain that contributes to the energy
mix required by society, but interfaces with a relatively small client base
DOF has specific strategic priorities for ESG performance to build on business opportunities in new segments and
technical and digital solutions to reduce GHG emissions in line with stakeholder expectations and energy market
transitions
Incorporation by reference
Some elements of Strategy, business model and value chain (SBM-1) disclosure requirement are covered on pages
12,13,15 References to the relevant paragraphs can be found in the IRO-2 Disclosure requirements in ESRS
covered by the undertaking’s sustainability statement on page 49 SBM-1 §40 (b)
In 2024 the majority of DOF’s business was providing key support activities for oil and gas operations, and as such
considered in the fossil fuel (coal, oil and gas) sector as defined by ESRS This includes services such as anchor
handling and towing, mooring, and subsea inspection, maintenance and repair
DOF also performed other activities not considered key support activities for oil and gas operations Within this we
also consider services related to decommissioning of oil and gas installations
In preparing the EU Taxonomy, these are the activities with turnover considered in this “other” category:
• Transmission and distribution of electricity;
• Collection and transport of non-hazardous and hazardous waste;
• Collection and transport of non-hazardous waste in source segregated fractions;
• Demolition and wrecking of buildings and other structures;
• Electricity generation from ocean energy technologies
Sector
Revenue (million USD)
Fossil fuel 1277
Other 108
Further breakdown of the figures and details above regarding the “other” activities can be found in EU Taxonomy
(see page 68)
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38 DOF INTEGRATED ANNUAL REPORT 2024 38 DOF INTEGRATED ANNUAL REPORT 2024
SBM-2 Interests and views of stakeholders
Engaging with stakeholders is a fundamental aspect of our ESG strategy This interaction shapes our understanding
of material issues and supports the creation of solutions and initiatives that form our ESG commitment and Global
Improvement Plan The table below outlines how we understand and engage with the various stakeholder groups
that drive our business
The stakeholder engagement interface involves our business development, project management and engineering
team, operational team, sustainability team, financial and legal teams, executive management and people and
organisation team Feedback is captured in the ERM and the DMA process, employee, supplier and customer
surveys, the metrics for key stakeholder groups are reported monthly to the Board and Audit Committee via
Executive Management
The table below showcases our most significant stakeholders, methods of engagement and organisation, and the
objectives and application of these interactions Stakeholder perspectives are essential features of our materiality
assessment and due diligence efforts Key stakeholder group perspectives inform our strategy and business model
in the following ways:
• Key stakeholder expectations are considered through the action of the ERM process which captures risk and
opportunity in a coordinated, ongoing process to preserve and enhance value The insights and perceptions
gained through various stakeholder engagement channels are used in our review and revision cycles This
mechanism, in combination with other processes, results in prioritised risks, opportunities, and material
topics inclusion in strategy and ESG objectives To complete the loop, ESG and other strategic initiatives are
organised and managed within the Global Improvement Programme
• Regular engagement with employees drives key parts of our people and organisation strategy
Understanding and meeting workforce expectations is critical to building a collaborative approach and the
ongoing management of operational priorities such as safety, security, health and wellbeing, as well as
climate-related risks and our decarbonisation activities
• Employee engagement shaped the ‘Dignity and Respect at Work’ programme to address bullying,
harassment, sexual harassment and workplace violence behaviour risks identified in our industry The annual
employee engagement survey is an important instrument for employee feedback In 2024, the engagement
survey achieved a 75 out of a hundred response rate Notably, the survey included specific questions to
measure psychological safety, harassment and sexual harassment and provide baseline data to manage
trends and performance in this aspect of workplace safety
• Overall, the employee survey measures employee engagement using two main KPIs, Satisfaction &
Motivation and Employee Loyalty where DOF scored 79 of a hundred and 89 of a hundred respectively DOF
outperformed the industry benchmark and gained Ennova’s own top-in-class ranking The survey results are
integrated into our People and Organisation improvement plans and support workforce planning decision-
making
• The perspective of value chain workers gained through our supplier relationships, informs our approach to
sustainable procurement Through the governance system, due diligence and involvement with industry
bodies DOF promotes responsible business practices and Human Rights compliance across the industry’s
value chain
• Customer engagement is imperative as it allows DOF to anticipate and deliver a vessel fleet and subsea
services that prioritise responsible practices, meet operational requirements and complement supply chains
from an ESG perspective
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Stakeholder Group Our Channels Key Topics 2024 Measures and Initiatives
Our own Workforce
Employees
Contractors
Stakeholder expectations
Meaningful work, equitable treatment and compensation, inclusivity, and ample
development prospects for everyone
Annual Employee satisfaction surveys
Regular Townhall meetings
Organisational development workshops
DOF Code of Business Conduct
HR Policy, & training programmes
Performance Appraisals
Intranet / DOF portal
Ethics Helpline
Safety, security, health and wellbeing
Business model resilience and emissions management
Sustainable finance
Business ethics and compliance
Employee wellbeing, experience and engagement
Equality and diversity
Training and development
Employee engagement survey
HR Employee Survey improvement plans
Diversity and inclusion committee and plan
Workplace safety environment focus
Offshore Leader’s Conference Safety workshop
Dignity and respect in the workplace guide (page 92)
Value Chain Workers
Stakeholder expectations
Responsible business practices, and partnership on strategic issues to uphold
adequate working conditions, secure employment, and fair wages through our
supply chain
Union negotiations
Via other worker representatives
Surveys and feedback sessions
Training and capacity-building programmes
Safety, Health, Security and wellbeing
Code of business Conduct
Due diligence
Governance practices to safeguard labour conditions across the value chain
Human Rights due diligence and compliance audits
Customers
Stakeholder expectations
DOF to anticipate and deliver a vessel fleet and subsea services that prioritise
responsible practices, meet operational requirements and complement supply
chains from an ESG perspective
Contract review meetings
Customer- and Client feedback process
Regular operational meetings
Day-to-day communication
Risk assessments
Industry seminars
Safety, Health, Security and wellbeing
GHG emissions. Energy management
Waste and hazardous materials management
Ecological impact / Biodiversity
Human rights
Data security
Employee diversity, engagement & inclusion
Business model resilience
Sustainable finance
Product design and life cycle mgmt. Supply chain management
Physical impact of climate change
Business ethics
Management of legal & regulatory environment
Critical incident risk management
Understand customers’ expectations
Governance and ethical business practices
Customer supply chain emissions reduction
Human Rights due diligence and compliance audits
Quality services
Suppliers
Stakeholder expectations
DOF to promote responsible business practices and offer partnership on
strategic issues
Regular communication
Annual workshop
Code of Business Conduct within contract terms
Oversight of performance and contractual issues
Audits
Safety, Health, Security and wellbeing
Human rights and Labour practices
Waste and hazardous materials management
Supplier Code of Conduct
Governance and ethical business practices
Human Rights due diligence and compliance audits
Fair procurement strategy
Supply Chain Managers Forum
Financial /Investors Stakeholders
Stakeholder expectations
DOF is expected to implement strategies, plans, and actions aimed at mitigating
short- and long-term risks to the business model. They seek proactive measures
to safeguard against potential threats and ensure sustained financial stability
Quarterly and Monthly reports and investor presentations forums
Budgeting process
Fleet key performance indicators
Continuous dialogue, engagement and consulting
Management agreements
GHG emissions reductions and Energy management
Human rights and Labour practices
Employee health, safety and security
Employee diversity, engagement & inclusion
Business model resilience
Physical impact of climate change
Business ethics
Critical incident risk management
ESG ratings
Compliant financial and sustainability data reporting
Secure finance
39 DOF INTEGRATED ANNUAL REPORT 2024 39 DOF INTEGRATED ANNUAL REPORT 2024
Stakeholder engagement
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SBM-3 Material impacts, risks and opportunities (IROs) and their interaction with strategy and
business model
During 2024, our DMA process was revised to comply with ESRS requirements The DMA process involved direct
engagement with multiple internal stakeholder groups and assessed the interests of key external stakeholders This
included, but was not limited to customers, financial institutions, regulators, clients, suppliers, non-governmental
organisations and the wider society
To ensure an accurate representation of stakeholders’ interests, information from a variety of engagement
channels was utilised This included desktop research and in-house materiality workshops with representation
from a variety of global support functions
The resulting ESRS aligned IROs (See SBM 3 IRO Table on page 41) are integrated into the Board and Executive
Management’s discussions on the organisation’s strategy and major transactions as they are captured and
considered within the structure of the ERM process From this process, agreed strategic and key ESG initiatives
are organised and managed in the our Global Improvement Programme Regular review schedules and well-
practiced routines manage risk, capture opportunities, assess material topics and measure progress to enhance
and preserve value generation
Our strategy and business model are designed to address material environmental and social impacts while
capitalising on opportunities for sustainable growth Changes were made to organisational structure and leadership
team in 2024 to support business model resilience and position business lines and services to meet demand and
grow in an evolving market There is an increasing maturity in transparency and measurement of ESG performance
in our value chain DOF has publicly reported and managed material topics since 2014 Many ESG improvement
initiatives span years and are tracked and managed accordingly The Global Improvement Programme reviews are
conducted annually, and regular meetings cover matters relating to evaluation of implementation of due diligence,
effectiveness of policies, and the outcomes of actions, metrics, and targets adopted When significant changes
occur or when new risks emerge special Audit Committee sessions are convened
Other changes in the energy market in recent years are key drivers for our organisation’s future value creation
potential DOF’s business model has adapted to position the organisation’s assets and competencies for new
markets, within the renewables market, specifically Floating Offshore Wind (FOW) field development FOW
development utilises the transferable skills of the existing team and assets, and represents a significant organic
diversification into emerging market areas
Risk analysis is conducted using short-term (1 year), medium-term (2-5 years), and long-term (5+ years) horizons
within its Corporate Risk and Opportunity register, in addition to assessing potential climate-related risks and
opportunities This analysis included scenario modelling for various IPCC global warming models
No significant risk of a material adjustment within the next annual reporting period has been identified to the
carrying amounts of assets and liabilities reported in the related financial statements
The material impacts, risks and opportunities identified during the materiality assessment described below are
presented alongside the topical ESRS E1 Climate Change, E2 Pollution, E5 Circular Economy and Resource Use,
S1 Own Workforce, S2 Workers in the Supply Chain communities and G1 Business conduct in our Sustainability
Statements
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SBM 3 IRO Table
ENVIRONMENTAL
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
E1 Climate Change
Emissions from fossil fuels
Vessel fleet relies on fossil fuels, thus GHG emissions are linked to
the level of operational activity
AI
Direct
Perpetuation of fossil fuel use
DOF’s participation in conventional offshore
energy markets may contribute to the continued
reliance on the use of fossil fuels which negatively
impacts the environment
PI
Downstream
Indirect emission profile
DOF’s extended value chain is a significant
component of the overall emission profile
AI
Upstream
Physical Climate Change
Changes to weather patterns as a result of climate
change may cause increased fuel consumption
!
Direct
E2 Pollution
Financial exposure in offshore spills
A significant offshore spill event may expose
DOF to financial liabilities
!
Direct
E5 Circular Economy and Resource Use
Generation of Waste
DOF generates significant quantities of waste as
part of day-to-day activities and as part of vessel
overhauls and maintenance
AI
Across whole
value chain
GOVERNANCE
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
G1 Business Conduct
Exposure to differing cultural norms
DOF’s global footprint exposes operations to different cultural norms
that may result in breaches of our core values
PI
Direct
Compliance to anti-corruption and bribery legislation
DOF may encounter corruption and bribery within the
high-risk areas we work
PI
Direct
Supplier exposure to corruption and bribery
Through its operational footprint DOF may work with suppliers that
do not comply with UN Global Compact conditions
!
Upstream
SOCIAL
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
S1 Own Workforce
Wage and compensation
Compensation expectations may negatively affect DOF’s ability to
attract and retain the required competence
AI
Direct
Occupational Health and Safety
High consequence low probability incidents can have fatal or serious
consequences for workers
PI
Direct
Security risk
Increased operational activity in areas with high security risk may
negatively affect health, safety and wellbeing of DOF workforce
PI
Direct
Security risk management
Increased operational activity in areas with high security risk requires
additional security risk management measures and resources
!
Direct
Major accident event
DOF may have a major accident event involving multiple personnel
!
Direct
Inclusion and equality
There are perceived or actual barriers to inclusion and equality in a
male dominated industry which can have a negative effect within DOF
AI
Direct
Global availability of resources
The availability of resources and key competencies are becoming
limited because of a smaller resource pool
!
Direct
Personnel continuity
Inability to meet competency demands within emerging markets, new
technologies and stakeholder expectations
!
Direct
Data security
Exposure to data breaches, cyber attacks and unauthorized access
to employee data
PI
Direct
Data privacy compliance
Breach of data privacy legislation may result in significant fines for
the organisation
!
Direct
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
S2 Workers in the Value Chain
Child and forced labour within extended value chain
DOF is exposed to the use of child and forced labour as a result of
business relationships with shipyards, manning agencies and the use
of some manufactured of products
PI
Upstream
Labour conditions
DOF is not always able to assure the labour conditions of its extended
value chain, exposing it to non-compliance to UN Global Compact
PI
Upstream
Occupational Health and Safety
High consequence low probability incidents can have fatal or serious
personnel consequences for workers
PI
Upstream
Occupational Health and Safety at shipyards
Maintaining adequate health and safety standards within shipyards
is a significant challenge as tasks are performed using third-party
management systems
PI
Direct
Global availability of resources
The availability of resources and key competencies are becoming
limited because of a smaller resource pool
!
Upstream
Personnel continuity
Inability to meet competency demands within emerging markets, new
technologies and stakeholder expectations
!
Upstream
Impact materiality Financial materiality
PI
Potential impact
AI
Actual impact
!
Potential risk
!
Actual risk
O
Opportunity
Short-term Medium-term Medium- to long-term Long-term
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IRO-1 Description of the process to identify and assess material impacts, risks and opportunities
During 2024, DOF conducted a materiality assessment based on ESRS 1 requirements The assessment involved identifying and objectively assessing impacts, risks and opportunities (IROs) and resulted in a completed double-
materiality assessment (DMA) The impacts, risks and opportunities identified in the DMA are described under the relevant topical ESRS in this report
Identify IROs Stakeholder Engagement Examine IROs Related to Value Chain Materiality Scoring Approach Decision-Making and Internal Controls
Future Steps: Integration, Monitoring, and Review
DOF started by evaluating its direct value
chain, extended business relationships,
and associated stakeholders to pinpoint
relevant sustainability issues as outlined
in ESRS 1
The process involved a thorough
examination of critical sustainability
themes in the marine, conventional and
renewable sectors where DOF operates,
along with the exploration of company-
specific matters based on stakeholders’
interests Impact, risks and opportunities
were also identified across upstream and
downstream areas of the value chain
Sustainability topics and sub-topics that
did not align with DOF’s value chain were
excluded from the analysis Justification
for the exclusions include:
• Our value chain had no significant
interaction with the sustainability
topics
• The activities or geographies where the
IROs are not material
• The impact materiality was determined
to be minor in scale, scope or
remediability
• The likelihood of financial effects
from the topic was low based on
DOF’s business model, operations and
exposure
• The teams involved in the DMA process
agreed the excluded material topics
Key internal stakeholders, including
representatives from DOF’s support
functions and Regions, were involved in
the DMA process during the annual global
gatherings hosted in Bergen, Norway The
engagement produced valuable insights
related to external stakeholder groups and
the diverse geographic context of DOF’s
operations
Stakeholders focused on identifying IRO
considerations to a sub-topic level, playing
a crucial role in:
• The clarification of sustainability
concerns, and,
• Identification and validation of potential
IROs
Additionally, the DMA process used
industry information and perspectives
obtained through client feedback,
interactions with industry peers and
associations, and comprehensive desktop
research
DOF applied the Corporate Risk and
Opportunity Register to consider the
potential financial risks and opportunities
stemming from identified impacts or
dependencies
The approach ensured that the foundation
for recognising sustainability-linked
financial risks and opportunities originated
from Executive Vice Presidents from DOF
Regions Financial Risks and Opportunities
were validated by various internal
stakeholders within workshop sessions
Identification of IROs related to our value
chain involved mapping business activities,
capital inputs and dependencies across our
upstream activities, Marine Management,
Specialist Fleet, Project Management and
Downstream Operations
IROs were examined across specific
activities within the direct areas of our
control in addition to extended business
relationships
Sustainability-related risks and
opportunities are integrated into the
ERM process along with other types of
business risks This ensures stakeholders
have a holistic view of sustainability
considerations and are not treated
differently or isolated from other business
risks Sustainability IROs are therefore
a fundamental component of DOF’s
overall view of organisational risks and
opportunities
Examination of climate-related impacts,
risks, and opportunities was integral to the
DMA for sustainability issues related to
climate change mitigation and adaptation
DOF conducted a climate-related scenario
analysis to aid the DMA process and
identification and assessment of physical
and transitional risks and opportunities
across different time frames
The materiality assessment’s scoring
method and criteria followed ESRS 1
requirements and focused on:
• Impact materiality: considered the
scale, scope, irreversibility, and
likelihood of impacts being positive/
negative and actual/potential Impact
materiality threshold was set at high
or critical levels, determined by impact
materiality criteria outlined above
• Financial materiality: assessed the
financial significance of risks or
opportunities, their likelihood, the
nature of financial impacts and whether
they exceed DOF’s threshold of 1% of
2024 revenue The financial materiality
threshold within DMA is consistent with
our financial accounting
Whenever feasible, the scoring
incorporated time frames and
thresholds from DOF’s ERM system,
aligning sustainability-related risks and
opportunities with other enterprise risks
and opportunities
A sustainability issue was classified as
material if any associated IRO surpassed
the set threshold, indicating either impact
materiality, financial materiality, or both
Non-material issues were those falling
below these thresholds
The outcome of the materiality approach
and list of material topics were validated
by the Audit Committee and Board of
Directors in Q4 2024
Critical decisions in the process included
identifying key internal stakeholder
representatives, validating IRO scoring
with identified stakeholders, and the
presentation of sustainability matters in
the Q4 Board meeting
Critical decisions in the process included:
• Identify key internal stakeholder
representatives,
• Validate IRO scoring with identified
stakeholders,
• Present sustainability matters in the Q4
Board meeting,
• Scoring methodology adhered to ESRS
guidelines,
• Aligned with DOF’s ERM system to set
thresholds and timeline,
• Each IRO was documented to justify its
materiality
DOF intends to update the DMA process on an annual
basis to consider emerging IROs, evolving trends,
regulatory changes and underlying assumptions
Following the acquisition of Maersk Supply Service
AS (MSS AS) an assessment was carried out
between the two organisation’s DMA outcomes and
processes Both companies conducted independent
assessments MSS AS had engaged external
consultants to undertake the assessment and utilised
a classic Enterprise Risk Management system with
matrices for both likelihood and financial scale The
financial matrix included risks and opportunities
Impact materiality used severity and likelihood as the
two axes with actual, potential, positive and negative
impacts evaluated in addition to severity, scale, scope
and irremediability of impact
The determination of materiality, impact and financial,
is shown in matrices independent of each other When
a respective IRO exceeds the threshold value the
subject was considered either an impact or financially
material The MSS AS DMA process was found to
have adequate involvement of internal stakeholders
Both organisations identified the same ESRS topics
as material The conclusion was both DMA processes
were robust and shared enough similarities in
methodology to reach the same outcomes
Our assumption is DOF and MSS shared DMA
outcomes indicate synergies in the understanding of
sustainability matters for 2024 reporting In 2025,
we intend to incorporate DOF Denmark stakeholders
in the existing DMA stakeholder engagement
processes
The DMA process has evolved due to DOF’s alignment
with CSRD and ESRS 2 requirements Amendments
to thresholds and criteria have reduced standalone
material topics, consolidating many into IROs While
fewer material topics remain, they are now more
clearly defined and better understood through the
in-depth analysis mandated by ESRS 2
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
SUSTAINABILITY STATEMENTS - ESRS 2
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
43 DOF INTEGRATED ANNUAL REPORT 2024 43 DOF INTEGRATED ANNUAL REPORT 2024
E1 IRO-1 Description of process to identify and assess climate-related IROs
As described in ESRS SBM-3, DOF updated its DMA in 2024 The assessment objectively scored IROs as a basis to determine whether sustainability matters were material or not
In 2023, DOF assessed its climate-related IROs, which were revisited in 2024 and filtered into the updated DMA, as well as conducting a climate-related scenario analysis
Climate Scenarios Workshops DMA Process Outcomes
The climate scenario analysis DOF used incorporated three climate risk scenarios (SSP1-19,
SSP2-45, and SSP5-85), from the Intergovernmental Panel on Climate Change (IPCC) 6th
Assessment Report (Intergovernmental Panel on Climate Change, 2021)
The scenarios provide a comprehensive evaluation of transitional and physical climate risks,
approximately corresponding to the Representative Concentration Pathways (RCPs) 26, 45,
and 85, respectively
Shared Socioeconomic Pathways (SSPs) are scenarios that explore different possible
futures for society and the environment SSP1-19 represents a sustainable future with rapid
technological development and low emissions, SSP2-45 is a middle-of-the-road scenario
with moderate economic growth and emissions, and SSP5-85 is a high-emissions future with
high economic growth and continued reliance on fossil fuels Using the mentioned SSPs, our
climate-related scenario analysis identifies key forces shaping the conventional subsea and
renewable markets Policy assumptions range from stringent emissions reduction and carbon
pricing in SSP1-19, driving growth in offshore renewables, to moderate climate policies in
SSP2-45, and limited action in SSP5-85, sustaining high demand for oil and gas
Macroeconomic trends under SSP1-19 emphasise a green economy, reducing fossil fuel
infrastructure needs, while SSP5-85 reflects robust economic growth fuelled by traditional
energy, and SSP2-45 balances both Energy usage and mix see rapid renewable adoption
in SSP1-19, gradual transition in SSP2-45, and sustained fossil fuel reliance in SSP5-
85, directly influencing the market Technological advancements are most pronounced in
SSP1-19, fostering offshore wind and subsea robotics, while SSP5-85 drives innovations
in fossil-fuel extraction These forces highlight transition risks in renewable-driven pathways,
physical risks from extreme weather across all scenarios, and opportunities for growth in
both renewable and traditional subsea infrastructure depending on the pathway The scenario
analysis did not use geospatial data, however, did consider our global operational footprint and
is deemed consistent with assumptions made in the financial statement.
Time Frames
The time frame used in the scenarios defined short, medium and long-term as 0 -1, 2 -5 and 5
years or more respectively When evaluating climate impacts to assets, the time frames were
also assessed in relation to the expected lifespan of vessels and across strategic planning
horizons within the Group
Our activities were screened and actual and potential future GHG emission sources identified,
including operational emissions and value chain impacts, focusing on fossil fuel-based
operations, supply chain, and changes associated with project development
Within this process we sought to evaluate the sensitivity of market segments, including
extreme weather events and rising sea levels, by evaluating the likelihood, magnitude, and
duration of these hazards As much as possible analysis considered the vulnerability of critical
supply chain nodes and operational sites based on their locations and climate risk profiles to
ensure comprehensive risk evaluation
Workshops with relevant leaders across the company lead the process Identifying climate
related risks and opportunities involved a top-down approach, as well as an ‘outside-in’
analysis of risks and opportunities specific to conventional oil and gas and renewable
segments Existing climate-related risks from our ERM system were included, and an
analysis of risks and opportunities identified by companies across the marine contracting
sector was also completed
Risks
Transition risks were assessed by identifying asset types and business activities with
significant locked-in GHG emissions and evaluating their alignment with the EU Taxonomy
• The analysis includes vessels and their emission profiles across the full operational
lifespan, feasibility with regulatory shifts, technological advancements, and market
changes that may impact their viability and compliance with climate transition goals
• Resilience analysis assumes the transition to a lower-carbon economy will drive increased
demand for renewable energy infrastructure, offshore wind expansion, and advanced
subsea technologies, while acknowledging uncertainties such as policy shifts and market
adoption rates
• Assets most at risk, particularly those tied to fossil fuel exploration, are integrated
into our strategy and investment decisions, with mitigation efforts including service
diversification, R&D in low-carbon technologies, and workforce training for sustainable
operations
• DOF has demonstrated its ability to adapt to climate-related challenges through the
Global Improvement Program, ensuring ongoing access to finance, asset redeployment,
and a reskilled workforce aligned with the energy transition
Reliance on Fossil Fuels and GHG Emissions
• Emissions from our fleet have a material impact on climate change Additionally, a
significant portion of total emissions fall under Scope 3 (downstream leased assets), as
clients retain operational control Failure to adapt to market and regulatory change poses
transition risks, with potential financial impacts
• Without the introduction of commercially and technically viable renewable energy
sources, this remains a short, medium, and long-term negative impact, directly linked to
our operations
Supporting Conventional Subsea Markets and Fossil Fuel Dependence
• Primary revenue streams are closely tied to conventional subsea markets, which reinforce
societal reliance on fossil fuels This contributes to climate change by driving continued
fossil fuel consumption, creating an actual negative impact on the downstream value
chain
• This impact is expected to persist over the medium to long term, as fossil fuel use
continues to drive long-term shifts in temperature and weather patterns
Fossil Fuel Dependence in the Supply Chain & Scope 3 Emissions
• Our supply chain relies on fossil fuels, leading to high Scope 3 emissions As operational
activities increase, emissions from upstream suppliers (providing products and services)
also rise The procurement, manufacturing, and transportation of these products are
carbon-intensive, resulting in a significant Scope 3 emission profile and an actual
negative climate impact
• This impact remains relevant across short, medium, and long-term time horizons, as long
as our operations are linked to upstream fossil fuel use
Increased Fuel Consumption & Emissions Due to Climate Change
• Higher fuel consumption and emissions due to physical climate change has been
observed Harsher weather conditions and longer voyages have necessitated changes in
voyage planning and engine configurations, increasing emissions
• These actual negative impacts have been identified in short, medium, and long-term time
frames, based on climate scenario planning and assessments This impact is directly
linked to our operations
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
SUSTAINABILITY STATEMENTS - ESRS 2
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
44 DOF INTEGRATED ANNUAL REPORT 2024 44 DOF INTEGRATED ANNUAL REPORT 2024
E2 IRO-1 Description of process to identify and assess pollution-related IROs
The materiality assessment considered impacts, risks and opportunities related to the topics, sub-topics, and sub-sub-topics in line with the ESRS 1 General Requirements,
including topics and sub-topics related to pollution
Through this process, the upstream, downstream, and direct areas of our value chain was evaluated to understand what is material across our scope of operations, globally
Screening Methodologies & Assumptions Consultations & Community Engagement Assessment of Risks and Opportunities DMA Process Outcomes
To identify actual and potential pollution-related impacts, a
comprehensive screening process across site locations and business
activities across our operations was undertaken to assess the
interface with nature This involved an evaluation of emissions from
our direct assets, upstream, and downstream activities using historic
data from environmental incidents and past risk assessments The
screening methodologies included detailed data collection on pollutant
emissions, their severity, and likelihood of impacts on the environment
and human health
External parties or communities were not consulted as part of this
process
To guide our assessment and identification of risks and impacts,
we evaluated several sources of existing risk documentation This
included the review of:
• Hazard Identification Risk Assessments (HIRAs) performed for
projects,
• Evaluating client Environmental Plans for offshore operations and
• Applicable legislation
Feedback from Regional Executives via the corporate risk and
opportunity register also assisted in informing the assessment
process of liabilities towards remediation of pollution incidents in
certain regions via contract clauses
The assessment helps us understand and address our pollution-
related impacts but also ensures our commitment to responsible
environmental stewardship, risk management, and sustainable
operations across our value chain
Pollution of Water
Unplanned discharges of hazardous materials as a material impact
on the environment have been identified These impacts arise from
the loss of secondary containment, leading to potential pollution
incidents
Key sources include:
• Release of antifouling chemicals,
• Spills during bunkering operations,
• Subsea operations resulting in inadvertent hydraulic fluid release,
• Loss of containment on the main deck,
• Discharge of hydrocarbons during project activities
The incidents present short- medium, and long-term environmental
risks, with potential financial consequences if uncontrolled spills
occur
An uncontrolled spill or loss of secondary containment could result
in financially material impacts, including regulatory penalties,
reputational damage, and increased operational costs
No opportunities were identified in relation to pollution
E3 IRO-1 Description of the processes to identify and assess material water and marine resources-related IROs
As part of our DMA process, DOF has implemented processes to identify and assess material impacts, risks, and opportunities related to water and marine resources in our operations and value chain
Screening Methodologies & Assumptions Consultations & Community Engagement Assessment of Risks and Opportunities DMA Process Outcomes
To evaluate water and marine resource related IROs site locations
and business activities were screened to identify potential impacts
Past risk assessments, incidents, complaints/non-conformities were
evaluated and client Environmental Plans for locations vessels have
worked reviewed
External parties or communities were not consulted as part of this
process
Our materiality assessment covered:
• Water use: consumption of surface and groundwater, including
withdrawals and discharges,
• Marine resources: our use of marine resources and the impact on
ecosystem health
The rationale behind the process is to first identify potential
worksites and/or business activities that have the potential to impact
water and marine resources
The indirect impacts to marine resource availability and quality
because of value chain operations identified were not considered
material
No opportunities were identified within this process
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
SUSTAINABILITY STATEMENTS - ESRS 2
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
45 DOF INTEGRATED ANNUAL REPORT 2024 45 DOF INTEGRATED ANNUAL REPORT 2024
E4 IRO-1 Description of the processes to identify and assess biodiversity related IROs
As part of our DMA process, DOF has implemented processes to identify and assess material impacts, risks, and opportunities related to biodiversity in our operations and value chain
Screening Methodologies & Assumptions
Consultations & Community Engagement
Assessment of Risks and Opportunities DMA Process Outcomes
To identify biodiversity and ecosystem related IROs
site locations and business activities were screened
to identify potential impacts In this process past risk
assessments, incidents, complaints/non-conformities
were evaluated and reviewed, and client Environmental
Plans for locations our vessels have worked
External parties or communities were not
consulted as part of this process
In alignment with AR 4 and AR 6 of the ESRS E4 guidelines, our materiality assessment considered
on the following aspects:
• Contribution to Direct Impact Drivers on Biodiversity Loss
• Climate Change: evaluation of greenhouse gas emissions and their contribution to climate
change, which is a significant driver of biodiversity loss
• Sea-Use Change: our operations’ impact on water resources and marine habitats, including
seabed disturbance and disturbance to marine fauna or flora
• Direct Exploitation and Pollution: the effects of resource extraction and pollution from our
operations were examined, particularly regarding their impact on local species and ecosystems
• Invasive Species: the potential for our activities to introduce or spread invasive alien species via
hull fouling or ballast water management
• Impacts on Species and Ecosystems
• Species Population and Extinction Risk: we analysed our operations’ impact on marine fauna
and flora populations and their global extinction risk, focusing on endangered species
• Ecosystem Condition and Services: the extent and condition of ecosystems in proximity to our
operations were evaluated, including the impact on essential ecosystem services such as water
purification, pollination, and climate regulation
Potential impacts associated with the introduction of invasive marine
species, disruption to marine habitats during subsea intervention campaigns
and disruption to marine fauna were identified and not considered material
E5 IRO-1 Description of the processes to identify and assess material resource use and circular economy-related IROs
DOF’s materiality assessment considered its impacts, risks, and opportunities related to the topics, subtopics, and sub-subtopics in the ESRS 1 General Requirements, including topics and subtopics related to Circular
Economy and resource use Through this process, DOF evaluated the upstream, downstream, and direct areas of its value chain to gain a deep understanding of what material is across our scope of operations globally
Screening Methodologies & Assumptions
Consultations & Community Engagement
Assessment of Risks and Opportunities DMA Process Outcomes
Environmental aspect registers, Business Management
System documentation and the Corporate Risk and
Opportunity Register were evaluated to identify risks
and impacts
In addition, we used information gathered during
the EU Taxonomy process to determine eligibility
and alignment, providing qualitative and quantitative
insights into risks and opportunities related to resource
use and circular economy
Our global supply chain management team,
along with regional finance managers,
contributed to the evaluation circular
economy material topics and assessing
financial materiality
The assessment enables an understanding of raw material dependencies and outputs to ensure
our commitment to responsible environmental stewardship, risk management, and sustainable
operations across our value chain
Generation of Waste
Waste Management has been identified as a material topic under Resource
Use and Circular Economy, with actual and potential impacts arising from:
• Vessel overhauls,
• Disposal of end-of-life components,
• Waste generated from day-to-day operations
These impacts are present in direct operations, as well as upstream
and downstream areas of the value chain Given its significance, Waste
Management remains material across short, medium, and long-term time
horizons
The inflow of resources for vessel newbuilding and major vessel conversions
have been identified as a potential material impact However, as no shipbuilding
or major conversions took place in 2024, this is not considered a material topic
within the reporting period
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
SUSTAINABILITY STATEMENTS - ESRS 2
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
46 DOF INTEGRATED ANNUAL REPORT 2024 46 DOF INTEGRATED ANNUAL REPORT 2024
S1 Description of the process to identify and assess material workforce-related IROs
A detailed materiality assessment was conducted in alignment with the ESRS 1 General Requirements, specifically addressing the topics, sub-topics, and sub-sub-topics related to workforce
impacts under ESRS S1: Own Workforce
This process included evaluating our direct operations and value chain to understand material issues related to workforce matters across our global scope of operations
Screening Methodologies & Assumptions
Consultations & Community Engagement
Assessment of Risks and Opportunities DMA Process Outcomes
To identify actual and potential workforce-related
impacts, risks, and opportunities, a comprehensive
screening process was conducted across all
regions of operation The screening process
included an analysis of employee-related data,
labour metrics, Health and Safety records,
and training hours Historical trends, including
incidents of work-related injuries or labour
disputes, were also analysed to assess the scale,
scope, and likelihood of workforce-related risks
Employee engagement surveys: internal surveys
and employee feedback were analysed to identify
issues such as workplace satisfaction, inclusion,
and well-being
Health and Safety assessments: historical data
on Lost Time Injury Frequency (LTIF) and Total
Recordable Injury Rates (TRIR) were reviewed to
evaluate health and safety performance across
global operations
Benchmarking: DOF applied industry benchmarks
and peer comparisons to assess performance
in areas such as gender pay gaps, living wage,
training investments, and collective bargaining
coverage
As part of the process, internal stakeholders
were consulted, including regional People and
Organisation teams, HSE departments, and
Executive Vice Presidents Throughout the
year there has been continuous engagement
with NGO’s and union representatives to gather
industry and work group perspectives
To guide the identification of risks and opportunities, reviewed internal
and external documentation reviewed, including:
• Workforce Health and Safety policies were analysed to ensure
alignment with international labour standards and regulatory
requirements
• Training and development plans, skills development and future
workforce capability needs were assessed to identify strategic
opportunities
• Regional risk registers were reviewed to assess vulnerabilities
related to workforce conditions, legal compliance, and operational
disruptions caused by workforce-related issues
Working Conditions (Wage & Compensation)
Our ability to attract and retain skilled employees is at risk due to wage and compensation pressures
driven by rising salary expectations caused by inflation and a limited talent pool, increased competition for
talent, and higher recruitment costs—including advertising, interviews, and onboarding—resulting from
labour market constraints These impacts affect workforce planning and recruitment processes Given the
significance,this risk remains material across short, medium, and long-term time horizons
Health and Safety
Workforce health and safety is at risk, with both actual and potential impacts Potential risks include
occupational hazards that could lead to low-probability, high-consequence incidents such as serious or
fatal injuries, increased operations in high-risk areas negatively affecting workforce health, safety, and
well-being, and the occurrence of a major accident involving multiple personnel An actual risk is the need
for enhanced security measures and resources for operations in high-security risk areas These impacts,
risks, and opportunities (IROs) are present in our direct operations Given its significance, this risk remains
material across short, medium, and long-term time horizons
Inclusion, Equality, and Workforce Continuity
Workforce composition and continuity pose a risk, with both actual and potential impacts The male-
dominated nature of the oil and energy industry presents an actual negative impact as it creates barriers to
diversity and inclusion, affecting workplace culture and employee retention An actual risk is the shrinking
talent pool, which limits access to key competencies and challenges workforce planning and recruitment A
potential risk involves difficulties in meeting competency demands in emerging markets, new technologies,
and evolving stakeholder expectations due to industry requirements, regulatory restrictions, and
reputational risks These impacts, risks, and opportunities (IROs) are present in DOF’s human resources
practices and operational capabilities Given its significance, this risk remains material across the medium-
to long-term time horizons
Other Work-Related Rights (Data Security and Privacy)
Employee data security and privacy are at risk, with potential impacts arising from exposure to data
breaches, cyber attacks, and unauthorized access to employee data, posing a potential negative impact
Additionally, a potential risk includes fines resulting from non-compliance with data privacy legislation
These impacts are present in DOF’s IT systems and data management practices, making this risk material
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
SUSTAINABILITY STATEMENTS - ESRS 2
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
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47 DOF INTEGRATED ANNUAL REPORT 2024 47 DOF INTEGRATED ANNUAL REPORT 2024
S2 Description of the process to identify and assess material IROs related to workers in the value chain
Screening Methodologies & Assumptions
Consultations & Community Engagement
Assessment of Risks and Opportunities DMA Process Outcomes
To identify material impacts and risks associated
with workers in the value chain, a systematic
screening process was undertaken
Mapping the value chain included the identification
of key suppliers, subcontractors, and business
partners globally, with emphasis on high-risk
geographies and sectors
Supply chain audits and assessments informed
the analysis of supplier practices related to
human rights, labour standards, and health and
safety, including compliance with international
frameworks such as the UN Guiding Principles
on Business and Human Rights and the ILO Core
Conventions
Historical data was reviewed and past incidents,
such as breaches of supplier codes of conduct
or labour violations reviewed, to determine the
likelihood and severity of future risks
Risk Segmentation: classification of suppliers
based on risk factors, including geographic
location, industry type, and reliance on vulnerable
worker populations (eg, migrant labour or
contract workers)
As part of this process, internal and external
stakeholder were consulted, including:
Internal stakeholders: supply chain
management and procurement teams, regional
executives, and operational managers were
consulted to identify specific worker-related
challenges and risks within the supply chain
External stakeholders: supplier engagement
and audits provided additional perspectives on
worker conditions, employment practices, and
alignment with the Business and Supplier Code
of Conduct
Our systematic assessment of IROs related to workers in the
value chain, took the following steps:
• Collaboration with procurement and supply chain
management to assess supplier compliance with the Supplier
Code of Conduct and areas of exposure
• Internal and third-party audit findings to validate supplier
performance on labour and human rights issues
• Supplier engagement with key suppliers and subcontractors
• Third-party experts undertook risk segmentation of areas of
exposure across our value chain
Our diverse geographical footprint and supply chains create potential fundamental industry labour standards
compliance risks Potential impacts and risks sources include inadequate wages and poor working conditions for
supply chain workers Potential impacts could mean poverty and a poor quality of life, unacceptable health and
safety standards and excessive working hours for these stakeholders These issues are particularly relevant to our
business relationships with shipyards and external manning agencies especially in geographical regions that have
precedence to systematic breaches of worker rights
The potential risk arises from varying cultural norms and standards in different regions and DOF is exposed to non-
compliance with UN Global Compact standards These impacts are present in DOF’s downstream value chain and
the risk material across short, medium, and long-term time horizons
Equal Treatment and Opportunities for All
Our extended value chain faces significant resource constraints and competency gaps, creating risks to safe
and efficient strategy execution in traditional subsea and renewable markets Actual and potential impacts and
risks arise from inadequate training and skills development in the value chain that could impact DOF’s short-term
business model
Medium and long-term prospects face potential risk due to inadequate training and skills development as a result
of the industry’s ability to attract, retain, and develop new generations of the workforce These impacts are present
across DOF’s value chain and the risk material across short, medium, and long-term time horizons
Other Work-Related Rights
DOF operates in regions designated as having “no guarantee of rights” by the ITUC raising the associated risk of
forced labour and child labour in its downstream value chain Potential impacts and risks arise from the use of
forced labour and child labour in the downstream value chain, particularly within shipbuilding and manning services
This risk is associated with operations and business relationships in the Middle East and North Africa, Asia-Pacific,
and Africa
The potential negative impact relates to reputational damage to DOF in the short, medium, and long term due to
exposure to child labour These impacts are present in DOF’s operations in specific regions Given its significance,
this risk remains material across short, medium, and long-term time horizons
Occupational Health and Safety
DOF’s value chain is vulnerable to occupational health and safety risks, especially high-consequence, low-probability
incidents The potential risks arise from occupational health and safety risks, particularly in shipyard activities
where DOF has limited control and the increased risk due to varying and systematically low safety standards in
different geographic locations of DOF’s operations
These risks can have immediate and long-term impacts and are directly connected to DOF’s core business model
Given its significance, this risk remains material across short, medium, and long-term time horizons
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
SUSTAINABILITY STATEMENTS - ESRS 2
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
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48 DOF INTEGRATED ANNUAL REPORT 2024 48 DOF INTEGRATED ANNUAL REPORT 2024
G1 IRO-1 Description of the processes to identify and assess material business conduct-related IROs
The identification of material impacts and risks related to business conduct involved mapping geographic areas in which DOF or its extended value chain operates with elevated potential impacts or risks associated with
corruption bribery, and human rights violations DOF then identified risks and impacts based on business activities associated with conventional energy and renewable market segments including historic exposure to business
conduct IROs
Screening Methodologies & Assumptions Consultations & Community Engagement Assessment of Risks and Opportunities DMA Process Outcomes
The identification of IROs in relation to business conduct
matters involved mapping geographic areas in which
DOF or its extended value chain operates with elevated
potential impacts or risks associated with corruption
bribery, and human rights violations
As part of the process, internal stakeholders
were consulted including supply chain
management and procurement teams, regional
executives and operational managers to identify
specific worker related challenges
Risks and impacts were identified based on business
activities associated with conventional energy
and renewable market segments including historic
exposure to business conduct IROs
The materiality assessment identified the following impacts and risks relating to business conduct as material to DOF:
Corporate Culture
Failure to build a corporate culture fostering awareness and the discipline to follow the CoBC and comply with the
business management system has a potential negative impact arising from non-compliance with the CoBC and
management systems, impacting direct operations and upstream activities
Risk of Bribery and Corruption in Certain Operations
DOF faces a heightened risk of corruption and bribery in some operations Bribery and corruption incidents are a
potential risk, leading to fines, penalties, and reputational damage This could undermine business relationships with
customers and suppliers
The risk exists in our own operations and is considered systemic to the industry and certain countries It occurs in the
short, medium, and long term and is considered material
Management of Relationships with Suppliers (Including Payments)
Our core services rely on suppliers for timely, high-quality materials which presents potential challenges related to
supplier relationships A potential negative impact arise from long payment terms, while managing costs and minimising
operational delays, may strain suppliers’ cash flow, potentially leading to challenges with paying subcontractors or
employees
The potential negative impact is concentrated in the upstream value chain, occurs in the short, medium, and long term,
and affects SME suppliers most acutely This risk is considered material
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
SUSTAINABILITY STATEMENTS - ESRS 2
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
49 DOF INTEGRATED ANNUAL REPORT 2024 49 DOF INTEGRATED ANNUAL REPORT 2024
IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement
ESRS 2
Disclosure
Description
Phase-in
Page
BP-1
General basis for preparation of the sustainability statement
N/A
32
BP-2
Disclosures in relation to specific circumstances
N/A
32
GOV-1
The role of the administrative management and supervisory
N/A
33
GOV-2
Information provided to and sustainability matters addressed by the business’s administrative,
management and supervisory bodies
N/A
34
GOV-3
Integration of sustainability-related performance in incentive schemes
N/A
34
GOV-4
Statement on due diligence
N/A
53
GOV-5
Risk management and internal controls over sustainability reporting
N/A
34
SBM-1
Strategy, business model and value chain
N/A
36
SBM-2
Interests and views of stakeholders
N/A
38
SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
Anticipated financial effects omitted per
year one phase in allowance
40
IRO-1
Description of the processes to identify and assess material impacts, risks and opportunities
N/A
42
IRO-2
Disclosure Requirements in ESRS covered by the business’s sustainability statement
N/A
49
MDR-P
Policies adopted to manage material and sustainability matters
N/A
MDR-A
Actions and resources in relation to material sustainability matters
N/A
49
MDR-M
Metrics in relation to material sustainability matters
N/A
49
MDR-T
Tracking effectiveness of policies and actions through target
N/A
49
Standard
Disclosure
Description Phase-in Page
ENVIRONMENT E1 - Climate Change
E1 - Climate Change
E1-1
Transition plan for climate change mitigation
N/A
56
E1 - Climate Change
E1-2
Policies related to climate change mitigation and adaptation
N/A
56
E1 - Climate Change
E1-3
Actions and resources in relation to climate change policies
N/A
57
E1 - Climate Change
E1-4
Targets related to climate change mitigation and adaptation
N/A
56
E1 - Climate Change
E1-5
Energy consumption and mix
N/A
58
E1 - Climate Change
E1-6
Gross Scopes 1, 2, 3 and Total GHG emissions
N/A
58
E1 - Climate Change
E1-7
GHG removals and GHG mitigation projects financed through carbon credits
N/A
60
E1 - Climate Change
E1-8
Internal carbon pricing
N/A
60
E1 - Climate Change
E1-9
Anticipated financial effects from material physical and transition risks and
potential climate-related opportunities
Disclosure omitted per year
one phase-in allowance
60
ENVIRONMENT E2 - Pollution
E2 - Pollution
E2-1
Policies related to pollution
N/A
61
E2 - Pollution
E2-2
Actions and resources related to pollution
N/A
62
E2 - Pollution
E2-3
Targets related to pollution
N/A
61
E2 - Pollution
E2-4
Pollution of air, water and soil
N/A
63
E2 - Pollution
E2-5
Substances of concern and substances of very high concern
N/A
63
E2 - Pollution
E2-6
Anticipated financial effects from pollution-related risks and opportunities
Disclosure omitted per year
one phase-in allowance
63
SOCIAL S1 - Own Workforce
S1 - Own Workforce
S1-1
Policies governing own workforce
N/A
78
S1 - Own Workforce
S1-2
Process for engaging with own workforce and workers’ representatives about
impacts
N/A
80
S1 - Own Workforce
S1-3
Processes to remediate negative impacts and channels for own workforce to raise
concerns
N/A
81
S1 - Own Workforce
S1-4
Taking action on material impacts on own workforce, and approaches to managing
material risks and pursuing material opportunities related to own workforce, and
effectiveness of those actions
N/A
82
S1 - Own Workforce
S1-5
Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
N/A
83
S1 - Own Workforce
S1-6
Characteristics of the undertaking’s employees
N/A
83
Standard
Disclosure
Description Phase-in Page
S1 - Own Workforce
S1-7
Characteristics of non-employees in the undertaking’s own workforce
N/A
83
S1 - Own Workforce
S1-8
Collective bargaining coverage and social dialogue
Disclosure omitted per year
one phase-in allowance
84
S1 - Own Workforce
S1-9
Diversity metrics
N/A
93
S1 - Own Workforce
S1-10
Adequate wages
N/A
84
S1 - Own Workforce
S1-11
Social protection
Disclosure omitted per year
one phase-in allowance
-
S1 - Own Workforce
S1-12
Persons with disabilities
N/A
-
S1 - Own Workforce
S1-13
Training and skills development metrics
Disclosure omitted per year
one phase-in allowance
-
S1 - Own Workforce
S1-14
Health and safety metrics
Disclosure partly omitted per
year one phase-in allowance
Omitted information: cases of
work-related ill-health and on
number of days lost to injuries,
accidents, fatalities and work-
related ill health
88
S1 - Own Workforce
S1-15
Work-life balance metrics
N/A
-
S1 - Own Workforce
S1-16
Remuneration metrics (pay gap and total remuneration)
N/A
93
S1 - Own Workforce
S1-17
Incidents, complaints and severe human rights impacts
N/A
84
SOCIAL S2 - Workers in the Value Chain
S2 - Workers in the
Value Chain
S2-1
Policies related to value chain workers
N/A
97
S2 - Workers in the
Value Chain
S2-2
Processes for engaging with value chain workers about impacts
N/A
98
S2 - Workers in the
Value Chain
S2-3
Processes to remediate negative impacts and channels for value chain workers to
raise concerns
N/A
98
S2 - Workers in the
Value Chain
S2-4
Taking action on material impacts on value chain workers, and approaches to
managing material risks and pursuing material opportunities related to value chain
workers, and effectiveness of those action
N/A
99
S2 - Workers in the
Value Chain
S2-5
Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
N/A
100
GOVERNANCE G1 - Business Conduct
G1 - Business Conduct
G1-1
Business conduct policies and corporate culture
N/A
102
G1 - Business Conduct
G1-2
Management of relationships with suppliers
N/A
103
G1 - Business Conduct
G1-3
Prevention and detection of corruption and bribery
N/A
104
G1 - Business Conduct
G1-4
Incidents of corruption or bribery
N/A
104
G1 - Business Conduct
G1-5
Political influence and lobbying activities
N/A
G1 - Business Conduct
G1-6
Payment practices
N/A
104
STANDARDS NOT CONSIDERED MATERIAL
Topic Description Materiality assessment
E3
Water and Marine
Resources
DOF identified indirect impacts to marine resource availability and quality because of value chain operations Nevertheless, these
were not deemed material to DOF No opportunities were identified within this process
E4
Biodiversity and
Ecosystems
DOF identified potential impacts associated with the introduction of invasive marine species, disruption to marine habitats during
subsea intervention
S3
Affected Communities
DOF's material impact on communities is through our environmental impact, and as such the relevant information is presented in the
Environmental chapter
S4
Consumers and End-
Users
DOF is a business-to-business service provider company and does not produce products for consumers and end-users
DISCLOSURES INCORPORATED BY REFERENCE
ESRS2
Description
Section
GOV-1
The role of the administrative management and supervisory - Profiles of Board of Directors
and profiles of Executive Management Team
Management Report
18,
20
GOV-2
Information provided to and sustainability matters addressed by the business’s
administrative, management and supervisory bodies - Board of Directors and Executive
Management Team focus areas and expertise
Management Report
18,
20
GOV-4
Statement on due diligence - Table of the elements of due diligence
Sustainability Statements
53
SBM-1
Strategy, business model and value chain - Market position, strategy, business model and
value chain
Management Report
12,
13
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
SUSTAINABILITY STATEMENTS - ESRS 2
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
50 DOF INTEGRATED ANNUAL REPORT 2024 50 DOF INTEGRATED ANNUAL REPORT 2024
List of data points in cross-cutting and topical standards that derive from other EU Legislation
Disclosure Requirement and related data point SFDR reference Pillar 3 reference Benchmark Regulation reference
EU Climate Law reference
Material / Not material
Page & (para)
reference
ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d) Indicator number 13 of Table #1 of Annex 1 Commission Delegated Regulation (EU)
2020/1816, Annex II
Material 13 (7)
ESRS GOV-1 Percentage of board members who are independent paragraph
21 (e)
Delegated Regulation (EU) 2020/1816,
Annex II
Material
13 (7)
ESRS 2 GOV-4 Statement on due diligence paragraph 30 Indicator number 10 Table #3 of Annex 1 Material 53
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities
paragraph 40 (d) i
Indicators number 4 Table #1 of Annex 1
Article 449a Regulation (EU) No 575/2013: Commission
Implementing Regulation (EU) 2022/2453 Table 1: Qualitative
information on Environmental risk and Table 2: Qualitative
information on Social risk
Delegated Regulation (EU) 2020/1816,
Annex II
Material
37 (15)
ESRS 2 SBM-1 Involvement in activities related to chemical production
paragraph 40 (d) ii
Indicator number 9 Table #2 of Annex 1 Delegated Regulation (EU) 2020/1816,
Annex II
Not Material N/A
ESRS 2 SBM-1 Involvement in activities related to controversial weapons
paragraph 40 (d) iii
Indicator number 14 Table #1 of Annex 1
Delegated Regulation (EU) 2020/1818,
Article 12(1) Delegated Regulation (EU)
2020/1816, Annex II
Not Material
N/A
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of
tobacco paragraph 40 (d) iv
Delegated Regulation (EU) 2020/1818,
Article 12(1) Delegated Regulation (EU)
2020/1816, Annex II
Not Material N/A
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 Regulation (EU)
2021/1119, Article 2(1)
Material 56 (2)
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph
16 (g)
Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 Template 1: Banking
book Climate Change transition risk: Credit quality of exposures
by sector, emissions and residual maturity
Delegated Regulation (EU) 2020/1818,
Article 121 (d) to (g), and Article 122
Material N/A
ESRS E1-4 GHG emission reduction targets paragraph 34 Indicator number 4 Table #2 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 Template 3: Banking
book - Climate change transition risk: alignment metrics
Delegated Regulation (EU) 2020/1818,
Article 6
Material 56 (5)
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources
(only high climate impact sectors) paragraph 38
Indicator number 5 Table #1 and Indicator n 5
Table #2 of Annex 1
Material 58 (2)
ESRS E1-5 Energy consumption and mix paragraph 37 Indicator number 5 Table #1 of Annex 1 Material 58 (1)
ESRS E1-5 Energy intensity associated with activities in high climate impact
sectors paragraphs 40 to 43
Indicator number 6 Table #1 of Annex 1 Material 58 (3)
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44 Indicators number 1 and 2 Table #1 of Annex 1 Article 449a; Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 Template 1:
Banking book - Climate change transition risk: Credit quality of
exposures by sector, emissions and residual maturity
Delegated Regulation (EU) 2020/1818,
Article 5(1), 6 and 8(1)
Material 58 (5)
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 Indicators number 3 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 Template 3: Banking
book - Climate change transition risk: alignment metrics
Delegated Regulation (EU) 2020/1818,
Article 8(1)
Material 58 (4)
59 (1&2)
ESRS E1-7 GHG removals and carbon credits paragraph 56 Regulation (EU)
2021/1119, Article 2(1)
Not-material 60 (5)
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical
risks paragraph 66
Delegated Regulation (EU) 2020/1818,
Annex II Delegated Regulation (EU)
2020/1816, Annex II
Not-material
60 (7)
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical
risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material
physical risk paragraph 66 (c)
Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 paragraphs 46 and
47; Template 5: Banking book - Climate change physical risk:
Exposures subject to physical risk
Not-material
60 (7)
DOF 2024
MANAGEMENT
REPORT
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GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
SUSTAINABILITY STATEMENTS - ESRS 2
DOF 2024
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GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
51 DOF INTEGRATED ANNUAL REPORT 2024 51 DOF INTEGRATED ANNUAL REPORT 2024
Disclosure Requirement and related data point SFDR reference Pillar 3 reference Benchmark Regulation reference
EU Climate Law reference
Material / Not material
Page & (para)
reference
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-
efficiency classes paragraph 67 (c)
Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 paragraph
34;Template 2:Banking book -Climate change transition risk:
Loans collateralised by immovable property - Energy efficiency
of the collateral
Not-material 60 (7)
ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities
paragraph 69
Delegated Regulation (EU) 2020/1818,
Annex II
Not-material
60 (7)
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR
Regulation (European Pollutant Release and Transfer Register) emitted to air,
water and soil, paragraph 28
Indicator number 8 Table #1 of Annex 1 Indicator
number 2 Table #2 of Annex 1 Indicator number
1 Table #2 of Annex 1 Indicator number 3 Table
#2 of Annex 1
Not-material 63 (1)
ESRS E3-1 Water and marine resources paragraph 9 Indicator number 7 Table #2 of Annex 1 Not-material 44
ESRS E3-1 Dedicated policy paragraph 13
Indicator number 8 Table 2 of Annex 1
Not-material
44
ESRS E3-1 Sustainable oceans and seas paragraph 14 Indicator number 12 Table #2 of Annex 1 Not-material 44
ESRS E3-4 Total water recycled and reused paragraph 28 (c) Indicator number 62 Table #2 of Annex 1 Not-material 44
ESRS E3-4 Total water consumption in m^3 per net revenue on own operations
paragraph 29
Indicator number 61 Table #2 of Annex 1
Not-material
44
ESRS 2- SBM-3 - E4 paragraph 16 (a) i Indicator number 7 Table #1 of Annex 1 Not-material 45
ESRS 2- SBM-3 - E4 paragraph 16 (b)
Indicator number 10 Table #2 of Annex 1
Not-material
45
ESRS 2- SBM-3 - E4 paragraph 16 (c) Indicator number 14 Table #2 of Annex 1 Not-material 45
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b)
Indicator number 11 Table #2 of Annex 1
Not-material
45
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c) Indicator number 12 Table #2 of Annex 1 Not-material 45
ESRS E4-2 Policies to address deforestation paragraph 24 (d) Indicator number 15 Table #2 of Annex 1 Not-material 45
ESRS E5-5 Non-recycled waste paragraph 37 (d)
Indicator number 13 Table #2 of Annex 1
Material
66
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39 Indicator number 9 Table #1 of Annex 1 Material 66
ESRS 2- SBM3 - S1 Risk of incidents of forced labour paragraph 14 (f) Indicator number 13 Table #3 of Annex I Material 96
ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph 14 (g)
Indicator number 12 Table #3 of Annex I
Material
96
ESRS S1-1 Human rights policy commitments paragraph 20 Indicator number 9 Table #3 and Indicator
number 11 Table #1 of Annex I
Material 79
ESRS S1-1 Due diligence policies on issues addressed by the fundamental
International Labor Organisation Conventions 1 to 8, paragraph 21
Delegated Regulation (EU) 2020/1816,
Annex II
Material
78
ESRS S1-1 processes and measures for preventing trafficking in human beings
paragraph 22
Indicator number 11 Table #3 of Annex I Material 81
ESRS S1-1 workplace accident prevention policy or management system
paragraph 23
Indicator number 1 Table #3 of Annex I Material 85
ESRS S1-3 grievance/complaints handling mechanisms paragraph 32 (c)
Indicator number 5 Table #3 of Annex I
Material
81
ESRS S1-14 Number of fatalities and number and rate of work-related
accidents paragraph 88 (b) and (c)
Indicator number 2 Table #3 of Annex I Delegated Regulation (EU) 2020/1816,
Annex II
Material 88
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness
paragraph 88 (e)
Indicator number 3 Table #3 of Annex I
Material
88
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) Indicator number 12 Table #1 of Annex I Delegated Regulation (EU) 2020/1816,
Annex II
Material 93
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
SUSTAINABILITY STATEMENTS - ESRS 2
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
52 DOF INTEGRATED ANNUAL REPORT 2024 52 DOF INTEGRATED ANNUAL REPORT 2024
Disclosure Requirement and related data point SFDR reference Pillar 3 reference Benchmark Regulation reference
EU Climate Law reference
Material / Not material
Page & (para)
reference
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) Indicator number 8 Table #3 of Annex I Material 93
ESRS S1-17 Incidents of discrimination paragraph 103 (a) Indicator number 7 Table #3 of Annex I Material 84
ESRS S1-17 Nonrespect of UNGPs on Business and Human Rights and OECD
Guidelines paragraph 104 (a)
Indicator number 10 Table #1 and Indicator n 14
Table #3 of Annex I
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818 Art 12 (1)
Material
84
ESRS 2- SBM3 - S2 Significant risk of child labour or forced labour in the value
chain paragraph 11 (b)
Indicators number 12 and n 13 Table #3 of
Annex I
Material
98
ESRS S2-1 Human rights policy commitments paragraph 17 Indicator number 9 Table #3 and Indicator n 11
Table #1 of Annex 1
Material 97
ESRS S2-1 Policies related to value chain workers paragraph 18 Indicator number 11 and n 4 Table #3 of Annex
1
Material 97
ESRS S2-1 Nonrespect of UNGPs on Business and Human Rights principles
and OECD guidelines paragraph 19
Indicator number 10 Table #1 of Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818, Art 12 (1)
Material
97
ESRS S2-1 Due diligence policies on issues addressed by the fundamental
International Labor Organisation Conventions 1 to 8, paragraph 19
Delegated Regulation (EU) 2020/1816,
Annex II
Material
53
ESRS S2-4 Human rights issues and incidents connected to its upstream and
downstream value chain paragraph 36
Indicator number 14 Table #3 of Annex 1 Material 99
ESRS S3-1 Human rights policy commitments paragraph 16
Indicator number 9 Table #3 of Annex 1 and
Indicator number 11 Table #1 of Annex 1
Non-Material
N/A
ESRS S3-1 non-respect of UNGPs on Business and Human Rights, ILO
principles or OECD guidelines paragraph 17
Indicator number 10 Table #1 Annex 1 Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818, Art 12 (1)
Non-Material N/A
ESRS S3-4 Human rights issues and incidents paragraph 36 Indicator number 14 Table #3 of Annex 1 Non-Material N/A
ESRS S4-1 Policies related to consumers and end-users paragraph 16
Indicator number 9 Table #3 and Indicator
number 11 Table #1 of Annex 1
Non-Material
N/A
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD
guidelines paragraph 17
Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818, Art 12 (1)
Non-Material N/A
ESRS S4-4 Human rights issues and incidents paragraph 35 Indicator number 14 Table #3 of Annex 1 Non-Material N/A
ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b)
Indicator number 15 Table #3 of Annex 1
Non-Material
102
ESRS G1-1 Protection of whistle-blowers paragraph 10 (d) Indicator number 6 Table #3 of Annex 1 Material 102 (5)
ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws
paragraph 24 (a)
Indicator number 17 Table #3 of Annex 1 Delegated Regulation (EU) 2020/1816,
Annex II)
Material 104 (15)
ESRS G1-4 Standards of anti-corruption and anti- bribery paragraph 24 (b) Indicator number 16 Table #3 of Annex 1 Material 104
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
SUSTAINABILITY STATEMENTS - ESRS 2
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
53 DOF INTEGRATED ANNUAL REPORT 2024 53 DOF INTEGRATED ANNUAL REPORT 2024
Core elements of due diligence
Core elements of due diligence
Paragraphs or pages in the Sustainability Statement
Does the disclosure relate to Society and/or the Environment?
a) Embedding due diligence in governance, strategy and business model
ESRS 2 GOV-2 -
see page 34
Social and Environment
ESRS 2 GOV-3,
see page 34
Social and Environment
ESRS 2 SBM-3 -
see page 40, ESRS 2 SBM-3-E1 - see page 43, ESRS 2 SBM-3-E2 - see page 44, ESRS 2 SBM-3-E5-see page 45
Environment
ESRS 2 SBM-3,
see page 40, ESRS 2 SBM-3-S1, see page 46, ESRS 2 SBM-3-S2, see page 47
Social
ESRS 2 SBM-3,
see page 40, ESRS 2 SBM-3-G1, see page 48
Social and Environment
b) Engaging with affected stakeholders in all key steps of the due diligence
ESRS 2 GOV-2,
see page 34, ESRS 2 SBM-2, see page 38, ESRS 2 IRO-1, see page 42
Social and Environment
ESRS 2 MDR- P:
E1-2, see page 56, E2-1, see page 61, E5-1, see page 64
Environment
ESRS 2 MDR-P:
S1-1, see page 78, S2-1, see page 97
Social
Topical ESRS:
G1-1, see page 102
Social and Environment
Topical ESRS:
S1-2, see page 80, S2-2, see page 98
Social
c) Identifying and assessing adverse impacts
ESRS 2 IRO-1,
see page 42
Social and Environment
ESRS 2 SBM-3,
see page 40
ESRS 2 SBM-3-E1 - see page 43, ESRS 2 SBM-3-E2 - see page 44, ESRS 2 SBM-3-E5-see page 45
Environment
ESRS 2 SBM-3,
see page 40
ESRS 2 SBM-3-S1, see page 46, ESRS 2 SBM-3-S2, see page 47
Social
ESRS 2 SBM-3,
see page 40,
ESRS 2 SBM-3-G1, see page 48
Social and Environment
d) Taking actions to address those adverse impacts
ESRS 2 MDR-A:
E1-3, see page 57, E2-2, see page 62, E5-2, see page 65
Environment
ESRS 2 MDR-A:
S1-4, see page 81, S2-4, see page 99
Social
Topical ESRS:
E1-1, see page 56
Environment
Topical ESRS:
G1-1, see page 102, G1-2, see page 103, G1-3, see page 104
Social and Environment
e) Tracking the effectiveness of these efforts and communicating
ESRS 2 MDR-M:
E1-5, see page 58, E1-6, see page 58, E2-5, see page 63, E5-4, see page 66, E5-5, see page 66
Environment
ESRS 2 MDR-M:
S1-8, see page 84, S1-9, see page 93, S1-10, see page 84, S1-14, see page 88, S1-16, see page 93, S1-17, see page 84
Social
ESRS 2 MDR-M:
G1-4, see page 104, G1-5, page number, G1-6, see page 104
Social and Environment
ESRS 2 MDR-T:
E1-4, see page 56, E2-3, see page 61, E5-3, see page 64
Environment
ESRS 2 MDR-T:
S1-5, see page 83, S2-5, see page 100
Social
DOF 2024
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REPORT
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GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
SUSTAINABILITY STATEMENTS - ESRS 2
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GOVERNANCE
SUSTAINABILITY
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54 DOF INTEGRATED ANNUAL REPORT 2024 54 DOF INTEGRATED ANNUAL REPORT 2024
Environment
In this section you will find
ESRS E1 - Climate Change 56
ESRS E2 - Pollution 62
ESRS E5 - Circular Economy 65
EU Taxonomy 68
DOF 2024
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GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
SUSTAINABILITY STATEMENTS - ESRS 2
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55 DOF INTEGRATED ANNUAL REPORT 2024 55 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS ESRS ENVIRONMENT
Environment
As a global offshore contractor serving the energy sector and subsea engineering industries, DOF is proactive in
its management of its environmental impact while enabling offshore operations Our business requires access to
a specialised fleet of vessels and subsea assets, which, while essential to our operations, also represent our most
significant sources of (GHG) emissions, pollution and areas of resource use
An evolving regulatory landscape and increasing stakeholder expectations emphasise the necessity of
environmental stewardship Clients, investors, and regulatory bodies increasingly expect contractors to align
with sustainability commitments, particularly in reducing GHG emissions and reducing negative environmental
interactions Meeting these expectations is not only a matter of compliance but a strategic imperative to maintain
competitiveness and long-term value creation
Addressing these challenges and opportunities, we are committed to implementing a structured approach to
environmental management This includes:
• Understanding and managing environmental impacts: continuously assess our environmental footprint,
identifying and mitigating key risks and impacts across our operations and value chain
• Integrated management of IROs: environmental risks and opportunities are embedded in our decision-making
processes, ensuring that our strategy aligns with both regulatory developments and industry best practices
• Action-oriented targets and continuous Improvement: through measurable goals and action plans, to enhance
energy efficiency, adopt cleaner technologies, and transition toward more sustainable operational practices
Identifying IROS 2024
In 2024, a group-wide double materiality process was conducted in accordance with the ESRS1
requirements, to determine the material impacts, risks and opportunities including the topics, sub-topics,
and sub-sub-topics related to Climate Change, Pollution, Circular Economy and Resource Use.
DOF engaged with internal and external stakeholders across the value chain considered important to our
ongoing success and who may be directly or indirectly affected by our actions
To identify IROs related to our value chain, we mapped business activities, capital inputs and dependencies
across upstream activities, Marine Management, ‘Specialist Fleet, Project Management and downstream
operations, globally We examined IROs across specific activities within our direct control, in addition to
extended business relationships
Sustainability-related risks and opportunities are integrated into the same Enterprise Risk Management
processes as other types of business risks This ensures stakeholders have a holistic view of sustainability
considerations and the risks are not treated differently or are isolated from other business risks Sustainability
IROs form a fundamental component of our overall view of organisational risks and opportunities
2023-2026 actions and ongoing programmes are:
Energy management to digitalise operations,
optimise energy efficiency and reduce energy
consumption
Employ a Circular Economy (CE) approach across
the lifespan of assets to meet the Group’s
emissions reduction ambition and minimise
resource use
Industry participation to develop energy efficient
and alternative fuel solutions
Employee engagement to build a culture
knowledgeable and motivate to change
behaviours, promote advocacy and protect
ecosystem health
Position the organisation’s assets and
competencies for new markets to become
a segment leader in the renewables market,
specifically Floating Offshore Wind (FOW) field
development
IROS
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
E1 Climate Change
Emissions from fossil fuels
Vessel fleet relies on fossil fuels, thus GHG emissions are linked to the level of operational activity
AI
Direct
Perpetuation of fossil fuel use
DOF’s participation in conventional offshore
energy markets may contribute to the continued
reliance on the use of fossil fuels which negatively
impacts the environment
PI
Downstream
Indirect emission profile
DOF’s extended value chain is a significant
component of the overall emission profile
AI
Upstream
Physical Climate Change
Changes to weather patterns as a result of climate
change may cause increased fuel consumption
!
Direct
E2 Pollution
Financial exposure in offshore spills
A significant offshore spill event may expose
DOF to financial liabilities
!
Direct
E5 Circular Economy and Resource Use
Generation of Waste
DOF generates significant quantities of waste as
part of day-to-day activities and as part of vessel
overhauls and maintenance
AI
Across whole
value chain
Impact materiality Financial materiality
PI
Potential impact
AI
Actual impact
!
Potential risk
!
Actual risk
O
Opportunity
Short-term Medium-term Medium- to long-term Long-term
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
56 DOF INTEGRATED ANNUAL REPORT 2024 56 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS E1 CLIMATE CHANGE
E1 Climate Change
DOF assesses and controls the environmental impact of its operations, benchmarking fuel efficiency performance
and monitoring GHG emissions across its value chain We apply pollution prevention measures, focusing emissions,
such as air pollution known to be detrimental to the environment
Our strategic approach takes three avenues to address the main challenges and focuses on:
• Reducing our own emissions,
• Support upstream and downstream value chain decarbonisation targets,
• Develop our offshore renewable energy services
E1-1 Transition plan for climate change mitigation
Our strategy, outlined in the decarbonisation roadmap, gives the foundation for emission reduction to 2030, but
it does not meet ESRS 1 Transition Plan for Climate Change Mitigation requirements A specific transition plan
including absolute targets, decarbonisation levers and required resources is not available This work is planned to
be performed during 2025 and will include new baseline calculations to accommodate for the significant fleet size
increase as a result of the acquisition DOF Denmark (formerly MSS)
E1-2 Policies related to climate change mitigation and adaptation
Environment Impact Policy:
Purpose
To manage environmental aspects of DOF’s operations and in the value chain
Covers
All onshore and offshore worksites and all individuals present on our sites
Accountable
CEO
Available
BMS, SEEMP, Website, All DOF Worksites
Works with Policy
Documents
CoBC, Garbage Management Plan
Certification
ISO 14001
In line with ISO 14001 compliance, we understand climate change as a significant environmental impact
and a risk that must be managed through the business management system Climate change adaption
and mitigation considerations are integrated into operational planning and risk assessment, ensuring fuel
consumption and emissions are continuously monitored and optimised, even under challenging operational
conditions such as harsh weather and longer voyages Our Environmental Impact policy also commits to
actively monitoring and communicating performance to the industry and community To do this, we assess
and control the environmental impact of our operations, benchmark fuel efficiency performance and
monitor GHG emissions across the value chain Pollution prevention measures focus on emissions, such as
air pollution known to be detrimental to the environment Our performance in this area is transparent and
openly communicated within annual reporting mechanisms
Compliance with GHG-related regulations and industry best practices extends to Scope 3 emissions
Environmental performance is continuously monitored and reviewed, ensuring alignment with evolving
climate regulations, industry benchmarks and stakeholder requirements Consideration for environmental
improvements is prioritised in new-build projects, supporting the adoption of lower-emission technologies
and alternative fuels While not explicitly stated in the policy, active engagement with industry stakeholders
and suppliers, explores clean energy alternatives and enhance transparency in environmental reporting
IROS
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
E1 Climate Change
Emissions from fossil fuels
Vessel fleet relies on fossil fuels, thus GHG emissions are linked to the level of operational activity
AI
Direct
Perpetuation of fossil fuel use
DOF’s participation in conventional offshore
energy markets may contribute to the continued
reliance on the use of fossil fuels which negatively
impacts the environment
PI
Downstream
Indirect emission profile
DOF’s extended value chain is a significant
component of the overall emission profile
AI
Upstream
Physical Climate Change
Changes to weather patterns as a result of climate
change may cause increased fuel consumption
!
Direct
E1-4 Targets related to climate change mitigation and adaptation
DOF does not currently have climate change mitigation and adaptation targets that can be presented in a transition
plan using absolute emission reduction in line with the Paris Agreement
The overall ambition in DOF’s decarbonisation roadmap is “40% energy efficiency by 2030, compared to 2008”
This ambition does not offer easy comparability or progress tracking Work is underway to define CO2 e-based
targets, to align with this ambition, in order to report on the targets and work in line with the ESRS requirements
Our intention is to conclude on these targets during 2025
Impact materiality Financial materiality
PI
Potential impact
AI
Actual impact
!
Potential risk
!
Actual risk
O
Opportunity
Short-term Medium-term Medium- to long-term Long-term
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
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SUSTAINABILITY STATEMENTS E1 CLIMATE CHANGE
E1-3 Actions and resources in relation to climate change
In DOF’s decarbonisation roadmap, there are five main decarbonisation levers (“measures”) An important
context of these measures is that they are not “one size fits all” Each measure needs to be separately evaluated
per vessel, as the effectiveness of the measure depends on factors such as type of vessel, type of operations,
and operational area
Key Action to Address Climate Change
Description and Year of Completion Scope of Action Corresponding Policy Element Overall Progress
Optimizing operations with digital fleet
and client support
Focus on speed management and logistics, reducing non-ECO speed transit 41
vessels connected at the end of 2024 Opex for 2024: USD 199331 Expected to
be integrated with digital fleet by end of 2025
Fleet-wide operational
optimisation
Environmental Impact Policy:
• Ensure environmental management is given equal consideration throughout all operational planning and
undertaking;
• Assess and control the aspects and impacts of our operations upon the environment,
• Monitor our environmental performance and address deficiencies where identified,
• Consider environmental improvement areas as high priorities during projects and new-buildings
Ongoing - estimated 25% emission
reduction potential operating without
having or acting on these insights
Enhanced ship energy efficiency
management programme (SEEMP)
A long list of operational and technical improvement measures have been identified
by the operational teams and the vessels, of which most are low-cost items These
should be followed up as part of the vessels mandatory SEEMP, with enhanced focus
An important component of the decarbonisation strategy will be the introduction of
dedicated Opex funds allocated to cover the cost of such energy efficiency measures
This ensures that vessels energy efficiency measures are adequately funded and
tracked without compromising other critical budget areas This has a medium-term
horizon as it will be part of the vessels’ annual budgets and Opex, however it is
currently not a significant part of the vessels’ total Opex Pending finalisation of
emission reduction targets and climate transition plan
Fleet-wide
energy efficiency
improvements
Environmental Impact Policy:
• Ensure environmental management is given equal consideration throughout all operational planning and
undertaking,
• Assess and control the aspects and impacts of our operations upon the environment,
• Monitor our environmental performance and address deficiencies where identified,
• Consider environmental improvement areas as high priorities during projects and new-buildings
Ongoing - estimated 15% emission
reduction potential compared to current
state
Biofouling management: antifouling
products and robotic cleaning
Invest in better antifouling products and robotic cleaning to reduce drag and fuel
use Short-term implementation for hull cleaning; medium- to long-term for advanced
technologies No specific Opex/Capex outside dry-docking programmes
Fleet-wide hull
maintenance and
efficiency
Environmental Impact Policy:
• Assess and control the aspects and impacts of our operations upon the environment,
• Ensure environmental management is given equal consideration throughout all operational planning and
undertaking
Ongoing - estimated 25% emission
reduction potential compared to current
state
Battery and hybrid system integration Focus on dynamic positioning (DP) vessels These systems are expected to reduce fuel
consumption and emissions by optimizing engine loads and allowing less engines to
be used during operations Subsea and construction vessels, which spend substantial
time in DP mode, should be prioritized for battery system implementation 15 priority
vessels identified, with no committed projects yet Long-term investment; medium-
term implementation after approval No current Opex/Capex allocated
Selected vessels within
the fleet
Environmental Impact Policy:
• Assess and control the aspects and impacts of our operations upon the environment,
• Ensure environmental management is given equal consideration throughout all operational planning and
undertaking
Identified 15 priority vessels - estimated
11-13% fuel/emission reduction
potential
Biofuel adoption Medium- to long-term solution Some vessels capable of running on HVO Evaluated
case-by-case No current Opex/Capex allocated
Selected vessels within
fleet To be determined
based on commercial
and technical
feasibility
Environmental Impact Policy:
• Assess and control the aspects and impacts of our operations upon the environment
• Ensure environmental management is given equal consideration throughout all operational planning and
undertaking
Under evaluation - estimated 5-10%
reduction (up to 90% with full HVO use)
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
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58 DOF INTEGRATED ANNUAL REPORT 2024 58 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS E1 CLIMATE CHANGE
E1-5 Energy consumption and mix
Energy consumption and mix
2022 2023 2024
1 Fuel consumption from coal and coal products (MWh)
0
0
2 Fuel consumption from crude oil and petroleum products (MWh)
1 852 598
1 789 389
1 959 996
3 Fuel consumption from natural gas (MWh)
0
0
4 Fuel consumption from other fossil sources (MWh)
0
0
5 Consumption of purchased or acquired electricity, heat, steam and cooling from fossil
sources (MWh)
5 972
5 254
6 690
6 Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5)
1 858 570
1 794 644
1 966 686
Share of fossil sources in total energy consumption (%)
0
0
0
7 Consumption from nuclear sources (MWh)
0
0
0
Share of consumption from nuclear sources in total energy consumption (MWh)
0
0
0
8 Fuel consumption for renewable sources, including biomass (also comprising industrial
and municipal waste of biologic origin, biogas, renewable hydrogen etc) (MWh)
0
0
0
9 Consumption of purchased or acquired electricity, heat steam and cooling from
renewable sources (MWh)
0
0
0
10 The consumption of self-generated non-fuel renewable energy (MWh)
0
0
11. Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10)
0
0
0
Share of renewable sources in total energy consumption (%)
0
0
0
Total energy consumption (MWh) (calculated as the sum of lines 6 and 11)
1 858 570
1 794 644
1 966 686
Note: Line 2, Fuel consumption from crude oil and petroleum products (MWh) for 2022 and 2023 has been recalculated according to new scope boundaries (see E1-6 for further
details)
The primary source of energy consumption is marine gas oil (MGO) on board our vessels and is allocated in row 2,
“Fuel consumption from crude oil and petroleum products” The conversion factor used is DEFRA for the respective
years 2022, 2023, 2024 The remaining is consumption of purchased or acquired electricity, heat, steam and
cooling As DOF has not purchased any Renewable Energy Certificates (RECs), this consumption is allocated
within category 5; “Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources”
The activities performed by DOF have been evaluated to be related to NACE sections B (Mining and Quarrying), F
(construction) and section H (transportation and storage) These sections are high climate impact sectors Thus,
the energy intensity is based on the Group’s total energy consumption and total net revenue
Energy intensity based on net revenue
Energy intensity per net revenue 2023 2024 % 2024 / 2023
Total energy consumption from activities in high climate impact
sectors per net revenue from activities in high climate impact
sectors (MWh/Monetary unit)
1 590 MWh/million USD
1 420 MWh/million USD
-11%
E1-6 Gross scopes 1, 2, 3 and total GHG emissions
DOF previously reported according to a GHG protocol with operational control to determine if a vessel’s emissions
are accounted in Scope 1 or Scope 3 With ESRS requirements, emissions are accounted in Scope 1 based on
operational control and/or ownership Thus, a large part of DOF’s Scope 3 emissions have changed to Scope 1
compared to previous years This also has an impact on the Scope 3 category “fuel and energy-related activities”
which is calculated from fuel consumption in Scope 1 (indirect Well-to-Tank emissions)
For consistent comparability, 2023 emissions have been reallocated according to the 2024 methodology All
vessels where DOF has operational and/or financial control are now allocated in Scope 1 In previous years,
operational control was used as criteria
In addition, six vessels owned by Joint Venture (DOFCON Brasil AS) are now allocated in Scope 3 category 15
Investments by JV ownership share (50%) One of these vessels was not included in 2023 reporting Thus, the
total emissions for this year in will differ from what can be observed in the historical annual reports
Scope 1 emissions originate from combustion of Marine Gas Oil (MGO) on board vessels where DOF has operational
and/or financial control
Scope 2 emissions originate from purchased electricity, heating and cooling for offices / workshops, and vessel
shore power
Scope 3 category information is further detailed in the table “Scope 3 calculation methodology and boundaries”
The following Scope 3 categories have been determined not material:
Scope 3 category
Evaluation of materiality
7 Employee commuting
The majority of DOF’s workforce are offshore and the travel emissions are included in category 6
8 Upstream leased assets
Third-party vessels leased by DOF are reported in Scope 1 due to DOF’s operational control of the vessel
9 Downstream transportation
Any transportation performed by DOF’s vessels is included in Scope 1 emissions
10 Processing of sold products
DOF does not sell products
11 Use of sold products
DOF does not sell products
12 End-of-life treatment of sold products
DOF does not sell products
13 Downstream leased assets
Due to the ownership of vessels that DOF lease out, they are reported in Scope 1
14 Franchises
DOF does not have franchises
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
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59 DOF INTEGRATED ANNUAL REPORT 2024 59 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS E1 CLIMATE CHANGE
Retrospective
Milestones and target years
Base Year
(N/A)
Comparative
2023
2024
% 2024/
2023
2025
2030
(2050)
Annual %
target /
Base year
Scope 1 GHG emissions
Gross Scope 1 GHG emission
(tCO2eq) N/A 491 087 537 909 10 % N/A N/A N/A N/A
% of Scope 1 GHG emissions from
regulated emissions trading schemes N/A 0 0 0 % N/A N/A N/A N/A
Scope 2 GHG emissions
Gross location-based Scope 2 GHG
emission (tCO2eq) N/A 478 542 13 % N/A N/A N/A N/A
Gross market-based Scope 2 GHG
emissions (tCO2eq) N/A 2 411 3 374 40 % N/A N/A N/A N/A
Significant Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG
emissions (tCO2eq) N/A 281 423 307 940 9 % N/A N/A N/A N/A
1 Purchased goods and services
N/A 69 254 78 422 13 % N/A N/A N/A N/A
2 Capital goods
N/A 15 206 20 630 36 % N/A N/A N/A N/A
3 Fuel and energy-related Activities
(not included in Scope 1 or 2) N/A 112 706 123 454 10 % N/A N/A N/A N/A
4 Upstream transportation and
distribution N/A 10 032 7 172 -29 % N/A N/A N/A N/A
5 Waste generated in operations
N/A 365 250 -31 % N/A N/A N/A N/A
6 Business travel
N/A 12 686 19 574 54 % N/A N/A N/A N/A
15 Investments
N/A 61 175 58 437 -4 % N/A N/A N/A N/A
Total GHG emissions
Total GHG emissions (location-based)
(tCO2eq) N/A 772 988 846 391 9 % N/A N/A N/A N/A
Total GHG emissions (market-based)
(tCO2eq) N/A
774 921
849 223
10 %
N/A N/A N/A N/A
GHG intensity based on net revenue
GHG intensity per net revenue 2023 2024 % 2024 /2023
Total GHG emissions (location-based) per net
revenue (tCO2eq/Monetary unit)
685 tCO2eq / million USD 611 tCO2eq / million USD -11%
Total GHG emissions (market-based) per net
revenue (tCO2eq/Monetary unit)
686 tCO2eq / million USD 613 tCO2eq / million USD -11%
Calculation methodologies
Scope 1 emissions are calculated
by multiplying fuel consumption
from vessels with an internationally
recognised emission factor (ref
emission factors table) The
emissions have not been validated
by an external body other than the
assurance provider
Scope 2
emissions are calculated by
multiplying consumption of purchased
electricity, district heating/cooling,
or heat natural gas, by internationally
recognised emission factors
(ref emission factors table) The
emissions have not been validated
by an external body other than the
assurance provider
Scope 3 emissions are calculated
using different methodology
based on availability of data, as
shown in the following table The
emissions have not been validated
by an external body other than the
assurance provider
Item
Methodology
Reporting boundary
1 Purchased goods and services Spend-based Purchased goods and services by companies in the
consolidated financial statements
2 Capital goods Spend-based Capital goods purchased by companies in the
consolidated financial statements
3 Fuel and energy-related Activities (not
included in Scope 1 or 2)
Activity-based
Consumption x emission factor
Based on fuel consumption on own and managed vessels,
and 3
rd
party vessels where DOF is in operational control
Upstream electricity emissions
4 Upstream transportation and distribution Partial activity-based (9 %) provided by
supplier, partial spend-based (91 %)
Transportation and distribution services purchased by
companies in the consolidated financial statements
5 Waste generated in operations Activity-based
Amount x emission factor
Waste incinerated on own and managed vessels
Waste incinerated on 3
rd
party vessels where DOF has
operational control
6 Business travel Activity-based, all emissions provided by
supplier
Business travel of own workforce
15 Investments Activity-based
Consumption x emission factor
Emissions from fuel consumption for vessels owned by
Joint Venture (direct fuel emissions and WTT emissions)
Some Scope 3 categories in our carbon accounting were calculated using spend-based methods, facilitated by Ignite
Procurement’s carbon accounting module, which utilizes Climatiq for emission factor data All transactional data for
2024 was matched to EXIOBASE 3 emission factors and adjusted for inflation and currency fluctuations by Climatiq
through this module and categorized accordingly This methodology was applied to Categories 1 (purchased goods
and services), 2 (capital goods), and, in part, Category 4 (upstream transportation and distribution)
To enhance accuracy, taxes, trade margins, and freight costs were excluded from expenditure calculations to
align with EXIOBASE’s basic price model Furthermore, expenditures were adjusted for inflation and currency
fluctuations to ensure consistency with the emission factor year Transactions were mapped to EXIOBASE 3
product categories using supplier industry, account information, and text descriptions, while supplier country and
currency were used for regional classification
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
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SUSTAINABILITY STATEMENTS E1 CLIMATE CHANGE
For further details on the methodology and emission factors applied, please refer to the documentation available
online: https://wwwigniteno/carbon-accounting-methodology
We see increasing availability of data directly from suppliers, and aim to move from spend-based to activity-based
primary data from suppliers as it becomes available This will be a gradual process where an increasing percentage
of Scope 3 emissions are based on primary data and less on spend-based estimates
Emission factors used
The below list references the sources of conversion factors to calculate emissions and/or energy:
Scope
Item
Source
1 Marine gas oil (MGO) DEFRA (2024)
(includes gases CO
2
, CH
4
, N
2
O)
2
Electricity Norway
1) IEA (2024)
2) AIB (2024)
3) IEA (2024), Energy Statistics Data Browser
2
Electricity Singapore
1) IEA (2024)
2) No residual mix EF available, location-based EF (1) applied in market-based calculation
3) IEA (2024), Energy Statistics Data Browser
2
Electricity USA
1) IEA (2024)
2) Green-e (2024), unweighted average for all 27 eGrid subregions, calculated by CEMAsys
3) IEA (2024), Energy Statistics Data Browser
2 Electricity UK 1) IEA (2024)
2) AIB (2024)
3) IEA (2024), Energy Statistics Data Browser
2 Electricity Brazil 1) IEA (2024)
2) No residual mix EF available, location-based EF (1) applied in market-based calculation
3) IEA (2024), Energy Statistics Data Browser
2 Electricity Canada 1) IEA (2024)
2) No residual mix EF available, location-based EF (1) applied in market-based calculation
3) IEA (2024), Energy Statistics Data Browser
2 Electricity Mexico 1) IEA (2024)
2) No residual mix EF available, location-based EF (1) applied in market-based calculation
3) IEA (2024), Energy Statistics Data Browser
2 Electricity Australia 1) IEA (2024)
2) DCCEEW (2024), market-based
3) IEA (2024), Energy Statistics Data Browser
2 Electricity Philippines 1) IEA (2024)
2) No residual mix EF available, location-based EF (1) applied in market-based calculation
3) IEA (2024), Energy Statistics Data Browser
2 Electricity Argentina 1) IEA (2024)
2) No residual mix EF available, location-based EF (1) applied in market-based calculation
3) IEA (2024), Energy Statistics Data Browser
2 Electricity Indonesia 1) IEA (2024)
2) No residual mix EF available, location-based EF (1) applied in market-based calculation
3) IEA (2024), Energy Statistics Data Browser
2 Electricity Denmark IEA 1) IEA (2024)
2) AIB (2024)
3) IEA (2024), Energy Statistics Data Browser
2 Electricity Angola 1) IEA (2024)
2) No residual mix EF available, location-based EF (1) applied in market-based calculation
3) IEA (2024), Energy Statistics Data Browser
2 Electricity Senegal 1) IEA (2024)
2) No residual mix EF available, location-based EF (1) applied in market-based calculation
3) IEA (2024), Energy Statistics Data Browser
Scope Item Source
2 Electricity Guyana 1) IEA (2024)
2) No residual mix EF available, location-based EF (1) applied in market-based calculation
3) IRENA (2024)
2 District heating NO/Bergen Fjernkontrollen (2024)
2 District cooling NO/Bergen Based on Fjernkontrollen (2024) and Norsk Energi (2020)
2
Heat Natural gas
DEFRA (2024)
3 Residual waste, incinerated Ecoinvent 311
3 Marine gas oil (MGO) (WTT) DEFRA (2024)
3
Marine gas oil (MGO)
DEFRA (2024)
3 Electricity Canada (upstream) IEA (2024)
3
Electricity UK (upstream)
IEA (2024)
3 Electricity Denmark (upstream) IEA (2024)
3 Electricity Norway (upstream) IEA (2024)
3
Electricity Singapore (upstream)
IEA (2024)
3 Electricity USA (upstream) IEA (2024)
3 Electricity Brazil (upstream) IEA (2024)
3
Electricity Australia (upstream)
IEA (2024)
3 Electricity Philippines (upstream) IEA (2024)
3 Electricity Indonesia (upstream) IEA (2024)
3
Electricity Argentina (upstream)
IEA (2024)
3 Electricity Guyana (uptream) IEA (2024)
3 Electricity Angola (upstream) IEA (2024)
3
Electricity Mexico (upstream)
IEA (2024)
3 Electricity Senegal (upstream) IEA (2024)
E1-7 GHG removals and GHG mitigation projects financed through carbon credits
In 2024, DOF has not participated in GHG removals and GHG mitigation projects financed through carbon credits
E1-8 Internal carbon pricing
DOF does not currently have an internal carbon pricing scheme
E1-9 Anticipated financial effects from material physical and transition risks and potential
climate-related opportunities
DOF has opted to exercise the phase-in allowance to omit the financial effects from material physical and transition
risks and potential climate-related opportunities required in E1-9
DOF 2024
MANAGEMENT
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PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
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61 DOF INTEGRATED ANNUAL REPORT 2024 61 DOF INTEGRATED ANNUAL REPORT 2024
Impact materiality Financial materiality
PI
Potential impact
AI
Actual impact
!
Potential risk
!
Actual risk
O
Opportunity
Short-term Medium-term Medium- to long-term Long-term
SUSTAINABILITY STATEMENTS E2 POLLUTION
E2 Pollution
DOF proactively assesses and controls the environmental impact of its operations, benchmarking fuel efficiency
performance and monitoring GHG emissions across its value chain Pollution prevention measures focus on
emissions, such as air pollution known to be detrimental to the environment, zero-spill targets, waste reduction,
efficient use of natural resources These levers are applied across the business management system and ship
specific documentation to ensure pollution events are prevented and, where this cannot be done, mitigated
DOF’s strategic approach takes three avenues to address the main challenges and focuses on:
• Applying industry best practice standards and pollution prevention methodologies,
• Open stakeholder communication,
• Supporting upstream and downstream value chain wasted reduction targets
E2-3 Targets
To minimise offshore spill pollution events
DOF considers any loss of secondary containment over fifty litres to be a significant spill Our ambition is to
have zero significant spills released to the external environment The incident reporting system records the total
volume of all spills and provides the information to monitor the loss of secondary containment volumes as an
absolute metric The metrics cover all specific and emission loads As a relative metric, DOF records the number
of significant spills to the environment per million manhours A target of less than four significant spills per million
manhours has been set within the Global Improvement Program and agreed upon by the Executive Management
team Nevertheless, DOF is committed to its ambition of zero spills The metrics that relate directly to recording
performance against emissions to water, are voluntary and in addition to mandatory reporting, investigation and
monitoring associated with different geographical locations
The target and metrics cover our entire asset base including owned and chartered vessels
By tracking spill volume and frequency, trends can be identified, benchmarks set, the effectiveness of prevention
measures understood, corrective actions prioritised and demonstrate compliance with environmental regulations
such as MARPOL This contributes to pollution prevention and control in the offshore environment and ensures we
meet the intent of its Environmental Impact Policy
Information is gathered via UNISEA and incident reports to collate information on spill events, including volumes,
locations and the level of containment Pollution events are reported according to the Global Standard - Non-
Conformity and Incident Management In addition, all spill incidents are reported directly from the vessel through
our event flash application to relevant stakeholders in the business If the nature of a pollution event is significant, an
incident investigation is conducted and reported to the respective geographic region regulators
Targets are not based on conclusive scientific evidence
E2-1 Policies related to pollution prevention
Environment Impact Policy:
Purpose
Pollution prevention, waste reduction
Covers
All onshore and offshore worksites and all individuals present on our sites
Accountable
CEO
Available
BMS, SEEMP, Website, All DOF Worksites
Works with Policy
Documents
CoBC, Planet Manual
Certification
ISO 14001
The Environmental Impact Policy governs pollution prevention, environmental impact minimisation and
covers the IRO of “major pollution events because of spills” The Policy and adherence to ISO 14001
provides a structured approach to identify, address and monitor environmental risks such as offshore
spill pollution events
IROS
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
E2 Pollution
Financial exposure in offshore spills
A significant offshore spill event may expose
DOF to financial liabilities
!
Direct
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SUSTAINABILITY STATEMENTS E2 POLLUTION
E2-2 Actions and resources in relation to pollution
Key Action to Address Climate Change
Description and Year of Completion Scope of Action Corresponding Policy Element Overall Progress
Proactive Risk Management: Prevention of pollution events is prioritised by implementing rigorous risk
management practices as outlined in the Business Management System
This includes comprehensive planning, such as thorough project planning,
risk assessments, and emergency response planning, to ensure adequate
controls are in place to reduce or mitigate pollution spill risks before any
activity commences Additionally, we maintain a robust emergency response
framework, including vessel emergency response procedures, SOPEP, Project
Emergency Response Plans, and contract management standards, to effectively
manage pollution incidents
Fleet-wide pollution risk management Environmental Impact Policy:
• Ensure environmental management is given equal consideration throughout all operational
planning and undertaking,
• Consider all environmental incidents to be preventable and make all efforts to meet the
target of zero spill to the external environment
Continuous, as part of Business Management
System
Crew Training and Preparedness Crew members undergo regular training in shipboard pollution emergency plans
(SOPEP/SMPEP), including periodic drills and simulations To ensure a state
of readiness, SOPEP/SMPEP are used as required by the vessel Drill Matrix,
ensuring that our crew is always prepared to respond to potential pollution
incidents All vessels have SOPEP drills scheduled on a quarterly basis
Fleet-wide crew training and
emergency preparedness
Environmental Impact Policy:
Ensure environmental management is given equal consideration throughout all operational
planning and undertaking,
• Consider all environmental incidents to be preventable and make all efforts to meet the
target of zero spill to the external environment,
• Apply applicable laws and regulations and where deficient apply company and industry
best practice
Ongoing Continuously monitored as part of
vessel assurance processes
Reducing Liability DOF’s insurance policy is designed to limit liability for pollution events by focusing
on specific areas of responsibility The company only accepts liability for pollution
caused by its own equipment and vessels, explicitly excluding liability for pollution
from underground reservoirs, permanent installations, or uninsurable risks To
manage these risks, pollution liabilities are passed down to vendors on a knock-
for-knock basis, ensuring that DOF is not left with uninsured risks if a vendor fails
to insure for pollution Additionally, any indemnity for pollution must be carefully
reviewed against the relevant insurance policy to ensure it provides adequate
coverage This thorough approach helps DOF manage potential pollution risks and
claims effectively, safeguarding the company from significant financial exposure
Across Group, unless otherwise
authorised according to authority
matrix
Environmental Impact Policy:
• Apply applicable laws and regulations and where deficient apply company and industry
best practice,
• Assess and control the aspects and impacts of our operations upon the environment
Ongoing, as part of Business Management
System
Supply Chain Management Mechanisms in pre-qualification and tendering processes ensure upstream
areas of our value chain following the same preventative and mitigation
measures for pollution control This includes desktop reviews of pre-
qualification documentation, audits, onsite inspections, and monitoring based on
the criticality of subcontracted work scopes During execution phases of work,
monitoring and follow-up of subcontractors is based upon the scope of work
being performed and criticality
Upstream value chain compliance
with pollution controls
Environmental Impact Policy:
• Apply applicable laws and regulations and where deficient apply company and industry
best practice,
• Ensure environmental management is given equal consideration throughout all operational
planning and undertaking,
• Assess and control the aspects and impacts of our operations upon the environment
Ongoing, as part of Business Management
System See ERSR S2
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E2-4 Pollution of air, water and soil
DOF evaluated its direct value chain to determine its environmental impact It concluded it does not emit
pollutants exceeding the threshold values specified in Annex II of Regulation EC No 166/2006 as part of planned
or foreseeable discharges This assessment accounts for emissions and pollutants emanating from all facilities
under our direct operational control
While DOF does emit GHG pollutants from the combustion of marine diesel oil, these emissions are reported in
detail within the ESRS E1 sustainability statements
To ensure compliance with MARPOL Annexes II and III, DOF reviewed relevant compliance documents and
evaluated all spill events that resulted in a breach of secondary containment The company has determined that
no Annex II pollutants were emitted in these incidents The following tables outline our performance in relation to
significant spills, significant spills per million manhours and total volume of spills;
Number of significant spills (over 50 litres);
2022 2023 2024
2 spills 0 spills 0 spill
Number of significant spills (over 50 litres) per million manhours
2022 2023 2024
02
0
0
Spill performance volume per year (loss of secondary containment in Litres)
2022 2023 2024
2112
105
114
DOF was not subject to any fines in relation to spill pollution events
Although microplastics generated our value chain are not specifically measured, operations were assessed and
concluded there are no significant sources of this pollutant
All discharges to the sea, whether planned or unplanned, are strictly regulated and monitored The company uses
a combination of vessel or asset flow meters, sensors, alarm systems, and CCTV systems to identify and estimate
discharges Additionally, compliance documents such as the Inventory of Hazardous Materials and Documents
of Compliance for the Carriage of Goods provide DOF with detailed information about the substances carried on
board its vessels, their storage requirements, and maximum quantities Compliance against requirements within
these documents is verified periodically by class society and through internal ISM audits
E2-5 Substances of concern and substances of very high concern
The value chain was evaluated and no substances of concern or substances of very high concern that are generated,
procured, or used across our facilities
E2-6 Anticipated financial effects from material pollution related risks and opportunities
DOF exercises the right, as per the ESRS Phase-in option, to begin reporting on this disclosure in the subsequent year
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E5-1 Policies related to circular economy
Environment Impact Policy:
Purpose
Waste reduction and efficient use of natural resources
Covers
All onshore and offshore worksites and downstream suppliers
Accountable
CEO
Available
BMS, Garbage Management Plan, Website, All DOF Worksites
Works with Policy
Documents
CoBC, Planet Manual
Certification
ISO 14001
E5 Circular Economy
Circular Economy measures focus on waste hierarchy, and efficient use of natural resources to avoid the
unnecessary use of natural resources
Our strategic approach uses two levers to address the main challenges and focuses on:
• industry best practice standards and pollution prevention methodologies,
• environmental improvement during projects and new buildings
E5-3 Targets related to resource use and circular economy
DOF has not established measurable targets for resource use and circular economy due to the operational
constraints of reducing daily waste without affecting integrity Waste generation is the key impact, and additional
targets will be assessed when shipbuilding or asset decommissioning activities occur
Despite this, we employ various processes to track the effectiveness of policies related to the circular economy
and actions related to controlling circular economy impacts, risks, and opportunities
Waste management
To ensure the effectiveness of our IMO-approved garbage management plan, our robust systems track its usage
This involves regular waste generation monitoring and disposal records via UNISEA, internal and external audits of
onboard waste management practices, and analysis of operational data to identify areas for improvement
DOF tracks the effectiveness of these measures by identifying the number of incidents related to non-compliance
with the garbage management plan DOF can also gauge the effectiveness of these policies through the safety
observation card system
The Environmental Impact Policy states the ambition in this area, we seek to adhere to the waste hierarchy, avoid
the inefficient use of natural resources, and comply with relevant legislation
During the reporting period, one non-conformity was recorded and related to waste management and compliance
with the IMO garbage management plan An internal catering inspection identified waste collection facilities in the
kitchen and galley area were not labeled and legible as per the garbage management plan
IROS
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
E5 Circular Economy and Resource Use
Generation of Waste
DOF generates significant quantities of waste as
part of day-to-day activities and as part of vessel
overhauls and maintenance
AI
Across whole
value chain
Impact materiality Financial materiality
PI
Potential impact
AI
Actual impact
!
Potential risk
!
Actual risk
O
Opportunity
Short-term Medium-term Medium- to long-term Long-term
SUSTAINABILITY STATEMENTS E5 CIRCULAR ECONOMY
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SUSTAINABILITY STATEMENTS E5 CIRCULAR ECONOMY
E5-2 Actions and resources in relation to circular economy
Key Action to Address Climate Change Description and Year of Completion Scope of Action Corresponding Policy Element Overall Progress
Garbage and Waste Management Plans All vessels n the fleet have a garbage management plan that prioritises
waste reduction, recycling, and responsible disposal The plan minimises
waste generation, seeks to reuse materials where possible, and
segregates waste streams to maximise proper processing when waste is
transferred from the vessel
Project documentation such as Health, Safety and Environmental
Management Plans assist DOF with the management of project-specific
wastes or managing waste streams in remote or sensitive environments
Fleet-wide application of
Garbage Management Plan
Project HSE Management
Plans established on an ad-hoc
basis related to the nature and
level of Project
Environmental Impact Policy:
• Ensure environmental management is given equal consideration throughout all operational
planning and undertaking;
• Assess and control the aspects and impacts of our operations upon the environment;
• Apply applicable laws and regulations and where deficient apply company and industry best
practice
• Reduce and restrict the production of waste products known to be detrimental to the
environment;
• Minimise our impact on the environment through pollution prevention, efficient use of natural
resources and the reduction and recycling of waste
Ongoing, as part of Business Management System
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SUSTAINABILITY STATEMENTS E5 CIRCULAR ECONOMY
Actions in relation to resource use and circular economy
Waste management:
All vessels in the fleet have a garbage management plan that prioritises waste reduction, recycling, and responsible
disposal The plan minimises waste generation, seeks to reuse materials where possible, and segregates waste
streams to maximise proper processing when waste is transferred from the vessel Project documentation such as
Health, Safety and Environmental Management Plans assist with the management of project-specific wastes or
managing waste streams in remote or sensitive environments
E5-4 Resource in-flows
Our value chain, especially in engineering, vessel design, procurement, and supply chain management, can
influence the quantity, origin, recyclability, and source of raw materials Virgin steel emerges as a critical raw
material input, in the areas of new-build and major vessel conversions However, as no new build projects were
conducted in the 2024 reporting period, it is not deemed material this year
Other process materials, semi-manufactured goods, and assets such as heavy machinery, transport vehicles, and
IT equipment are used, however, their use is sporadic, localised, and no single resource input is fundamental to the
services we provide
As we become involved in future newbuild and major conversion projects, incorporating circular thinking into
the design, procurement and use of virgin steel will become a critical area of sustainability management for the
organisation
E5-5 Resource out-flows
DOF is embedding circular economy principles within our value chain, ensuring that resource outflows are managed
responsibly while integrating circular design into project execution, material usage, and product lifecycles This
approach maximises material recirculation, minimises waste generation, and ensures that products are designed
and utilized for their full lifespan in accordance with ESRS E5-5 disclosure requirements Following our materiality
assessment, no material impacts, risks, or opportunities related to resource outflows from products and services
were identified
Products and materials
Resource outflows and circular design:
No major vessel conversions or shipbuilding projects occurred during the reporting period and therefore no
substantial by-products associated with manufacturing or production processes have been identified
As part of our day-to-day operations, waste is generated from end-of-life machinery components, consumables,
sea-fastening grillage, installation aids, and IT equipment These by-products are not considered substantial
resource outflows, as they are produced irregularly, in varying quantities and with characteristics unique to each
vessel or project, rather than being fundamental to the direct value chain
Waste reduction and management strategy
Our waste reduction strategy is aligned with circular economy principles, aiming to recirculate materials and
minimise waste generation Vessel-specific Garbage Management Plans provide the framework for optimal
waste sorting, enabling the appropriate treatment of waste streams once disembarked Waste transfer notes are
maintained to document the handover of disposal responsibilities to third-party carriers, which may be directly
contracted or managed through clients or agents All waste discharges, whether planned or unplanned, are
recorded in the Garbage Record Book, detailing the date, vessel position, quantity and type of waste, and its point
of discharge, whether a ship, port, or reception facility
Total waste generation:
During 2024, our operations generated approximately 120,401 metric tonnes of waste, consisting of hazardous
and non-hazardous waste streams, delivered ashore, discharged at sea, or incinerated in compliance with MARPOL
Regulations Of this, 15,337 metric tonnes were classified as hazardous waste and 105,063 metric tonnes as
non-hazardous waste, as defined by the Waste Framework Directive (Directive 2008/98/EC)
A total of 106,398 metric tonnes of waste was discharged at sea under MARPOL Annex V requirements, while
529 metric tonnes were incinerated using MARPOL Annex VI-compliant incinerators on board our assets Although
DOF does not have full oversight of the ultimate disposal of waste once discharged from vessels, 10,590 metric
tonnes of vessel waste was discharged from the vessel in waste streams intended for recycling or recovery
ESRS Requirement
Waste Category Total Waste
(Metric Tonnes)
Breakdown
E5-5 37(a) Total waste generated 120400 Includes hazardous, non-hazardous, sea discharges, and
incinerated waste
E5-5 37(b)(ii) Waste recycled 10590 Discharged in recyclable waste streams**
Waste recycled (hazardous) 9770 Discharged in recyclable waste streams**
Waste recycled (non-Hazardous)
819
Discharged in recyclable waste streams**
E5-5 37(c)(i)
Waste incinerated (non-hazardous)
529
Incinerated onboard vessels using MARPOL Annex VI-
compliant incinerators
E5-5 37(c)(iii) Other disposal operations 106398 Includes sea discharges under MARPOL Annex V
requirements
Other disposal operations (hazardous) 3350 Includes sea discharges under MARPOL Annex V
requirements
Other disposal operations (non-Hazardous) 103048 Includes sea discharges under MARPOL Annex V
requirements
E5-5 37(d) Non-recycled waste 109281 Includes MARPOL-compliant discharges, incinerated
waste, and waste without feasible recycling options
Non-recycled waste (hazardous) 5566 Includes MARPOL-compliant discharges, incinerated
waste, and waste without feasible recycling options
Non-recycled waste (non-Hazardous)
103701
Includes MARPOL-compliant discharges, incinerated
waste, and waste without feasible recycling options
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SUSTAINABILITY STATEMENTS E5 CIRCULAR ECONOMY
Waste composition and hazardous waste:
The composition of waste is largely driven by the operational nature of our industry Primary waste streams include
food waste, grey water, and sewage, which are treated and discharged at sea within the limits and exceptions
outlined by MARPOL These discharges represent the majority of our waste output in terms of volume A smaller
proportion of the waste stream, approximately 13%, is classified as hazardous waste, primarily consisting of
oily water arising from engine room operations, bilge water, fuel oil purification, tank cleaning, maintenance,
and ballast water management activities 91% of the waste volume generated by DOF is categorised as non-
recyclable, principally because of the large quantities of waste treated and discharged to sea (approximately 88%
of total waste volume)
Through Garbage Management Plan compliance, no radioactive waste was handled or treated on board vessels
during the reporting period
**Contextual information and data transparency:
The data on waste management practices and waste composition is derived from direct measurements, including
tank soundings and waste transfer records from contracted waste collectors While the Garbage Record Book records
waste volumes in cubic meters, DOF also determines waste weight This is achieved through a combination of direct
weighing, precise measurements, and, when necessary, the application of established volume-to-weight conversion
factors tailored to specific waste types The conversion factors are based on local standards and crew expertise
The final destination and method of disposal are subject to external factors such as local regulatory requirements,
waste management infrastructure, and varying levels of waste recovery mandated by environmental standards
Due to the complexity of waste disposal arrangements across the value chain including multiple discharge
locations, waste carriers, contract arrangements, and chains of custody the organisation does not have full
oversight of ultimate disposal methods and quantities This gives rise to uncertainty in reporting rates associated
with reuse, recycling and land filled In alignment with ESRS E5 DR40, and to estimate waste disposal quantities,
DOF assumes that waste is disposed of according to its categorised waste stream at the vessel discharge point,
but there is no guarantee of this
Waste logs managed under the Garbage Management Plan are recorded in accordance with the International
Convention for the Prevention of Pollution from Ships (MARPOL) Annex V, and to ensure compliance with ESRS
requirements, classifications within these logs have been cross-referenced with the EU Waste Framework
Directive classifications The measurement of waste metrics has not been validated by an external body other
than the assurance provider
E5-6 Anticipated financial effects from pollution-related impacts, risks and opportunities
We exercise the right, as per the ESRS Phase-in option, to begin reporting on this disclosure in the subsequent year
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68 DOF INTEGRATED ANNUAL REPORT 2024
DOF’s operations
DOF’s main value generation activities are
integrated subsea and marine services
to global offshore energy producers and
other subsea engineering companies
We operate in an evolving market, where
responding to changing stakeholder
demands and changes in the energy mix
are central to our strategy and future
value creation
EU Taxonomy Key Performance Indicators
The EU Taxonomy defines sales revenue, capital expenditure and operating expenditure as the key performance indicators that must be reported on
A summary of key performance indicators follows below
EU Taxonomy aims to gradually introduce additional economic activities under its regulation The Group will therefore continue to follow the advancement of the
taxonomy closely and conduct new eligibility screenings once the new economic activities are launched Furthermore, new eligibility screenings will be conducted
when the Group starts to perform additional economic activities that are not performed to this date
Turnover
Taxonomy
aligned 1%
Taxonomy eligible
but not aligned 25%
Taxonomy non-eligible
activities 74%
Capital Expenditure
Taxonomy
aligned 0%
Taxonomy eligible
but not aligned 43%
Taxonomy non-eligible
activities 57%
Operating Expenditure
Taxonomy
aligned 0%
Taxonomy eligible
but not aligned 48%
Taxonomy non-eligible
activities 51%
EU Taxonomy
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SUSTAINABILITY STATEMENTS EU TAXONOMY
About the EU Taxonomy
The EU Taxonomy is an internationally
recognised classification system that establishes
what companies can consider sustainable
economic activities to reorient capital flows
towards sustainable investments and help
navigate the transition to a low-carbon society,
as well as fostering a resilient and resource-
efficient economy for investors and companies
The primary aim of regulation is:
• To reach the EU’s climate and environmental targets
for 2030
• Meet the objectives of the European Green
Deal’s net zero target, that ensures economic
growth is decoupled from resource use, with no
person and no place left behind
Boundaries of DOF’s Taxonomy
The following boundaries apply to this report:
1. Economic activities are considered irrespec-
tive of their geographical location, whether
inside or outside of the European Union
2. Economic activities from joint arrangements
are not part of the reporting
EU TAXONOMY DEFINITIONS:
An economic activity is considered ‘eligible’ if
it is listed in the EU Taxonomy and has the
potential to positively contribute to at least one
of the following six environmental objectives:
For an activity to be considered environmentally sustainable
(i.e. taxonomy-aligned), it must meet all three conditions.
Climate change
mitigation
CONDITION 1: It makes a substantial contribution to one of
the environmental objectives by meeting the screening criteria
defined for this economic activity.
Transition to a
circular economy
Sustainable use
and protection
of water and
marine resources
CONDITION 3: It is carried out in compliance with the minimum
safeguards, which relate primarily to human rights and social
and labour standards.
Climate change
adaptation
CONDITION 2: It meets the Do-No-Significant-Harm (DNSH)
criteria defined for this economic activity.
Pollution
prevention and
control
Protection and
restoration of
biodiversity and
ecosystems
DOF and the EU Taxonomy
DOF’s Operations
A significant proportion of the DOF’s operations are in
support of conventional offshore energy production
By nature, these activities are not described in the
Delegated Acts under EU Taxonomy Regulation and
therefore will be reported as non-eligible economic
activities However, some of DOF’s core business and
deliveries, like the renewable energy business and
decommissioning projects in the Group will in general
be defined as eligible economic activities described in
the Climate Delegate Act
Subsea Service Segment
The subsea fleet comprises both owned and chartered
vessels Most contracts awarded in this segment
involve project-specific vessels, other project related
equipment and associated subsea services
A significant number of the subsea projects
undertaken in DOF fall in the Inspection, Maintenance
and Repair (IMR) category IMR projects are executed
in the Atlantic region, the Asia-Pacific region, and the
North America region
The majority of DOF’s eligible projects were executed
in the Subsea Services segment in 2024
Marine Operations
Marine operations describes the activities associated
with the management of DOF’s vessels under Time
Charter contracts with clients in the conventional
offshore energy industry, primarily in the North-
Sea, Asia Pacific, Canada and Brazil Under Time
Charter contracts, the vessels are utilised in various
operations offshore according to the customer’s
ongoing need for support
DOF consider the work the PSV (Platform Supply
vessels) and the AHTS (Anchor Handling Tug Supply
vessels) are designed and equipped for fall within
activity:
• “610 - Sea and coastal freight water transport,
vessels for port operations and auxiliary
activities”
These vessels are specifically designed and built to
transport freight to or from offshore installation for
the combined transport of freight and passengers on
sea or coastal waters, whether scheduled or not
Construction vessels and other vessels on Time-
Charter contracts with clients have no qualified
economic activities under the EU-Taxonomy
Interpretation of the “610” activity is reported from
2024 as the interpretation of “610” is new and has
been made effective from 2024 Comparable figures
for 2023 present this activity as non-eligible
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Type of work
Aligned Region Taxonomy description Activity description
Decommissioning
projects
No Atlantic
APAC
CE 3.3 Demolition and wrecking of buildings and other
structures
Decommissioning refers to the process of safely retiring and removing facilities, structures, or equipment from
operation after they have completed their useful life, followed by environmental restoration
Cable Repair/
Cable laying/
Quality Control
Yes
& No
Atlantic
North
America
CCM 4.9 Transmission and distribution of electricity
CCA objective was evaluated, but concluded not eligible as
no adaptive measures are implemented.
Offshore activities involving cable repair, cable laying and quality control of electrical cables DOF’s scope was to
dismantle, retrieve and dispose of subsea infrastructure within the Heimdal field
Operations of Anchor
Handlers & Platform
Supply Vessels
No Atlantic
Brazil
CCM 6.10 Sea and coastal freight water transport,
vessels for port operations and auxiliary activities
CCA objective was evaluated, but concluded not eligible as
no adaptive measures are implemented.
PSVs are specifically designed and built to transport freight to/from offshore platforms and our AHTS vessels are
fitted to move rigs and work with anchor chains, some are even fitted with ROVs
Debris Recovery
No APAC CCM 5.5 Collection and transport of non-hazardous waste
in source segregated fractions
CCA objective was evaluated, but concluded not eligible as
no adaptive measures are implemented.
A waste recovery project involved the recovery and transport of debris recovered from the seabed at the Gorgon
field, located off the North West shelf, Western Australia in March 2024
Ocean Cleanup
No Atlantic CE 2.3 Collection and transport of non-hazardous and
hazardous waste
A non-profit organisation that is using two anchor handlers to pull their garbage removal System 03 to clean the
great pacific garbage patch
Solutions for GHG
emission reduction
No All Regions CCM 8.2 Data-driven solutions for GHG emission
reduction
DOF has data-driven solutions for GHG emission reductions in their operations For example, the Digital Fleet
project is a programme to optimise maintenance, fuel consumption and emissions Delivering a common platform
for vessel sensor data collection, visualisation, reporting and analysis This strengthens monitoring and control of
fleet performance and supports better decisions to continuously improve
Leasing office and
warehouse spaces
No All Regions CCM 7.7 Acquisition and ownership of buildings
CCA objective was evaluated, but concluded not eligible as
no adaptive measures are implemented.
DOF has long-term lease arrangements for warehouses and offices
Installation of
EV Chargers
No North
America
CCM 7.4 Installation, maintenance and repair of charging
stations for electric vehicles in buildings
Three electric vehicle charges were installed for employee use at our office located in Canada
Test of offshore
charging buoy
No Atlantic CCM 3.20 Manufacture, installation, and servicing of high,
medium and low voltage electrical equipment for electrical
transmission and distribution that result in or enable a
substantial contribution to climate change mitigation
DOF assisted in the test of an offshore charging buoy to allow vessels to charge at sea away from port
Tidal wave
turbines
No Atlantic CCM 4.4 Electricity generation from ocean energy
technologies. CCA objective was evaluated, but concluded
not eligible as no adaptive measures are implemented
Installation of a tidal turbine, which are similar to wind turbines The purpose is to collect tidal energy which is
harnessed by converting energy from tides into useful forms of energy
Owned and leased
vehicles
No Atlantic,
North
America
CCM 6.5 Transport by motor-bikes, passenger cars and
light commercial vehicles Company vehicles used for
transporting goods and personnel related to business
activities and vehicles allocated to employees. CCA
objective was evaluated, but concluded not eligible as no
adaptive measures are implemented
Company vehicles used for trans-porting goods and personnel related to business activities and vehicles allocated
to employees
An economic activity is considered ‘eligible’ if it is
listed in the EU Taxonomy and has the potential to
positively contribute to at least one of the following
six environmental objectives:
• Climate change mitigation
• Climate change adaptation
• Sustainable use and protection of water and
marine resources
• Transition to a circular economy
• Pollution prevention and control
• Protection and restoration of biodiversity and
ecosystems
DOF undertook a structured approach to screen our
operations and assess eligibility:
• Established a global cross discipline team to
conduct the eligibility screening of all operations
executed by the Group
• The team consisted of members from finance,
operation, business acquisition and HSEQ
• Screening and assessments identified which
operations meet the eligibility criteria in the
Delegated Acts under the Taxonomy Regulation
and its amendments
• Eligible activities were identified through review
and evaluation of our operations
• A list of potentially eligible activities was drafted
and discussed with key internal employees,
external consultants and advisors
• Consultations with ESG and EU-Taxonomy
consultants and advisors throughout the process
The assessment of the technical screening criteria for
each of the potentially eligible activities, as specified
in the Commission Delegated Regulation (EU)
2021/2139 and its amendments, concludes that the
Group performed the following eligible activities in
2024: See Table
Eligibility screening of DOF’s operations
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For an activity to be considered environmentally
sustainable (ie taxonomy-aligned), it must meet all
three of the following conditions:
Condition 1: It makes a substantial contribution to
one of the environmental objectives by meeting the
screening criteria defined for this economic activity
Condition 2: It meets the Do-No-Significant-Harm
(DNSH) criteria defined for this economic activity
Condition 3: It is carried out in compliance with the
minimum safeguards, which relate primarily to human
rights and social and labour standards
In the alignment assessment, eligible economic
activities are assessed against the substantial
contribution criteria and the “do no significant harm”
(DNSH) criteria While the substantial contribution
criteria and DNSH criteria are economic activity-
specific criteria, the minimum safeguards criteria are
a Group-level policy requirement
Through the alignment assessment, DOF identified
two projects that meet the substantial contribution
criteria for Climate Change Mitigation, within the
activity “CCM 49 Transmission and distribution of
electricity” One project involved quality inspection
of a newly laid cable, and one project involved repair
of existing cables When evaluating the “do no
significant harm” criteria it was concluded that all
requirements are met Assessment of the Minimum
Social Safeguards concluded with compliance, and
further information related to the safeguards is found
in the Table opposite
Alignment assessment of DOF’s eligible economic activities
Minimum Social Safeguard
DOF Approach
Human Rights Guided by our values, DOF is committed to respecting human rights Our policies and standards ensure our operations do not breach laws, conventions, or UN guidelines, upholding International
Law and Labour Organisation Conventions
We are committed to perform human rights due diligence DOF Group ASA and all its subsidiaries adhere to the same guide-lines, procedures, and governing documents regarding human rights,
and our due diligence assessments are based up on the common risks identified in our unified Supply Chain Management system or any incidents reported through our grievance mechanisms
Our approach to Human Rights Due Diligence is communicated in our Transparency Act statement, our Modern Slavery Act statement, our Code of Business Conduct and expectations towards
suppliers are outlined in our Supplier Code of Conduct Information about the transparency act statement, and where it can be found on our web page is also informed in our Annual report
DOF has not been found in breach of labour law or human rights, and there has not been any cases or allegations brought for-ward through OECD National Contact Point or Business and Human
Rights Resource Centre
Corruption The DOF Group is opposed to corruption in all forms, and promotes the highest level of integrity, ethical behaviour, and accountability Our Anti-corruption Policy, Code of Business Conduct, and
business ethics training is part of our anti-corruption framework
DOF, or its senior management, including the senior management of its subsidiaries, have not been convicted in court of corruption
Taxation The DOF Group aims to achieve excellence in all its operations in every jurisdiction it works By providing a Tax Policy, the DOF Group ensures that all tax obligations are complied with in a timely,
efficient and cost-effective manner, in all project locations The DOF Group is mindful of its responsibility and committed to paying its fair share of taxes to the countries in which it operates, in
compliance with applicable laws and conventions and in accordance with DOF’s Code of Business Conduct
DOF or its subsidiaries have not been found in violation of tax laws
Fair Competition Through our Business Integrity and Ethics Policy, Code of Business Conduct, and training, DOF promotes employee awareness of the importance of compliance with all applicable competition
laws and regulations
DOF, or its senior management, including the senior management of its subsidiaries, have not been found in violation of competition laws
SUSTAINABILITY STATEMENTS - EU TAXONOMY
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72 DOF INTEGRATED ANNUAL REPORT 2024
KPI policy and the relation to financial statements
Turnover:
Total turnover is defined as the operating revenue following the IFRS definition of
revenue, as presented in the financial statements Eligible turnover is defined as the
operating revenue derived from eligible external projects presented in the KPIs If a
project consists of eligible and non-eligible operation, allocation of revenue is based
on number of offshore days spent in the various activities All eligible turnover in the
subsea service segment is within IFRS 15 “Revenue from contracts with customers”
and IFRS 16 “Leases” Turnover in the marine operations is within IFRS 15 “Revenue
from contracts with customers” and IFRS 16 “Leases” For more information about
operating revenue, see note 5 ‘Management reporting’, note 6 ‘Segment reporting’ and
note 7 ‘Operating revenue’ in the financial statements
CapEx:
Total CapEx is defined as the Group’s additions to tangible assets and intangible assets
(contract cost) following the IFRS definition of CapEx, as presented in notes to the Group’s
balance sheet Contract cost is costs occurred as preparation for delivery of long-term
projects Tangible assets will be addition of vessels, ROVs, other equipment and long-term
lease (right of use assets) The Group’s eligible CapEx relates to its vessels, equipment, the
long-term lease (right of use assets) and contract costs operating in projects that meet
criteria for eligibility Only CapEx on vessels directly involved in the eligible and aligned
activity are included in the CapEx In the acquisition of DOF Denmark, all vessels in the
AHTS category have been allocated to eligible activities
Only new agreements on the right of use property are included as CapEx when it leads to
addition of a tangible asset in the financial statement For more information about tangible
assets and contract costs, see note 11 ‘Tangible assets’ and note 14 ‘Contract costs in
the statements’
OpEx:
Total OpEx is defined as the sum of all research and devel opment costs, payroll expenses
and other operating expenses directly related to the maintenance, repair and day-to-day
servicing of vessels, ROVs, and equipment Eligible OpEx is defined as the cost of direct
maintenance and repair, as well as other expenditures relating to the day-to-day servicing of
vessels, ROVs, and other equipment Eligible OPEX is cost included in the financial statement
under “Operating Expenses” Some cost elements like crew/personnel costs in the parallel
expenses not related to the maintenance and repair of assets are excluded Research and
development (R&D) cost for eligible activities consist of direct procurement to the projects
and cost of personnel working in the eligible R&D project Administrative costs and all other
personnel costs are excluded Short-term lease of vessels and other equipment is excluded
in the OpEx due to unavailability of data
Turnover KPI
(Amounts in USD million)
2024 2023
EU-Taxonomy - eligible and aligned activities
16
1% 30 3%
EU-Taxonomy - eligible not aligned activities
347
25% 86 8%
EU-Taxonomy non- eligible activities
1,022
74% 1,014 90%
Total EU-Taxonomy reported revenue 1385 100% 1129 100%
Total Operating Revenue in consolidated Financial
Statement *) 1385 1129
*) The Total Operating Revenue defined by IFRS. See Consolidated Financial Statement of Profit or Loss for
further information.
OpEx KPI (Amounts in USD million)
2024 2023
EU-Taxonomy - eligible and aligned activities - -
1
1%
EU-Taxonomy - eligible not aligned activities
45
49%
5
5%
EU-Taxonomy non- eligible activities
48
51%
82
94%
Total Taxonomy reported OPEX 93 100% 88 100%
IFRS operational expenses that do not meet KPI
definition in the EU-Taxonomy 863 703
Total 956 791
Total Operating Expenses in Consolidated
Financial Statement *) 956 791
*) The Total Operating Expenses defined by IFRS. See Consolidated Financial Statement of Profit or Loss for further information.
CapEx KPI (Amounts in USD million)
2024 2023
EU-Taxonomy - eligible and aligned activities
-
-
-
-
EU-Taxonomy - eligible not aligned activities
432
43% 4 2%
EU-Taxonomy non- eligible activities
575
57% 187 98%
Total EU-Taxonomy reported CAPEX 1008 100% 192 100%
IFRS CAPEX on tangible assets
990
165
IFRS CAPEX on intangible assets (contract costs)
18
27
Total IFRS CAPEX tangible- and intangible assets
(contract costs*) 1008 192
*) The total CAPEX defined by IFRS. See consolidated Financial Statement of Profit or Loss for further information
The KPIs are presented in USD based on consolidated
figures of the economic activity for the Group For
2023 the reporting currency was NOK Comparable
NOK amounts for 2023 are converted to USD for
the purpose of presentation Economic activity from
joint venture arrangements are excluded in the EU
Taxonomy. The EU-Taxonomy reported covers the same
period as the Group’s financial statements for 2024
On the 1 November 2024 DOF Group ASA acquired
Maersk Supply Service A/S, renamed to DOF
Denmark A/S, to further enhance its position as a
major integrated offshore service provider
In connection with the acquisition of DOF Denmark,
a Purchase Price Allocation (PPA) has been made
where the purchase price is distributed among the
assets that have been purchased The value of the
vessels in the acquisition is included in CAPEX for
DOF Group ASA for 2024 All economic activities
from 1 November 2024 to 31 December in DOF
Denmark have been assessed and included in the
group’s KPIs for Revenue, OPEX and CapEX for 2024
using DOF’s reporting principles Comparable figures
have not been prepared for DOF Denmark for 2023
For further information about the acquisition of DOF
Denmark, see notes to the financial statements for
DOF Group ASA for 2024
In cases where DOF’s projects consist of several
economic activities, the turnover, CapEx and OpEx
were allocated to each executed economic activity by
following a methodology dividing the turnover, CapEx
and OpEx into separate parts These estimates are
based on the extent and scope a specific economic
activity had in the particular project
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73 DOF INTEGRATED ANNUAL REPORT 2024
Proportion of turnover from products or services associated with taxonomy-aligned economic activities
Financial year N 2024 Substantial contribution criteria DNSH criteria
Economic activities Codes Turnover
Proportion
of
Turnover,
year N
Climate
mitigation
Climate
adaptation
Water
Circular
economy
Pollution
prevention
Biodiversity
Climate
mitigation
Climate
adaptation
Water
Circular
economy
Pollution
prevention
Biodiversity
Minimum
safeguards
Proportion
aligned
(A.1) or
eligible
(A.2)
Turnover,
year N-1
Category
enabling
activity
Category
transitional
activity
1000 USD % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N Y;N Y;N Y;N Y;N Y;N Y;N % E T
A
. TAXONOMY-ELIGIBLE ACTIVITIES
A
.1. Environmentally sustainable activities (Taxonomy-aligned)
Transmission and distribution of electricity
CCM 49 15897 1%
Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0% E
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A1)
15897 1%
1% 000% 000% 000% 000% 000% Y Y Y Y Y Y 3%
Of which Enabling
15897 1%
1% 000% 000% 000% 000% 000% Y Y Y Y Y Y 0% E
Of which Transitional
0 000%
000% 0% T
A
.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL
Acquisition and ownership of buildings
CCA 77/
CCM 77
0 0%
EL EL N/EL N/EL N/EL N/EL 0%
Collection and transport of non-hazardous and hazardous waste
CE 23
455 0%
N/EL N/EL N/EL EL N/EL N/EL 0%
Collection and transport of non-hazardous waste in source segregated
fractions
CCA 55/
CM 55
6723 0%
EL EL N/EL N/EL N/EL N/EL 0%
Data-driven solutions for GHG emissions reductions
CCM 82 - 0%
EL N/EL N/EL N/EL N/EL N/EL 0%
Demolition and wrecking of buildings and other structures
CE 33
81210 6% N/EL N/EL N/EL EL N/EL N/EL 8%
Electricity generation from ocean energy technologies
CCA 44/
CM 44
508 0% EL EL N/EL N/EL N/EL N/EL 0%
Installation, maintenance and repair of charging stations for electric
vehicles in buildings (and parking spaces attached to buildings)
CCA 74/
CCM 74
- 0% EL EL N/EL N/EL N/EL N/EL 0%
Manufacture, installation, and servicing of high, medium and low voltage
electrical equipment for electrical transmission and distribution that result
in or enable a substantial contribution to climate change mitigation
CCM 320
44 0% EL N/EL N/EL N/EL N/EL N/EL 0%
Sea and coastal freight water transport, vessels for port operations and
auxiliary activities
CCA 610/
CCM 610
254950 18% EL EL N/EL N/EL N/EL N/EL 0%
Transmission and distribution of electricity
CCA 49/
CCM 49
3503 0% EL EL N/EL N/EL N/EL N/EL 0%
Transport by motorbikes, passenger cars and light commercial vehicles
CCA 65/
CCM 65
0% EL EL N/EL N/EL N/EL N/EL 0%
Turnover of Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities) (A.2)
347394 25% 19% 19.% 0% 6% 0% 0% 8%
A
. Turnover of Taxonomy eligible activities (A.1 + A.2) 363291 26% 20% 20% 0% 6% 0% 0% 10%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy non-eligible activities (B)
1021708
74%
Total (A + B)
1,385,000
100%
Proportion of Turnover/Total Turnover
Aligned per objective Eligible per objective
CCM
1%
20%
CCA
0%
20%
WTR
0%
0%
CE
0%
6%
PPC
0%
0%
BIO
0%
0%
Nuclear energy related activities
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from
nuclear processes with minimal waste from the fuel cycle
NO
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes
of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies
NO
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades
NO
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels
NO
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels
NO
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels
NO
SUSTAINABILITY STATEMENTS - EU TAXONOMY
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74 DOF INTEGRATED ANNUAL REPORT 2024
Proportion of CapEx from products or services associated with taxonomy-aligned economic activities
Financial year N 2024 Substantial contribution criteria DNSH criteria
Economic activities Codes CapEx
Proportion
of CapEx,
year N
Climate
mitigation
Climate
adaptation
Water
Circular
economy
Pollution
prevention
Biodiversity
Climate
mitigation
Climate
adaptation
Water
Circular
economy
Pollution
prevention
Biodiversity
Minimum
safeguards
Proportion
aligned
(A.1) or
eligible
(A.2)
CapEx,
year N-1
Category
enabling
activity
Category
transitional
activity
1000 USD % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N Y;N Y;N Y;N Y;N Y;N Y;N % E T
A
.
TAXONOMY-ELIGIBLE ACTIVITIES
A1 Environmentally sustainable activities (Taxonomy-aligned)
Transmission and distribution of electricity
CCM49 186
CAPEX of environmentally sustainable activities
(Taxonomy-aligned) (A1)
186
0% 0%
0% 0% 0% 0% 0% Y Y Y Y Y Y N/A N/A
Of which Enabling
186 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y N/A N/A E
Of which Transitional
-- 0% 0% Y Y Y Y Y Y N/A N/A T
A
.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL
Acquisition and ownership of buildings
CCA 77/
CCM 77
5514 1% EL EL N/EL N/EL N/EL N/EL 2%
Collection and transport of non-hazardous and hazardous waste
CE 23 -
0%
N/EL N/EL N/EL EL N/EL N/EL 0%
Collection and transport of non-hazardous waste in source
segregated fractions
CCA 55/
CCM 55
113
0%
EL EL N/EL N/EL N/EL N/EL 0%
Data-driven solutions for GHG emissions reductions CCM 82 - 0% EL N/EL N/EL N/EL N/EL N/EL 0%
Demolition and wrecking of buildings and other structures CE 33 750 0% N/EL N/EL N/EL EL N/EL N/EL 0%
Electricity generation from ocean energy technologies
CCA 44/
CCM 44
- 0% EL EL N/EL N/EL N/EL N/EL 0%
Installation, maintenance and repair of charging stations for electric
vehicles in buildings (and parking spaces attached to buildings)
CCA 74/
CCM 74
9796 0% EL EL N/EL N/EL N/EL N/EL 0%
Manufacture, installation, and servicing of high, medium and
low voltage electrical equipment for electrical transmission and
distribution that result in or enable a substantial contribution to
climate change mitigation
CCM 320 - 0% EL N/EL N/EL N/EL N/EL N/EL 0%
Sea and coastal freight water transport, vessels for port operations
and auxiliary activities
CCA 610/
CCM 610
361043 36% EL EL N/EL N/EL N/EL N/EL 0%
Transmission and distribution of electricity
CCA 49/
CCM 49
64965 6% EL EL N/EL N/EL N/EL N/EL 0%
Transport by motorbikes, passenger cars and light commercial
vehicles
CCA 65/
CCM 65
38 0% EL EL N/EL N/EL N/EL N/EL 0%
CapEx of Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities) (A
.
2)
432431 43% 43% 43% 0% 0% 0% 0% 2%
A
.
CapEx of Taxonomy eligible activities (A
.
1 + A
.
2)
432617
43%
43%
43%
0%
0%
0%
0%
2%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
CapExr of Taxonomy non-eligible activities (B)
575336
57%
Total (A + B)
1,007,953
100%
Proportion of CapEx/Total CapEx
Aligned per objective Eligible per objective
CCM 0% 43%
CCA 0% 43%
WTR
0%
0%
CE 0% 0%
PPC 0% 0%
BIO
0%
0%
Nuclear energy related activities
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from
nuclear processes with minimal waste from the fuel cycle
NO
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes
of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies
NO
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades
NO
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels
NO
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels
NO
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels
NO
SUSTAINABILITY STATEMENTS - EU TAXONOMY
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75 DOF INTEGRATED ANNUAL REPORT 2024
Proportion of OpEx from products or services associated with taxonomy-aligned economic activities
Financial year N 2024 Substantial contribution criteria DNSH criteria
Economic activities Codes OpEx
Proportion
of OpEx,
year N
Climate
mitigation
Climate
adaptation
Water
Circular
economy
Pollution
prevention
Biodiversity
Climate
mitigation
Climate
adaptation
Water
Circular
economy
Pollution
prevention
Biodiversity
Minimum
safeguards
Proportion
aligned
(A.1) or
eligible
(A.2)
CapEx,
year N-1
Category
enabling
activity
Category
transitional
activity
1000 USD % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N Y;N Y;N Y;N Y;N Y;N Y;N % E T
A.
TAXONOMY-ELIGIBLE ACTIVITIES
A
.1. Environmentally sustainable activities (Taxonomy-aligned)
Transmission and distribution of electricity
CCM 49
378
0%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
0%
E
OpEx of environmentally sustainable activities
(Taxonomy-aligned) (A1)
378 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y 1%
Of which Enabling
378
0%
0%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
0%
E
Of which Transitional
-
0%
0%
0%
T
A
.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL
Acquisition and ownership of buildings
CCA 77/
CCM 77
-
0%
EL EL N/EL N/EL N/EL N/EL 0%
Collection and transport of non-hazardous and hazardous waste
CE 23
31
0%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
0%
Collection and transport of non-hazardous waste in source segregated
fractions
CCA 55/
CCM 55
155 0% EL EL N/EL N/EL N/EL N/EL 0%
Data-driven solutions for GHG emissions reductions
CCM 82
199
0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
1%
Demolition and wrecking of buildings and other structures
CE 33
2638
3%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
5%
Electricity generation from ocean energy technologies
CCA 44/
CCM 44
20 0% EL EL N/EL N/EL N/EL N/EL 0%
Installation, maintenance and repair of charging stations for electric
vehicles in buildings (and parking spaces attached to buildings)
CCA 74/
CCM 74
- 0% EL EL N/EL N/EL N/EL N/EL 0%
Manufacture, installation, and servicing of high, medium and low
voltage electrical equipment for electrical transmission and distribution
that result in or enable a substantial contribution to climate change
mitigation
CCM 320 8 0% EL N/EL N/EL N/EL N/EL N/EL 0%
Sea and coastal freight water transport, vessels for port operations
and auxiliary activities
CCA 610/
CCM610
41727 45% EL EL N/EL N/EL N/EL N/EL 0%
Transmission and distribution of electricity
CCA 49/
CCM 49
20 0% EL EL N/EL N/EL N/EL N/EL 0%
Transport by motorbikes, passenger cars and light commercial vehicles
CCA 65/
CCM 65
4 0% EL EL N/EL N/EL N/EL N/EL 0%
OpEx of Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities) (A
.
2)
44802 48% 45% 45% 0% 3% 0% 0% 5%
A.
OpEx of Taxonomy eligible activities (A
.
1 + A
.
2) 45180 49% 46% 46% 0% 3% 0% 0% 6%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities (B)
47542
51%
Total (A + B)
92,722
100%
Proportion of OpEx/Total OpEx
Aligned per objective Eligible per objective
CCM 0% 46%
CCA
0%
46%
WTR 0% 0%
CE 0% 3%
PPC
0%
0%
BIO 0% 0%
Nuclear energy related activities
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from
nuclear processes with minimal waste from the fuel cycle
NO
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes
of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies
NO
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades
NO
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels
NO
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels
NO
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels
NO
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Social
In this section you will find
ESRS S1 - Own Workforce 78
ESRS S2 - Workers in the Value Chain 97
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SUSTAINABILITY STATEMENTS S1 OWN WORKFORCE
Social
S1 Own Workforce
The key to our success has always been our people. We are proud of our multi-national team and while challenges ahead
may vary, the importance of our people-factor never changes. An engaged, expert global team, acting with integrity,
has positive benefits for our people, the organisation, and has flow-on benefits for our customers, investors, and supply
chains. We believe a focus on sustainable development, human rights, and fair working conditions fosters an inclusive
working environment. It makes us a safer, more productive, inspirational place to work.
IROS
Identifying IROS 2024
In 2024, a group-wide double materiality process in accordance with the ESRS1 requirements was
conducted to determine the material impacts, risks and opportunities including the topics, sub-
topics, and sub-sub-topics related to:
Own workforce
Throughout the year, DOF engaged with internal stakeholders, including subject-matter experts,
HSE departments, and Executive Vice Presidents, as well as NGO’s and union representatives to
gather industry and work group perspectives
During the process we evaluated our direct operations and value chain to understand material issues
that relate to the workforce across our global scope of operations
The review included an analysis of employee-related data, employee surveys, labour metrics,
health and safety records, and training hours Historical trends, including incidents of work-
related injuries or labour disputes, were also analysed to assess the scale, scope, and likelihood of
workforce-related risks
Action plans and resources to manage our material impacts, risks, and opportunities related to our
workforce are consolidated in our annual Global Improvement Programme (GIP) The GIP is reviewed
annually to ensure we meet or exceed the ambitions defined in our vision and strategic objectives
This programme, along with the actions and objectives it encompasses, support our ongoing efforts
in preventing and mitigating significant negative impacts
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
S1 Own Workforce
Wage and compensation
Compensation expectations may negatively affect DOF’s ability to attract and retain the required competence
AI
Direct
Occupational Health and Safety
High consequence low probability incidents can have fatal or serious consequences for workers
PI
Direct
Security risk
Increased operational activity in areas with high security risk may negatively affect health, safety and wellbeing of DOF
workforce
PI
Direct
Security risk management
Increased operational activity in areas with high security risk requires additional security risk management measures and
resources
!
Direct
Major accident event
DOF may have a major accident event involving multiple personnel
!
Direct
Inclusion and equality
There are perceived or actual barriers to inclusion and equality in a male dominated industry which can have a negative effect
within DOF
AI
Direct
Global availability of resources
The availability of resources and key competencies are becoming limited because of a smaller resource pool
!
Direct
Personnel continuity
Inability to meet competency demands within emerging markets, new technologies and stakeholder expectations
!
Direct
Data security
Exposure to data breaches, cyber attacks and unauthorized access to employee data
PI
Direct
Data privacy compliance
Breach of data privacy legislation may result in significant fines for the organisation
!
Direct
Impact materiality Financial materiality
PI
Potential impact
AI
Actual impact
!
Potential risk
!
Actual risk
O
Opportunity
Short-term Medium-term Medium- to long-term Long-term
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SUSTAINABILITY STATEMENTS S1 OWN WORKFORCE: WORKING CONDITIONS
S1 Own Workforce
Working Conditions
DOF takes its responsibilities as an employer seriously and is committed to providing fair and decent working
conditions for all employees Ensuring our employees’ rights to decent work and fair pay is crucial to building a
more sustainable future for our company and is a key part of our contribution to UN Sustainable Development Goal
8 (Decent Work and Economic Growth) Material risks and opportunities arising from impacts and dependencies
on our own workforce are included below
S1-1 Policies governing own workforce - working conditions
BMS
Policies, manuals, standards, statements and guidelines
Purpose
Manages all aspects of DOF’s operations and our value chain
Covers
All employees, onshore and offshore worksites and downstream suppliers
Accountable
CEO, the Board
Available
BMS, Website, All DOF Worksites
Reviewed
Annual management review process
Incorporates
UN Guiding Principles for Business and Human Rights,
OECD Guidelines for Multinational Enterprises and
ILO Declaration on Fundamental Principles and Rights at Work
Local legislation
Mechanisms to monitor compliance with international instruments (described in S1-1)
Policy
Equal Employment Opportunity Policy:
Purpose
To support fair and equal treatment for applicants and employees, free association
and collective bargaining Ensures working hour requirements are upheld and fair
compensation for all employees
Works with
CoBC, Human Resources Policy, Global Standard on Recruitment Management
Incorporates
Working hour requirements and timely payment of wages according to national legal
standards or industry benchmarks
Policy
Human Resources Policy
Purpose
Support employees to reach their full potential and ensure employees exemplify our
vision and values
Works with
CoBC, Global Standard Recruitment Management; Equal Employment Opportunity
Policy:
Incorporates
Compliance with local legislation
IROs related to the material topic of “working conditions” focused on ensuring adequate wages for our workforce
We outline the policies that govern the specific material impacts and risks within our workforce and include policies
that safeguard human rights, as this is closely linked to working conditions
IROs
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
S1 Own Workforce
Wage and compensation
Compensation expectations may negatively affect DOF’s ability to attract and retain the required competence
AI
Direct
Adequate Wages: DOF ensures wages are paid in full and on-time, using national legal standards or industry
benchmarks as a minimum requirement Our broader policy framework ensures working hour requirements are
upheld and fair compensation for all employees
Impact materiality Financial materiality
PI
Potential impact
AI
Actual impact
!
Potential risk
!
Actual risk
O
Opportunity
Short-term Medium-term Medium- to long-term Long-term
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Policy
Code of Business Conduct
Purpose
The blueprint for conducting business ethically and responsibly, including human rights,
diversity, zero tolerance for bribery and corruption, transparency, anti-money laundering
laws compliance, and the protection of personal data
Covers
All employees, onshore and offshore worksites, value chain workers and downstream
suppliers
Accountable
CEO, the Board
Available
BMS, Website, All DOF Worksites
Reviewed
Annual management review process
Incorporates /
encompasses
UN Guiding Principles for Business and Human Rights, OECD Guidelines for Multinational
Enterprises and ILO Declaration on Fundamental Principles and Rights at Work
Policy
Business Integrity and Ethics Policy
Purpose
Outlines core values, business conduct and behaviours expected in our companies and
employees to protect and build DOF’s reputation
Covers
All employees, business units and operations
Accountable
CEO, the Board
Available
BMS, Website, All DOF Worksites
Reviewed
Annual management review process
Incorporates /
encompasses
UN Guiding Principles for Business and Human Rights and OECD Guidelines for
Multinational Enterprises
Statement
Transparency Act Statement
Purpose
Promote DOF’s respect for fundamental human rights and decent working conditions
across our operations and ensure the general public access to information regarding
how adverse impacts on fundamental human rights and decent working conditions are
addressed
Covers
All employees, onshore and offshore worksites, value chain workers and downstream
suppliers
Approved
The Board
Available
BMS, Website, All DOF Worksites
Reviewed
Annual management review process
Incorporates /
encompasses
UN Guiding Principles for Business and Human Rights, OECD Guidelines for Multinational
Enterprises and ILO Declaration on Fundamental Principles and Rights at Work
Statement
UK Modern Slavery Statement
Purpose
To respect and protect human rights, prohibit all acts of modern slavery, including use of
forced and child labour
Covers
All employees, onshore and offshore worksites, value chain workers and downstream
suppliers
Approved
CEO, the Board
Available
BMS, Website, All DOF Worksites
Reviewed
Annual management review process to meet June 30th update deadline in accordance
with §5 in “Åpenhetsloven”
Incorporates /
encompasses
The full human rights/ anti-slavery policy suite, UN Guiding Principles for Business and
Human Rights, OECD Guidelines for Multinational Enterprises and ILO Declaration on
Fundamental Principles and Rights at Work
Human Rights
DOF upholds human rights and ensures its workforce is treated with dignity and respect We are committed to fundamental labour rights and adhere to international frameworks and conventions including UN Guiding Principles for
Business and Human Rights, the OECD Guidelines for Multinational Enterprises and the ILO Declaration on Fundamental Principles and Rights at Work and to local legislation where we have operations
Fundamental labour rights and international framework principles are embedded in our policy framework to mitigate the risk of human rights abuse, including child labour, forced labour and trafficking in our operations and value chain
S1-1 Policies governing own workforce - human rights
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S1-2 Processes for engaging with own workforce and workers representatives about impacts
Employee feedback is essential in building a workplace that meets the diverse needs of our workforce and fosters
a thriving environment We integrate employees’ perspectives into the decision-making processes and policies
development, actions, metrics, and targets This approach is applied retrospectively and proactively in the
development and implementation of workforce-related policies
In 2024 we conducted a comprehensive global employee survey aimed at measuring employee engagement and
gaining insights into key areas such as Satisfaction & Motivation and Employee Loyalty The insights assist our
management teams to maintain and enhance employee engagement and performance levels The survey was
accessible to all permanent employees with a minimum tenure of three months It was not available to employees
on long-term leave of absence, student assistants, interns, and trainees
We received a 75% response rate and highlights from the survey included:
Satisfaction Scores
Overall employee satisfaction and motivation 79 out of 100
Learning and development opportunities in the company 83 out of 100
Company’s working conditions 80 out of 100
Health and safety 90 out of 100
Diversity, equity and inclusion 81 out of 100
All managers are responsible for their own team and department results and for creating team and department
action- plans The Executive Management team and regional management are responsible for creating strategic
focus areas and action plans for the group and region We plan to conduct the next survey by Q3 2025
The EVP People & Organisation is responsible for oversight of workforce engagement, this includes monitoring
the actions in response to the survey and the periodic evaluation to gauge the effectiveness of implementation
Other engagement activities relating to negative and positive impact on all aspects of the working environment
are managed within DOF’s global structure All Regions have dedicated safety delegates and working
environment committees represented by elected members from the workforce or unions that meet regularly
with management representatives Engagement is conducted in digital and classroom training settings on and
offshore DOF’s inspection and audit program consist of many one-to-one interviews, allowing direct workforce
engagement and participation
Various inclusion and working environment committees convene regularly, with a minimum of four meetings
per year Regular working environment surveys and polls are conducted across different regions Audits and
inspections are ongoing activities, with over 5000 conducted annually Additionally, vessel visits are carried out
as part of our efforts to engage with the workforce
The committees engage with the workforce in direct meetings and via regional and local surveys The outcomes set
the direction for improvement and change in the regional improvement plan and the Global Improvement Programme
Workforce perspectives shape decision-making
Workforce perspectives are integral to the decision-making processes, particularly in managing the actual and
potential impacts on its employees This commitment is reflected in our adherence to the Maritime Labour
Convention (MLC) 2006 and our collective bargaining agreements with trade unions representing seafarers
Maritime labour compliance
The Maritime Labour Convention Certificate (MLC Certificate) is issued by the flag state after verifying compliance
with MLC standards Verification is performed regularly by class authorities Complying with the MLC 2006
ensures seafarers’ rights to decent working conditions are upheld The Declaration of Maritime Labour Compliance
(DMLC) mandates regular consultations with seafarers, allowing their perspectives to be heard and considered in
decisions affecting their work environment and rights
Collective bargaining agreements
We have established collective bargaining agreements that represent our seafarers These agreements facilitate
ongoing dialogue and feedback, ensuring that the workforce’s views are integrated into our policies and practices
Regular meetings, surveys, and feedback sessions are conducted to gather insights from the workforce
Implementation and impact
The feedback mechanisms in place enable us to gather valuable insights from our workforce These insights are
used to inform our decisions and activities, particularly those related to managing the impacts on our employees
For example, based on workforce feedback, we have implemented enhanced safety protocols and improved
onboard living conditions
Diverse strategies for understanding vulnerable workforce perspectives
A different approach is taken to gain the perspectives of people particularly vulnerable to impacts or marginalised
in our own workforce
In 2024, DOF continued the FiftyFifty programme - which is based on the UN Sustainable Development Goal 5
“Gender Equality” and brings women together from Norwegian and international companies to learn and share best
practices on how to improve gender balance in leadership positions Participants have proposed recommendations
to the Executive Management team, such as setting-up diversity and inclusion committees, organising awareness
activities, and advocating for inclusive workplace practices Additionally, unconscious bias training sessions have
been ongoing A global DEI committee was established in 2024, to work on diversity, equality and inclusion, and
the committee will focus on gaining insight into the perspectives of people in our workforce that may be particularly
vulnerable
The CEO has ultimate responsibility, however, in practice, it is the People and Organisation and HSEQ managers
globally that undertake the day-to-day management and inform our approach to engagement
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S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns
Grievance/complaints mechanism
Our comprehensive grievance procedure allows our entire workforce, employees and non-employees, to report
concerns and complaints via our ethics helpline This system is in strict alignment with the effectiveness criteria
of the UN Guiding Principles on Business and Human Rights and is operated by a third party to ensure the
confidentiality and the psychological safety of individuals The majority of complaints and grievances are handled
through the ethics hotline, with the ability to report anonymously or with an open reporter identity See S1-17 for
incidents and complaints reported in 2024.
We ensure all employees are informed about and can effectively use this channel; we have integrated the grievance
procedure into management touchpoints and throughout the onboarding process The Ethics Helpline is readily
accessible through our portal and management systems, as well as on our website It is standard in the onboarding
process to introduce the ethics helpline to new employees The ethics helpline is also covered in the mandatory CoBC
e-learning Additionally, the CoBC is part of the welcome pack for all employees and available onboard our vessels
The 2024 employee survey responses validated the effectiveness of measures to make employees aware of and
confident in the grievance procedures we have in place
2024 employee survey, DOF employees responses to two specific questions;
Questions Score
Responses
“I know where I can report harassment and other critical conditions” 91 out of 100
“At my place of work, I believe that reporting harassment and other critical conditions will be taken seriously and acted upon” 87 out of 100
Our Quick Guide to the Ethics Helpline is available for all employees and states that: Our Non-retaliation policy
strictly prohibits acts of retaliation or harassment against any person who has raised a concern in good faith, or
anyone who participates in an investigation This means you may raise concerns without fear of your employment
being negatively affected Our policy against retaliation protects anyone who makes a report in good faith, even if
you are found later to be mistaken
All issues raised are taken seriously, all reports are treated with the utmost sensitivity, and confidentiality is
protected as far as possible When a grievance is received, we conduct a due diligence process to collect facts
about the case, and when verified, we seek to remedy any adverse impacts The type and nature of remedial action
will depend on the nature of the impact
An alternative course to raise complaints directly with supervisors, a senior member of staff or the human resources
manager or a member of the legal department is available All complaints are dealt with, and the involved parties
are consulted DOF’s organisation is matrix based, which means the people and organisation function can help
with complaints related to employee matters, as it is a separate function and does not operate as an employer The
people and organisation team seek to ensure an investigation is dealt with in a swift manner The complaints may
range from quite straight forward conflict resolution to more serious accusations and complaints
Complaints and grievances are handled under local standard procedures, as described in regional/local employee
handbooks or procedures available on the BMS/IMS/DOF Portal Apps These guides and procedures may
include anti-bullying procedures, onboard complaints handling, workforce violence and harassment policies and
unacceptable conduct forms The guides and documents aim to identify the receiver and case owner, milestones
for expected feedback and investigation steps
Grievances and complaints may also be addressed and reported through employee representatives/safety
representatives, via the unions, under the collective bargaining agreements, or Employee representatives elected
to the work environment committees Regular meetings are held with union reps and WEC members
The MLC 2006, the IMO and ISO Certificates all require DOF to have complaints procedures in place Our Onboard
Complaint Procedure is available for offshore workers, and describes the steps to file a complaint The procedure
includes a formal complaint form and the strictly prohibits victimisation of the seafarer filing a complaint There are
dedicated Dedicated Person Ashore roles globally, that ensure seafarer cases are followed up
The working environment committee issues yearly reports evaluating various aspects of its duties including
workforce grievance /complaints possibilities Also, if there is a need for improvements
Compliance officers produce a yearly report including the effectives of the ethics helpline
DOF established a channel to receive inquiries about human rights violations This channel is referred to in our
transparency act statement and is not limited to our employees but available for all to ask or report human rights
violations in our value chain In, 2024 no inquiries were received through this channel
S1- 4 Actions taken on material impacts
Action plans and resources for managing our material impacts, risks, and opportunities related to our workforce
are consolidated in our annual Global Improvement Programme (GIP)
In 2024, the improvement activities were structured by the executive functions, and the performance metrics
were aligned with the four pillars of sustainable economic growth: People, Planet, Prosperity, and Principles Our
materiality assessment, which aligned with the four pillars and the UN Sustainable Development Goals, provides
an overview of the topics and initiatives considered most critical for promoting sustainability and resilience
Every objective and action listed in our GIP is assigned an accountable and a responsible resource; however, the
completion of these actions and objectives may require contributions from multiple resources The activities are
tracked and monitored through a business tool application designed to manage objectives, processes, and activities
Annually, the double materiality assessment provides a comprehensive overview of material topics These topics
are linked to the impacts, risks, and opportunities we encounter, guiding the company’s focus and necessary
actions to mitigate potential impacts and risks Each function suggests actions to address the outcome of the
double materiality assessment, and suggested actions are presented in the Global Improvement Programme The
action plan or improvement plan is approved by the CEO and is published annually on the DOF Portal
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DOF ensures our practices do not cause or contribute to material negative impacts to our own workforce by
upholding to the company values: SAFE the RITE (Respect, Integrity, Teamwork and Excellence) The values are
supported within our business management system provides policies, guidelines, manuals and standards that
provide the highest safety standards and protect employees Our business management system in combination
with our entity specific occupational health and safety targets, allow us to continuously monitor, detect trends and
implement mitigating measures
Conducting a double materiality assessment gives us a more complete understanding of the impacts the company
has and what might impact us as a company and what might impact an impact on financial performance
This awareness supports the development of our Global Improvement Programme and the actions and objectives
set up in the programme support the continuous work on prevention and mitigation of material negative impacts
S1- 4 Taking action on material impacts on own workforce, and approaches to managing material risks and
pursuing material opportunities related to own workforce, and effectiveness of those actions
Working conditions
The actions taken to meet compensation expectations and attracting and retaining required competence relies
on the resources working under the EVP People and Organisation The People and Organisation department is
entrusted with the formulation of the action plans on an annual basis to address these challenges However, their
successful implementation is contingent upon the collaboration and active participation of the entire organisation
in integrating these processes into their daily operations
Actions under working conditions:
Attracting and retaining employees with the required competence is crucial for DOF Ensuring that our employees
feel valued and receive fair, competitive compensation within government regulations is therefore essential The
necessary and appropriate actions in response to the risks identified under “working conditions” are initiated by the
People and Organisation function, based on feedback from employees and their values and trends in the market
Key Action Description and Year of Completion Scope of Action Corresponding Policy Element Overall Progress
Adequate Wage Position grading and mapping: Korn Ferry job evaluation is a system for ranking positions logically and fairly,
to determine the relative weight of a position in an organisation Korn Ferry job evaluation is the world’s, and
Norway’s, most widespread method for weighting positions Korn Ferry operates with four employee groups
to cover the various reference levels These groups are applied for the salary mapping in DOF for benchmark
purposes The groups are classified into three categories: Staff, Managers/Seasoned Professionals and Senior
Managers/Executives Each group covers a range of four to eight Korn Ferry reference levels External salary
benchmark reports are used during salary settlements to ensure fair and marked adjusted pay The company has
an annual review of all eligible salary placements in connection with yearly salary settlements
Covers all eligible positions within the
company
Equal Opportunity Policy:
• Pay wages in-full and on time using national legal standards or
industry benchmarks as a minimum requirement
Ongoing, with reviews during salary settlements
Adequate Wage Together with Slave Free Alliance DOF produced a report with information on minimum and living wage
benchmarks in all countries where we have operations and employees
This report is used as a tool to verify that all employees are paid an adequate wage Since these numbers
fluctuate and are dynamic in many areas of the world, it is important to continue to map what is considered a
living and minimum wage to be confident that we offer fair wage accreditation for our own employees going
forward
Covers all countries of operations
associated with Own Workforce
Equal Opportunity Policy :
• Pay wages in-full and on time using national legal standards or
industry benchmarks as a minimum requirement
Complete for 2024
Flexible Work
Arrangements
Flexible work options are available for our employees Regular surveys validate that hybrid working
arrangements contribute to better work-life balance, without compromising people’s work performance
Hybrid working arrangement is
available in all regions as a permanent
arrangement allowing up to two
weekdays as home office
HR Policy:
• Endeavour to meet individual needs in the workplace to ensure a
mutually beneficial work relationship, encouraging employees to
maintain a work life balance,
• Continually striving to make DOF a great place to work by improving
the work environment, recognising and reward excellence,
encouraging individual development, removing barriers to change
and promoting innovation and foster work collaboration
Implemented via Business Management System
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S1-5 Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities
DOF has not established any measurable or time-bound outcome-oriented targets to evaluate the effectiveness
of our activities connected to the IROs under the sub-topic of Working Conditions Nevertheless, we track the
effectiveness of our actions based on feedback from employees, employee surveys, retention and turnover
analysis, and by engaging with external benchmarking reports and industry standards
S1-6 Characteristics of DOF’s employees
We define the workers in our workforce as employees who are in an employment relationship with the undertaking
and non-employees who are either individual contractors supplying labour to the undertaking, such as self-
employed people, or people provided by undertakings primarily engaged in “employment activities”
In 2024, our workforce consisted of 1,149 onshore, and 4,291 offshore employees located across the globe,
spread among our core regions: Atlantic, Asia-Pacific, North America and South America The employee turnover
rate was 12.44 and 433 employees left in the period The tables below provide more detail about the make-up of
our workforce
Business activity growth and the acquisition of DOF Denmark (formerly MSS) are the main contributors to the
increased employee headcount in 2024 compared to 2023
2024
2023
2022
Employee turnover rate 1244 1595 2167
Number of employees who left 433 482 614
The employee turnover rate is calculated as the number of total leavers in the company relative to the average
number of permanent employees in the financial year
TABLE 1
Number of employees (headcount)
2024
2023
2022
Total employees* 4744 3560 3057
Male
4002
3006
2601
Female 742 554 456
*Total number of employees excluding non-employees
TABLE 2
Number of employees (headcount)
2024 2023 2022
Angola
98
28
32
Argentina 43 48 36
Australia 278 415 262
Brazil
1807
1643
1489
Canada 265 126 113
Denmark
597
0
0
Ghana 2 2 2
Indonesia 3 3 3
Mexico
47
0
0
Norway 914 839 765
Philippines 69 20 12
Singapore
335
224
109
United Kingdom 152 93 125
United States 134 119 109
Total
4744
3560
3057
Note: Employees excluding non-employees
*Reference to note 8 in financial statements
TABLE 3
2024 2023
FEMALE
MALE
TOTAL
FEMALE
MALE
TOTAL
Number of employees (headcount)
742 4002 4744 554 3006 3560
Number of permanent employees (headcount)
674 3546 4220 487 2594 3081
Number of temporary employees (headcount)
37 156 193 37 100 137
Number of non-guaranteed hours employees (headcount)
31 300 331 30 312 342
S1-7 Characteristics of Non-employees in own workforce
In addition to employees, our workforce is comprised of 696 “non-employees” This number is comprised of self-
employed workers, independent contractors, freelancers and personnel provided by staffing or manning agencies
2024
2023
2022
Total number of non-employees 696 548 717
Numbers indicate headcount as of 31122024 The headcount per region is reported to the corporate function
and consolidated into one report for the entire group
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S1-8 Collective bargaining and social dialogue
Collective bargaining coverage and social dialogue EEA countries
In Norway, 75% and in Denmark 87% of employees are covered by collective bargaining agreements There is
more than one collective bargaining agreement covering the workforce in these countries Additionally, 92%
of the Norwegian workforce is represented by workers’ representatives, and 100% in Denmark These figures
exclusively represent employees and exclude non-employees
Collective bargaining coverage Social dialogue
Coverage rate
Employees - EEA
(for countries with >50 employees representing
>10% total employees)
Workplace representation (EEA only)
(for countries with >50 employees representing >10% total
employees)
0-19%
20-39%
40-59%
60-79%
Norway
80-100% Denmark Norway / Denmark
S1-10 Adequate wages
All employees receive a fair and adequate wage The company has conducted a comprehensive mapping exercise,
examining the minimum and living wages in the countries where we operate This ensures that the wages provided
are above these thresholds
S1-17 Incidents, complaints and severe human rights impacts
In 2024, we received a total of 41 complaints and 17 incidents of discrimination and harassment through our
various grievance mechanisms Among the incidents reported via the ethics helpline, 13 were substantiated and
resulted in disciplinary action, 5 cases led to dismissal
Collecting data on severe human rights incidents, discrimination and harassment incidents, and complaints,
including fines, penalties, and compensation involves multiple sources and steps to ensure accuracy We use
the Ethics Helpline, legal representatives, and Dedicated Persons Ashore (DPAs) to gather comprehensive data
The Ethics Helpline allows for reports of all cases made through our whistle-blower system, legal representatives
ensure thorough documentation of legal issues, including fines and penalties Collaboration with Dedicated
Persons Ashore adds another layer of validation, ensuring our data is reliable and that all cases are captured
After gathering and verifying information, it is consolidated into a single dataset By continuously improving our
grievance mechanisms, we aim to uphold high ethical standards and protect human rights
There were no severe human rights incidents, nor did we receive any complaints through the National Contact Point
for OECD Multinational Enterprises There were no significant fines or monetary sanctions related to workplace
discrimination, complaints, or severe human rights incidents under the jurisdictions where DOF operates during
the year
2024 2023 2022
Severe human rights incidents connected to workforce 0 0 0
Total amount paid in
fines, penalties and compensation
for damages 0 0 0
Incidents of discrimination & harassment 17 18 8
Complaints filed through grievance / complaints mechanisms
41
N/A
N/A
Total amount paid in fines, penalties and compensation for damages 0 0 0
* Note: The comparative figures are exclusively derived from the data provided by the Ethics Helpline.
The cases reported for 2024 are severe incidents or complaints that have formally been reported via one of our
channels for raising concern
In addition to our established grievance mechanism, DOF conducted a comprehensive employee engagement
survey in 2024 This survey was administered by a third party and was anonymous It provided our employees
with the opportunity to respond to questions about their experience of any incidents of sexual harassment and
bullying in the workplace
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
85 DOF INTEGRATED ANNUAL REPORT 2024 85 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS S1 OWN WORKFORCE: OCCUPATIONAL HEALTH AND SAFETY
S1 - Occupational Health and Safety
DOF puts health and safety first and strives for zero harm to our people, contractors and suppliers
Through standard operations, personnel working for or on behalf of the organisation are exposed to occupational
health and safety hazards as an inherent part of activities DOF has a duty-of-care to manage safety for personnel
in our operations and on our worksites
Health and safety incidents can cause negative outcomes for affected individuals, such as injuries Negative
outcomes for our employees’ wellbeing can in turn affect the company’s reputation and performance Managing
these risks effectively and maintaining a strong safety performance underpins our operations as it is essential to
our ability to recruit and retain a productive workforce and maintain our reputation with all stakeholders
SBM 3 Workforce in greater risk of harm
Our health and safety reports and analysis show that the incidents or near misses that occur, and are classified as
serious, more often impact deck workers, engineers, AB (Able Seaman) and electricians who are involved in anchor
handling operations and heavy lifting This workforce is identified to be at greater risk of health and safety risks
and impacts than other groups onboard In addition, the potential negative impact associated with operating in
locations with a high-security risk can affect employees working in these areas of the world Even though these
areas can be dynamic, DOF has good systems to monitor and implement necessary security measures to mitigate
the risk
S1-1 Policies related to own workforce - occupational health and safety
Providing employees with a safe working environment and ensuring the health and safety of our employees is
our highest priority The mechanisms to monitor compliance with international instruments are described in
S1-1 Working Conditions
Policy
Health, Safety and Working Environment Policy
Purpose
To manage a safe and healthy working environment
Covers
All onshore and offshore worksites and all individuals present on our sites
Accountable
CEO
Available
BMS, Website, All DOF Worksites, Occupational Health and Safety e-learning module
Works with Policy
Documents
CoBC , SCoC, Security Policy
Certified
ISO 45001 and BMS under ISO 45001:2018
Policy
Security Policy
Purpose
To manage safety and protect personnel, physical assets, and intellectual property
Covers
All onshore and offshore worksites and all individuals present on our sites
Accountable
CEO
Available
BMS, Website, All DOF Worksites
Works with Policy
Documents
CoBC , SCoC
Our business management system helps embed a culture of safety across all our operations This covers
all workers, both contractors and employees, onshore and offshore The management system is certified
for Occupational Health and Safety The system covers workplace accident prevention policies, manuals,
standards and guidelines as tools for our workforce, and a robust HSE incident reporting software for
reporting, follow-up and analyse of all workplace incidents
Regional HSEQ managers are responsible for health and safety in their locations and are supported by their
regional HSEQ teams, and report to the global HSEQ function The global HSEQ EVP reports directly to the
CEO, however, the development of a robust safety culture is a continuous focus for all levels of management
All incidents are escalated to group management level for information and guidance purposes
IROS
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
S1 Own Workforce
Occupational Health and Safety
High consequence low probability incidents can have fatal or serious consequences for workers
PI
Direct
Security risk
Increased operational activity in areas with high security risk may negatively affect health, safety and wellbeing of DOF
workforce
PI
Direct
Security risk management
Increased operational activity in areas with high security risk requires additional security risk management measures and
resources
!
Direct
Major accident event
DOF may have a major accident event involving multiple personnel
!
Direct
Impact materiality Financial materiality
PI
Potential impact
AI
Actual impact
!
Potential risk
!
Actual risk
O
Opportunity
Short-term Medium-term Medium- to long-term Long-term
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
86 DOF INTEGRATED ANNUAL REPORT 2024 86 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS S1 OWN WORKFORCE: OCCUPATIONAL HEALTH AND SAFETY
S1-4 Actions under Health and Safety:
Health and safety has been material considerations since the company’s establishment in 1981 The actions
relate to impacts and risks based on health and safety metrics and incident trends analysis New actions may be
implemented throughout the year to address specific incidents or trends Many actions set during the year, such
as health and safety campaigns, safety themes, and emergency response training, are predetermined but with
adaptable content, allowing DOF to respond to trends and identified risks and impacts throughout the year
The actions taken to meet the health and safety risks rely on management teams across all worksites and are
supported by regional and corporate HSEQ departments The functions are responsible for developing action
plans annually to meet these challenges, but it is a collective responsibility for all employees, onshore and offshore,
to complete and follow the actions required to make DOF a safe place to work
Key Action Description and year of completion Scope of action Corresponding Policy Element Overall Progress
Emergency Management Emergency response training exercises range from a variety of offshore scenarios to
more universal themes of business continuity for DOF to ‘Stress Test’ and improve
where necessary
After drills and exercises a report with lessons learned and improvement actions
identified This is stored in the emergency management system
Encompasses global
operations and fleet
Health, Safety and Working Environment Policy, Security Policy:
• Implement and maintain OHSAS 18001 / ISO 45001 compliant Health and Safety Systems
• Ensure Health and Safety systems are provided and maintained, taking into account the continued need to protect
personnel, assets and the environment,
• Monitor health and safety performance and address deficiencies where identified
Ongoing, as part of Business Management
System
During the year, there were 43 mobilisations
in the Crisis management system 9 were
actual incidents, 34 were exercises
Mandatory Awareness
and Training Activities
All DOF employees shall complete mandatory health and safety training during the
onboarding process, as outlined in the competence matrices This training shall also
be repeated every two years to ensure compliance and keep skills up to date All
mandatory training is mapped and monitored through our training portal This gives us
the opportunity to detect negative trends and to focus more where necessary
All of Own Workforce Health, Safety and Working Environment Policy:
• Ensure Health and Safety systems are provided and maintained, taking into account the continued need to protect,
• Personnel, assets and the environment,
• Promote and maintain a working culture which empowers all personnel to achieve best practice and performance in
Health and Safety through management communications and training programs,
• Encourage all personnel to use products and technical solutions with the least impact to their health and environment,
• Openly communicate and share Health and Safety experiences with all personnel, industry organisations and the wider
community
Continuously monitored through the training
portal, with training sessions scheduled every
two years
Health and Safety
Campaigns
In Q4 DOF established a “calls to captains’ campaign” to gain insight from the captains
on HSE performance DOF also sought to identifying positive trends on vessels for the
purpose of sharing best practices By continuously monitoring incidents DOF gains
an overview of the effectiveness of the mitigating measures in 2025 The feedback
received in 2024 while conducting the campaign was positive, and the focus spiked
awareness on the topics globally
Global Fleet Health, Safety and Working Environment Policy:
• Promote and maintain a working culture which empowers all personnel to achieve best practice and performance in
Health and Safety through management communications and training programs,
• Encourage all personnel to use products and technical solutions with the least impact to their health and environment,
• Openly communicate and share Health and Safety experiences with all personnel, industry organisations and the wider
community
Complete in 2024
Health and Safety
Campaigns
Throughout the year, the HSEQ department produced and published monthly safety
themes These videos and presentations focused on health and safety trends within the
company and highlighted areas that required increased awareness or improvement To
enhance usability, we developed these presentations as user-friendly videos, making
them easier to learn from and utilize in HSE meetings onboard the vessels Each month
this feedback is considered in global HSEQ meetings where new and relevant themes
are discussed and set for the coming months Reported accidents are analysed to
evaluate if these measures have affected the injury or accident rates
Analysis of reported accidents in our health and safety management system are
evaluated and campaigns effectiveness measured
Across DOF Fleet and
Worksites
Health, Safety and Working Environment Policy:
• Promote and maintain a working culture which empowers all personnel to achieve best practice and performance in
Health and Safety through management communications and training programs,
• Openly communicate and share Health and Safety experiences with all personnel, industry organisations and the wider
community
Complete for all months in 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
87 DOF INTEGRATED ANNUAL REPORT 2024 87 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS S1 OWN WORKFORCE: OCCUPATIONAL HEALTH AND SAFETY
Key Action Description and year of completion Scope of action Corresponding Policy Element Overall Progress
Improvement of
Occupational Health and
Safety management
system
Improve the Occupational Health and Safety management system to reduce complexity
and bureaucracy The system has been made easier to operate and navigate for crew
members onboard to retrieve correct and accurate information By utilizing electronic
tools for issuing permits to work, toolbox talks, and checklists, the safety work has
become more dynamic and less bureaucratic with increased quality in execution
DOF tracked the effectiveness of the improvements made in 2024 based feedback in
the system and the increasing amount of safety procedures that have been conducted
in 2024 compared to previous years
Organisation wide Health, Safety and Working Environment Policy:
• Implement and maintain OHSAS 18001 / ISO 45001 compliant Health and Safety Systems,
• Ensure Health and Safety systems are provided and maintained, taking into account the continued need to protect
personnel, assets and the environment,
• Encourage all personnel to use products and technical solutions with the least impact to their health and environment
Initiated in 2024, to be completed in 2025
Monitoring and
cooperation on security
risks
DOF is continuously working closely with its partners, Risk Intelligence, DNK, and
International SOS, to prevent incidents in high-risk areas where security risks may
negatively affect the health, safety, and well-being of the DOF workforce Their tools
help us monitor and evaluate risks on a 24/7 basis and provide immediate assistance
in case of emergency It also helps us be proactive and take necessary safety actions
before entering high-risk areas
Organisation wide Health, Safety and Working Environment Policy, Security Policy:
• Consider all accidents, incidents and occupational illnesses to be preventable,
• Implement and maintain OHSAS 18001 / ISO 45001 compliant Health and Safety Systems,
• Ensure Health and Safety systems are provided and maintained, taking into account the continued need to protect
personnel, assets and the environment
Continuous monitoring and cooperation with
partners
Develop a new security
risk management system
During the year a completely new setup of standards and guidelines within security risk
management has been developed and will be rolled out in 2025
This new setup is aligned with the ISO 27001 standard The effectiveness of this
update and the outcomes will be tracked in 2025 after implementation
Covers security risks
that can occur both
onshore and offshore,
organisation-wide
Health, Safety and Working Environment Policy, Security Policy:
• Consider all accidents, incidents and occupational illnesses to be preventable,
• Implement and maintain OHSAS 18001 / ISO 45001 compliant Health and Safety Systems,
• Ensure Health and Safety systems are provided and maintained, taking into account the continued need to protect
personnel, assets and the environment,
• ISO 27001 Security Risk Framework
System to be implemented in 2025
Evaluation and conclusion
of crisis management tool
During the year we have evaluated our management of the emergency response tool
and concluded upon a new database for handling ERT DOF started an implementation
of the system late in the year and DOF Denmark will be included in this transition
The tool is expected to improve the way DOF is handling any major accident event
and stakeholder expectations Effectiveness of the change will be evaluated after full
implementation and use within the company
Organisation wide Health, Safety and Working Environment Policy, Security Policy:
• Implement and maintain OHSAS 18001 / ISO 45001 compliant Health and Safety Systems,
• Ensure Health and Safety systems are provided and maintained, considering the continued need to protect personnel,
assets and the environment,
• Encourage all personnel to use products and technical solutions with the least impact to their health and environment
To be fully implemented in 2025
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
88 DOF INTEGRATED ANNUAL REPORT 2024 88 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS S1 OWN WORKFORCE: OCCUPATIONAL HEALTH AND SAFETY
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities
HSEQ Targets set to manage material impacts and risks
OHS Input/Outputs
Base year
Unit of measurement
Global Targets -
2024 Metrics
Performance 2024
Number of LTI’s 2024 Number 0 12
Lost Time Injury Frequency Rate (LTIFR) 2024 LTIs per million
man-hour
< 03 / 1 000 000
man-hours
109
Total Recordable Injury Rate (TRIR = LTI, RWC, MTC) 2024 TR per million man-
hour
< 11 / 1 000 000
man-hours
29
First Aid Cases
2024
FACs per million
man-hour
< 75 / 1 000 000
man-hours
107
Safety Observation Rate 2024 SOB per 200000
man-hour
600 / 200 000
man-hours
8725
Physical Security Incidents (# of actual or high
potential security breaches)
2024
Number
<1
0
Observation close out
2024
% of closed out
observations
90% of
Observations
closed
by Worksite
Management within
90 days
9083% (Incl SOB)
53% (Excl SOB)
Emergency Response Exercises - Level 2 logged in
UniSea
2024 Number 2 per Region per
year
Logged for 3/5 regions
11 total exercises logged in
UniSea
Management Visits (digital or physical presence
logged in UniSea)
2024 Visits per 200000
man-hours
5 visits / 200 000
man-hours
106
The targets align with the objectives listed in our health, safety and working environment policy, are entity specific,
set by the HSEQ function and based on industry standards Approved by the CEO, the targets are displayed in
our Global Improvement Programme, and any concern about the targets can be communicated or reported via our
different grievance mechanisms All employees and non-employees are covered by these targets
The targets and their value of measurement are evaluated during the annual management review, and are monitored
through our Health and Safety Management system, and Power BI reports, which allow us to identify if progress is
in line with the targets, analysis of trends, and significant variance to achieving the target
Aligned with the reporting year, by end-of-year, we measure whether the targets have been achieved Additionally,
we monitor progress throughout the year using a rolling average to track development and ensure continuous
improvement
There was an increase in incidents throughout the fleet and by end-of-year we were above some of our health
and safety targets, including lost time injuries, recordable and first-aid cases The trend suggested an increase in
incidents that occurred as a result of routine and high frequency activities Investigation to understand the root
cause of the increase was conducted and included the “calls to captain” campaign The results of the investigation
form the foundation for mitigating actions in 2025
During the year, while evaluating health and safety targets DOF concluded further focus should be placed upon
high-potential-near-miss incidents Our targets, we also considered targets to miss important information
regarding incidents classified as serious Many of our targets capture the overview over our incidents but not
look specifically at the incidents that score high on the risk register In 2025, DOF will introduce the new target
“Serious Incident Frequency” to capture these cases
S1-14 Health and Safety metrics
Workers covered by an occupational health and safety management system
All workers on vessels and worksites are covered by the Occupational Health and Safety management system This
includes both employees and workers who are not employees Our business management system is audited yearly
and every third year recertified by DNV, to the ISO 45001 standard certification Under the ISO certification,
DNV conducts interim audits every year to ensure the company is still in compliance and a more comprehensive
recertification audit conducted at three year interval
There were no fatalities due to work-related injuries and work-related ill health in the year There were 32 recordable
work-related accidents, and the rate of accidents was 29
KPI
2024
2023
2022
% workforce covered by H&S management system 100% 100% 100%
Number of fatalities 0 0 0
Number of recordable accidents
32
7
20
Recordable accident rate* 11 29 073 217
* Equivalent to Total Recordable Injury Rate (TRIR)
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
89 DOF INTEGRATED ANNUAL REPORT 2024 89 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS S1 OWN WORKFORCE: EQUAL TREATMENT AND OPPORTUNITIES FOR ALL
S1 Equal Treatment and Opportunities for All
DOF strives to promote a workplace where all are treated fairly, accepted equally, without exclusion, in a
harassment-free workplace We are committed to equal opportunity and equal pay; recruiting, training and
developing a diverse workforce where everyone can succeed
With employees in more than 15 countries and most working on vessels in remote locations, ours is a large and
diverse workforce in conditions with the potential for unequal or unfair treatment DOF works to ensure employees
are included and have a strong sense of belonging Our training and skills development programme plays an role in
attracting and retaining the talent we need to meet our goals
IROS
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
S1 Own Workforce
Inclusion and equality
There are perceived or actual barriers to inclusion and equality in a male dominated industry which can have a negative effect
within DOF
AI
Direct
Global availability of resources
The availability of resources and key competencies are becoming limited because of a smaller resource pool
!
Direct
Personnel continuity
Inability to meet competency demands within emerging markets, new technologies and stakeholder expectations
!
Direct
The under-representation of women in the oil and energy industry, especially offshore, is recognised within the
industry and can be attributed to a combination of historical, cultural, social, and organisational factors We
believe in a diverse and inclusive workspace and have strategies to address the imbalance and increase the
number of entry level candidates from diverse backgrounds to help develop skilled and experienced individuals
As the energy sector evolves, so too does the need for new skills and areas of knowledge, making it difficult to
attract and retain a competent workforce Inability to recruit and retain the right people with the right knowledge
can pose reputational risks, lead to dissatisfied and lost customers, disruptions caused by key person dependencies
and inefficient processes This could result in increased costs, loss of consultants, projects and revenue streams
S1 Policies related to own workforce - equal opportunities for all
Our commitment to diversity, equality and inclusion is embedded in our Policy Framework We adhere to applicable
laws and regulations, and our actions and decisions align with and are informed by our core values Diversity,
equality and inclusion is important, and our fundamental principle is to treat all individuals with dignity and respect
in the workplace All employees undertake mandatory and regular values-based training, and our values are
embedded in many other business and discipline related training materials
S1-1 Policies related to own workforce - equal opportunities for all
Policy
Code of Business Conduct
Purpose
A blueprint for ethical and responsible business conduct, including equality and inclusion
Covers
All employees, onshore, offshore worksites, value chain workers and downstream suppliers
Accountable
CEO, the Board
Available
BMS, Website, All DOF Worksites
Reviewed
Annual management review process
Incorporates
UN Guiding Principles for Business and Human Rights,
OECD Guidelines for Multinational Enterprises and
ILO Declaration on Fundamental Principles and Rights at Work
The Dignity & Respect in the Workplace guide is an addition to the CoBC,
available for all employees,
value chain workers and downstream suppliers to better understand what constitutes bullying and
harassment, sexual harassment, the possible consequences and how to report any breaches
The Ethics helpline
provides a confidential reporting channel that protects the rights of the reporter and
potential subject Internal and external stakeholders are encouraged to report misconduct The reporting
process and reporting options are stated in the Code of Business Conduct and in the Ethics Helpline guide
It is managed by a third party and is a 24/7-hour accessible tool
Global Standard for Internal Training Requirements
provides guidance for internal training requirements
Policy
Workplace Harassment Policy
Purpose
Supports a zero-tolerance policy for any form of harassment in the workplace
Covers
All employees, onshore and offshore worksites, value chain workers
Accountable
CEO, the Board
Available
BMS, Website, All DOF Worksites
Works with
CoBC, Dignity & Respect guide, Equal Employment Opportunities policy
Policy
Equal Employment Opportunities Policy
Purpose
To support fair and equal treatment for applicants and employees, free association and
collective bargaining Ensures working hour requirements are upheld and fair compensation
for all employees
Covers
All applicants and employees,
Accountable
CEO, the Board
Available
BMS, Website, All DOF Worksites
Works with
CoBC, HR Policy, Global Standard Recruitment Management
Impact materiality Financial materiality
PI
Potential impact
AI
Actual impact
!
Potential risk
!
Actual risk
O
Opportunity
Short-term Medium-term Medium- to long-term Long-term
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
90 DOF INTEGRATED ANNUAL REPORT 2024 90 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS S1 OWN WORKFORCE: EQUAL TREATMENT AND OPPORTUNITIES FOR ALL
S1-1 Policies related to own workforce - equal opportunities for all. Policy commitments on
inclusion and support for vulnerable groups
Policy
Equal Employment Opportunities Policy
Purpose
To support fair and equal treatment for applicants and employees, free association
and collective bargaining Ensures working hour requirements are upheld and fair
compensation for all employees
Covers
All applicants and employees,
Accountable
CEO, the Board
Available
BMS, Website, All DOF Worksites
Works with
CoBC, HR Policy, Global Standard Recruitment Management
Policy
Human Resource Policy
Purpose
To support compliance and equality in the recruitment process and meet individual
needs in the workplace
Covers
All employees, onshore and offshore worksites
Accountable
CEO, the Board
Available
BMS, Website, All DOF Worksites
Works with
CoBC, Dignity & Respect guide, Equal Employment Opportunities policy, Global
Standard Recruitment Management
In 2024, DOF established a Diversity Committee tasked with developing a diversity, equity
and inclusion strategy and KPIs
SBM 3 Workforce in greater risk of harm
An identified actual impact is the perceived or actual barriers to inclusion and equality in a male dominated industry
The underrepresentation of women in the oil-and energy industry creates a gender imbalance which effects availability
of female candidates during hiring and promotions Unconscious bias is not specific to DOF, but as we operate in a
predominantly male environment there is a heightened risk that unconscious bias can impact decision-making during
recruitment, performance evaluations and promotion decisions
S1-4 Equal treatment and opportunity for all actions
The actions to meet the risks and impacts related to ‘Equal Treatment and Opportunity For All’ are the responsibility
of the EVP People and Organisation Supported by the global team the EVP People and Organisation develops
actions plans to mitigate the barriers to inclusion and equality, ensures we attract and retain key competence and
that DOF and our people meet the competency demands to match emerging markets and technology demands
All leaders are expected to conduct their work in accordance with DOF leadership principles, set a good example
and ensure their team is provided with equal opportunities to develop and grow Our workforce has an active role
in embracing the opportunities given and expected to act according to our Code of Conduct As people we have a
duty to act responsibly and ethically, and to speak up if we see or experience something that isn’t right
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
91 DOF INTEGRATED ANNUAL REPORT 2024 91 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS S1 OWN WORKFORCE: EQUAL TREATMENT AND OPPORTUNITIES FOR ALL
Key Action Description and year of completion Scope of action Corresponding Policy Element Overall Progress
Continuing the FiftyFifty
programme
The FiftyFifty programme presented by AFF has educated women from both Norwegian
and international companies since 2017 The programme is based on the UN
Sustainable Development Goal 5 “Gender Equality” and brings women together from
Norwegian and international companies to learn and share best practices on how to
improve gender balance in leadership positions
Participants have proposed recommendations to the Executive Management team, such
as setting up diversity committees, organising awareness activities, and advocating for
inclusive workplace practices Unconscious bias training sessions have been ongoing
Women across all
regions and business
units
Equal Employment Opportunity Policy:
• Consider employment of people regardless of age, sex, race, political, religious or sexual orientation/
preference, or national origin,
• Employ persons on a non-racial discriminatory basis
By end of 2024, twenty-three women, employed in Norway have taken
part in the programme
The DOF Ambassador
programme
The DOF Ambassador programme serves as a platform for employee career growth,
providing structured professional development opportunities for the next generation
of leaders within the DOF Group The programme combines employees with diverse
cultural and organisational backgrounds from various locations and is considered a key
future management pipeline The female representation in the programme is gradually
increasing
The ambassador programme has grown to become a success, developing and inspiring
visible leadership within the company The participants have made a huge contribution
to the programme, to DOF and within their teams The programme has continued
to evolve, and it now includes mentorship opportunities where previous participants
provide guidance and support to the new cohort of Ambassadors
Across all regions and
business units
Equal Employment Opportunity Policy:
• Consider employment of people regardless of age, sex, race, political, religious or sexual orientation/
preference, or national origin
HR Policy:
• Ensure Equal Opportunities for all, with a diverse and cross-cultural workforce, valuing and
respecting everyone,
• Deliver planned training and development opportunities so employees are well-trained and highly
knowledgeable, exemplifying our vision and values,
• Continually striving to make the DOF Group a great place to work by improving the work
environment, recognising and reward excellence, encouraging individual development, removing
barriers to change and promoting innovation and foster work collaboration
Ongoing, the third cohort continued into 2024
LeaderShip programme
pilot
In 2024, we introduced the DOF LeaderShip programme pilot Leadership training is
a key part of our organisational development, with demands to lead through change,
with a psychologically safe team, a high level of trust, and respect for diversity The
DOF LeaderShip programme is about personal leadership development aligned with
our DOF Leadership principles The programme aims to strengthen trust, cooperation,
and relationships among leaders across the organisation We track and assess the
effectiveness of this programme by tracking interest from the workforce and outcomes
from the partipating cohort
Covers leaders across
the organisation
HR Policy:
• Deliver planned training and development opportunities so employees are well-trained and highly
knowledgeable, exemplifying our vision and values,
• Continually striving to make the DOF Group a great place to work by improving the work
environment, recognising and reward excellence, encouraging individual development, removing
barriers to change and promoting innovation and foster work collaboration
The pilot performed well in 2024, and with some adjustments based
on feedback from the participants, the programme will start up with 40
final participants end of February 2025
The global Survey
Department Graduate
training programme
The global Survey Department graduates training programme encourages collaboration
between the regions to ensure a standard way of working for the next generation
of surveyors This prepares our latest recruits and supports DOF’s global survey
operations building global collaboration The training programme has proven to develop
skilled survey graduates with diverse backgrounds and inspired DOF employees to
develop skills and knowledge within this field
Global Survey
Department
HR Policy
• Deliver planned training and development opportunities so employees are well-trained and highly
knowledgeable, exemplifying our vision and values,
• Continually striving to make the DOF Group a great place to work by improving the work
environment, recognising and reward excellence, encouraging individual development, removing
barriers to change and promoting innovation and foster work collaboration
Ongoing into 2025
DOF ROV Trainee and
training programmes
DOF has executed several ROV Trainee and training programmes over the years These
programmes have focused on different groups and personnel and have enhanced the
ROV knowledge in the company and promoted equal access to opportunities The
programme has proven to develop skilled ROV pilots with diverse backgrounds and
inspired DOF employees to develop skills and knowledge within this field
ROV Department,
Atlantic
HR Policy
• Deliver planned training and development opportunities so employees are well-trained and highly
knowledgeable, exemplifying our vision and values
Ongoing program continues into 2025
DOF celebrates
International Women’s
Day each year as a
global event with a panel
discussion on Teams
DOF celebrates International Women’s Day (IWD) each year as a global event with
a panel discussion on Teams International Women’s Day provides an important
opportunity for groups worldwide to embrace and cultivate an ongoing commitment to
diversity, equity, and inclusion The theme for IWD 2024 was “Inspire Inclusion”
By celebrating and promoting this important day, we reinforce the great women in our
workforce, the importance of diversity and equality and to highlight the challenges that
DOF, the industry and the women of the world face The effect is awareness and each
year we see this celebration growing
Organisation-wide HR Policy
• Ensure Equal Opportunities for all, with a diverse and cross-cultural workforce, valuing and
respecting everyone
Equal Employment Opportunity Policy:
• Consider employment of people regardless of age, sex, race, political, religious or sexual orientation/
preference, or national origin,
• Employ persons on a non-racial discriminatory basis
On track Celebrated every March
DOF 2024
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FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
92 DOF INTEGRATED ANNUAL REPORT 2024 92 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS S1 OWN WORKFORCE: EQUAL TREATMENT AND OPPORTUNITIES FOR ALL
Key Action Description and year of completion Scope of action Corresponding Policy Element Overall Progress
Update of employer
branding within
recruitment
DOF has updated its employer brand and tone-of-voice to attract and retain a more
diverse candidates pool The Employer brand continuously developes to expand our
talent pool, and there has been a high focus on challenging biases in the recruitment
process
As an undertaking in the maritime industry, we are aware traditionally it is an industry
with less diversity than others We aim to ensure that our approach and tone-of-voice
are not influenced by unconscious bias By being able to reach out to a wider and more
diverse pool of applicants, we can create an inclusive workplace that values diversity
and promotes equal opportunities for all employees
Our advertisements encourage women and minorities to apply for positions As a result
of these actions, DOF has gained a larger applicant pool, and a brand that reaches a
larger and more diverse audience
Organisation-wide
strategy
Equal Employment Opportunity Policy:
• Consider employment of people regardless of age, sex, race, political, religious or sexual orientation/
preference, or national origin,
• Employ persons on a non-racial discriminatory basis
Ongoing program
Continuing the Dignity
and Respect campaigns
to reinforce the zero-
tolerance policy
Dignity and Respect campaigns continued in 2024 to reinforce the zero-tolerance
policy and ensure greater visibility for the Ethics Helpline and reporting structure The
effect of these campaigns is increased awareness of what with constitutes harmful
behaviours and the channels and methods to report them among our workforce
Organisation-wide HR Policy:
• Deliver planned training and development opportunities so employees are well-trained and highly
knowledgeable, exemplifying our vision and values,
• Endeavour to meet individual needs in the work place to ensure a mutually beneficial work
relationship, encouraging employees to maintain a work life balance
Ongoing program, implemented through DOF Business Management
System
Global Employee Survey The Global Employee Survey will be used to research and monitor employee
experience with diversity, equality, and inclusion in the DOF Group and identify areas of
improvement
Organisation-wide HR Policy:
• Continually striving to make the DOF Group a great place to work by improving the work
environment, recognising and reward excellence, encouraging individual development, removing
barriers to change and promoting innovation and foster work collaboration,
• Working pro-actively to retain the Group’s human capital investments,
• Create and maintain the safest environment for our people: putting safety first,
• Endeavour to meet individual needs in the work place to ensure a mutually beneficial work
relationship, encouraging employees to maintain a work life balance
On track Conducted annually
Key Action Description and year of completion Scope of action Corresponding Policy Element Overall Progress
Establishing the Group
DEI committee
DOF had a goal to establish a global diversity, equality, and inclusion committee, and in
2024 this was achieved This was also in line with the objectives set in the ARP report
The committee consists of various employees globally The goal is for the committee to
propose a DEI strategy and possible KPIs for measurement in line with a given group
mandate for 2025 The suggestion for setting a DEI committee was proposed as an
initiative from DOF’s Ambassador programme
Organisation-wide
representation
HR Policy:
• Ensuring Equal Opportunities for all, with a diverse and cross-cultural workforce, valuing and
respecting everyone
Equal Employment Opportunity Policy
• Consider employment of people regardless of age, sex, race, political, religious or sexual orientation/
preference, or national origin,
• Employ persons on a non-racial discriminatory basis
Ongoing, with a mandate and committee established in Q4 2024
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
A target is to reach 25% female leaders in the seasoned professionals and management group onshore by
2025, aligns with the Diversity and Inclusion policy objectives The policy aims to create a diverse and inclusive
workplace, addressing gender imbalance and promoting equal opportunities The specific target level is 25%
female representation within professionals and managers onshore:
• Is relative and measured as a percentage of female representation within the specified workforce
categories
• Applies to the onshore workforce
• Was first announced in 2021, initiated by the stakeholders involved and as a result of the commitment to the
“Fifty-fifty” programme
• Is evaluated by end of each reporting year, monitored throughout the year by Power BI reports, and reported
and monitored in the quarterly reports
By the end of reporting year 2024 the performance status was:
• Female Onshore leaders: 237 %
The target was met for the onshore workforce as of year-end 2023, and by end of year 2024 we were slightly
below target Although no KPI is set the offshore workforce, we monitor development, and see there is significant
work to improve female representation in the offshore and marine workforce DOF uses recognised programmes
and pathways to deliver this target
DOF 2024
MANAGEMENT
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GOVERNANCE
SUSTAINABILITY
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FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
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PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
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93 DOF INTEGRATED ANNUAL REPORT 2024 93 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS S1 OWN WORKFORCE: EQUAL TREATMENT AND OPPORTUNITIES FOR ALL
S1-9 Diversity metrics
Respecting cultural diversity while working towards the same goals is a key success factor for DOF Since gender
equality is material for DOF, part of the disclosure requirement in S1-9 is presented below:
Staff Managers Senior Managers
Female
624 (175%)
80 (10%)
11 (193%)
Male 2941 (825%) 719 (90%) 46 (807%)
% of total 3565 (806%) 799 (181%) 57 (13%)
* Employees excluding non-guaranteed hours and non-employees.
Definition of position groups:
Staff: Advisors, accountants, analysts and other staff positions.
Managers and seasoned professionals: Senior consultants and line-manager positions.
Senior Managers: Senior Vice President, Vice Presidents and Group Managers.
S1-16 Remuneration metrics (pay gap and total remuneration)
In the year, the average wage of a female employee was approximately 817% of the average male employee’s
remuneration across all employees This was calculated based on the average total annual remuneration of all
women employees and all male employees (including base salary, overtime allowance, and bonus payments)
The total remuneration of the highest paid individual was 189 times the median total remuneration for the
company
Unit
2024
Gender pay gap
%
1833
Remuneration ratio of the highest paid individual
ratio
189
DOF has not adjusted the ratio for purchasing power differences between countries Neither have we included
information regarding how objective factors such as type of work and country of employment may influence the
gender pay gap
DOF 2024
MANAGEMENT
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PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
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PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
94 DOF INTEGRATED ANNUAL REPORT 2024 94 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS S1 OWN WORKFORCE: OTHER WORKRELATED RIGHTS
S1 Other Work-Related Rights
Safeguarding employee’s data privacy is essential to DOF With a portfolio that includes the collection and
management of diverse types of data, including privacy, commercial, and client data, the number of worksites and
employees increases vulnerability to data security risks Cyber security threats have become a prominent risk to
business continuity, threats to our systems become more frequent and sophisticated
IROS
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
S1 Own Workforce
Data security
Exposure to data breaches, cyber attacks and unauthorized access to employee data
PI
Direct
Data privacy compliance
Breach of data privacy legislation may result in significant fines for the organisation
!
Direct
S1-1 Policies related to other work-related rights
DOF deals with sensitive and proprietary information related to projects, client data, and our people Ensuring
robust data privacy measures is crucial to maintaining trust with clients, complying with regulations, and safe-
guarding the integrity of business processes The policy and standards listed below all relate to the potential
negative impact and risk related to data privacy and data security:
Policy
Security Policy
Purpose
To manage the safety and protect personnel, physical assets, and intellectual property
Covers
All onshore and offshore worksites and all individuals present on our sites
Accountable
CEO
Available
BMS, Website, All DOF Worksites
Works with Policy
Documents
CoBC , SCoC, the International Ship and Port Facilities Security Code (ISPS)
Recruitment Management Standard,
Standard
Information Technology and GDPR Compliance Standard
Purpose
Uphold General Data Protection Regulations (GDPR) and other legislative requirements
such as Lei Geral de Proteção de Dados (LGPD) in Brazil
Covers
All employees, business units and operations
Accountable
DOF Group Executive Management
Available
BMS
Works with Policy
Documents
CoBC , SCoC, the International Ship and Port Facilities Security Code (ISPS)
Recruitment Management Standard
Stakeholders’ concerns are confidentiality, integrity, and availability of data, as well as the resources allocated
to safeguard against internal and external threats They seek assurances of lawful protection for personal
data pertaining to employees and third parties Non-compliance with GDPR regulations could result in sig-
nificant financial and reputational repercussions for DOF Investors, employees, and clients are particularly
apprehensive about the organization’s continued ability to uphold data privacy laws and requirements
Impact materiality Financial materiality
PI
Potential impact
AI
Actual impact
!
Potential risk
!
Actual risk
O
Opportunity
Short-term Medium-term Medium- to long-term Long-term
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
95 DOF INTEGRATED ANNUAL REPORT 2024 95 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS S1 OWN WORKFORCE: OTHER WORKRELATED RIGHTS
S1-4 Taking action on material impacts on own workforce. Other work-related rights
Other work-related rights - Data security and privacy
The actions taken to meet the impacts and risks related to data security and data privacy is relies on the
Technology and IT function They have the overall responsibility of making sure that we are not exposed to
data breaches, cyber-attacks or unauthorized access, as well as making sure our people are trained and have
the tools needed to protect our data With the growing technological development, the risks follow and more
than ever it is crucial for all employees to follow our managing documents and training on the area to mitigate
this risk
Actions under Data privacy:
Data privacy has been a material topic for the DOF Group for several years, and we have established activities
based on the identified impacts and risks In 2024 the Cyber Committee registered that the majority of the
employees were behind schedule on completing their cyber awareness training Therefore, the decision was
made to go for a new and improved product that offered a new approach to cyber security training
Key Action Description and Year of Completion Scope of Action Corresponding Policy Element Overall Progress
Cyber Security Awareness
and Training Program
There has been established an internal Cyber Security Awareness and training programme that details the cyber
security awareness activities that shall be carried out in DOF All training is mapped and monitored through our
training portal This gives us the opportunity to detect negative trends and to focus more where necessary
Covers all DOF Employees DOF Security Policy:
• Protect the confidentiality and integrity of our
intellectual property and prevent any unauthorised
access or use
• Adhere to the Group’s access control procedures
• Ensure operational resilience to cyber risks
Implemented, ongoing implementation through
the DOF BMS
Mandatory Awareness and
Training Activities
All DOF employees complete mandatory cyber security and GDPR Awareness training during the onboarding
process, as outlined in the competence matrices This training shall also be repeated every two and four years to
ensure compliance and keep skills up to date All mandatory training is mapped and monitored through our training
portal This gives us the opportunity to detect negative trends and to focus more where necessary
Covers all DOF Employees DOF Security Policy and Information Technology and
GDPR Compliance Standard:
• Protect the confidentiality and integrity of our
intellectual property and prevent any unauthorised
access or use
• Adhere to the Group’s access control procedures
• Ensure operational resilience to cyber risks
Implemented Ongoing compliance monitoring
through the training portal
Automated Cyber security
Awareness and Training
DOF provides its employees with cyber security training It is a personalised cyber security training program
powered by AI simulations that simulates attacks and provides training Content and simulations are tailored to the
employee profile and training is delivered straight to the mailbox Meaning, you no longer need to log onto another
system to complete training as the training will instead be seamlessly integrated into the daily routine This training
will adopt to the employee’s development and as the awareness improves the simulations get tougher, ensuring that
our workforce is improving its cyber security awareness
A major goal of our cyber security awareness program is to teach employees how to avoid falling for phishing
emails When it comes to cyber security it is a joint effort to safeguard our organisation and ourselves Together our
personal awareness and knowledge of cyber threats is crucial as our reliance on technology is increasing
Covers all DOF Employees, tailored simulations towards
employee profile
DOF Security Policy:
• Protect the confidentiality and integrity of our
intellectual property and prevent any unauthorised
access or use
• Adhere to the Group’s access control procedures
• Ensure operational resilience to cyber risks
Cyber Security Awareness
Month
October is the Cyber Security Awareness month, and in 2024 DOF conducted extra awareness using campaigns
and articles on our internal social platforms These awareness activities included, among other, phishing awareness,
digital assets and how to report cyber security incidents. The effect of these campaigns are increased awareness
among our workforce
Covers all DOF Employees, tailored simulations towards
employee profile
DOF Security Policy:
• Protect the confidentiality and integrity of our
intellectual property and prevent any unauthorised
access or use
• Adhere to the Group’s access control procedures
• Ensure operational resilience to cyber risks
Annually, with specific activities in October
Cyber Security Drills This includes selecting one or more scenarios that can occur onboard the vessel and guiding questions to get a
complete Cyber Crisis Management Exercise All emergency response training conducted in DOF in 2024 was
reported/logged in our Crisis Management System This training acts as a drill for our employees and prepares
them for cyber risks that may occur in the day-to-day operations
Includes scenarios that can occur onboard vessels,
involving all relevant stakeholders
DOF Security Policy:
• Protect the confidentiality and integrity of our
intellectual property and prevent any unauthorised
access or use
• Adhere to the Group’s access control procedures
• Ensure operational resilience to cyber risks
Implemented, and tracked within Crisis Manager
S1-5 Targets related to managing material negative impacts, advancing positive impacts and managing risks and opportunities
DOF has not established any measurable or time-bound outcome-oriented targets to evaluate the effectiveness of our activities connected to the IROs under the sub-topic of “other work-related rights” (data privacy)
Nevertheless, we track the effectiveness of our actions based on monitoring data breaches and regular reports on how many of our employees that complete the awareness training and status on the simulated attacks
DOF 2024
MANAGEMENT
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PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
96 DOF INTEGRATED ANNUAL REPORT 2024 96 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS S2 WORKERS IN THE VALUE CHAIN
S2 Workers in the Value Chain
DOF’s business model relies heavily on an extensive network of suppliers to produce goods and services as part of
our value chain In 2024, we had 3,601 suppliers, varying from small local entities to global suppliers delivering
goods and services to DOF Stakeholders expect us to deliver all our services in a manner where we demonstrate
fair conditions for workers in our value chain We take our responsibility to identify, prevent and address the
mistreatment of workers in our value chain seriously
IROS
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
S2 Workers in the Value Chain
Child and forced labour within extended value chain
DOF is exposed to the use of child and forced labour as a result of business relationships with shipyards, manning agencies
and the use of some manufactured of products
PI
Upstream
Labour conditions
DOF is not always able to assure the labour conditions of its extended value chain, exposing it to non-compliance to UN Global
Compact
PI
Upstream
Occupational Health and Safety
High consequence low probability incidents can have fatal or serious personnel consequences for workers
PI
Upstream
Occupational Health and Safety at shipyards
Maintaining adequate health and safety standards within shipyards is a significant challenge as tasks are performed using
third-party management systems
PI
Direct
Global availability of resources
The availability of resources and key competencies are becoming limited because of a smaller resource pool
!
Upstream
Personnel continuity
Inability to meet competency demands within emerging markets, new technologies and stakeholder expectations
!
Upstream
Identifying IROS 2024
In 2024, a group-wide double materiality process in accordance with the ESRS1 requirements was
completed to determine the material impacts, risks and opportunities including the topics, sub-topics, and
sub-sub-topics related to:
Workers in the Value Chain
Stakeholders engagement included:
Internal supply chain management and procurement teams, regional executives, and operational managers
were consulted to identify specific worker-related challenges and risks within the supply chain
External supplier engagement and audits provided additional perspectives on worker conditions,
employment practices, and alignment with DOF’s Business and Supplier Code of Conduct
The process included mapping the value chain, identification of key suppliers, subcontractors, and
business partners globally, with emphasis on high-risk geographies and sectors
Supply chain audits and assessments analysed supplier practices related to human rights, labour
standards, and health and safety, including compliance with international frameworks such as the UN
Guiding Principles on Business and Human Rights and the ILO Core Conventions
Historical data was reviewed and past incidents, such as breaches of supplier codes of conduct or labour
violations reviewed, to determine the likelihood and severity of future risks
Risk Segmentation: classification of suppliers based on risk factors, including geographic location, industry
type, and reliance on vulnerable worker populations (eg, migrant labour or contract workers)
The action plans and resources to manage our material impacts, risks, and opportunities related workers
in the value chain are consolidated in our Global Improvement Programme (GIP) The GIP is established
annually to ensure that DOF meets or exceeds the ambitions defined by the Group’s vision and strategic
objectives This programme, along with the actions and objectives it encompasses, supports our ongoing
efforts in preventing and mitigating significant negative impacts
Impact materiality Financial materiality
PI
Potential impact
AI
Actual impact
!
Potential risk
!
Actual risk
O
Opportunity
Short-term Medium-term Medium- to long-term Long-term
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
97 DOF INTEGRATED ANNUAL REPORT 2024 97 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS S2 WORKERS IN THE VALUE CHAIN
S2-1 Policies related to Workers in the Value Chain
The Supplier Code of Conduct addresses potential labour practices, human rights, health and safety,
environmental and bribery and corruption risk in the supply chain It is integrated into purchase agreements
with suppliers, made available on our website and business management system All new suppliers must
commit to the code as a pre-requisite for transacting business with our company
Policy
Supplier Code of Conduct
Purpose
To manage supplier obligations to comply with international human rights
standards and national laws regarding child and forced labour, working
hours, wages and benefits, and non-discrimination
Covers
The supply chain
Accountable
CEO
Review
Periodically, within management review process
Available
BMS, Website, All DOF Worksites
Works with Policy Documents
CoBC, Supply Chain Management Manual
Aligned to
International Bill of Human Rights,
International Labour Organization (ILO) conventions,
UN Guiding Principles on Business and Human Rights
Policy
Supplier Chain Management Manual
Purpose
Outlines engagement responsibilities, including vessel officer involvement
and supplier feedback loops
Covers
The supply chain
Accountable
CEO
Review
Periodically, within management review process
Available
BMS, Website, All DOF Worksites
Works with Policy Documents
CoBC, SCoC
Updates and other information regarding the SCoC are readily available to global value chain workers and
suppliers via online platforms and portals, ensuring real-time access to policy changes, best practice, and rel-
evant training modules Supplier engagement is monitored through the platforms, and where suppliers have
not undertaken mandatory training, noncompliance is addressed as a part of ongoing supplier management
During the reporting year there have been no cases of breaches of the UN Guiding Principles of Business and
Human Rights
As outlined in SBM-1,our business model relies heavily on an extensive network of suppliers to produce goods and
services as part of our value chain DOF had 3,601 suppliers in 2024, and they vary from small local entities to
global suppliers delivering goods and services
Global supply chains servicing our industry are unbalanced and instances of abuse of rights and unfair treatment
are a material risk DOF has identified exposure in activities that involve vessel yard stays and when we outsource
our services to third-party companies
Our stakeholders expect us to deliver all our services in a manner where we demonstrate fair conditions for
workers in our value chain We take our responsibility to identify, prevent and address the mistreatment of workers
in our value chain seriously Our engagement strategy spans the entire supply chain, from supplier selection to
regular reviews This ensures consistent oversight and responsiveness to workers’ needs The process is guided by
UN Global Compact principles and involves risk-based inspections and audits The EVP Sustainability and supply
chain team oversee the strategy, incorporating insights into policies and practices
Workers in the value chain are defined as:
Upstream: Workers who we purchase goods or services from - workers who produce the goods and services - Suppliers
providing goods/materials/parts etc
Downstream: Representatives from customers onboard our vessels and service workers in catering or welders onboard
during mobilization and maintenance work
Downstream: Includes workers undertaking activities on DOF owned assets but are not employed on a permanent basis and
reported through ESRS S1 This includes self-employed workers, or workers provided by third party, workers working for
clients, logistical and agent support and workers working in the operations as part of DOF joint venture
Own Operations: Non-employees - suppliers contracted by the undertaking, for example seafarers from OSM These workers
are disclosed in S1
Special attention is given to understanding the unique experiences of vulnerable or marginalised groups within the supply
chain, such as women, migrant workers, and workers with disabilities and also address workers within the LGBTQ+ society
Training and awareness
We take care to communicate effectively and implement this policy to protect value chain workers and suppliers
in high-risk areas, including regular training sessions for employees involved in procurement and supply chain
management We welcome questions or comments about the SCoC from our suppliers and consider this an
opportunity to promote understanding of our compliance requirements In 2024, in-person training sessions have
focused on our values and policies Most meetings throughout the organisation, start with a value moment to
create awareness and discussions round these topics
Webinars are supplemented with comprehensive materials, such as handbooks and online resources are
accessible for all relevant personnel and available in English and Portuguese, the two business languages in DOF
The training sessions outline expectations for conduct and ensures that participants understand the impacts, risks
and opportunities associated with labour practices, human rights, health and safety, the environment, and bribery
and corruption within the value chain
3,214 DOF e-learn modules were completed by value chain workers in 2024 and 4185 in the last two years The
training covers Occupational Health and Safety, permit to work, management of change and the CoBC
DOF 2024
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98 DOF INTEGRATED ANNUAL REPORT 2024 98 DOF INTEGRATED ANNUAL REPORT 2024
S2-2 Processes for engaging with value chain workers about impacts
Our engagement strategy unfolds at various stages of the supply chain process, beginning with the selection
of suppliers and extending through regular, biannual reviews of working practices and conditions Structured
engagement allows us to maintain consistent oversight and respond to the needs of workers The selection process
is built on UN Global Compact requirements and followed up with risk criteria inspections and audits
2,289 vendors have been evaluated since the start in 2019 and in 2024, 492 evaluations were performed
The EVP Sustainability oversees the engagement strategy in close collaboration with supply chain managers
They ensure the insights and feedback obtained through our engagement influence our policies and practices
Supply chain engagement is described in the supply chain management manual and part of the business
management system Additionally, officers onboard vessels are responsible for engagement The feedback loop
to suppliers in managed through regular evaluation and meetings Special training has been given to our audit
teams visiting yards and production facilities to evaluate upstream activities performed by workers in our value
chain A new guideline for shipyard audits focusing on human rights has been developed with Slave Free Alliance
In general, engagement occurs directly with value chain workers when they work under or in connection with
the organisation Sometimes engagement is organised by contracting organisations, with unions and other
representatives of the value chain workers
Engagement with value chain workers onboard vessels occurs in daily meetings, inspections and direct dialogue
with the workers in safety meetings At shipyards the engagements is through audits, day-to-day follow-up and
collaboration with workers and their supervisors
To measure the effectiveness of our engagement, we monitor the outcomes of our initiatives, assess improvements
in working conditions and the fulfillment of our agreements This evaluation process includes examining the
tangible impacts on the lives of the workers and the overall sustainability of our supply chain
Through targeted research and focused discussions, facilitated by our NGO partners and Slave free Alliance, we
seek to address marginalised groups’ specific needs and challenges, ensuring that our engagement efforts are as
inclusive and impactful as possible
S2-3 Processes to remediate negative impacts and channels for value chain workers to raise
concerns
When entering a DOF worksite the induction programme outlines what workers should expect of a decent working
environment The programme is part face-to-face introduction and part e-learn modules, focusing on the CoBC
and Occupational Health and Safety
Value chain worker onboard vessels are included in the regular polls and working environment surveys we conduct
Information is provided to value chain workers to speak-up and how to report situations that do not meet policy and
CoBC standards when performing work at a DOF sites offshore and onshore DOF does not execute a systematic
measure to check or validate if value chain trusts the structures and processes as a way to raise concerns
Nevertheless, spot checks are performed during inspections, audits and onboardings
The Ethics Helpline is publicly available, and reports may be made through the website, or telephone numbers
available 24/7 in various languages The database allows communication with the reporter in an anonymous and
secure way
Reporters are also protected by our non-retaliation policy;
“Our Non-retaliation Policy strictly prohibits acts of retaliation or harassment against any person who has raised a
concern in good faith, or anyone who participates in an investigation. This means you may raise concerns without
fear of your employment being negatively affected. Our policy against retaliation protects anyone who makes a
report in good faith, even if you are found later to be mistaken”.
The closing timeline of a grievance will depend on each case Irrespective of whether a complaint is accepted or
not, a response to the stakeholder must be promptly provided in an understandable and transparent way DOF
ensures that records and evidence are kept within the Ethics Helpline database
All stakeholders, including value chain workers, can raise concerns regarding financial or legal impropriety through
DOF’s whistle-blowing system, detailed in G1-1
Workers in the value chain can also submit complaints via the website - this mechanism is discussed in more detail
in S1-3
For more information regarding tracing and monitoring of issues raised and handled, this is described in more detail
in S1-3
The main concern is exposure to non-compliance labour and human rights practices through the use of short-term
contracts and temporary employment through manning agencies, which may weaken worker’s rights
The SCoC is aligned to the UN Global Compact and widely available online and accompanied by a online training
programme
Ethics Helpline gives stakeholders an anonymous, 24/7-hour accessible tool where concerns can be reported,
investigated and resolved
In 2024, DOF did not register any cases of negative impact to workers in our value chain that required remedy
Should cases have occurred that required remedy, an individual evaluation of each case will be done based on our
case management standards
SUSTAINABILITY STATEMENTS S2 WORKERS IN THE VALUE CHAIN
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
99 DOF INTEGRATED ANNUAL REPORT 2024 99 DOF INTEGRATED ANNUAL REPORT 2024
S2-4 Taking action on material impacts on value chain workers, and approaches to managing risks and pursuing opportunities related to value chain workers, and effectiveness of those actions.
DOF resources allocated to management of its material impacts are embedded in the organization and way of working The areas that are involved and responsible on a day-to-day basis are mainly the following functions in the company:
- HSEQ and ESG resources; Supply Chain, including procurement and logistics The HR function for contract and training: Officers onboard, to oversee alignment with the ILO principles
Key Action Description and Year of Completion Scope of Action Corresponding Policy Element Overall Progress
Humans Rights and
Modern Slavery
Assessment
Risk of human and forced labour within the supply chain was identified as a salient human rights issue
in our Human Rights saliency assessment The assessment is described in detail in S1-4
DOF Value Chain Supplier Code of Conduct:
• The Code covers DOF’s entire supply chain and is aligned with the International Bill of Human
Rights, core International Labour Organization (ILO) conventions, and the UN Guiding Principles on
Business and Human Rights
Assessment Complete for 2024
reporting period Ongoing evaluations
incorporated within the DOF Business
Management System
Improving supply
chain traceability
Supply chain traceability is key to our social and environmental strategy Since 2020, we have
mapped our supply chain geographically, achieving comprehensive visibility except at the raw
material level Upstream data remains challenging to obtain, so our focus is now on assessing social
and environmental impacts and improving data reliability Since 2020, DOF has used a platform to
support supply chain management and compliance, offering risk analysis, mapping, and tracing tools
This helps track supplier data, sustainability credentials, and certifications Our ultimate goal is full
traceability across all suppliers
DOF Value Chain Supplier Code of Conduct:
• The Code covers DOF’s entire supply chain and is aligned with the International Bill of Human
Rights, core International Labour Organization (ILO) conventions, and the UN Guiding Principles on
Business and Human Rights
Implemented, ongoing as part of DOF
Business Management System
Ensuring value
chain workers are
paid a fair wage
In recent years, we have put an increased focus on Human Right activities and work closely with
our partner Slave Free Alliance, who provide tools and advice on how to ensure all workers for our
contractual suppliers receive a living wage In the year, we made paying workers a living wage a
contractual requirement in our terms and conditions for all direct suppliers, and in 2025, we will
explore ways we can achieve this for sub-contractors and indirect suppliers We have not measured
the outcome of this action in 2024, as the implementation of the contractual requirement was
updated in Q4 2024
DOF Value Chain Supplier Code of Conduct:
• The Code covers DOF’s entire supply chain and is aligned with the International Bill of Human
Rights, core International Labour Organization (ILO) conventions, and the UN Guiding Principles on
Business and Human Rights
• Under the Code, suppliers must comply with international human rights standards and national laws
regarding child and forced labour, working hours, wages and benefits, and non-discrimination
Implementation of contractual
requirements started in Q4 2024, with
ongoing evaluation in 2025 as part
of integrated Business Management
System processes
Due diligence
assessments
Vendor Evaluation and screening allows DOF to get a snapshot of what areas of our value chain are
at risk and provides us with a pool of information that can be used for greater evaluation In light of
our due diligence assessment, we produced the Supplier Code of Conduct to outline clearly DOF’s
expectations of its suppliers when it comes to working conditions and human rights The Supplier
Code of Conduct is combined this with other tools to make sure that we identify negative impacts in
our value chain
DOF Value Chain Supplier Code of Conduct:
• The Code covers DOF’s entire supply chain and is aligned with the International Bill of Human
Rights, core International Labour Organization (ILO) conventions, and the UN Guiding Principles on
Business and Human Rights
• Under the Code, suppliers must comply with international human rights standards and national laws
regarding child and forced labour, working hours, wages and benefits, and non-discrimination
Implemented, ongoing monitoring
and control as part of DOF Business
Management System
Addressing forced
and/or child labour
risks
Forced- and/or child labour is identified as a risk in our value chain This is a risk where the cases
are difficult to identify, and evidence is hard to disclose In 2024, DOF’s objective was to produce a
solid Supplier Code of Conduct to address this (among other) risk and set expectations toward our
suppliers on forced and child labour Again, the document itself is not on its own a solution, but a
starting point and hopefully an opportunity to influence the value chain
DOF Value Chain Supplier Code of Conduct:
• The Code covers DOF’s entire supply chain and is aligned with the International Bill of Human
Rights, core International Labour Organization (ILO) conventions, and the UN Guiding Principles on
Business and Human Rights
• Under the Code, suppliers must comply with international human rights standards and national laws
regarding child and forced labour, working hours, wages and benefits, and non-discrimination
Supplier Code of Conduct implemented
in 2024, with ongoing monitoring
integrated throughout the Business
Management System
Training and skills
development
When it comes to training and skills development, DOF provides its contractors with a training
portal which gives them access to e-learning modules to improve their awareness and knowledge
of DOF procedures This is based on the experience that external personnel coming onboard our
vessels are more likely to get injured and cause accidents if they are not aware and familiar with the
DOF processes
Our ambition is for all clients and contractors to conduct our vessel induction video before vessel sails
and to conduct DOF permit to work within two weeks of joining the vessel
DOF Value Chain Health, Safety and Working Environment Policy:
• Implement and maintain OHSAS 18001 / ISO 45001 compliant Health and Safety Systems,
• Ensure Health and Safety systems are provided and maintained, considering the continued need to
protect personnel, assets and the environment,
• Encourage all personnel to use products and technical solutions with the least impact to their health
and environment
Implemented, ongoing monitoring as
part of the Business Management
System
SUSTAINABILITY STATEMENTS S2 WORKERS IN THE VALUE CHAIN
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
100 DOF INTEGRATED ANNUAL REPORT 2024 100 DOF INTEGRATED ANNUAL REPORT 2024
S2-5 Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities
DOF has not committed to any targets that align with CSRD to manage material negative impacts, advancing
positive impacts, and managing material risks and opportunities within this area
Our ambition is to collaborate with Factline to enhance our vendor evaluation questionnaire by including questions
regarding our expectations towards the supply chain, more accurately the added questions will be regarding
minimum wages and overtime pay In the future this could be the basis for mapping our supplier’s adherence to pay
an adequate wage
In the years to come we aim to set target for our direct suppliers to pay their workers a living wage and implement
a system for validating based upon the supplier’s self-assessment and audits
SUSTAINABILITY STATEMENTS S2 WORKERS IN THE VALUE CHAIN
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
101 DOF INTEGRATED ANNUAL REPORT 2024 101 DOF INTEGRATED ANNUAL REPORT 2024
Governance
In this section you will find
ESRS G1 Business Conduct 103
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
102 DOF INTEGRATED ANNUAL REPORT 2024 102 DOF INTEGRATED ANNUAL REPORT 2024
SUSTAINABILITY STATEMENTS G1 BUSINESS CONDUCT
G1 Business Conduct
G1-1 Business conduct policies and corporate culture
Our approach to business conduct is anchored in our governance framework It sets the standard for how we
conduct business, outlining our expectations for suppliers and business partners The framework incorporates
Anti-Bribery and Anti-Corruption policies, which are consistent with the United Nations Convention against
Corruption
The Audit Committee (‘AC’) is responsible for preparing and making recommendations to the Board on regulatory
and compliance issues that may have a material impact on the organisation The Board monitors adherence to the
Code of Business Conduct (CoBC) and any reports raised through the whistleblowing system in quarterly meetings
Executive Management is responsible for the implementation of the CoBC and building a culture of integrity
Compliance is addressed in quarterly meetings between the Regional and Executive Management teams to
monitor progress made by each region with respect to compliance initiatives
The project management function, supply chain workers and officers on our vessels have been identified to be
particularly high risk for corruption and bribery due to their direct involvement in obtaining permits and interface
with external stakeholders, including government officials DOF mitigates this risk through targeted anti-bribery
and anti-corruption training for these individuals
IROS
MATERIAL IMPACTS,
RISKS AND OPPORTUNITIES
IRO
TYPE
VALUE
CHAIN AREA
TIME
HORIZON
G1 Business Conduct
Exposure to differing cultural norms
DOF’s global footprint exposes operations to different cultural norms that may result in breaches of our core values
PI
Direct
Compliance to anti-corruption and bribery legislation
DOF may encounter corruption and bribery within the high-risk areas we work
PI
Direct
Supplier exposure to corruption and bribery
Through its operational footprint DOF may work with suppliers that do not comply with UN Global Compact conditions
!
Upstream
G1-1 Business Conduct Policies
Policy
Code of Business Conduct
Purpose
The blueprint for conducting business ethically and responsibly, including human rights,
diversity, zero tolerance for bribery and corruption, transparency, anti-money laundering
laws compliance, and the protection of personal data
Covers
All employees, onshore and offshore worksites, value chain workers and downstream
suppliers
Accountable
CEO, the Board
Available
BMS, Website, All DOF Worksites
Reviewed
Annual management review process
Incorporates /
encompasses
UN Guiding Principles for Business and Human Rights, OECD Guidelines for Multinational
Enterprises and ILO Declaration on Fundamental Principles and Rights at Work
The Transparency Act Statement and the Modern Slavery Act Statement Act statements are available on
the website and subject to the annual June 30th update deadline, in accordance with §5 in “Åpenhetsloven”
The Ethics helpline provides a safe reporting channel that maintains confidentiality and protects the rights
of both the reporter and potential subject Internal and external stakeholders are encouraged to report
misconduct The reporting process and reporting options are stated in the Code of Business Conduct and in
the Ethics Helpline guide It is managed by a third party and is a 24/7-hour accessible tool
Whistleblowing
We have a whistle-blower system which can be used by internal and external stakeholders to raise concerns about
breaches of the governance framework and CoBC, and other matters of financial and legal integrity
The system is hosted by a well respected, independent risk and compliance solution provider, that has 30 years of
expertise in the area, via an online portal and can be accessed from a link on our website All reports submitted via
the whistle-blower system are investigated promptly and objectively
Whistle-blowers are protected from any kind of retaliation or discriminatory or disciplinary action in line with EU
law and other relevant legislation in Norway, Australia, Brazil, UK, US, and Canada
During the year 48 cases were reported Four reports were duplications of the same cases 75% of the cases
are from South America, and the rest from all regions globally Of the unique closed cases in 2024, 44% are
substantiated and 56% unsubstantiated The most serious reports concern sexual harassment, physical
harassment and poor management behaviours Some cases have led to dismissals, including three DOF employees
and two subcontractors
The average time to close cases is 60 days for the year and falls within the target of 80 days 41 cases reported on
the hotline website and seven by hotline phone More detail on cases raised through the whistle-blower mechanism
and other incidents and complaints are given in S1-17
Impact materiality Financial materiality
PI
Potential impact
AI
Actual impact
!
Potential risk
!
Actual risk
O
Opportunity
Short-term Medium-term Medium- to long-term Long-term
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
103 DOF INTEGRATED ANNUAL REPORT 2024 103 DOF INTEGRATED ANNUAL REPORT 2024
Training and awareness
Training and awareness activities are essential in building a culture of integrity and creating a common
understanding of what is expected from our employees CoBC conduct, whistleblowing and other compliance
training sessions are mandatory for all new employees as part of their onboarding process In the year, we also
roll-out mandatory training for existing employees, to refresh their knowledge on different topics in the Code We
run dedicated sessions on topics including Labour Rights and Modern Slavery, Conflicts of Interest and Gifts and
Hospitality on a 4-year rolling basis These are targeted to different functions and regions
1,223 employees have conducted CoBC training in the year and the total for the last 3 years is 2,503 In addition,
1,716 employees have completed the Business and Ethics training, and in total 3,728 courses conducted by
employees the last three years
G1-2 Management of relationships with suppliers
DOF’s ability to deliver high-quality, timely, and safe operations relies on strong relationships with suppliers who
adhere to the same ethical principles as the Company We set out expectations and standards of business conduct
of our suppliers in our Supplier Code of Conduct (SCoC)
The SCoC forms part of our standard terms and conditions, and we require suppliers to share the code with
subcontractors and other business associates who provide the goods and services outlined in the main contract
Suppliers are subject to a system of checklists to evaluate risks and conduct audits All suppliers are subject to a
self-assessment undertaken by our partner Factlines and followed up with supplier audits On some occasions a
thorough due diligence process is followed DOF’s assessment of its suppliers is risk-based and built upon the 10
principles issued by UN global compact, including human rights, social, environmental and anti-corruption criteria
In the event of supplier misconduct, we take prompt and appropriate action to mitigate risk and resolve any
issues This may in utmost consequence mean terminating our relationship with the supplier Triggers to terminate
business relationships include but are not limited to whistle-blower cases, instances of bribery and corruption and
health & safety breaches
Sustainable procurement
In 2024 a global supply chain session was held with all SCM managers in the company to evaluate our procurement
function to ensure sustainability considerations are built into relationships with our suppliers
Our sustainable procurement process includes qualifying suppliers based on their sustainability credentials, onsite
assessments for major suppliers, and assessments of indirect suppliers based on an evaluation of sustainability
related risks
To prevent inappropriate vendors becoming authorised suppliers by DOF, each vendor must undertake a self-
assessment review where they are considered on their ability to respond positively to a pre-determined set of
parameters DOF has established a digital vendor evaluation questionnaire (VEQ) and the system is currently
managed by the service provider Factlines
The primary objective of the vendor evaluation process is to ensure that only reputable, capable and reliable
vendors are endorsed and determine:
• a vendor’s approach to its Corporate Social Responsibility (CSR), and,
• whether the vendor will be a responsible and responsive partner aligned with the values and vision of DOF,
and the UN Global Compact ten principles involving Human rights, Labour conditions, Environment and Anti-
corruption
The activities involved in the evaluation process are listed below:
What How
Submission of questionnaire All vendors are required to complete, sign and return the questionnaire through the Factline database
Review questionnaire The Factline database will automatically provide a score of the vendor, based on the self-evaluation
This will be the basis for decision making by DOF, to approve the vendor or not
Handling approval Vendors that have been approved in the electronic process will be transferred to Unit 4
Handling non-approval Vendors that have not been approved will be subject for an in-depth review by DOF supply chain and
HSEQ functions The Finance function and Legal department will be consulted as necessary
Vendor re-evaluation All vendors must be re-evaluated within a maximum of 48 months Any significant change in the scope
of the delivery will require a re-evaluation
DOF recognises the importance of timely payments to small to medium enterprises (SMEs), ensuring fair financial
practices For the purposes of this disclosure, small enterprises are defined as entities with 1-20 employees, while
medium-sized companies range from 21-100 employees
DOF’s standard payment terms, as stated in its terms and conditions, are 60 days However, for the reporting year,
the average actual payment period was 44 days (Reference: ESRS G1-6 Payment)
To enhance payment efficiency, DOF uses electronic invoicing systems, including Peppol and EHF (Elektronisk
Handels Format, Norway)
SMEs facing payment issues can contact DOF at suppliers@dofcom, referencing the PO number This inbox is
monitored daily to ensure prompt assistance
Exemptions
In some cases, a full evaluation process is not considered necessary In cases where procurement has been for
minor purchases like restaurant meal, magazines, booklets, newspapers, as well as invoices from local government,
police, fire brigade etc a formal vendor evaluation is not normally performed In cases like this, the regional supply
chain managers are authorised to rate the suppliers as “exempted” to the approval process DOF has an emergency
exemption procedure contained in a “vendor prequalification - emergency exemption form” that must be completed,
signed digitally and forwarded to the procurement officer or vendor management team to be processed
SUSTAINABILITY STATEMENTS G1 BUSINESS CONDUCT
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
104 DOF INTEGRATED ANNUAL REPORT 2024 104 DOF INTEGRATED ANNUAL REPORT 2024
2024 Assessment
The supplier assessment process is shown in the diagram below where Basic A1 evaluation is connected to the
UN Global Impact and is for all suppliers A2 is connected to ISO 9001,14001 and 45000 and an a more detailed
evaluation for suppliers with comprehensive partnership with DOF
Total number of assessments undertaken in 2024 is 492 vendors
New Suppliers
Existing Suppliers
Basic
A1
A2
Every fourth year
Factline
risk based
assessment
Result in U4
G1-3 Prevention and detection of corruption and bribery
DOF has a zero-tolerance approach to bribery and corruption as outlined in our CoBC
We ask all employees, contractors and suppliers to raise any concerns regarding bribery or corruption through
a dedicated channel within our independent whistle-blowing system Investigations within the ethics hotline are
conducted in a way where the investigation team are independent of the management organisation involved in the
matter DOF has established a structure where an executive advisor will appoint the investigation team based on
the reported incidents, ensuring the case assigned person and investigators have insight to the topic area and any
complexities As a precaution in the system there is a default set up to exclude any investigators if mentioned in
the case Assignees have various skill sets within HR, HSE, finance, marine operation and legal Any conclusions
drawn from the investigation are executed at the relevant organisational level The role and responsibilities of the
investigators is to investigate the case and provide recommendation to executive management team or CEO to
ensure satisfactory close out of the case
The CoBC and related policies are reviewed and approved by the Audit Committee The CoBC is reviewed by
DOF’s executives on an annual basis and the Board receives quarterly reports on cases raised through the whistle-
blowing system
Executive Management has implemented additional control procedures for functions deemed to be higher risk of
corruption and bribery: finance, procurement and contracting, and facilities and asset management All of these
functions are covered by anti-bribery and corruption training programs All of these functions are coved by DOF’s
internal training programs covering anti bribery and corruption This training is mandatory for all new starters and
valid for 2-4 years depending on type of training
DOF provide regular training for employees on anti-corruption laws, policies, and procedures Awareness programs
are used to ensure all employees understand the importance of preventing corruption and bribery DOF use various
Communication Channels to communicate it policies in e-mails, value moments, internet and training sessions on
and offshore Based upon relevance and targeted audience training are sometimes tailored for various projects,
employees, contractors and relevant stakeholders All training is proved in DOF’s two public language English and
Portuguese All policies are available in printed formats, DOF’s management systems, internet and posted on all
vessels and all sites globally
During the 2024 financial year DOF provided training to its at-risk own workers in terms of its internal training
requirements policy For those at-risk functions the training is mandatory, but DOF also made available voluntary
training for other own workers Details of its training during the year are as follows:
Anti-corruption and bribery e-learning
Nature and scope of training
2023
2024
DOF Code of Business Conduct DOF’s Code of Business Conduct for all employees 1130 1223
DOF Workbook - 2 A value-driven organisation Learn why we conduct business responsible 279 181
DOF Workbook - 4 Business Integrity and ethics Corporate compliance, ethical behaviour and operational excellence 2012 1716
Human Rights and Business
Human Rights and Business Awareness interactive video produced
by Amnesty International in cooperation with DOF
83
61
Introduction to the Maritime Labour
Convention (Maritime)
Produced by DNV 2 7
Modern slavery awareness Modern slavery Awareness e-learning produced by Slave Free
Alliance
8
Grand Total
3506
3196
The business codes of conduct include a clear anti-corruption policy that outlines the organization’s stand against
corruption and bribery and sets out expected behaviours and ethical standards for all employees
DOF conduct regular risk assessments to identify areas where corruption and bribery risks are highest As part
of our membership in the Maritime Anti-Corruption Network (MACN) we also receive updates on recent develop-
ments and incidents
DOF have implement robust financial controls to detect and prevent corrupt practices and have establish systems
to monitor transactions and activities for signs of corruption
We periodically carry out in-person workbook training sessions that also include bribery and corruption training for
onshore staff, leadership and officers and supervisors offshore
G1-4 Incidents of corruption or bribery
No incidents related to fraud, corruption, bribery or breach of anti-trust or competition laws were reported in 2024
The company did not receive any convictions or fines for violations of anti-corruption or anti-bribery law in the year,
nor has it been subject to any legal action relating to corruption and bribery
G1-6 Payment practices
Payment terms listed in our General terms for Purchase is 60 days, unless agreed separately Some specific
agreements may have payment terms of 30 or 45 days In DOF the average days from invoice day until payment
for 2024 were 44 days and the percentage of invoices paid within 60 days is 83% This is continuously monitored
through a payment analysis dashboard linked with the ERP system
There have been no legal proceedings connected to outstanding late payments in 2024
SUSTAINABILITY STATEMENTS G1 BUSINESS CONDUCT
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
Consolidated Statement of Profit or Loss
AMOUNTS IN USD MILLION Note 2024
Restated
2023
Operating revenue 5, 6, 7, 15 1 385 1 129
Payroll expenses
8, 31
-476
-410
Other operating expenses
9, 14, 15, 30, 31
-480
-381
Share of net profit of joint ventures and associates
16
Net gain (loss) on sale of tangible assets
13
Operating expenses -910 -745
Operating profit before depreciation and impairment - EBITDA 475 384
Depreciation
13
-160
-120
Impairment(-)/reversal of impairment
13
Operating profit - EBIT 413 420
Finance income
10
Finance costs
10
-113
-112
Realised currency gain (loss)
10
-18
-101
Unrealised currency gain (loss)
10
-127
Net financial items -229 -69
Profit (loss) before taxes 184 351
Tax cost (income)
11
-6
Profit (loss) for the year 178 367
Attributable to;
Non-controlling interest
Controlling interest
Basic and diluted earnings per share USD
12
Consolidated Statement of Comprehensive Income
Profit (loss) for the year 178 367
Other comprehensive income, net of tax
Items that may be reclassified to profit or loss
Currency translation differences
-2
Cash flow hedge
28
Share of other comprehensive income of joint ventures and associates
16
Total other comprehensive income for the year, net of tax 3 25
Total comprehensive income for the year, net of tax 181 392
Attributable to;
Non-controlling interest
Controlling interest
FINANCIAL STATEMENTS - DOF GROUP
106
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
Consolidated Balance Sheet Consolidated Balance Sheet
AMOUNTS IN USD MILLION Note 31.12.2024 31.12.2023
Restated
31.12.2022
Assets
Tangible assets
13, 15, 23
Contract costs
14
Goodwill
33
Deferred tax assets
11
Investments in joint ventures and associated companies
10, 16
Other non-current assets
17, 27
Total non-current assets
Trade receivables
18, 27
Other current assets
19, 27
Current assets excluding cash
Restricted deposits
Unrestricted cash and cash equivalents
Cash and cash equivalents
20, 27
Total current assets
Total assets
AMOUNTS IN USD MILLION
Note
31.12.2024
31.12.2023
Restated
31.12.2022
Equity and liabilities
Share capital
21 58 42 -
Other equity
21 1 714 983 56
Non-controlling interests
22 - 9 10
Total equity 21
Bond loan
23, 27 53 72 -
Debt to credit institutions
15, 23, 27 1 410 1 201 -
Lease liabilities
15 26 46 28
Other non-current liabilities
11, 24, 27 31 - -
Non-current liabilities
Current portion of debt
15, 23, 27 145 75 1 966
Current portion of lease liabilities
Trade payables
25, 27 219 156 143
Other current liabilities
26, 27 103 73 80
Current liabilities
Total liabilities
Total equity and liabilities
Christine Morris
Director
Adrian Geelmuyden
Director
Storebø, 3 April 2025
The Board of Directors of DOF Group ASA
Svein Harald Øygard
Chair
Harald Thorstein
Director
Erik Bergöö
Vice Chair
Kristin H. Holth
Director
Mons S. Aase
CEO
Daniela Davila
Director
FINANCIAL STATEMENTS - DOF GROUP
107
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
Consolidated Statement of Changes in Equity
AMOUNTS IN USD MILLION
Share
capital
Other
contributed
capital
Retained
earnings
Currency
translation
differences
Cash flow
hedge
Total other
equity
Non-
controlling
interest Total equity
Balance at 01.01.2024
-7
Profit (loss) for the year
Other comprehensive income net of tax
-2
Total comprehensive income for the year
Share issues
Dividend paid
-1
-1
Changes in non-controlling interest
-8
-8
Other adjustments
-1
Total transactions
Balance at 31.12.2024
AMOUNTS IN USD MILLION
Share
capital
Other
contributed
capital
Retained
earnings
Currency
translation
differences
Cash flow
hedge
Total other
equity
Non-
controlling
interest Total equity
Balance at 01012023
-7
-8
Adjustment impairment 01012023
Restated opening balance at 01.01.2023 - - 20 44
-8 56 10 65
Profit (loss) for the year
Other comprehensive income net of tax
Total comprehensive income for the year
Debt conversion
Payout of non-controlling interest *)
-14
-14
-14
Share issues
Dividend paid
-3
-3
Other adjustments
-1
-1
-1
-2
Total transactions
Balance at 31.12.2023
*) Related to exercised option shares in Iceman.
Non-controlling interest
Please see note 22 for more information about non-controlling interest.
Consolidated Statement of Cash Flows
The statement of cash flows is prepared in accordance with the indirect model.
AMOUNTS IN USD MILLION Note 2024
Restated
2023
Operating profit
Depreciation and impairment
13
-37
Profit (loss) on disposal of tangible assets
13
-2
-7
Share of net income of joint ventures and associates
16
-43
-39
Dividend from joint venture
16
Amortisation of contract cost
14
Change in trade receivables
18
-13
-76
Change in trade payables
24
Change in other working capital
-15
-22
Cash from operating activities
Interest received
10
Interest and other finance costs paid
10
-99
-128
Tax paid
11
-26
-28
Net cash from operating activities
Payments received for sale of tangible assets
13
Purchase of tangible assets
13
-97
-97
Purchase of contract costs
14
-19
-27
Consideration paid for acquisition of subsidiary net of cash acquired
33
-384
Payment received on sale of shares
Purchase of shares
-11
Net cash flow from other non-current receivables
Net cash used in investing activities
-462 -74
Proceeds from borrowings
23
Repayment of debt to credit institutions
23
-220
-182
Repayment of lease liabilities
23
-37
-16
Restricted cash net of debt
Payout of non-controlling interest
-14
Share issues
Dividend paid to non-controlling interest
-1
-4
Net cash from financing activities
Net changes in cash and cash equivalents
Cash included restricted cash at the start of the period
20
Exchange gain (loss) on cash and cash equivalents
-24
Cash included restricted cash at the end of the period
20
Restricted cash, previously offset against debt to credit institutions has been reclassified to cash in March 2023. The cash effects of the reclassification is
reflected in the financing activities.
For further information, please see note 20 ‘Cash and cash equivalents’.
FINANCIAL STATEMENTS - DOF GROUP
108
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
Financial reports / DOF Group
Notes to the Consolidated Financial Statements
Notes to the accounts group
1 Corporate information and going concern 110
2 Summary of significant accounting policies 111
3 Financial risk management 113
4 Climate Risk 115
5 Management reporting 116
6 Segment information 117
7 Operating revenue 118
8 Payroll expenses 119
9 Other operating expenses 119
10 Financial income and expenses 119
11 Tax 120
12 Earnings per share 122
13 Tangible assets - restated 123
14 Contract cost 125
15 Leases 126
16 Investments in jointly controlled companies and associated companies 127
17 Other non-current assets 128
18 Trade receivables 129
19 Other current assets 129
20 Cash and cash equivalents 130
21 Share capital and share information 130
22 Non-controlling interest 131
23 Interest bearing debt 132
24 Non-current liabilities 134
25 Trade payables 134
26 Other current liabilities 134
27 Financial assets and liabilities: Information on the balance sheet 134
28 Hedging activities 136
29 Guarantee 136
30 Related parties 136
31 Remuneration to management, Board of Directors and auditor 138
32 Companies within the Group 140
33 Significant acquisitions in the year 141
34 Contingencies 142
35 Subsequent events 143
36 Effect restating of the accounts year 2022 and 2023 143
FINANCIAL STATEMENTS - DOF GROUP
109
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
110
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
111
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
2. Summary of significant accounting policies (continued)
FINANCIAL STATEMENTS - DOF GROUP
112
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
3. Financial risk management (continued)
FINANCIAL STATEMENTS - DOF GROUP
113
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
114
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
115
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
116
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
117
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
118
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
119
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
11. Tax (continued)
FINANCIAL STATEMENTS - DOF GROUP
120
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
121
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
122
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
13. Tangible assets - restated (continued)
FINANCIAL STATEMENTS - DOF GROUP
123
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
13. Tangible assets - restated (continued)
FINANCIAL STATEMENTS - DOF GROUP
124
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
125
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
126
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
16. Investments (continued)
FINANCIAL STATEMENTS - DOF GROUP
127
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
128
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
129
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
Shares controlled directly or indirectly by
FINANCIAL STATEMENTS - DOF GROUP
130
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
131
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
23. Interest bearing debt (continued) Changes in the interest bearing debt
FINANCIAL STATEMENTS - DOF GROUP
132
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
133
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
27. Financial assets and liabilities (continued)
FINANCIAL STATEMENTS - DOF GROUP
134
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
135
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
30. Related parties (continued)
FINANCIAL STATEMENTS - DOF GROUP
136
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
137 DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
31. Remuneration to management, Board of Directors and auditor (continued)
FINANCIAL STATEMENTS - DOF GROUP
138
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
139
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
140
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
33. Significant acquisitions in the year (continued)
FINANCIAL STATEMENTS - DOF GROUP
141
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
142
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
FINANCIAL STATEMENTS - DOF GROUP
143
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
Statement of Profit or Loss
AMOUNTS IN USD MILLION Note 2024 2023
Operating revenue 2 - 3
Payroll expenses
3
-1
-
Other operating expenses
4, 14
-7
-5
Operating expenses -8 -5
Operating profit (loss) before depreciation - EBITDA -8 -2
Depreciation
-
-
Operating profit - EBIT -8 -2
Finance income
5
4
20
Finance costs
5
128
-2
Realised currency gain (loss)
5
-20
-
Unrealised currency gain (loss)
5
-2
-
Net financial items 5 111 18
Profit (loss) before taxes 103 16
Tax income (expense)
6
-1
-3
Profit (loss) for the year 102 12
Statement of Comprehensive Income
AMOUNTS IN USD MILLION Note 2024 2023
Profit (loss) for the year 102 12
Other comprehensive income, net of tax
Currency translation differences
-
14
Other comprehensive income, net of tax - 14
Total comprehensive income for the year 102 27
Balance Sheet
AMOUNTS IN USD MILLION Note 31.12.2024 31.12.2023
Assets
Investments in subsidiaries
5, 7
1 478
839
Investments other shares
-
1
Other non-current receivables
8, 11, 13
-
-
Total non-current assets
1 478 840
Trade receivable
9, 11, 13
2
5
Receivable Group companies
23
-
Other current assets
10, 11, 13
2
1
Current assets excluding cash 26 6
Restricted deposits
-
-
Unrestricted cash and cash equivalents
7
-
Cash and cash equivalents
12, 13
7 -
Total current assets
34 6
Total assets
1 512 846
145 DOF INTEGRATED ANNUAL REPORT 2024
FINANCIAL STATEMENTS - DOF GROUP ASA
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
Balance Sheet
AMOUNTS IN USD MILLION
Note
31.12.2024 31.12.2023
Equity and liabilities
Share capital
58
42
Share premium
1 124
572
Other equity
195
92
Equity 1 376 706
Non-current liabilities - -
Trade payable
11, 13
2
2
Debt to group companies
11, 13
12
9
Debt related to guarantees
15
120
129
Other liabilities
1
-
Current liabilities
136 140
Total liabilities
136 140
Total equity and liabilities 1 512 846
Storebø, 3 April 2025
The Board of Directors of DOF Group ASA
Statement of Cash Flows
AMOUNTS IN USD MILLION Note 2024 2023
Operating profit
-8
-2
Depreciation and impairment
-
-
Change in trade receivables
-
-
Change in trade payable
2
-
Change in other working capital
-16
-3
Cash from operating activities
-22 -6
Interest received
4 4
Interest and other finance cost paid
-
-4
Tax paid
-
-
Net cash from operating activities
-17 -6
Payment from sale of shares
-
1
Payments purchase of shares
-540
-12
Payments other non-current intragroup balances
-2
-14
Net cash used in investing activities
-542 -25
Repayment of debt
-
-
Net change intragroup balances "cash pool"
-
-31
Share issues
567
43
Net cash flow from financing activities
567 12
Net changes in cash and cash equivalents
8 -19
Cash and cash equivalents at the start of the period
- 21
Exchange gain/loss on cash and cash equivalents
-1
-1
Cash and cash equivalents at the end of the period
7 -
Christine Morris
Director
Adrian Geelmuyden
Director
Svein Harald Øygard
Chair
Harald Thorstein
Director
Erik Bergöö
Vice Chair
Kristin H. Holth
Director
Mons S. Aase
CEO
Daniela Davila
Director
146 DOF INTEGRATED ANNUAL REPORT 2024
FINANCIAL STATEMENTS - DOF GROUP ASA
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
Statement of Changes in Equity
AMOUNTS IN USD MILLION
Share
capital
Share
premium
Paid-in
equity
Retained
earnings
Other
equity
Total
equity
Balance at 01.01.2024
42
572
614
92
92
706
Profit (loss) for the year
-
102
102
102
Other comprehensive income net of tax
-
-
-
-
Total comprehensive income for the year
- - - 102 102 102
Share issues
16
551
567
-
-
567
Total transactions with owners 16 551 567 - - 567
Balance at 31.12.2024 58 1 124 1 182 195 195 1 376
Balance at 01.01.2023
- 157 157 -8 -8 148
Profit (loss) for the year
-
-
12
12
12
Other comprehensive income net of tax
-
14
14
14
Total comprehensive income for the year - - - 27 27 27
Debt conversion
38
377
415
74
74
489
Share issue
4
38
43
-
-
43
Total transactions with owners 42 416 458 74 74 531
Balance at 31.12.2023 42 572 614 92 92 706
The Board of Directors has thus proposed a dividend of USD 0.3 per share for 2024, for distribution on 5 June
2025, subject to approval from the General Meeting.
147 DOF INTEGRATED ANNUAL REPORT 2024
FINANCIAL STATEMENTS - DOF GROUP ASA
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
Financial reports / DOF Group ASA
Notes to the Consolidated Financial Statements
1 Accounting principles 149
2 Operating revenue 149
3 Payroll and number of employees 149
4 Other operating expenses 149
5 Financial income and expenses 149
6 Tax 150
7 Investments in subsidiaries 150
8 Other non-current receivables 150
9 Trade receivables 151
10 Other current assets 151
11 Intragroup balances 151
12 Cash and cash equivalents 151
13 Financial assets and liabilities: Information on the balance sheet 152
14 Remuneration to auditor 152
15 Guarantee commitments 152
16 Contingencies 152
17 Subsequent events 152
18 Confirmation from the Board of Directors and CEO 153
148 DOF INTEGRATED ANNUAL REPORT 2024
FINANCIAL STATEMENTS - DOF GROUP ASA
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
1. Accounting principles
The financial statements for DOF Group ASA have been prepared and presented in accordance with simplified
IFRS pursuant of the Norwegian Accounting Act and are based on the same accounting principles as the Group
statement with the following exceptions:
Investments in subsidiaries, joint venture and associates
Investments are based on the cost method.
Dividends
Dividends and group contribution is treated in accordance with the Norwegian Accounting Act and deviates from
IAS 10 no. 12 and 13.
For further information, reference is made to the consolidated accounts.
Functional currency
DOF Group ASA has a global operation with the main currency in USD and from 2024 the presentation currency
in the consolidated financial statements is changed from NOK to USD. In addition, the Company has changed
their functional currency to USD as from 2024. Comparable accounts for the year 2023 are restated to USD.
2. Operating revenue
2024 2023
Other operating income
-
3
Total - 3
3. Payroll and number of employees
2024 2023
Fee to the Board of Directors
-1
-1
National insurance contributions
-
-
Other costs
-
-
Total -1 -1
See the Group’s accounts note 31 for information about the remuneration to the Board of Directors.
The Company has no employees.
4. Other operating expenses
2024 2023
Audit fee
-1
-
Consultants fee
-6
-3
Other operating expenses
-
-1
Total -7 -5
5. Financial income and expenses
2024 2023
Interest income
4
3
Gain on sale of shares
-
1
Gain on option
-
15
Other financial income
-
-
Financial income 4 20
Interest costs
-
-3
Impairment (-)/Reversal of impairment (+) investment in subsidiaries
97
-65
Impairment (-)/Reversal of impairment )+) receivable
23
2
Net (loss) gain and accruals on guarantees *)
8
65
Other financial costs
-
-1
Financial costs 128 -2
Net gain (loss) on operational capital
-20
-
Realised currency gain (loss) -20 -
Net unrealised gain (loss) on operational capital
-2
-
Unrealised currency gain (loss) -2 -
Total 111 18
*) Net (loss) gain on accruals on guarantees amount is USD 8 million (gain USD 65 million)
149 DOF INTEGRATED ANNUAL REPORT 2024
FINANCIAL STATEMENTS - DOF GROUP ASA
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
6. Tax
Tax consists of:
2024 2023
Tax payable
-1
-3
Change in deferred tax
-
-
Tax income (expense)
-1 -3
Reconciliation of nominal and effective tax rate
Profit before tax
103
16
Estimated tax income (expense) (22%)
-23 -3
Tax effect of;
Tax effect of non-taxable income and non tax-deductible costs
24
-
Not included in deferred tax
-
-
Tax effect from taxation of result in Norwegian kroner (NOK)
-3
-
Tax income (expense)
-1
-3
Reconciliation of tax payable in the balance sheet
Tax payable in the tax income (expense)
-1
-3
Tax effect on given group contribution
1
2
Tax effect on share issue costs recognised directly to the equity
-
1
Tax payable - -
Basis of deferred tax 2024 2023
Total temporary differences - -2
Loss carried forward
- -
Not included in deferred taxes
-
2
Basis for calculation of deferred tax / deferred tax assets (-)
-
-
Total deferred tax / deferred tax assets (-) (22%)
- -
7. Investments in subsidiaries
Directly owned subsidiaries
Main business Nationality
Registered
office
Share
capital
Ownership
and voting
share
Result for
the year
(100%)
Equity
31.12
(100%)
Carrying
value
31.12
DOF Subsea AS
Shipowning/subsea eng
Norway
Bergen
189
100%
244
1196
669
DOF Rederi AS
Shipowning
Norway
Austevoll
18 100% 33 155 199
DOF AS
Management
Norway
Austevoll
0
100%
-
11
11
DOF Management AS
Management
Norway
Austevoll
3
66%
-1
17
6
DOF UK Ltd
Shipowning/management
Scotland
Aberdeen
0
100%
0
2
2
Norskan AS
Shipowning/management
Norway
Austevoll
71
100%
10
24
24
DOF Iceman AS
Holding/Shipowning
Norway
Austevoll
2
100%
-1
-8
26
DOF Offshore Holding AS
Holding/Shipowning
Norway
Bergen
0
100%
-
543
542
Total 1 478
Due to impairment indicators related to the DOF Group ASA’s activity in general, impairment testing has been
performed in order to calculate the recoverable amount for the company’s investments in subsidiaries. Each
subsidiary is a separate cash generating unit, which is tested separately for impairment. The recoverable amount
is tested against the fair value for each subsidiary. In the event that the calculated recoverable amount is lower
than book value of the investment, impairment is made to reflect recoverable amount.
Please see the Group’s account for information about impairment testing of non-current assets.
The impairment tests have resulted in reversal impairment of investments in subsidiaries with total USD 97
million (impairment USD 65 million).
See note 5.
8. Other non-current receivables
Note 2024 2023
Non-current receivables
-
22
Provision for losses
-
-22
Total
- -
150 DOF INTEGRATED ANNUAL REPORT 2024
FINANCIAL STATEMENTS - DOF GROUP ASA
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
11. Intragroup balances
2024 2023
Non-current receivables
-
22
Provisions for losses
-
-22
Total non-current receivables
- -
Trade receivables
2
4
Other current receivables
23
-
Total current assets
25
4
Trade payables
-
1
Other current debt
12
9
Total current debt
12
10
Net intragroup balances
13 -6
12. Cash and cash equivalents
2024 2023
Restricted cash
-
-
Unrestricted cash and cash equivalents
7
-
Total 7 -
9. Trade receivables
2024 2023
Trade receivable
-
1
Trade receivable to intragroup
2
4
Total 2 5
The Company’s credit exposure is mainly towards customers who historically have had good financial capability
to meet their obligations and have had high credit rating. A sustained challenging market situation has resulted
in changes to the credit ratings for some customers, and thereby increased the credit risk. Historically, the
portion of receivables not being collectable has been low. An impairment analysis is performed to measure
expected credit losses.
10. Other current assets
2024 2023
Intragroup receivables
23
-
Other current receivables
2
6
Total 25 6
151 DOF INTEGRATED ANNUAL REPORT 2024
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GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
13. Financial assets and liabilities: Information on the balance sheet
This note gives an overview of the carrying and fair value of the Company’s financial instruments and the
accounting treatment of these instruments. The table is the basis for further information regarding DOF Group
ASA’s financial risk. The table also shows the level of objectivity in the measurement hierarchy of each method
of measuring the fair value of the Company’s financial instruments.
31.12.2024
Financial
instruments
at fair value
through profit
or loss
Financial
instruments
measured at
amortised cost Total
ASSETS
Financial investment
-
-
Other non-current receivables
-
-
Trade receivable
2
2
Other current assets
25
25
Cash and cash equivalents
7
7
Total financial assets - 34 34
LIABILITIES
Trade payable
2
2
Other current liabilities
134
134
Total financial liabilities - 136 136
Total financial instruments - -102 -102
31.12.2023
Financial
instruments
at fair value
through profit
or loss
Financial
instruments
measured at
amortised cost Total
ASSETS
Financial investment
-
-
Other non-current receivables
-
-
Trade receivable
5
5
Other current assets
1
1
Cash and cash equivalents
0
-
Total financial assets - 6 6
LIABILITIES
Trade payable
2
2
Other current liabilities
138
138
Total financial liabilities - 140 140
Total financial instruments - -134 -134
Prepayments and non-financial liabilities are excluded from the disclosures above.
14. Remuneration to auditor
Specification of auditor's fee AMOUNT IN TUSD 2024 2023
Audit
232
220
Fee for attestation required by law
197
28
Fee for other services
512
255
Total 941 503
All amounts in the table are excl VAT, except for fee related to share acquisition.
15. Guarantee commitments
As part of the refinancing approved in Extraordinary General Meeting 22 March 2023 the Company has issued
guarantees to financial institutions on behalf of its wholly owned subsidiaries on maritime mortgage/loans on a
general basis.
In addition the Company has issued a guarantee in favour of BNDES on behalf of DOFCON Navegação Ltda
(50% owned) in the amount of USD 39 million (USD 52 million).
The Company has accrued debt related to guarantees on behalf of the subsidiary Norskan Offshore Ltda of total
USD 120 million (USD 129 million).
16. Contingencies
The Company is not involved in any ongoing court cases as of the 31 December 2024.
17. Subsequent events
Refinancing
On 27 March 2025, the Group successfully refinanced a significant portion of its debt with a new USD 1,025
million term facility. The facility has a five-year term and a seven-year repayment profile.
As part of the refinancing the Company sold the subsidiaries DOF Rederi AS and DOF Iceman AS to the
subsidiary DOF Offhore Holding AS.
Potential bond agreement
The Company has mandated DBN Markets and Pareto Securities as Global Corrdinators and Joint Bookrunners.
and Clarksons Securities and Danske Bank as Joint Bookrunners, to arrange investor meetings commencing
from Monday 31 March 2025.
A new USD denominated 5-year senior unsecured bond issue may follow, subject to inter alia market conditions.
The net proceeds from the contemplated bank issue shall be applied to refinance existing debt and for general
corporate purposes.
152 DOF INTEGRATED ANNUAL REPORT 2024
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STATEMENTS
FINANCIAL
PERFORMANCE
18. Confirmation from the Board of Directors and CEO
We confirm, to the best of our knowledge, that the financial statements for the period 1 January to 31 December
2024 has been prepared in accordance with approved accounting standards, and gives a true and fair view of the
Company’s consolidated assets, liabilities, financial position and result of the operations and that the Report of
Board of Directors provides a true and fair view of the development and performance of the business and the
position of the Group and the Company together with a description of the key risks and uncertainty factors that
the Company is facing.
Storebø, 3 April 2025
The Board of Directors of DOF Group ASA
Christine Morris
Director
Adrian Geelmuyden
Director
Svein Harald Øygard
Chair
Harald Thorstein
Director
Erik Bergöö
Vice Chair
Kristin H. Holth
Director
Mons S. Aase
CEO
Daniela Davila
Director
153 DOF INTEGRATED ANNUAL REPORT 2024
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STATEMENTS
FINANCIAL
PERFORMANCE
Independent auditor’s report
PricewaterhouseCoopers AS, Torgallmenningen 14, 5014 Bergen, P.O, Box 3984 - Sandviken, NO-5835 Bergen
T: 02316, org. no.: 987 009 713 MVA, www.pwc.no
Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
To the General Meeting of DOF Group ASA
Independent Sustainability Auditor’s Limited Assurance Report
Limited Assurance Conclusion
We have conducted a limited assurance engagement on the consolidated sustainability statement of DOF
Group ASA (the «Company») included in Sustainability Statements of the Board of Directors’ report (the
«Sustainability Statement»), as at 31 December 2024 and for the year then ended.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects,
in accordance with the Norwegian Accounting Act section 2-3, including:
• compliance with the European Sustainability Reporting Standards (ESRS), including that the
process carried out by the Company to identify the information reported in the Sustainability
Statement (the «Process») is in accordance with the description set out in the subsection "IRO-1
Description of the process to identify and assess material impacts, risk and opportunities"; and
• compliance of the disclosures in the subsection "EU Taxonomy" within the Environment section of
the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the «Taxonomy
Regulation»).
Basis for Conclusion
We conducted our limited assurance engagement in accordance with International Standard on Assurance
Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical
financial information («ISAE 3000 (Revised)»), issued by the International Auditing and Assurance
Standards Board.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion. Our responsibilities under this standard are further described in the Sustainability Auditor’s
Responsibilities section of our report.
Our Independence and Quality Management
We have complied with the independence and other ethical requirements as required by relevant laws and
regulations in Norway and the International Code of Ethics for Professional Accountants (including
International Independence Standards) issued by the International Ethics Standards Board for Accountants
(IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence
and due care, confidentiality and professional behaviour.
The firm applies International Standard on Quality Management 1, which requires the firm to design,
implement and operate a system of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
Other Matter
The comparative information included in the Sustainability Statement was not subject to an assurance
engagement. Our conclusion is not modified in respect of this matter.
Responsibilities for the Sustainability Statement
The Board of Directors and the Managing Director (Management) are responsible for designing and
implementing a process to identify the information reported in the Sustainability Statement in accordance
with the ESRS and for disclosing this Process in the subsection "IRO-1 Description of the process to identify
2 / 4
and assess material impacts, risk and opportunities" of the Sustainability Statement. This responsibility
includes:
• understanding the context in which the Group's activities and business relationships take place and
developing an understanding of its affected stakeholders;
• the identification of the actual and potential impacts (both negative and positive) related to
sustainability matters, as well as risks and opportunities that affect, or could reasonably be
expected to affect, the Group’s financial position, financial performance, cash flows, access to
finance or cost of capital over the short-, medium-, or long-term;
• the assessment of the materiality of the identified impacts, risks and opportunities related to
sustainability matters by selecting and applying appropriate thresholds; and
• making assumptions that are reasonable in the circumstances.
Management is further responsible for the preparation of the Sustainability Statement, in accordance with
the Norwegian Accounting Act section 2-3, including:
• compliance with the ESRS;
• preparing the disclosures in the subsection "EU Taxonomy" within the Environment section of the
Sustainability Statement, in compliance with the Taxonomy Regulation;
• designing, implementing and maintaining such internal control that Management determines is
necessary to enable the preparation of the Sustainability Statement that is free from material
misstatement, whether due to fraud or error; and
• the selection and application of appropriate sustainability reporting methods and making
assumptions and estimates that are reasonable in the circumstances.
Inherent limitations in preparing the Sustainability Statement
In reporting forward-looking information in accordance with ESRS, Management is required to prepare the
forward-looking information on the basis of disclosed assumptions about events that may occur in the future
and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events
frequently do not occur as expected.
Sustainability Auditor’s Responsibilities
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about
whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and
to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence decisions of users taken on the basis of the Sustainability Statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise
professional judgement and maintain professional scepticism throughout the engagement.
Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:
• Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the
effectiveness of the Process, including the outcome of the Process;
• Considering whether the information identified addresses the applicable disclosure requirements of
the ESRS; and
3 / 4
• Designing and performing procedures to evaluate whether the Process is consistent with the
Company’s description of its Process set out in the subsection "IRO-1 Description of the process to
identify and assess material impacts, risk and opportunities".
Our other responsibilities in respect of the Sustainability Statement include:
• Identifying where material misstatements are likely to arise, whether due to fraud or error; and
• Designing and performing procedures responsive to where material misstatements are likely to
arise in the Sustainability Statement. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Summary of the Work Performed
A limited assurance engagement involves performing procedures to obtain evidence about the
Sustainability Statement. The procedures in a limited assurance engagement vary in nature and timing
from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of
assurance obtained in a limited assurance engagement is substantially lower than the assurance that would
have been obtained had a reasonable assurance engagement been performed.
The nature, timing and extent of procedures selected depend on professional judgement, including the
identification of disclosures where material misstatements are likely to arise in the Sustainability Statement,
whether due to fraud or error.
In conducting our limited assurance engagement, with respect to the Process, we:
• Obtained an understanding of the Process by:
o performing inquiries to understand the sources of the information used by management
(e.g., stakeholder engagement, business plans and strategy documents); and
o reviewing the Company’s internal documentation of its Process; and
• Evaluated whether the evidence obtained from our procedures with respect to the Process
implemented by the Company was consistent with the description of the Process set out in the
subsection "IRO-1 Description of the process to identify and assess material impacts, risk and
opportunities".
In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:
• Obtained an understanding of the Group’s reporting processes relevant to the preparation of its
Sustainability Statement by:
o Obtaining an understanding of the Group’s control environment, processes, control
activities and information system relevant to the preparation of the Sustainability
Statement, but not for the purpose of providing a conclusion on the effectiveness of the
Group’s internal control; and
o Obtaining an understanding of the Group’s risk assessment process;
• Evaluated whether the information identified by the Process is included in the Sustainability
Statement;
• Evaluated whether the structure and the presentation of the Sustainability Statement is in
accordance with the ESRS;
Independent Sustainability Auditor’s Limited Assurance Report
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Independent auditor’s report (continued)
4 / 4
• Performed inquiries of relevant personnel and analytical procedures on selected information in the
Sustainability Statement;
• Performed substantive assurance procedures on selected information in the Sustainability
Statement;
• Where applicable, compared disclosures in the Sustainability Statement with the corresponding
disclosures in the financial statements and other sections of the Board of Directors’ report;
• Evaluated the methods, assumptions and data for developing estimates and forward-looking
information;
• Obtained an understanding of the Company’s process to identify taxonomy-eligible and taxonomy-
aligned economic activities and the corresponding disclosures in the Sustainability Statement;
• Evaluated whether information about the identified taxonomy-eligible and taxonomy-aligned
economic activities is included in the Sustainability Statement; and
• Performed inquiries of relevant personnel and substantive procedures on selected taxonomy
disclosures included in the Sustainability Statement.
Bergen, 3 April 2025
PricewaterhouseCoopers AS
Hanne Sælemyr Johansen
State Authorised Public Accountant – Sustainability Auditor
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FINANCIAL
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Independent auditor’s report (continued)
PricewaterhouseCoopers AS, Torgallmenningen 14, 5014 Bergen, P.O, Box 3984 - Sandviken, NO-5835 Bergen
T: 02316, org. no.: 987 009 713 MVA, www.pwc.no
Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
To the General Meeting of DOF Group ASA
Independent Auditor’s Report
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of DOF Group ASA, which comprise:
● the financial statements of the parent company DOF Group ASA (the Company), which comprise the
balance sheet as at 31 December 2024, the statement of profit or loss, statement of comprehensive
income, statement of changes in equity and statement of cash flows for the year then ended, and notes
to the financial statements, including a summary of significant accounting policies, and
● the consolidated financial statements of DOF Group ASA and its subsidiaries (the Group), which
comprise the consolidated balance sheet as at 31 December 2024, the statement of profit or loss,
statement of comprehensive income, statement of changes in equity and statement of cash flows for the
year then ended, and notes to the financial statements, including material accounting policy information.
In our opinion
● the financial statements comply with applicable statutory requirements,
● the financial statements give a true and fair view of the financial position of the Company as at 31
December 2024, and its financial performance and its cash flows for the year then ended in accordance
with simplified application of international accounting standards according to section 3-9 of the
Norwegian Accounting Act, and
● the consolidated financial statements give a true and fair view of the financial position of the Group as at
31 December 2024, and its financial performance and its cash flows for the year then ended in
accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company and the Group as required by
relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International Independence Standards)
(IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for the 3 financial years from the incorporation 26 September
2022.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
2 / 6
Impairment and Reversal of Impairment Assessment of Vessels carries the same characteristics and risks
as in the previous years, and continues to be an area of focus in this year’s audit. Accounting for Business
Combination - Maersk Supply Services A/S was an additional area of focus this year, as a result of the
acquisition of Maersk Supply Services A/S in 2024.
Key Audit Matters
How our audit addressed the Key Audit Matter
Impairment and Reversal of Impairment Assessment
of Vessels
The Group had vessels with a carrying value of USD
1,975 million at 31 of December 2024. The Board of
Directors, following the Group's accounting policy for
impairment of tangible assets, assessed if there were
indicators of impairment or reversal of impai
rment for
the Group's vessels at the balance
-sheet date. The
assessment identified indicators of increased service
potential for several of the Group’s vessels, triggering
testing of impairment reversals. The impairment
assessment resulted in a reversal of
impairments of
USD 96 million for 2024.
We focused on this area because vessels constitute a
significant share of the total assets in the Group, and
because the assessment of the recoverable amount is
complex and involves significant management
judgement.
Management used value in use (VIU) as recoverable
amount, since they found it difficult to make a
sufficiently reliable estimate of fair value less cost of
disposal. Significant management judgement was
applied in determining key assumptions such as
vessel
utilisation, charter hire rates, operating
expenses, capital expenditures and discount rates.
We refer to Note 13 and 36 for details on this year’s
impairment and reversal of impairment of vessels, as
well as management’s explanation of the impairment
assessment.
We obtained management’s impairment model and
evaluated the reasonableness of their impairment
indicator test. We considered whether the model
contained the elements and methodology expected
from such models. Based on discussions with
management and our re
view of their model, we
found that there was sufficient evidence to support
management’s assessment of increased service
potential, and that the model used for testing of
impairment reversals was appropriate.
We tested management’s assessment of relying on
VIU as recoverable amount by evaluating the
relevance and reliability of the external brokers
estimates.The range of values derived from the
brokers were compared with the VIU estimates. For
some of the vesse
l categories, we observed large
spreads in the broker estimates. This indicates high
uncertainty related to the broker estimates. We
found management’s assessment of using VIU as
recoverable amount to be reasonable.
We discussed key assumptions with management,
such as the projected utilisation, charter hire rates,
operating expenses, capital expenditure including
carbon reduction investments and discount rates,
and compared with historical performance,
management’s i
nternal forecasts and board
approved budgets. We also considered publicly
available information about macroeconomic
assumptions relevant to the industry and
considered whether the assumptions were
consistent with management’s assumptions and
what we know a
bout the Group’s business. We
involved PwC valuation specialists to assess and
discuss important parts of the VIU calculations. We
found management’s assumptions to be within a
reasonable range.
We consider
ed the reliability of management’s
forecasts by comparing previous year’s estimates
to actual historical performance. We further
3 / 6
considered whether deviations from the budget had
reasonable explanations.
We assessed the discount rate by comparing key
components used to external market data, as well
as comparing the overall level to discount rates
used by other companies within the industry. We
found that the discount rates were within an
appropriate range.
We also evaluated the adequacy of the disclosures
made on impairment and reversal of impairment of
vessels, including those regarding the key
assumptions and sensitivities, and the information
provided in Note 36 about the restated opening
balance as at 1 of January 2023. We found that the
disclosures appropriately explained management’s
impairment assessment and the uncertainties
inherent in some of management’s key
assumptions as well as the restatement.
Accounting for Business Combination – Maersk
Supply Services A/S (MSS)
On 1 November 2024, DOF Offshore Holding
Denmark ApS, a wholly owned subsidiary within
the DOF Group, acquired all of the shares in
Maersk Supply Services A/S (MSS), later renamed
DOF Denmark A/S.
Management applied IFRS 3 “Business
Combinations” when preparing the acquisition
analysis. IFRS 3 requires management to measure
identified net assets at fair value. Vessels, including
associated lease contracts, were the most
significant identified assets
.
To determine the fair value of the identified assets,
management applied judgement and performed
calculations based on discounted cash flows for the
acquired vessels on a charter free basis, adjusted
for excess or lesser values in the associated lease
cont
racts We focused on accounting for business
combinations due to the significant impact of the
transaction on identification and valuation of key
balance sheet items and the use of judgement from
management.
We obtained and read the Sale & Purchase
Agreement related to the acquisition of MSS, and
held meetings with management to understand the
nature and details of the transaction.
We obtained and read management’s purchase
price allocation (PPA). We found the application of
IFRS 3 and the methodology to be in line with the
requirements in IFRS, and that the model made
calculations as expected.
We challenged whether there could be other assets
and liabilities not properly accounted for. We also
held several meetings with management where we
discussed and obtained underlying documentation
to support calculations and measurements in the
PPA.
We discussed key assumptions with management,
such as the projected utilisation, charter hire rates,
operating expenses, capital expenditure and
discount rates. We compared the assumptions with
relevant and reliable external and internal
information. We assessed the discount rate applied
with reference to market data. We involved PwC
Report on the Audit of the Financial Statements
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Independent auditor’s report (continued)
4 / 6
The Group’s principles for business combination
and related disclosures are described in note 33 to
the consolidated financial statement.
valuation specialists to assess and discuss
important parts of the PPA.
We evaluated the appropriateness of the related
note disclosures and found that they satisfied IFRS
requirements.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in the
Board of Directors’ report and the other information accompanying the financial statements. The other
information comprises information in the annual report, but does not include the financial statements and
our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the
Board of Directors’ report nor the other information accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’
report and the other information accompanying the financial statements. The purpose is to consider if there
is material inconsistency between the Board of Directors’ report and the other information accompanying
the financial statements and the financial statements or our knowledge obtained in the audit, or whether the
Board of Directors’ report and the other information accompanying the financial statements otherwise
appears to be materially misstated. We are required to report if there is a material misstatement in the
Board of Directors’ report or the other information accompanying the financial statements. We have nothing
to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
● is consistent with the financial statements and
● contains the information required by applicable statutory requirements.
Our opinion on the Board of Directors' report applies correspondingly to the statement on Corporate
Governance.
Our opinion on whether the Board of Directors’ report contains the information required by applicable
statutory requirements, does not cover the Sustainability Statement, on which a separate assurance report
is issued.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true and
fair view in accordance with simplified application of international accounting standards according to the
Norwegian Accounting Act section 3-9, and for the preparation of the consolidated financial statements of
the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the
EU. Management is responsible for such internal control as management determines is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate the Group
or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
5 / 6
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
● identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
● obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's and the Group's internal control.
● evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
● conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Company's and the Group's ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may
cause the Company and the Group to cease to continue as a going concern.
● evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves a true and fair view.
● obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, actions taken to
eliminate threats or safeguards applied.
From the matters communicated with the Board of Directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
6 / 6
not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of DOF Group ASA, we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the annual
report, with the file name DOF-Group-ASA-2024-12-31-en.zip, have been prepared, in all material respects,
in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the
European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the
Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual
report in XHTML format, and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation.
This responsibility comprises an adequate process and such internal control as management determines is
necessary.
Auditor’s Responsibilities
For a description of the auditor’s responsibilities when performing an assurance engagement of the ESEF
reporting, see: https://revisorforeningen.no/revisjonsberetninger
Bergen, 3 April 2025
PricewaterhouseCoopers AS
Marius Kaland Olsen
State Authorised Public Accountant
157
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
Performance measurements definitions
DOF Group ASA financial information is prepared in accordance with international financial
reporting standards (IFRS). In addition DOF Group ASA discloses alternative performance
measures as a supplement to the financial statement prepared in accordance with IFRS. Such
performance measures are used to provide an enhanced insight into the operating performance,
financing and future prospects of the company and are frequently used by securities analysts,
investors and other interested parties.
The definitions of these measures are as follows:
Financial reporting - Financial Reporting according to IFRS.
Management reporting - Investments in joint ventures (JV) is consolidated on gross basis in
the income statement and the statement of financial position. See the Group Accounts note 5 for
presentation of the bridge between the management reporting and the financial reporting.
EBITDA - Is defined as profit (loss) before depreciation, impairment, amortisation of financial
items, net financial costs and tax income (cost). EBITDA is measure which is useful for assessing
the profitability of operations, as it is based on variable costs and excludes depreciation,
impairment and amortised cost of financial items. EBITDA is also important in evaluating
performance relative to competitors.
EBIT - Is defined as profit (loss) for the year before net financial items and tax income (cost).
Interest bearing debt - Total of non-current and current borrowings.
2024 2023
Bond loans (non-current)
53
72
Debt to credit institutions (non-current)
1 410
1 201
Lease debt (non-current)
26
46
Current portion, debt to credit institutions and lease debt
167
97
Total bond loan, debt to credit institutions and leases 1 657 1 417
Accrued interest expenses
-2
-2
Total interest bearing liabilities 1 655 1 415
Net interest bearing debt - Is defined as Interest bearing debt less current and non-current
interest-bearing receivables and cash and cash equivalents. The use of the term “net debt” does
not necessarily mean cash included in the calculation are available to settle debts if included in
the term. See the Groups Accounts note 23 for presentation of net interest bearing debt.
Net interest-bearing debt is a non-IFRS measure for the financial leverage of the Group, a
financial APM the Group intends to apply in relation to its capacity for dividend distribution and/
or for doing investments, when and if the Group will be able to carry out its dividend distribution
and/or investments policy.
Debt ratio - Is defined as net interest bearing debt divided on total assets.
In addition the Group has the following performance indicators:
Utilisation of vessel - Utilisation of vessel numbers is based on actual available days including
days at yard for periodical maintenance, upgrading, transit or idle time between contracts.
Contract Back-log - Sum of undiscounted revenue related to secured contracts in the future
and optional contract extensions as determined by the client. Contract coverage related to master
service agreements (MSA`s) within the subsea segment, includes only confirmed purchase order.
159
DOF INTEGRATED ANNUAL REPORT 2024
DOF 2024
MANAGEMENT
REPORT
PRINCIPLES AND
GOVERNANCE
SUSTAINABILITY
STATEMENTS
FINANCIAL
PERFORMANCE
