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Norwegian offshore support vessel owner-operator providing subsea, platform supply and anchor-handling vessels to offshore energy.
Norwegian offshore support vessel owner-operator providing subsea, platform supply and anchor-handling vessels to offshore energy.
Charters its vessels at daily rates, often under multi-year contracts, so income depends on how many vessels are contracted and at what day rate. The subsea fleet works on installation and inspection projects for oil and offshore wind developers. The company went through a debt restructuring in the 2010s.
In one line: A Norwegian offshore support vessel operator.
Moat: narrow (installed base). Specialized high-spec offshore vessel fleet supports day-rate contracts with major operators.
Headquarters: Storebo, Norway · Founded: 1981 · Employees: 5,766
Size DOF (DOFG.OL) is a Norway Energy company (Oil Refining/Marketing) with a market value of $3.24B, the 29th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 122.10 on 6 Nov 2026.
Performance Over six months the shares fell 12.5%, against +5.8% for the median peer and +2.7% for the Norway market (cap-weighted) — 4th lowest of 19 in its peer set.
Growth Revenue grew 21.7% over the last twelve months (peer median +15.3%); the operating margin is 26.4% (peer median 6.3%).
Valuation It trades at 7.8× forward earnings against a peer median of 7.0× (8th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is -27 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.0 points above its cost of capital (9.7% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 21.2B | NOK 19.4B | NOK 14.9B | NOK 11.9B | NOK 9.26B |
| Revenue growth | — | +30% | +25% | +29% | — |
| Gross profit | NOK 5.58B | NOK 8.92B | NOK 6.47B | NOK 5.10B | NOK 3.45B |
| EBITDA | NOK 7.87B | NOK 7.76B | NOK 5.27B | NOK 4.17B | NOK 2.90B |
| Net income | NOK 4.62B | NOK 4.85B | NOK 1.91B | NOK 4.14B | NOK 865M |
| Free cash flow | NOK 1.13B | NOK 2.45B | NOK 2.98B | NOK 335M | NOK 1.71B |
| Capital expenditure | NOK 3.68B | NOK 3.03B | NOK 1.04B | NOK 1.04B | NOK 576M |
| Total debt | NOK 17.0B | NOK 17.1B | NOK 18.8B | NOK 14.4B | NOK 19.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| DOF DOFG.OL | $3.24B | -12% | +22% | 26% | 7.8× | 0.9% |
| Solstad Maritime SOMA.OL | $1.36B | -6% | +17% | 40% | 5.5× | -2.5% |
| Tidewater TDW | $3.49B | -14% | -1% | 18% | 13.3× | 1.2% |
| Bourbon 2208.T | $451M | +3% | +7% | 6% | 20.4× | -12.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DOFG.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.3% | -17.2% | 5th highest of 19 |
| 6-month return | -12.5% | +5.8% | 4th lowest of 19 |
| Distance from 52-week high | -15.0% | -27.6% | 3rd highest of 19 |
| Revenue growth (TTM) | +21.7% | +15.3% | 6th highest of 19 |
| Operating margin | 26.4% | 6.3% | highest of 19 |
| Forward P/E | 7.8× | 7.0× | 8th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 0.9% | -11.0% | 4th most demanding of 13 |
| Growth delivered (Del g) | +28.0% | +13.2% | 2nd highest of 13 |
| Hurdle (Req g minus delivered) | -27.1 pp | -23.6 pp | 6th least demanding of 13 |
| ROIC minus cost of capital | +3.0 pp | +10.4 pp | 6th lowest of 19 |
| EV / EBITDA | 5.5× | 4.6× | 4th most expensive of 13 |
| Net debt / EBITDA | 1.7× | 1.3× | 7th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| DOF DOFG.OL | Norway | $3.24B | -12% | +22% | 26% | 7.8× | 0.9% | +28.0% |
| Mangalore Refinery & Petrochemicals MRPL.NS | India | $3.26B | +13% | +38% | 6% | 4.6× | -6.0% | +22.9% |
| Icahn Enterprises L.P IEP | United States | $3.38B | -41% | +16% | -7% | 9.5× | n/a | n/a |
| Par Pacific PARR | United States | $3.41B | +6% | +29% | 13% | 3.4× | n/a | n/a |
| Viva Energy VEA.AX | Australia | $3.04B | +19% | -2% | 4% | 7.8× | -15.1% | +18.2% |
| Calumet CLMT | United States | $3.48B | +24% | +13% | 1% | 9.1× | 39.0% | +12.8% |
| Sinopec Shanghai Petrochemical 0338.HK | Hong Kong | $3.71B | -8% | -6% | -2% | 20.8× | n/a | n/a |
| Cosmo Energy 5021.T | Japan | $3.74B | -10% | 0% | 9% | 7.0× | -18.5% | +3.7% |
| CVR Energy CVI | United States | $3.83B | +14% | +34% | 11% | 5.2× | -17.9% | +12.8% |
| Delek US DK | United States | $3.92B | +39% | +11% | 6% | 3.2× | -10.1% | +8.0% |
| Chennai Petroleum CHENNPETRO.NS | India | $2.27B | +34% | +31% | 10% | 3.5× | -12.0% | +28.6% |
| Castrol India CASTROLIND.NS | India | $2.00B | +3% | +17% | 20% | 17.9× | 10.7% | +13.8% |
| Ampol ALD.AX | Australia | $5.95B | +6% | +15% | 6% | 10.8× | -14.0% | +15.4% |
| PBF Energy PBF | United States | $8.16B | +65% | +32% | 8% | 2.6× | n/a | n/a |
| Hindustan Petroleum HINDPETRO.NS | India | $8.67B | -2% | +17% | 0% | n/a | 24.7% | +13.6% |
| S-Oil 010950.KS | South Korea | $9.00B | -21% | +19% | 10% | 3.5× | n/a | n/a |
| Idemitsu Kosan 5019.T | Japan | $9.54B | -9% | -3% | 6% | 7.1× | -12.8% | +12.2% |
| North Huajin Chemical Industries 000059.SZ | China | $1.10B | -20% | +3% | 1% | 14.1× | -8.0% | +4.6% |
| North Atlantic Energies NAE.PA | France | $1.09B | +30% | -23% | 3% | n/a | n/a | n/a |