DOF Group chief financial officer Hilde Dronen has decided to step down by the end of 2024.

Martin Lundberg, who has been with the company for 14 years, will succeed her, the Oslo-listed offshore company said.

Dronen, who has been finance boss since 2005, will work closely with Lundberg until the end of the year.

“It has been an exciting journey working for DOF and I feel privileged and proud to be part of the DOF team. I am very confident that Martin is the right person in his new role due to his extensive knowledge and experience in DOF,” Dronen said.

Lundberg joined DOF in 2010. He was promoted to CFO of DOF Subsea in 2021 until being appointed senior vice president of finance and head of investor relations in 2023.

DOF will soon start the search for a new head of investor relations.

“I’ve been working together with Hilde for more than 25 years and I am thankful for her huge contribution and capacity through all these years,” chief executive Mons Aase said.

“Hilde has provided the company with strong financial leadership and has been instrumental in positioning DOF for long-term success and especially through the recent financial restructuring.”

On Tuesday, DOF also announced a contract award and a contract extension, securing further backlog for the Asia-Pacific region.

The 109-loa construction support vessel Skandi Hercules (built 2010) will be fully utilised off the Australian coast into the third quarter.

The contract includes project management and engineering, logistics support, and inspection, maintenance and repair activities.

In addition, a contract extension has been secured for the 107-loa dive support vessel Skandi Singapore (built 2011).

It will be committed through the third quarter with further options available into the first quarter of 2025.

“I am very pleased with these awards, bringing the APAC region close to full utilisation for the first half of 2024 at improved rates and margins,” Aase said.

The combined value of the contract and the extension is more than $20m for the firm part.