DOF Group ASA (âDOFâ) is pleased to announce two vessel transactions involving a
total of six vessels as part of further fleet optimisation and high-grading
efforts to strengthen DOFâs position in the companyâs core business areas. The
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first transaction is the sale of four platform supply vessels (PSV), while the
second transaction is the acquisition of two construction support vessels (CSV)
with 250t cranes that are currently under construction. The transactions result
in increased earnings capacity and longevity of DOFâs fleet without compromising
on the leverage target of 1.5 - 2.0x or short-term shareholder return capacity.
Furthermore, DOF has declared a constructive total loss on the anchor handling
tug supply vessel (AHTS) Skandi Amazonas following an incident in May. Further
details on each event follow below.
Sale of four PSVs
The four PSVs Skandi Mongstad (2008-built), Skandi Flora (2009), Skandi Feistein
(2011) and Skandi Kvitsøy (2012) have been agreed sold. Expected delivery of the
four vessels is during Q3 of 2026. The vessels will continue on their current
contracts. DOF will retain management responsibilities of the four vessels and a
minority ownership interest in the acquiring entity. The sale will generate
approximately USD 50 million in net cash proceeds following repayment of debt
related to the vessels.
Acquisition of two CSVs
DOF has entered into an agreement with a company affiliated with Geveran Trading
Company to acquire two CSVs currently under construction. The vessels are based
on the SALT 310 OCV design and are being built by PaxOcean in China.
Specification highlights include a 250t subsea crane, 1750 square meters of deck
space, overall length of 123 meters, breadth of 25 meters and POB capacity of
123. Each vessel will be equipped with two work-class ROVs.
The vessels will contribute with capacity in the mid-sized CSV segment to DOFâs
global subsea organisation. The vesselsâ capabilities make them suitable for a
range of projects closely aligned with DOFâs core business areas, including
inspection, maintenance and repair (IMR), field support and subsea construction
services. DOF continues to experience a strong market and high tendering
activity within these segments and currently sees several concrete opportunities
to deploy the two vessels with attractive financial return. The exact scope of
work for the vessels will be decided closer to delivery based on the overall DOF
fleet composition and contract situation at that time.
The vessels are expected to be delivered in Q4 2027 and Q1 2028. 85% of the
purchase price will be paid at delivery. The acquisition will be funded through
a mix of cash from vessel sales and available debt financing.
Update on Skandi Amazonas
On 15 May 2026, Skandi Amazonas was grounded outside of MacaĂŠ, Brazil, following
an incident which damaged the hull, resulting in water ingress into the vessel.
After a comprehensive effort to assess the overall damage sustained by the
vessel, the conclusion is that the potential rebuilding cost exceeds the value
for which the vessel is insured under its hull and machinery insurance. DOF has
consequently declared a constructive total loss on the vessel, resulting in a
hull and machinery insurance payout of USD 115 million.
Transaction rationale and highlights
¡ The sale of lower-end vessels and acquisition of higher-end vessels is in
line with DOFâs fleet high-grading strategy
¡ The high-grading strategy aims to be net neutral with regards to acquisition
costs and divestment proceeds while also maintaining leverage within the target
range of 1.5 - 2.0x NIBD / LTM EBITDA
¡ Selective divestments will be prioritised going forwards
¡ Opportunities for second-hand sales of certain vessel types seen at
attractive levels, providing a window to renew the fleet
¡ Acquiring vessels that are currently under construction cuts down the
delivery time considerably compared to ordering a new vessel today
¡ DOF currently has a record-high backlog and continues to see very high
tendering activity across regions
¡ Key clients are requesting additional capacity and there are several
attractive opportunities where the new vessels may be utilised
¡ DOF is currently chartering in several mid-sized CSVs, and fleet renewal
within this segment is a logical step based on the strong outlook
¡ High-end vessels enhance the earnings capacity of the subsea regions
Mons S. Aase, CEO DOF Group ASA, comments: âThe transactions follow DOFâs
strategy of high-grading the fleet across vessel segments. Over the past year,
including these transactions, DOF has sold nine vessels that have been of lower
capabilities or otherwise not suited DOFâs fleet and acquired four higher end
vessels. The higher end vessels provide our subsea regions with a larger fleet
to execute projects and earn money on. On a simple PSV we have limited
opportunities to make additional returns on top of the vesselâs earnings, while
the new CSVs will provide us with additional vessels that are able to generate
attractive earnings on their own while also increasing the subsea regionsâ
earnings capacity with no additional investment. That is really the key to our
ongoing fleet high-grading; being able to make more money on a more modern fleet
while balancing the net spending and therefore not impacting the short-term
shareholder return capacity while increasing the long-term potential of DOF. I
am therefore very happy to be able to announce these transactions, and I look
forward to welcoming the new vessels to our fleet once construction has been
finalised.â
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
About DOF:
DOF Group ASA (OSE ticker: DOFG) is a leading provider of offshore and subsea
services to the offshore energy industry. The company owns and operates a fleet
of modern offshore/subsea vessels which is combined with strong engineering
capabilities to provide integrated offshore services globally.
www.dof.com
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