Norway’s DOF Group is selling four platform supply vessels (PSVs) and buying two construction support vessels (CSVs) as part of further fleet optimization and high-grading strategy.
The PSVs Skandi Mongstad (2008-built), Skandi Flora (2009), Skandi Feistein (2011) and Skandi Kvitsøy (2012) are expected to be delivered to the new owner during Q3 2026 and shall continue on their current contracts.
DOF will retain management responsibilities of the vessels and a minority ownership interest in the acquiring entity. The sale will generate approximately $50 million in net cash proceeds following repayment of debt related to the vessels.
Furthermore, the Norwegian firm has entered into an agreement with a company affiliated with Geveran Trading Company to acquire two 123-meter-long CSVs based on the SALT 310 OCV design and being built by PaxOcean in China. They will feature a 250-ton subsea crane, 1,750 m2 of deck space, and POB capacity of 123. Each will be equipped with two work-class remotely operated vehicles (ROVs).
“The transactions follow DOF’s 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 DOF’s 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,” said Mons S. Aase, CEO of DOF Group.
“On a simple PSV we have limited opportunities to make additional returns on top of the vessel’s 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 regions’ 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.”
According to DOF, the vessels will contribute to the mid-sized CSV segment and are suitable for a range of projects closely aligned with the company’s core business areas, including inspection, maintenance and repair (IMR), field support and subsea construction services, where there is a strong market and high tendering activity. The company noted that there are currently several concrete opportunities to deploy the vessels with attractive financial return, while the exact scope of work for them will be decided closer to delivery based on the overall fleet composition and contract situation.
Delivery is expected in Q4 2027 and Q1 2028, with 85% of the purchase price to be paid then. The acquisition will be funded through a mix of cash from vessel sales and available debt financing.
Furthermore, DOF has declared a constructive total loss on the anchor handling tug supply vessel (AHTS) Skandi Amazonas following an earlier incident in Brazil, resulting in a hull and machinery insurance payout of $115 million. Namely, on May 15, the vessel was grounded outside of Macaé, following an incident which damaged the hull, resulting in water ingress. After the assessment of the overall damage, it was concluded that the potential rebuilding cost exceeds the value for which the vessel is insured under its hull and machinery insurance.
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