DOF Group ASA has agreed to sell four platform supply vessels and acquire two construction support vessels under construction as part of its fleet optimisation and high-grading strategy.
The four PSVs are Skandi Mongstad, built in 2008, Skandi Flora, built in 2009, Skandi Feistein, built in 2011, and Skandi Kvitsøy, built in 2012. Delivery of the vessels is expected during the third quarter of 2026.
The PSVs will remain on their existing contracts. DOF will retain management responsibility for the vessels and a minority ownership interest in the acquiring entity.
The sale is expected to generate approximately $50 million in net cash proceeds after repayment of debt linked to the four vessels.
In a separate transaction, DOF has entered into an agreement with a company affiliated with Geveran Trading Company to acquire two CSVs being built by PaxOcean in China. The vessels are based on the SALT 310 OCV design.
Each vessel will have a 250 t subsea crane, 1,750 square metres of deck space, an overall length of 123 m, a breadth of 25 m and a POB capacity of 123. Both vessels will also be equipped with two work-class ROVs.
The CSVs will add capacity to DOF’s mid-sized construction support vessel segment. They are intended for inspection, maintenance and repair work, field support and subsea construction services.
The final scope of work will be determined closer to delivery, based on the composition of the DOF fleet and its contract position at that time.
The first vessel is expected to be delivered in the fourth quarter of 2027, followed by the second in the first quarter of 2028. Under the agreement, 85% of the purchase price will be paid at delivery.
DOF plans to fund the acquisition through a combination of cash from vessel sales and available debt financing. The company said the transactions would maintain leverage within its target range of 1.5–2.0x NIBD/LTM EBITDA.
The company has also declared Skandi Amazonas a constructive total loss following an incident outside Macaé, Brazil, on 15 May 2026.
The anchor handling tug supply vessel grounded during the incident, damaging its hull and allowing water to enter the vessel. Following an assessment, DOF concluded that the potential rebuilding cost exceeded the amount insured under the hull and machinery policy.
The constructive total loss declaration will result in a $115 million hull and machinery insurance payment.
Including the latest transactions, DOF has sold nine lower-end vessels and acquired four higher-end vessels over the past year. The company said selective vessel sales would continue to be prioritised.
