DOF Group has agreed to sell four platform supply vessels (PSVs), acquire two construction support vessels (CSVs) under construction and declare a constructive total loss on the anchor handling tug supply (AHTS) vessel Skandi Amazonas, as the company continues to optimize and modernize its fleet.
The company said it will sell the Skandi Mongstad, Skandi Flora, Skandi Feistein and Skandi Kvitsøy, with deliveries expected during the third quarter of 2026.
The vessels will remain on their current contracts, while DOF will retain vessel management responsibilities and a minority ownership stake in the acquiring entity. The transaction is expected to generate about $50 million in net cash proceeds after debt repayment.
Separately, DOF has agreed to acquire two CSVs from a company affiliated with Geveran Trading Company.
The vessels, based on the SALT 310 OCV design and under construction at PaxOcean in China, will each be equipped with a 250-tonne subsea crane, two work-class remotely operated vehicles, 1,750 square meters of deck space and accommodation for 123 personnel.
The vessels are scheduled for delivery in the fourth quarter of 2027 and the first quarter of 2028 and will be deployed across DOF’s global subsea operations, supporting inspection, maintenance and repair, field support and subsea construction activities.
DOF said the acquisition will be funded through a combination of proceeds from vessel sales and available debt financing, with 85% of the purchase price payable on delivery.
Separately, the company declared a constructive total loss on Skandi Amazonas AHTS vessel, which ran aground off Macaé, Brazil, in May. Following damage assessment, DOF determined that the cost of rebuilding the vessel would exceed its insured value and expects to receive a $115 million hull and machinery insurance payout.
“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 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. 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 finalized,” said Mons S. Aase, CEO DOF Group.
