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 involved in this transition—Skandi Mongstad (built in 2008), Skandi Flora (2009), Skandi Feistein (2011), and Skandi Kvitsøy (2012)—are expected to change hands during the third quarter of 2026. Notably, these vessels will continue their current contractual commitments even after the sale.
DOF Group will maintain management responsibilities for these vessels, alongside a minority stake in the acquiring entity. This strategic divestment is projected to yield approximately $50 million in net cash, especially after addressing the debt associated with these vessels.
On the acquisition front, DOF has secured an agreement with a company linked to Geveran Trading Company to buy two 123-meter-long CSVs, which are currently under construction by PaxOcean in China. These modern CSVs, based on the SALT 310 OCV design, are equipped with impressive features, including a 250-ton subsea crane, 1,750 m² of deck space, and a capacity to accommodate 123 personnel. Furthermore, each vessel will be outfitted with two work-class remotely operated vehicles (ROVs), enhancing their operational capabilities significantly.
“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 for 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,” stated Mons S. Aase, CEO of DOF Group.
This shift toward new CSVs underlines DOF’s commitment to enhancing its operational capabilities. Aase elaborated, “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 newly acquired vessels will bolster the mid-sized CSV segment and are tailored for a variety of projects aligned with the company’s core business areas. These projects include inspection, maintenance, and repair (IMR), field support, and subsea construction services—areas currently benefiting from robust market demand and significant tendering activity. The company points out that there are various compelling opportunities to deploy these vessels for lucrative returns, although the specifics of their roles will be determined closer to their delivery dates.
Delivery for these vessels is anticipated between the fourth quarter of 2027 and the first quarter of 2028, with 85% of the purchase price due at that time. Funding for this acquisition will be achieved through a combination of proceeds from the vessel sales and available debt financing.
Lastly, DOF Group has reported a constructive total loss on the anchor handling tug supply vessel (AHTS) Skandi Amazonas, following an unfortunate incident in Brazil. The grounding of the vessel outside Macaé on May 15 caused significant hull damage and water ingress, leading to a payout of $115 million from hull and machinery insurance. After assessing the damage, it was determined that the cost of potential repairs would exceed the insured value of the vessel.