Norwegian offshore vessel owner DOF is executing a fleet high-grading programme that includes the sale of four platform supply vessels (PSVs) and the acquisition of two construction support vessels (CSVs) under construction in China, alongside a $115m insurance payout for a total loss.
DOF has agreed to sell four PSVs — Skandi Mongstad, Skandi Flora, Skandi Feistein, and Skandi Kvitsøy — with the transaction expected to close in the third quarter of 2026. The vessels will remain on their current contracts until delivery, and DOF will retain management of the ships along with a minority stake in the buying entity. The sale is expected to bring in approximately $50m in net cash after debt repayment tied to the vessels, according to DOF.
On the acquisition side, DOF has agreed to buy two mid-sized CSVs from a company linked to Geveran Trading Company. The vessels are being built by PaxOcean in China to the SALT 310 OCV design. They will feature 250-tonne subsea cranes, 1,750 square metres of deck space, accommodation for 123 personnel, and two work-class remotely operated vehicles (ROVs) each. Delivery is scheduled for Q4 2027 and Q1 2028, with 85% of the purchase price payable on delivery.
DOF stated that the new vessels will strengthen its subsea organisation in inspection, maintenance and repair, field support, and subsea construction. The company noted that market conditions remain strong, with high tender activity and several opportunities to deploy the vessels once they arrive.
In a separate development, DOF declared a constructive total loss on the anchor handling tug supply vessel Skandi Amazonas after a grounding outside Macaé, Brazil in May. The hull damage and water ingress led DOF to conclude that rebuilding costs would exceed the ship’s insured value, triggering a $115m hull and machinery insurance payout.
Transaction Summary
| Transaction | Vessels | Expected Net Cash / Payout | Timeline |
|---|---|---|---|
| PSV Sale | Skandi Mongstad, Skandi Flora, Skandi Feistein, Skandi Kvitsøy | ~$50m after debt repayment | Q3 2026 |
| CSV Acquisition | Two mid-sized CSVs from Geveran Trading, built by PaxOcean | 85% payable on delivery | Q4 2027 & Q1 2028 |
| Total Loss | Skandi Amazonas (AHTS) | $115m insurance payout | Completed |
CEO Commentary
Mons S. Aase, CEO of DOF, said: "Over the past year, including these transactions, DOF has sold nine vessels that have been of lower capabilities or otherwise not suited to 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. 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 can generate attractive earnings on their own while also increasing the subsea regions’ earnings capacity with no additional investment."
Implications for Logistics Operators
The fleet changes directly affect capacity in the offshore supply chain. The sale of four PSVs reduces DOF's low-end vessel count, which could tighten supply for basic platform supply services in the North Sea and other regions where those vessels operated. However, DOF retains management and a minority stake, ensuring some continuity. The acquisition of two high-spec CSVs will expand DOF's subsea capabilities, which may increase competition in the subsea construction and IMR market. For logistics managers coordinating offshore projects, the new CSVs offer additional vessel availability for complex subsea installations, but delivery is not expected until late 2027. Meanwhile, the $115m payout from the Skandi Amazonas total loss provides DOF with cash that could fund further fleet investments or debt reduction.
Watch List
- PSV delivery timelines in Q3 2026: Handover of the four sold vessels could be delayed if contract redelivery conditions change.
- CSV construction progress at PaxOcean: Any delays in Chinese shipyard schedules would push back the Q4 2027 / Q1 2028 delivery.
- Market conditions for offshore vessels: DOF cited strong tender activity; any downturn could affect deployment plans for the new CSVs.
- Further fleet adjustments: CEO Aase noted nine vessels sold and four acquired in the past year, suggesting DOF may continue to prune and upgrade its fleet.
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