Acquisition
DOF Group to Acquire Two High-End AHTS Vessels for $100M and Sell One Vessel
•February 19, 2026
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Participants
Why It Matters
The fleet upgrade positions DOF to capture growing demand for high‑capacity AHTS services, enhancing earnings and dividend potential while aligning with its high‑grading strategy.
Key Takeaways
- •Acquires two 400‑tonne bollard pull AHTS vessels
- •Sells smaller 252‑tonne Skandi Laser vessel
- •Net investment around $100 million, $30 million cash
- •Enhances capacity for high‑end subsea projects
- •Expected EV/EBITDA accretion and dividend contribution
Pulse Analysis
The offshore support market has entered a phase where new‑build AHTS vessels above 300 tonnes bollard pull are scarce due to prohibitive construction costs. DOF’s decision to acquire Aurora Saltfjord and Aurora Sandefjord—both 2011‑built but among the most powerful in the segment—reflects a strategic high‑grading of its fleet. By swapping a lower‑capacity vessel for two top‑tier assets, DOF sidesteps the need for costly new builds while instantly boosting its operational envelope.
Financially, the $100 million net outlay is structured to be largely debt‑financed, limiting immediate cash strain and preserving liquidity. The $30 million cash component, combined with the expected $12 million book‑value gain from the Skandi Laser sale, creates an accretive impact on EV/EBITDA at the vessel level. This financial engineering not only improves earnings per share but also supports a quicker path to net‑positive dividend capacity, aligning with shareholder expectations for sustainable returns.
Industry analysts view high‑end AHTS capacity as a bottleneck in securing large‑scale subsea contracts. DOF’s upgraded fleet directly addresses this constraint, enabling the company to win more lucrative mooring and subsea installation projects across diverse geographies. With a robust project backlog extending into 2027, the enhanced capability positions DOF as a preferred partner for clients seeking reliable, high‑power offshore support, reinforcing its market leadership in the evolving energy transition landscape.
Deal Summary
DOF Group ASA announced an agreement to purchase the Aurora Saltfjord and Aurora Sandefjord AHTS vessels for a net investment of about $100 million, with $30 million cash and the remainder financed by debt, while also divesting the Skandi Laser vessel. The transactions aim to high-grade DOF's fleet and are expected to be accretive to earnings.
Article
Source: Euronext — News (RSS)
DOF Group ASA - High-grading of AHTS fleet through vessel transactions Stocks Bonds master_of_puppets Thu 19/02/2026 - 22:34 NO0012851874 NO0013647701 19/02/2026 - 22:33 Oslo DOF Group ASA - High-grading of AHTS fleet through vessel transactions Non-regulatory press releases 90000-666332 Oslo Børs Newspoint DOF Group ASA Euronext Oslo Børs Published 50101015 Engineering and Contracting Services XOSL XOSL
Language English
DOF Group ASA ("DOF") is pleased to announce that it has entered into an<br />
agreement to purchase the very high-end AHTS vessels Aurora Saltfjord and Aurora<br />
Sandefjord ("the Vessels"). The Vessels are 2011-built anchor handling tug<br />
supply (AHTS) vessels featuring a bollard pull of almost 400 metric tonnes,<br />
making it among the most powerful AHTS vessels globally. As a step to high-grade<br />
the AHTS fleet aligned with the company's strategy, DOF has agreed to sell the<br />
AHTS vessel Skandi Laser (2010 built, 252mt bollard pull) subject to final<br />
documentation. The vessel has recently been working on a subsea project in West<br />
Africa and in the spot market. The net investment from the transactions is<br />
approximately USD 100 million, of which approximately USD 30m is expected to be<br />
cash and the rest financed with available debt funding. The divestment of Skandi<br />
Laser is expected to result in a gain on book value of approximately USD 12m to<br />
be recorded in Q2 2026.<br />
<br />Transaction highlights and rationale:<br />
<br />· High-grading of DOF's AHTS fleet by acquiring two of the most capable<br />
vessels in the market combined with selling one smaller and less capable vessel<br />
· The Vessels are among the most recently built in its segment (AHTS >300mt<br />
bollard pull), a segment which sees no newbuilding activity due to prohibitive<br />
newbuilding costs<br />
· The purchase price is EV/EBITDA accretive on vessel earnings alone when<br />
compared to backward-looking earnings of vessels of similar capability in DOF's<br />
fleet<br />
· The Vessels add significant capacity to execute subsea projects and<br />
contribute with meaningful subsea regions earnings on top of vessel earnings<br />
· Very strong market outlook for projects that require high-end AHTS vessels<br />
in the years to come<br />
· High-end AHTS capacity has been a constraint for DOF in recent tendering<br />
activity<br />
· Limited net cash effect by combining the purchase with a sale together with<br />
headroom in debt financing facilities, meaning that the Vessels are expected to<br />
quickly contribute with net positive dividend capacity<br />
· The high-grading strategy aims to be net neutral with regards to acquisition<br />
costs and divestments proceeds<br />
<br />Mons S. Aase, CEO DOF Group ASA, comments: "Through these transactions, we<br />
further enhance DOF's position as a leading player in the high-end AHTS market.<br />
This is a vessel segment which is core to our strategy of being a leading player<br />
for mooring projects globally, and Skandi Saltfjord and Skandi Sandefjord will<br />
add valuable capacity to deliver integrated offshore services to our clients.<br />
The AHTS market has lagged the broader subsea vessel market somewhat, and we now<br />
see clear signs that the AHTS market is catching up driven by strong demand<br />
across geographies. We already have project backlog for Skandi Skansen in 2027,<br />
showing that clients are securing this type of critical capacity earlier than<br />
previously, and we further see a strong pipeline of prospects that suit high-end<br />
AHTS vessels. Our recent vessel transactions, with the sale of three smaller and<br />
older vessels last year together with these transactions, follows our strategy<br />
of high-grading the DOF fleet. We expect to continue our fleet optimisation<br />
efforts, and will prioritise divestment of vessels that are not core to our<br />
strategy going forwards with the target to balance out the net total investment<br />
cost."<br />
<br />Aurora Sandefjord is expected to be delivered in April 2026, and Aurora<br />
Saltfjord is expected to be delivered in June/July 2026. Skandi Laser is<br />
expected to be delivered to its new owner in May 2026. DOF will continue to have<br />
management responsibilities of Skandi Laser.<br />
<br />Contact information:<br />
<br />Eirik Vardøy, Investor Relations DOF Group ASA<br />
<br />Phone: +47 94 83 64 64<br />
<br />About DOF:<br />
DOF Group ASA (OSE ticker: DOFG) is a leading provider of offshore and subsea<br />
services to the offshore energy industry. The company owns and operates a fleet<br />
of modern offshore/subsea vessels which is combined with strong engineering<br />
capabilities to provide integrated offshore services globally.<br />
<BR><BR><p id="link\_newsweb"><strong>More information:</strong><BR><a target="\_blank" href="[https://newsweb.oslobors.no/message/666332">Access](https://newsweb.oslobors.no/message/666332">Access) the news on Oslo Bors NewsWeb site</a></p>
DOF Group ASA DOF Group ASA 600892 NO0012851874-XOSL NO0013647701-XOSL DOFG
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