DOF Group agrees to sell subsea construction vessel Skandi Implementer

DOF Group ASA has entered into an agreement to sell its subsea construction vessel Skandi Implementer to an undisclosed buyer, in a transaction expected to strengthen the group’s financial position.

The vessel, built in 2018, is scheduled to be delivered to its new owner during the second quarter of 2027. According to DOF, the disposal will contribute to a material reduction in the group’s net debt.

The company has not disclosed the agreed sale price or the identity of the buyer. The transaction has been agreed, although the transfer of the vessel remains scheduled for a later date.

Sale expected to strengthen financial position

DOF said the decision to sell Skandi Implementer was driven by the terms offered rather than an active effort to dispose of the vessel.

“While we have not actively pursued a sale of this high-end subsea vessel, the terms are accretive for the DOF Group and its shareholders, making this the right decision,” said Mons S. Aase, CEO of DOF Group ASA.

The company expects the transaction to reduce its net debt materially, although it has not provided a specific estimate of the reduction or further financial details.

Skandi Implementer is part of the specialised subsea construction vessel segment, supporting offshore operations that require advanced marine and subsea capabilities.

The agreed disposal represents a change to DOF’s vessel portfolio, with the financial impact expected to become clearer as the transaction progresses towards delivery.

The company has not announced any replacement vessel acquisition or additional fleet adjustments in connection with the sale.