DOF Group ASA - High-grading of AHTS fleet through vessel transactions

19 Feb 2026 22:33 CET

DOF Group ASA ("DOF") is pleased to announce that it has entered into an
agreement to purchase the very high-end AHTS vessels Aurora Saltfjord and Aurora
Sandefjord ("the Vessels"). The Vessels are 2011-built anchor handling tug
supply (AHTS) vessels featuring a bollard pull of almost 400 metric tonnes,
making it among the most powerful AHTS vessels globally. As a step to high-grade
the AHTS fleet aligned with the company's strategy, DOF has agreed to sell the
AHTS vessel Skandi Laser (2010 built, 252mt bollard pull) subject to final
documentation. The vessel has recently been working on a subsea project in West
Africa and in the spot market. The net investment from the transactions is
approximately USD 100 million, of which approximately USD 30m is expected to be
cash and the rest financed with available debt funding. The divestment of Skandi
Laser is expected to result in a gain on book value of approximately USD 12m to
be recorded in Q2 2026.

Transaction highlights and rationale:

· High-grading of DOF's AHTS fleet by acquiring two of the most capable
vessels in the market combined with selling one smaller and less capable vessel
· The Vessels are among the most recently built in its segment (AHTS >300mt
bollard pull), a segment which sees no newbuilding activity due to prohibitive
newbuilding costs
· The purchase price is EV/EBITDA accretive on vessel earnings alone when
compared to backward-looking earnings of vessels of similar capability in DOF's
fleet
· The Vessels add significant capacity to execute subsea projects and
contribute with meaningful subsea regions earnings on top of vessel earnings
· Very strong market outlook for projects that require high-end AHTS vessels
in the years to come
· High-end AHTS capacity has been a constraint for DOF in recent tendering
activity
· Limited net cash effect by combining the purchase with a sale together with
headroom in debt financing facilities, meaning that the Vessels are expected to
quickly contribute with net positive dividend capacity
· The high-grading strategy aims to be net neutral with regards to acquisition
costs and divestments proceeds

Mons S. Aase, CEO DOF Group ASA, comments: "Through these transactions, we
further enhance DOF's position as a leading player in the high-end AHTS market.
This is a vessel segment which is core to our strategy of being a leading player
for mooring projects globally, and Skandi Saltfjord and Skandi Sandefjord will
add valuable capacity to deliver integrated offshore services to our clients.
The AHTS market has lagged the broader subsea vessel market somewhat, and we now
see clear signs that the AHTS market is catching up driven by strong demand
across geographies. We already have project backlog for Skandi Skansen in 2027,
showing that clients are securing this type of critical capacity earlier than
previously, and we further see a strong pipeline of prospects that suit high-end
AHTS vessels. Our recent vessel transactions, with the sale of three smaller and
older vessels last year together with these transactions, follows our strategy
of high-grading the DOF fleet. We expect to continue our fleet optimisation
efforts, and will prioritise divestment of vessels that are not core to our
strategy going forwards with the target to balance out the net total investment
cost."

Aurora Sandefjord is expected to be delivered in April 2026, and Aurora
Saltfjord is expected to be delivered in June/July 2026. Skandi Laser is
expected to be delivered to its new owner in May 2026. DOF will continue to have
management responsibilities of Skandi Laser.

Contact information:

Eirik Vardøy, Investor Relations DOF Group ASA

Phone: +47 94 83 64 64

About DOF:
DOF Group ASA (OSE ticker: DOFG) is a leading provider of offshore and subsea
services to the offshore energy industry. The company owns and operates a fleet
of modern offshore/subsea vessels which is combined with strong engineering
capabilities to provide integrated offshore services globally.
www.dof.com

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