Oslo-listed DOF Group has bought back a non-core fleet of three platform supply vessels from its banks as demand increases.

The restructured company said the three elderly units cost a total of NOK 270m ($25.3m).

Of this, NOK 135m will be paid in cash and NOK 135m will be reinstated as debt at market terms, maturing in January 2026.

DOF carried out an initial public offering to relist in Oslo earlier this year after being taken over by its banks and bondholders.

The company said the three PSVs are operating in the North Sea on contracts where the average Ebitda contribution is NOK 152,000 per day per ship.

DOF chief executive Mons Aase said: “The PSV market is strong, and earnings and vessel values are expected to continue the positive trend.

“Our core strategy is growth within subsea projects and offshore floating wind. The plan for the PSV fleet is to maximise the combined return from the expected strong momentum in earnings and vessel values in the short to medium term.”

The 3,300-dwt Skandi Captain (built 2004) — worth $7.8m according to VesselsValue — has a firm deal in place until 8 November, believed to be with Saipem of Italy.

The 4,100-dwt Skandi Caledonia (built 2003) is booked until early October with Petrofac Services of the UK.

A maintenance docking is planned in the fourth quarter.

The vessel is then heading to Argentina to start a new deal in the first three months of 2024 with a major global oil company.

Useful profit

The charter will last for 150 days, with two months of options. Ebitda is estimated at more than $25,000 per day, excluding mobilisation and demobilisation.

VesselsValue assesses the PSV as worth $9.3m.

The third ship — the 4,200-dwt Skandi Barra (built 2005) — is worth $10.8m and is employed until May 2024, with a 12-month option.

The PSV has previously been reported fixed to Shell.

The unit is valued at $10.8m.

DOF revealed its best-ever earnings in August, just months after emerging from bankruptcy.

The shipowner said net profit was NOK 1.14bn in the second quarter, up from a loss of NOK 1.28bn the year before.