DOF Group has made a profit from selling two of three older platform supply vessels bought back from its lenders.
The restructured Oslo-listed company has offloaded the non-core 4,200-dwt Skandi Barra (built 2005) and 4,100-dwt Skandi Caledonia (built 2003) to Norway’s Atlantica Shipping two days after reacquiring ownership.
The combined price for the pair was NOK 275m ($25.3m).
DOF had paid NOK 270m for the two ships plus the 3,300-dwt Skandi Captain (built 2004).
Deliveries will take place during this month and November.
DOF will continue as the technical and commercial manager for the vessels.
But charterers need to approve the sales, the company said.
DOF chief executive Mons Aase said: “The sale of the two older PSVs is in line with our long-term strategy to focus on the integrated subsea services and the short to medium focus on optimising the combination of earnings and vessel values from our PSV fleet.”
The three PSVs are operating in the North Sea on contracts where the average Ebitda contribution is NOK 152,000 per day per ship.
The Skandi Caledonia is booked until early October with Petrofac Services of the UK.
A maintenance docking is planned in the fourth quarter.
Argentinian mission lined up
The vessel is then heading to Argentina to start a new deal in the first three months of 2024 with a global oil company.
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 Skandi Barra is employed until May 2024, with a 12-month option.
It has previously been reported fixed to Shell.
DOF carried out an IPO to relist in Oslo this year after being taken over by its banks and bondholders.