In the fleet loan facility for DOF Rederi signed on 24 February 2023, the oldest PSV fleet has been defined as non-core. This implies no debt on this part of the fleet, and that all surplus cash from the sale of these vessels shall be paid directly to the lenders with zero repayment of the existing debt.  Currently, the non-core fleet includes 3 vessels, Skandi Caledonia (built 2003), Skandi Captain (built 2004) and Skandi Barra (built 2005).

DOF Group ASA and DOF Rederi AS have today agreed to acquire the non-core fleet from the lenders at a total price of NOK 270 million. NOK 135 million of the purchase price shall be paid in cash and NOK 135 million shall be reinstated as debt in DOF Rederi. The reinstated debt will be priced at market terms and will have maturity in January 2026 which is equivalent as the existing fleet loan facility in DOF Rederi. The reinstated debt is not guaranteed by DOF Group ASA.

The non-core fleet currently operates in the North Sea on contracts where the average Ebitda contribution is approximately NOK 152 000/day per vessel. The current contract status for the fleet is the following:
- Skandi Captain firm until 8 November 2023
- Skandi Caledonia, firm until early Oct (maintenance docking planned in 4[th] quarter)
- Skandi Barra, firm until May 2024 + 1 year option period

Skandi Caledonia has been awarded a contract in Argentina with estimated start up in 1[st] quarter 2024 with a major global oil company. The contract has a duration of 150 days + 60 days options and the estimated Ebitda contribution is above USD 25 000/day excl. mob and demob.

Mons S. Aase, CEO DOF Group ASA, says: "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 maximize the combined return from the expected strong momentum in earnings and vessel values in the short to medium term."

For further information, please contact:
Martin Lundberg, SVP Finance and Investor Relations DOF Group ASA
Phone: + +47 916 21 057

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