Norway: DOF ASA Sells Two PSV Vessels For $108 Million

DOF was founded in 1981 and is today an international group of companies which owns and operates a modern fleet of offshore-/subsea vessels, and owns engineering capacity to service the subsea market.

The main objectives for DOF are to:

* engage in long-term, industry-related offshore activities.

* further develop our position as a leading supplier of offshore services, with a focus on high quality and cost effective operations.

* achieve our objectives by means of a balanced chartering strategy with emphasis on long-term contract coverage, in order to ensure a conservative risk profile and satisfactory cash flow

* continue to focus on the environment and initiatives towards technical systems for environmentally-friendly vessel concepts.

The DOF group operates within three different segments in relation to strategic types of activities and vessel types. The groups technical diversified fleet consists of innovative vessels specialized for their operational purpose.

* Platform Supply Vessel (PSV),

* Anchor Handling Tug Supply Vessel (AHTS)

* Construction Support Vessel/Subsea ROV Vessel (CSV).


DOF has signed an agreement regarding sale of two platform supply vessels (PSV) under construction at Cochin Shipyard Ltd. in India.

The vessels have hull no. 81 and 82. Expected deliveries from the yard are December 2010 and February 2011. Delivery to new owners will be back to back with delivery from yard.

The sale of Hull 81 is firm without subjects. The sale of Hull 82 is subject to buyers financing. Named subject to be lifted latest within end August 2010.

Price per vessel is USD 54 million.

DOF was founded in 1981 and is today an international group of companies which owns and operates a modern fleet of offshore-/subsea vessels, and owns engineering capacity to service the subsea market.

The main objectives for DOF are to:

* engage in long-term, industry-related offshore activities.

* further develop our position as a leading supplier of offshore services, with a focus on high quality and cost effective operations.

* achieve our objectives by means of a balanced chartering strategy with emphasis on long-term contract coverage, in order to ensure a conservative risk profile and satisfactory cash flow

* continue to focus on the environment and initiatives towards technical systems for environmentally-friendly vessel concepts.

The DOF group operates within three different segments in relation to strategic types of activities and vessel types. The groups technical diversified fleet consists of innovative vessels specialized for their operational purpose.

* Platform Supply Vessel (PSV),

* Anchor Handling Tug Supply Vessel (AHTS)

* Construction Support Vessel/Subsea ROV Vessel (CSV).

[mappress]

Source: DofAsa, July 15, 2010:

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