DOF

What DOF does

DOF Group ASA is a Norwegian public limited company listed on Oslo Stock Exchange under the DOFG ticker, headquartered in Storebø, Norway, that owns and operates a modern fleet of 60+ purpose-built offshore vessels. The fleet spans subsea construction vessels (CSV), anchor handling tug supply (AHTS), platform supply vessels (PSV), work-class ROVs, and autonomous underwater vehicles including the Hugin 1000 rated to 3,000 metres depth, together with a 7,000-tonne dual concentric carousel cable-laying vessel. Through this fleet and a regional operating structure across Asia-Pacific, North America, Brazil, and the Atlantic with offices in 12 countries, DOF delivers integrated inspection, maintenance and repair (IMR), light construction, cable installation, well intervention, ROV/AUV operations, survey and positioning, diving, and tow/mooring/installation services to offshore oil and gas operators, renewables developers, and grid infrastructure clients.

The company earns revenue through three primary streams: long-duration charter and integrated services contracts, one-off project contracts typically valued at USD 25-50 million each, and vessel divestments. Customer relationships are anchored by multi-year awards such as the 12-year Petrobras RSV newbuild charter and services contract valued at approximately USD 2 billion, with additional contract wins from Shell, BP, Statnett, and Taihan Cable & Solution. FY2025 disclosed revenue was USD 1.87 billion, Q1 2026 revenue was USD 502 million, and Q1 2026 EBITDA was USD 175 million, with NIBD/LTM EBITDA leverage of 1.9x and total backlog of USD 6.9 billion as of Q1 2026 (including post-balance sheet awards).

DOF is investing in fleet renewal through DP2 green newbuilds configured for ethanol, diesel, and battery operation, in fleet high-grading via the Aurora Saltfjord and Aurora Sandefjord acquisitions paired with the Skandi Laser and Skandi Connector divestitures, and in inorganic scale via the July 2024 Maersk Supply Service A/S acquisition. Strategic shareholder A.P. Møller Holding joined the board in November 2024, while the company has funded expansion through a NOK 1,064 million private placement in July 2024 and a USD 250 million senior unsecured bond issued in December 2025. The company's stated strategic intent is to consolidate the subsea services market through scale, modern tonnage, and integrated execution.

Name

DOF

Legal name

DOF Group ASA

Website

https://dof.com

Company type

Public

Founded year

1981

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

DOF Group ASA is a Norwegian public subsea engineering and marine services company operating a 60+ vessel fleet providing inspection, maintenance, repair, construction, cable installation, and well intervention services to oil and gas majors, NOCs, and offshore wind developers across 12 countries.

Ownership category

akta.pro rank

Product category

Offshore Subsea Services

NAICS

Geophysical Surveying and Mapping Services (541360)

SIC

Oil & Gas Field Services, Nec (1389), Water Transportation (4400)

akta.pro primary industry

OFS Engineering, Construction & O&M (Field Development, Brownfield, Maintenance) (EUALABAM)

akta.pro secondary industries

Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters) (EUALABAJ), Marine & Offshore Energy O&M (Offshore Wind, Platforms, Subsea Assets) (EUAEAGAO), Offshore Support & Marine Logistics Vessel Operators (PSV/AHTS) (TLADABAL)

Keywords

• Subsea IMR services
• Offshore vessel operations
• Marine management services
• Offshore wind installation
• Subsea engineering services

Headquarters

HQ city

Storebö

HQ country

Norway

HQ region

Europe

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain, Others

Revenue model

1. Long-term charter & services contracts: Multi-year vessel charter plus integrated subsea services contracts with national and international oil & gas and renewables clients (e.g., 12-year Petrobras RSV newbuild contract valued at ~USD 2 billion; 4-year Petrobras RSV contract valued at ~USD 150 million with Skandi Commander; 3-year BP Atlantic subsea contract). Revenue recognised over contract life.
2. Substantial one-off project contracts: Discrete subsea IMR, light construction, cable installation and intervention campaigns valued typically USD 25–50 million (DOF's "Substantial" definition), executed over months (e.g., Statnett Ofotfjorden cable replacement, Argentina CALM buoys project, Shell US Gulf intervention).
3. Vessel sale gains: Sale of older or non-core vessels (Skandi Connector, Skandi Laser, Skandi Amazonas-related transactions) generating one-off book gains; e.g., Skandi Laser divestment expected to generate ~USD 12 million book gain in Q2 2026.
4. Bond and debt financing (capital structure, not core revenue): USD 250 million senior unsecured bond issuance (USD 150 million tranche priced at 8.125% / 5-year) and listed on Euronext Oslo Børs; proceeds used for refinancing existing debt and general corporate purposes. Supports fleet renewal and contract execution capability.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

DOF Group ASA is a fully integrated offshore company that delivers subsea inspection, maintenance and repair (IMR), light construction, well intervention, subsea cable installation, and offshore wind (fixed and floating) services to the global offshore energy industry. It executes these services through a modern, purpose-built fleet of 60+ subsea vessels, AHTS vessels, PSVs, ROVs, and AUVs owned and operated by DOF, combined with in-house engineering, project management, and marine management capabilities. Revenue is generated primarily through long-term charter & services contracts and project services contracts awarded by oil & gas majors, national oil companies, and offshore wind developers.

Product overview

DOF Group ASA positions itself as a fully integrated offshore company delivering a single, unified service platform rather than a product-plus-modules SaaS suite. Its core offering is the Integrated Subsea Services platform, which bundles IMR, Construction & Installation, Decommissioning, Engineering, ROV & AUV Services, Saturation & Air Diving, Survey & Positioning, and Tow/Mooring/Installation & Repair under one delivery model. Alongside this, DOF offers a separate Renewables – Offshore Wind Services (Fixed and Floating Wind) line (including flagship FLOW work like Hywind Tampen) and a Marine Management service line (Crewing, Maintenance, Mobilisation, Projects & Newbuilds). All three service lines are executed through the DOF Fleet — a modern, purpose-built set of Subsea vessels, AHTS vessels, PSVs, ROVs and AUVs that DOF owns and operates, with fleet utilisation averaging 83% in Q1 2026 and a backlog of USD 6.9 billion. Together, the platform, the renewables and marine management service lines, and the owned fleet form a single vertically integrated offshore delivery capability for energy producers worldwide.

Differentiator

Problem solved

Functional benefit

Brands

• DOF Subsea: Integrated subsea services brand under DOF Group ASA, encompassing IMR, construction and installation, ROV/AUV operations, diving, and engineering services.

Products and services

• Integrated Subsea Services
• Marine Management Ship management services for advanced offshore support vessels (OSVs) — Crewing, Maintenance, Mobilisation, and Projects & Newbuilds — providing qualified personnel, vessel maintenance, mobilisation/ fabrication support, and project follow-up of newbuilds. Positions DOF as a preferred management company for advanced OSVs since 1981.

Quantifiable outcome

• Full-year 2025 revenue USD 1.87 billion with EBITDA USD 781 million
• +7 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Seven partnerships are on record, tiered minor, flagship and core.

• Taihan Cable & SolutionminorChannel Partner/ Reseller/ Distributor · 14 May 2026South Korean cable maker acquired the 2016-built cable laying vessel Skandi Connector from DOF, with delivery scheduled for August 2026. The 138.4 m vessel has installed approximately 1,300 km of submarine cables across 27 projects and will become the second offshore wind-dedicated CLV in South Korea, supporting Taihan's offshore wind cable and HVDC construction capabilities.
• PetrobrasflagshipStrategic or Co-development Partner · 5 May 2026Petrobras awarded DOF four 12-year charter/services contracts for newbuild ROV Support Vessels (RSV) for subsea IMR in Petrobras' deepwater Brazil operations, valued at close to USD 2 billion in total, with contract commencement from 2030. The DP2 green newbuilds (98m x 20m x 6.3m draft, accommodation for 58, 2x WROV, ABS class, hybrid ethanol/diesel + battery propulsion) will be built at Brazil's Navship yard, with first two delivered within 4 years. Separately, in December 2025 DOF announced a separate 4-year Skandi Commander RSV contract (~USD 150 million) with Petrobras using AUVs, starting January 2027.
• StatnettcoreStrategic or Co-development Partner · 25 March 2026Substantial contract (USD 25–50 million) to replace high-voltage subsea power cables across Ofotfjorden, northern Norway. Includes partial removal of aging cables and installation of four new 170 kV submarine cables bundled with fibre optic lines at depths of 10–450 m, executed May–September 2027. Reinforces DOF's track record in power cable installation.
• Aurora Saltfjord / Aurora Sandefjord (acquisition)coreStrategic or Co-development Partner · 19 February 2026DOF agreed to purchase two high-end AHTS vessels, Aurora Saltfjord and Aurora Sandefjord, for approximately USD 100 million, with bollard pull of nearly 400 metric tonnes each. Vessels to be delivered April–June 2026 as part of fleet high-grading; DOF simultaneously sold the older vessel Skandi Laser (expected USD 12 million book gain in Q2 2026).
• ShellcoreStrategic or Co-development Partner · 6 February 2026Contract for hydraulic subsea well intervention services in North America (US Gulf). Scope includes project management, engineering, offshore execution and an intervention vessel with surface and subsea services, specifically pumping chemical fluids into selected subsea wells. Offshore operations begin Q2 2026, total vessel utilisation 75–120 days in the US Gulf.
• BPcoreStrategic or Co-development Partner · 15 November 2025Three-year subsea services contract in the Atlantic region starting 2026. DOF will deploy specialised vessels and provide project management, engineering, logistics and offshore execution for construction, repair and maintenance scopes, consolidating DOF's position in the Atlantic offshore sector.
• A.P. Møller Holding A/S3 July 2024

Scale indicators17 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Subsea 7: Global leader in subsea construction, SURF, pipelay, and IMR services with similar blue-chip customer base (Petrobras, Shell, BP) and overlapping vessel fleet. Direct competitor for subsea IMR and construction tenders.
• McDermott International: Offshore EPCI contractor with subsea capabilities serving the same oil & gas and energy customers. Competes directly with DOF in subsea construction and integrated project scopes.
• TechnipFMC: Integrated subsea and surface solutions provider competing in subsea IMR, and DOF's existing JV partner for pipelay support vessels. Overlaps directly with DOF on integrated subsea scopes and Petrobras contracts.
• Saipem: Italian offshore EPCI contractor offering subsea pipelines, SURF, and offshore construction services to a similar O&G customer base. Several DOF executives (e.g., Marco Sclocchi, Mario Fuzetti) joined from Saipem, reflecting the overlap in capabilities and clients.
• Van Oord: Dutch marine contractor specializing in offshore wind installation, subsea cable laying, and seabed intervention. Direct competitor in offshore wind cable installation and offshore energy services.
• DeepOcean: Norwegian subsea services company providing IMR, light construction, survey, and trenching services to the offshore industry. Closely comparable in size, geography, and customer mix (North Sea-focused, including IOCs and utilities).
• Boskalis: Dutch marine services and offshore contractor with subsea services, cable laying, and offshore wind capabilities. Overlaps with DOF in subsea IMR, cable installation, and offshore wind T&I.

Others

• PGS (Petroleum Geo-Services): Norwegian geophysical survey company that compares to DOF's Survey & Positioning sub-service line. Adjacent rather than directly competitive — operates a fleet of seismic vessels rather than subsea construction vessels.

Regional players

• Mermaid Maritime: Thailand-based subsea services company focused on Asia-Pacific offshore markets. Provides comparable subsea IMR and ROV services but is primarily a regional player in SE Asia, not a direct global competitor.

Emerging players

• Helix Energy Solutions: US-based well intervention and subsea services provider that overlaps with DOF's subsea well intervention work (e.g., the recent Shell US Gulf contract). Smaller scope and more specialised in well intervention than DOF.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

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Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries16 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DOF