DOF Subsea reported a record performance in 2024, driven by strong market activity across all regions. The Group said it achieved 88% fleet utilisation, supported by a robust backlog at the start of the year and strong operational execution.
According to its 2024 annual report, “DOF secured approximately US$2 billion in new contracts”, excluding DOF Denmark. This brought the total backlog to US$3.25 billion at year-end. Margins and rates in these contracts reflected a stronger market and are expected to support solid operational performance in 2025.
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In Brazil, DOF’s PLSV fleet remained active under long-term contracts. Several contracts were extended, and the Skandi Buzios was back on-hire from August. The company is also participating in two Petrobras tenders. One is for AHTS vessels, with mobilization scheduled for Q1 2026. The other is for RSVs, with mobilization expected in Q4 2025 and Q4 2026, each with a four-year firm term.
In Q4 2024, DOF added several key contract extensions. The Skandi Nexus, Skandi Cutter, and Skandi Clipper each secured one-year extensions in Canada. The Skandi Forza was awarded a two-year extension in West Africa.
In Guyana, the Skandi Nomad, operating for Exxon, received a one-year extension. The Skandi Involver was awarded a four-month contract in Canada, commencing Q1 2026. In APAC, the Skandi Feistein was secured on an 18-month firm contract with an international oil company with an 18-month option.
