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DOF sees backlog top US$3Bn after adding former MSS fleet
The Oslo-listed vessel owner has added over US$1Bn of contracts in the past 12 months while integrating Maersk Supply Service’s fleet of 22 vessels into its operations
DOF’s fleet of offshore support vessels has grown with the addition of Maersk Supply Service’s fleet in 2024, now known as DOF Denmark, and secured high-profile contracts and long-term vessel charters in a strong market for subsea support and anchor handling vessels.
New contracts and charters have raised DOF Group’s firm order backlog to US$3.1Bn by the end of March 2025, compared with US$1.9Bn in April 2024.
The vessel owner reported this huge leap of more than US$1.0Bn while releasing strong financial results from Q1 2025 with upbeat figures for revenues, earnings and operating profits.
DOF Group chief executive, Mons Aase, described the financial results as “a good start to 2025 with strong project execution and a solid EBITDA, representing an improvement from Q4 2024 and close to a 40% increase from Q1 2024.”
He said financial performance was impacted by the integration of the DOF Denmark fleet to the DOF commercial platform, as expected, with vessel mobilisations affecting utilisation.
DOF Denmark’s fleet utilisation of 68% in Q1 2025, while utilisation of DOF’s whole fleet was down at 83% compared with 87% in Q1 2024.
"We remain confident the contribution from the DOF Denmark fleet will improve through 2025,” said Mr Aase. “We have secured multiple large contracts in Q1 2025 utilising our inhouse subsea capabilities and large fleet of high-end vessels. This, together with the strong backlog and the continued high tendering activity, gives us confidence in the continued performance of the group.”
Mr Aase, who won Offshore Support Journal’s Industry Leader of the Year Award 2025 in February, expects further growth in contract work during 2025.
“We expect significant backlog additions in the next few months to further increase earnings visibility.”
DOF’s revenues during Q1 2025 were US$428M compared with US$330M in Q1 2024; its EBITDA earnings were US$158M compared with US$114M a year ago, and its operating profits were US$99M in Q1 2025 compared with US$70M for the same period in 2024.
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