DOF-Sells Cable Layer below NAV-05/14/2026

Research evidence excerpt

DOF-Sells Cable Layer below NAV-05/14/2026

DOF

NEWSFLASH | 14 MAY 2026

Sells Cable Layer below NAV

DOFG sells Skandi Connector (2016-built cable layer) to Korea's Taihan for USD 77.75m, Q3'26 delivery. Below the USD 95m

carried in our NAV (DOFG trades at 1.2x EV/GAV). Read-across is limited to DOF’s core O&G fleet though as Skandi

Connector was its sole offshore-wind asset and non-core. The vessel came off charter with Seaway 7 this year (options not

exercised) and we had it just above EBITDA-breakeven in '26e. Price implies 4.5x our '27e EBITDA, assuming re-contracting.

The soft print signals near-term offshore wind weakness ('26-27e) – relevant for offshore wind exposed SUBC, CADLR, IWS,

BONHR etc. Use of proceeds undisclosed - likely vessels acquisitions, announced newbuilds, or dividends.

Details

• Sells Skandi Connector (2016-built cable layer) to South Korean company Taihan for USD 77.75m with Q3'26 delivery

• The price is below the USD 95m we had included in our NAV (also noting DOF trades at EV/GAV 1.2x). We also believe most broker

quotes are in the same ballpark as our valuation – albeit with a wider range as transactions on these are few and far between. We estimate

around USD 3-5m in saved demob to Europe which only slightly narrows the gap to our valuation

• While the price point is soft, we see limited read-across to its other core O&G assets. Skandi Connector was DOFG's only dedicated

offshore-wind asset, off contract with Seaway 7 earlier this year with options not exercised, and running just above EBITDA breakeven in

our '26 estimates.

• At USD 77.75m the price implies 4.5x our '27 EBITDA, which assumes re-contracting.

• The price does suggest near-term offshore wind weakness (2026-27e) in our view though (relevant for SUBC, CADLR, IWS, BONHR).