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Under the deal DSS will acquire PSV Holdings, which owns the vessels and is affiliated to DSS' largest shareholder Hemen Holding.
Hemen is also fully underwriting a $200 million DSS private placement, which will help fund the PSV acquisition.
Once complete the deal will give DSS five PSVs, with delivery of five more expected during the second half of 2014.
"The vessels are state of the art PSVs of Norwegian design with good cargo capacities, low fuel consumption, clean design and well equipped," DSS said.
"PSV Holdings' sole activity consists of owning these five PSVs and being ultimate buyer under five PSV newbuild contracts."
