Brazil: DeepOcean Secures USD 60 Million Contract from Petrobras

January 16, 2012

DeepOcean AS, part of DeepOcean Group Holding AS, announced the award of a two year contract valued at approximately $ 60 million from Petróleo Brasileiro S/A (“Petrobras”) E&P Services.

The contract includes management, engineering, maintenance and repair of flexible pipelines and electro-hydraulic umbilicals recovered from PETROBAS subsea installations in Brazilian waters.

The work will be carried out by DeepOcean’s Brazilian organisation. The company will provide its own vessel, which will undergo a project upgrade for the contract. Additionally, DeepOcean will provide one ROV-system, the repair spreads system and onshore local engineering expertise.

Preparations for conversion of vessel and start-up of the contract have already started. Offshore operations are due to commence second half 2012.

This contract award demonstrates the global expansion of one of the premier subsea services organisation. President of DeepOcean AS, Mads Bardsen, is excited to win the work for PETROBAS:

“We have the unique deepwater experience and expertise needed for Brazilian subsea operations. 90 per cent of PETROBAS reserves are nestled in deep waters which is our speciality. In 2007, DeepOcean was awarded its first long-term subsea services contract with PETROBRAS. With the award of this second contract in Brazil, we are well-positioned to further develop our strong position in this region,” says Bardsen.

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Subsea World News Staff , January 16, 2012; Image: DeepOcean