DOF tapped for extension of 'large' subsea service contract

DOF awarded extension of ‘large’ subsea service contract

Shortly after winning three contracts worth over $260 million, DOF Group secured an extension of what it described is a “large subsea service contract”.

Image for illustrative purposes only. Source: DOF Subsea

DOF reported on 19 September it had signed a letter of intent (LOI) with a “major oil company” for a one-year contract extension in the Atlantic region.

According to the company, the estimated revenue from the contract is approximately $60 million.

Commencement is expected in November.

Mons S. Aase, CEO of DOF Group, said: “I’m very pleased with this award adding further backlog for the Group. This award and the award in Brazil announced yesterday lifts our secured backlog for 2024 to above NOK 10.5 billion. Compared to revenue LTM at NOK 11.9 billion we already have a strong basis for further earnings growth in 2024.”

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The three contracts that DOF recently won include survey and inspection work for Brazilian state-owned oil and gas giant Petrobras.

Activities will see at least three vessels used to perform flexible pipeline, risers and subsea equipment inspection in Campos Basin, Santos Basin, and Espírito Santos Basin.