DOF Scores Multiple Contracts Worth $902 Million

Norwegian DOF Group today announced it has secured several contracts worth NOK 5,6 billion (approximately $902 million)  in total.

DOF Subsea Chartering AS, a subsidiary of DOF Subsea AS has entered into a time charter agreement with Technip UK Ltd. for hull no 800 under construction at Vard Group AS. The time charter contract commences on the vessel’s delivery from the construction yard in June 2015, with a firm period of 5 years, and with 5 x 1 years subsequent optional periods.

In Brazil, DOF Subsea has been awarded 5 ROV contracts by Petrobras. The ROV contracts have firm periods of 4 years, each with 4 years options. Three of the ROVs will be installed on DOF Group vessels and two ROVs will be installed on third party vessels. DOF Subsea Brasil will deliver ROV services for the contracts.

In the Asia Pacific region DOF Subsea has secured multiple contracts with key clients in Australian waters. The various work scopes include engineering and project management for FPSO installation and IMR services, survey and inspection diving works and mooring spread installation. In the Atlantic region DOF Subsea has been awarded a new contract from the Norwegian Coastal Administration for keel inspection on U864, the WW2 submarine wreck offshore Fedje. The award will secure utilization for the vessel Geosund during December 2013.

In the North American region DOF Subsea has been awarded a two years frame agreement for work in the Gulf of Mexico, securing a minimum of 55 days utilization on the vessel Harvey Deep-Sea each year. The scope of work comprise light construction and IRM services.

Supply:

In Brazil, Norskan has been awarded two contracts by Petrobras: the 1stcontract is for the AHTS vessel Skandi Ipanema and has a duration of 4 years firm + 4 years option periods. The contract is expected to commence 90 days after award, assumed early 2014. The 2nd contract is for the AHTS vessel Skandi Botafogo. This contract commenced in November and has duration of 2 years firm. DOF Subsea Brasil will operate the ROVs on both vessels. In New Zealand DOF has been awarded two contracts for the AHTS vessels Skandi Pacific and Skandi Emerald. The contracts secure employment for both vessels until mid 2014.

Mons S. Aase, CEO, stated: “I am very pleased with the awarded contracts and the all-time high back-log. This ensures high earnings visibility for the DOF Group over the next few years.

[mappress]
November 14, 2013