DOF sells SESV Skandi Santos

DOF Subsea Rederi has agreed to sell the 2009-built subsea equipment support vessel (SESV), Skandi Santos. 

The oil service investment company Akastor on Tuesday signed heads of agreement with Japanese Mitsui to create a joint venture with 50/50 ownership between AKOFS Offshore and Mitsui. The 2009-built SESV will be acquired by this joint venture.

The sale releases approx. NOK 350 million ($42.25M) in liquidity after coverage of all costs and repayment of debt.

DOF Subsea Rederi has been the vessel’s registered owner since its delivery in 2009. The vessel has since then served under a bareboat charter contract with AKOFS, a company in the Akastor Group.

Norskan Offshore Ltda. of Rio de Janeiro, Brasil (Norskan), a subsidiary of DOF ASA, has since the vessel was delivered been the marine manager and marine personnel operator under separate contract with Petrobras, under which the vessel has been and will continue to be engaged. The services of Norskan will continue unchanged.

DOF Subsea ROV AS, a subsidiary in the DOF Subsea AS Group, will continue to own and provide ROVs, and its affiliate DOF Subsea Servicos Ltda. in Brazil will continue to provide ROV services onboard the vessel, all as part of the subsea equipment support vessel contract with Petrobras.

For the services to be provided pursuant to the other contracts under which DOF companies will serve will contribute to positive results annually throughout the remaining contract period.

Mons S. Aase, CEO of DOF ASA and DOF Subsea AS, says: “The vessel has been a great success for all involved since its delivery. The companies in the DOF ASA and DOF Subsea AS Group are much looking forward to continuing the excellent cooperation with Akastor and its affiliates in this successful venture, the values of which we fully share.”

The agreement to sell the vessel to the Akastor JV is subject to Petrobras consent and certain other approvals and conditions, the clearance of which is expected to be forthcoming in 4Q 2016.

Skandi Santos is specially designed and equipped for deepwater subsea equipment installation, intervention, and recovery and represents a field construction platform for deep and ultra-deep waters. It is an STX OSCV 03L design, built by STX Europe at Aukra.