DOF Subsea Bags $351 Mln in Contracts

DOF Subsea has been awarded several contracts with a total value in excess NOK 3 billion (approx. $350.7 million), including options, securing both short-term and long-term utilization of assets and personnel.

In the North America region DOF Subsea has been successful in securing an IMR contract with Husky Energy in support of its operations offshore Eastern Canada. The DOF Subsea team based in St. John’s will supply IMR services over a period of 10 years firm with 10 years options. The work scope includes a Light Intervention Vessel and 2 work class ROV systems and personnel.

The offshore operations will start in 4th quarter 2015 by mobilizing 2 work class ROVs on a third party vessel on charter to Husky, followed by delivery of a DOF IRM vessel in 2017.

In addition, the North America region has been awarded a term contract in the Gulf of Mexico. The contract has a firm period of 10 months with option to extend, and the operations will begin in October 2015. One of the DOF’s subsea vessels will be utilized under the contract. The award is an extension of a current contract held by DOF Subsea North America for a client in the region.

In the Asia Pacific region, several contract awards over the recent weeks will secure utilization of the regions vessels. The scope of work includes IMR services, mooring and light construction. With the recent awards, close to full utilization of the regions 4 vessels for the reminder of the year is secured, as well as a good visibility for 2016.

Mons S. Aase said: “I am very pleased with the Group’s ability to secure term work in a challenging market, and especially winning the Husky contract and strengthening the North America subsea region. This award is a team effort, utilizing the expertise within all disciplines in the DOF Group.

The total IMR contract award during 2015 is in excess of NOK 6.5 billion. Securing several strategic long-term IMR contracts will strengthen DOF Subsea’s position within the global IMR market.”