DOF Subsea bags several contracts worth $350M

Norway’s DOF Subsea has been awarded several contracts worth of more than NOK 3 billion ($350.5M) in Eastern Canada, Gulf of Mexico, and Asia Pacific.

According to DOF, these contracts include options and secure both short term and long term utilization of assets and personnel.

In the North America region, DOF Subsea has secured an IMR contract with Husky Energy in support of their operations offshore Eastern Canada. DOF said its subsidiary’s team based in St. John’s would 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.

According to DOF, 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.

“This IMR contract is of strategic importance for DOF Subsea, seeing the Group’s presence in the Canadian offshore market being substantially strengthened as well as establishing a solid relationship with Husky Energy,” the company has said.

Gulf of Mexico

In addition, DOF’s North America region has been awarded a contract in the Gulf of Mexico. The contract has a firm period of 10 months with an option to extend, and the operations will begin in October 2015. One of 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 key 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. The company said that, with the recent awards, close to full utilization of the region’s 4 vessels for the remainder of the year was secured, as well as a good visibility for 2016.

CEO, Mons S. Aase stated: “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 ($760M). Securing several strategic long-term IMR contracts will strengthen DOF Subsea’s position within the global IMR market.”

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