DOF Subsea Lands USD 800 Mln Worth of Contracts

The DOF Subsea Group has been awarded contracts with a total value of USD 800 million, including options.

DOF Subsea has, through its subsidiary DOF Subsea Chartering AS, entered into a time charter agreement with Technip for the newbuild VARD 800. The time charter contract starts when the vessel is delivered from the yard in June 2015, and has a period of 5 years firm with 5 x 1 year options.

In Brazil, the DOF Subsea has been awarded 5 ROV contracts by Petrobras. The ROV contracts have a period of 4 years firm with 4 years option. Three of the ROVs will be installed on DOF ASA owned vessels and the other two will be installed on third party vessels.

In the Asia Pacific region DOF Subsea has secured multiple contracts with key clients in Australian waters. The various work scopes span engineering and project management for FPSO installation and IMR services, survey, 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 Geosund during December 2013.

In the North American region DOF Subsea has been awarded a two-year 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 IMR services.

All-time high back-log:

The total value of the awarded contracts including options is USD 800 million. This brings the total back-log for the DOF Subsea Group to an all-time high of approx. NOK 34 billion as per today, including options.

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 Subsea Group over the next 3-5 years.”

Press Release, November 14, 2013; Image: DOF