DOF Subsea Signs Several New Contracts

DOF Subsea announces award of several new contracts as following: contract with Subsea 7, contract for the Skandi Inspector, LOI with major North Sea operator and Purchase of newbuilding contract.

Contract with Subsea 7 for one DOF Installer class vessel

DOF Subsea Chartering AS, a subsidiary of DOF Subsea AS, has signed a 4 year contract with Subsea 7. The contact will commence in February 2012. The firm period in 2012 is 185 days with 3 x 25 days options.

For 2013 and onwards the contact period will be between 100 and 200 days annually.

 Contract for the Skandi Inspector

DOF Subsea UK Ltd., a subsidiary of DOF Subsea AS, has signed a one year contract with Integrated Subsea Services Ltd. for the Skandi Inspector. The contract will commence in April 2012.

Letter of Intent (LOI) with major North Sea operator

DOF Subsea Chartering AS has received a LOI from a major North Sea operator for one construction vessel. Commencement is scheduled for second quarter 2012 and the period is 6 months firm plus 6 monthly options. The operator has options to utilise the vessel for the same period in 2013.

The total value for the three contracts, including options, is approximately NOK 1,0 Billion.

 Purchase of newbuilding contract

DOF Subsea Rederi AS, a subsidiary of DOF Subsea AS, has purchased a newbuilding contract for a construction vessel. The vessel will deliver from STX OSV in May 2012. The vessel is equipped with 2 x WROVs and a 250 T AHC crane.

The vessel will be financed through a combination of mortgage loan and other credits.

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Offshore Nieuws Staff, December 23, 2011; Image: DOF Subsea