DOF Subsea bags contracts worth $350 million

9/28/2015

BERGEN, Norway -- DOF Subsea, a subsidiary of DOF Group, has been awarded several major contracts with a total value in excess $350 million (NOK 3 billion), 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 a major IMR contract with Husky Energy in support of their 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 two work class ROV systems and personnel. The offshore operations will commence in fourth-quarter 2015 by mobilizing two 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.

Gulf of Mexico contract

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 commence in October 2015. One of the Group'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 recent weeks with key clients will secure utilization of vessels in the region. The scope of work includes IMR services, mooring and light construction. With the recent awards, close to full utilization of the regions four vessels for the reminder of the year is secured, as well as a good visibility for 2016.

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 $760 million (NOK 6.5 billion). Securing several strategic long-term IMR contracts will strengthen DOF Subsea's position within the global IMR market."

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