DOF Subsea Releases 2Q Financial Report (Norway)

DOF Subsea Releases 2Q Financial Report (Norway)

DOF Subsea AS, a leading provider of subsea services to the Oil and Gas industry, has released 2nd quarter financial report.

During the 2nd quarter several contracts were ob¬tained on the DOF Subsea Vessels. The Asia Pacific region entered into several contracts where Skandi Singapore, Skandi Hercules, Skandi Hawk and Geobay will be utilized. The Atlantic region entered into a contract with Conoco Phillips on Skandi Skolten. In Brazil Chevron extended the contract on Skandi Salvador for one more year. Subsea Seven extended the TC charter on Skandi Skansen and Skandi Seven and Fugro extended the TC charter on Skandi Carla.

The total operating income for the first half of 2012 was NOK 2.809 million including sales gain of NOK 202 million (vs. 1.928 million first half of 2011).

OPERATIONAL EVENTS

During the 2nd quarter the operation of the vessels have been according to schedule with only minor technical problems affecting the utilization. Geoholm was moved from West Africa to the North Sea and prior to entering into contract with Technip the ves¬sel was dry-docked.

In May the new building contract STX 771 acquired in December 2011 was sold and delivered to the new owners the Commonwealth of Australia (COA). The sale price was slightly below USD 130 million.

The total utilization of the fleet, both TC and project vessels, have been 93 % in April, 96% in May and 97 % in June.

In the 2nd quarter the activity in the Asia, Atlantic and the Brazil region was high. The activity within the Survey and Positioning segment was high during the 2nd quarter.

With the current oil price and the expected subsea invest¬ments in the years to come, the Board of Director’s expect an improving subsea market for the next 12 months.

Subsea World News Staff, August 24, 2012; Image: DOF Subsea

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