DOF Subsea Scoops Several Contracts

DOF Subsea, a subsidiary of DOF ASA, has been awarded multiple contracts, with a total value of approximately NOK 400 million ($59 million).

The contract awards will improve the utilization of the subsea project vessels in the Asia Pacific, Atlantic and North America regions.

As per September 30, 2014 the Group’s fleet comprised of 23 owned vessels, 5 long-term chartered in vessels, 5 vessels under construction and an ROV fleet of 56 units and 12 ROVs and 1 AUV on order.

The majority of the Group’s vessels are fixed on long-term contracts. The contract backlog including options amounted to approximately NOK 33 billion as of September 30, equivalent to about 5 years turnover. However, the Group is exposed to the short-term market on the project vessels. On these vessels the management is working to increase the contract backlog and the tendering activity has been high during the quarter.

The scope of work includes subsea installation, IMR and survey work.

CEO, Mons S. Aase, stated: “I am pleased with the contract awards, improving utilization of our vessels for fourth quarter 2014.”



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