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DOF Subsea’s subsidiary has entered into an agreement with Technip for the sale of DOF Subsea’s ownership in the joint venture vessel Skandi Arctic, with immediate effect.

The Skandi Arctic is a 157 meters long purpose designed and built diving support and heavy construction vessel.

The company did not disclose the value, however, according to DOF’s Oslo Stock Exchange filing, the transaction is done at market terms and will improve DOF Subsea’s cash position, following the company’s drop in the first quarter profit of almost 65%.

The vessel, launched in 2009, is one of the most modern diving support vessels in the world thanks to its Hyperbaric Monitoring and Control System (HMCS), used to support the 24-man diving chamber complex.

The vessel is fitted with two Workclass ROV Systems each equipped with heave compensated launch and recovery systems (LARS) and a dedicated hangar and an observation class ROV is installed on deck.

In addition, the vessel can be equipped with VLS (Vertical Lay System), and carousel/reels to install flexible risers and flowlines through the working moonpool.

The Skandi Arctic is fitted with 58 single cabins and 41 double cabins, with overall accommodation for 140 people.

Furthermore, DOF Subsea informed that the charter contract for the vessel Skandi Achiever has been extended by 7 months with Technip and the vessel is now firm until February 2016.