DeepOcean Bags USD 271.4 Mln Contract with Statoil (Norway)

DeepOcean AS, a subsidiary of DeepOcean Group, has been awarded the single largest contract in the history of the company since it was founded in 1999. The contract is for a firm period of 5 years starting in the first quarter of 2014 with options for another 3 years and covers subsea Inspection, Maintenance and Repair (IMR) services on all Statoil operated fields on the Norwegian Shelf, from southern part of the North Sea to the Barents Sea in the north.

The contract includes delivery of a purpose built vessel for subsea IMR services as well as onshore project management and engineering services. The contract value is more than 1.5 billion Norwegian kroner (approx. USD 271,4 million) and potential total value including options is close to 2.5 billion Norwegian kroner (approx. USD 452,3 million).

“This is a great day for DeepOcean. Ever since we were awarded the first IMR contract back in 2006, DeepOcean has been focusing on providing first class IMR services to Statoil and other key customers. Our customers place strict requirements on personnel, vessels and equipment, and in a market with strong competition from several contractors, we are pleased to learn that Statoil yet again has chosen Deep Ocean. Our goal is that our brand should be synonymous with well-planned and well-performed operations, executed with high focus on safety, efficiency and innovative engineering.

This award confirms the above and that our commitment to quality, continuous focus on organisational development and value creation for our customers has been successful ” says Mads Bårdsen, General Manager of DeepOcean in a comment.

Vessel utilisation and flexibility also has high attention with our customers and we are often challenged on what operations can be performed from our IMR vessels. In 2012 we performed a subsea “X-Mas tree” installation with our IMR vessel Edda Fauna. A true milestone event for both Statoil and DeepOcean as this was first time this kind of operation was performed by one of Statoil’s IMR vessels,” says an enthusiastic Mads Bårdsen.

DeepOcean will provide a vessel of MT6022 design under this contract. The vessel will be delivered by REM Maritime in the first quarter of 2014 and built at Kleven shipyard, Norway. The design is tailored for IMR operations and the vessel will be equipped with an integrated module handling tower, two work class and one observation class ROV, as well as a 150 Te offshore crane. The vessel is prepared for work in Arctic environments.

IMR vessels are important tools for maintaining oil and gas production on the Norwegian continental shelf. With this expansion of our IMR fleet, we are well prepared to support Statoil’s daily operations in the producing fields, and their developments into deeper waters and towards northern regions.

“The award is an important recognition of the high quality of services DeepOcean and our employees provide. We look forward to continuing our successful partnership with Statoil “, Mads Bårdsen concludes.

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DeepOcean, February 20, 2013