DOF Subsea wins new contracts in the Atlantic

Oslo-listed DOF Subsea said it has secured multiple new contracts in the Atlantic region.

Specifically, the contract awards include work within survey, inspection, maintenance & repair and decommissioning.

The company plans to deploy a selection of vessels to undertake the work, including Skandi Acergy, Skandi Seven and Skandi Skansen.

The company will execute the work in Q3 and Q4 2020, totaling above 150 offshore vessel days.

Mons S. Aase, CEO, DOF Subsea said,

“DOF Subsea is dedicated to deliver safe and efficient subsea solutions.

“These awards secure good utilisation for both personnel and subsea vessels in the Atlantic region for Q3 and Q4 2020. We look forward to working with our clients to deliver the projects safely and efficiently.”

The company also recently secured two ‘significant’ contract awards in the APAC region.

In Australia, Chevron has awarded DOF Subsea an IMR services contract to support its North-West Shelf and near shore subsea assets.

Furthermore, in South East Asia, DOF Subsea has secured a ‘substantial’ contract for a moorings replacement and rectification project.

The project will provide utilisation for resources and vessels – Skandi Hercules and Skandi Singapore – throughout Q3 and early Q4 2020.

Also, the company reported loss in Q1 2020 of NOK 1.5 billion, against NOK 25 million in Q1 2019.

Earnings hit was due to depreciation and impairment of NOK 976 million.

The company is yet to release its Q2 earnings.