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Offshore Company from Norway, DOF Subsea Secures 18-Month Deal for Research and Inspection Work on the Brazilian Coast for Petrobras
DOF Subsea announced on Thursday (27) that at least three vessels from its fleet would be mobilized to carry out flexible pipes, risers, and inspection of underwater and offshore equipment in the Campos Basin, Santos Basin, Marlim Field, and Espírito Santo Basin, for Petrobras.
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Petrobras and the Norwegian offshore service provider’s contracts are worth over US$ 110 million, with a planned start-up in the fourth quarter of 2020 and an estimated execution timeframe of 550 days.
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Mons S Aase, CEO of DOF Subsea, said: “I am very pleased with these awards securing the utilization of our people and assets and adding an important order book to the group.”
DOF Subsea did not specify which vessels would exactly be used to support Petrobras’s work. DOF’s underwater fleet consists of 24 owned vessels, 3 chartered vessels, and 71 ROVs.
Impact of Covid-19 and Low Oil Prices Led to Delays and Cancellations of DOF’s Offshore Projects and Bids
During the second quarter, the Group recognized impairment and depreciation of tangible assets of NOK 609 million, citing ongoing weakness in the vessel services market and low visibility of demand for the Group’s services in the future.
“Market conditions have become more challenging with an oversupply of services and underwater vessels. Furthermore, demand for the Group’s services has decreased. The situation is resulting in cancellation and renegotiation of contracts, increased pressure on earnings, and challenges with the utilization of personnel and assets. As demand visibility for the Group’s services is low, the medium to long-term impact on liquidity and solidity is difficult to resolve”, said DOF Subsea in its quarterly presentation last week.
Despite these challenges, August proved to be a fruitful month for Norwegian offshore vessel owners. On August 13, DOF Subsea reported that it had won contracts for the Skandi Acergy, Skandi Seven, and Skandi Skansen vessels in the Research, Inspection, Maintenance and Repair, and Decommissioning segment in the Atlantic Region.
Fugro and Petrobras Sign Long-Term Contract for ROV Services in Brazil
Fugro, in partnership with Solstad and Oceanpact, has secured three long-term contracts with Petrobras to provide remotely operated vehicle (ROV) operations for a variety of underwater activities in Brazil. All three contracts are for firm periods of three years with additional one-year options. Learn more here.
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