Petrobras and DOF Subsea Close Four Contracts Worth US$ 110 Million for Offshore Projects in Brazil

Written by Kelly

Published on 27/08/2020 at 09:15

Embarcação da DOF Subsea/ Imagem: Divulgação

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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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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.

Petrobras and DOF Subsea Close Four Contracts Worth US$ 110 Million for Offshore Projects in Brazil

Offshore Company from Norway, DOF Subsea Secures 18-Month Deal for Research and Inspection Work on the Brazilian Coast for Petrobras

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Impact of Covid-19 and Low Oil Prices Led to Delays and Cancellations of DOF’s Offshore Projects and Bids

Fugro and Petrobras Sign Long-Term Contract for ROV Services in Brazil

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Petrobras and DOF Subsea Close Four Contracts Worth US$ 110 Million for Offshore Projects in Brazil

Offshore Company from Norway, DOF Subsea Secures 18-Month Deal for Research and Inspection Work on the Brazilian Coast for Petrobras

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Impact of Covid-19 and Low Oil Prices Led to Delays and Cancellations of DOF’s Offshore Projects and Bids

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The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

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