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DeepOcean Awarded $60 Million Contract by Petrobras

19 January 2012

DeepOcean, part of DeepOcean Group Holding AS, reported the award of a two year contract valued at approximately $60 million from Petrobras E&P Services.

The contract includes management, engineering, maintenance and repair of flexible pipelines and electro-hydraulic umbilicals recovered from Petrobras subsea installations in Brazilian waters.

The work will be carried out by DeepOcean's Brazilian organization. The company will provide its own vessel, which will undergo a project upgrade for the contract. Additionally, DeepOcean will provide one ROV-system, the repair spreads system and onshore local engineering expertise.

Preparations for conversion of vessel and start-up of the contract have already started. Offshore operations are due to commence second half 2012.

This contract award demonstrates the global expansion of one of the premier subsea services organization.

President of DeepOcean AS, Mads Bardsen, is excited to win the work for Petrobras, "We have the unique deepwater experience and expertise needed for Brazilian subsea operations. 90 per cent of Petrobras reserves are nestled in deep waters which is our specialty. In 2007, DeepOcean was awarded its first long-term subsea services contract with Petrobras. With the award of this second contract in Brazil, we are well-positioned to further develop our strong position in this region," said Bardsen.