DOF Subsea Shores Up $90M in Contracts

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Subsea 7 has exercised an option to extend the contract on the construction vessel Skandi Seven with 1 year from 3March 31, 2013.

DOF Subsea, subsidiary of DOF ASA, previously announced that Subsea 7 would fix the vessel, Skandi Skansen, for a period of 100-200 days per year over the next 4 years. Subsea 7 has declared an option, extended the contract and will utilize the vessel Skandi Skansen for a fixed period until July 2013.

DOF Subsea Asia Pacific has entered into several contracts in the Far East where the vessels -- Skandi Singapore, Skandi Hercules and Geobay -- will be utilized under the contracts.

DOF Subsea Atlantic has entered into a contract with Conoco Phillips, where the vessel Skandi Skolten will be utilized under the contract.

The total value of the new contracts are about $90 million (NOK 520 million).

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