DeepOcean Receives LoA from ConocoPhillips

DeepOcean ASA has been awarded a Letter of Agreement (LOA) from ConocoPhilips Skandinavia AS (ConocoPhilips) for performance of unmanned Subsea Construction work and Pre-Route Survey at the Ekofisk area in the North Sea. The work will be performed under the existing Service Agreement between ConocoPhillips and the DeepOcean group company CTC Marine Projects Ltd.

The Engineering work starts immediately. A period of approximately 60 days offshore work will commence on or about 15 May 2008 utilising the vessel Edda Freya. Estimated Contract value is NOK 40-50 millions.

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