DeepOcean Wins Two-Year Contract from Petrobras

DeepOcean ASA and its Brazilian partner Comphania Brasileira de Offshore (CBO) have been awarded a contract by Petrobras in Brazil.

Valued at approximately US $50 million, the contract will start in Q1 2008 for an agreed period of two years with an option for a further two years` extension.

In support of the contract, DeepOcean will take delivery in 2008 of a newbuild ROV and Survey vessel on a bareboat charter from Active Subsea. The vessel will be outfitted with one observation class ROV and one work class ROV with a team of ROV operators, survey personnel and engineers to support Petrobras’ deepwater operations.

DeepOcean’s CEO Kare Johannes Lie commented, This is a strategically important contract for DeepOcean. Involvement in the Petrobras projects will allow us to capitalize on the opportunities available in this significant deepwater region. This project further expands DeepOcean’s international activities in line with its established strategic direction.