DOF Subsea Wins Three-Year Deal at Frade

DOF Subsea has through its subsidiary in Brazil been awarded a 3 year contract with Chevron Brasil Ltda. regarding supply of Vessel, ROV-/survey- and engineering services for the Frade field offshore Brazil.

The contract value for the firm period is estimated in the range of NOK 500 - 650 millions, depending on the final scope. The contract has in addition 2 x 1 year options.

The work under the contract with Chevron, will be carried out by the Vessel of AKER ROV06 design that DOF Subsea has under construction in Brazil, to be delivered in Q3 2008.

DOF Subsea is very satisfied having been awarded this contract and for the excellent cooperation with Chevron during the negotiations.

The Contract award is the first from Chevron. In addition, the Contract is the first major award for DOF Subsea in Brazil. The Contract award is partly a consequence of the groups ability to offer our traditional subsea services integrated with engineering capability acquired through the recent acquisitions of SEMAR AS and CSL. The Vessel will be managed by NORSKAN Ltda, a Brazilian subsidiary of DOF ASA.