DeepOcean Receives LOI from ConocoPhillips

DeepOcean ASA's subsidiary CTC Marine Projects Ltd. has received a Letter of Intent from ConocoPhillips for work on the Ekofisk Life of Field Seismic (LoFS) Test Cable project.

The work site is the Ekofisk field located in the Norwegian sector of the North Sea.

CTC's work scope involves the installation and burial of a 4km LoFS test cable, with options to extend to 12km.

The duration of the work is approximately 10 days, with onshore jointing of the cable due to commence in March 2008 and mobilization of the DP2 class vessel scheduled to follow in April 2008.

Commercial Director Nigel Ward commented, 'We are very pleased to be working on this project which will build on CTC's already extensive experience in the Seismic market.'