DeepOcean Inks NOK 800M LOI with StatoilHydro for Subsea Services

DeepOcean ASA has received a letter of intent from StatoilHydro for delivery of Subsea Inspection, Maintenance and Repair (IMR) Services using the newbuild vessel Edda Flora to be delivered from Karmsund Maritime in April/May this year. The new contract will commence in May 2008 and continue until December 2011 with further 3 years optional periods.

Edda Flora will be outfitted with DeepOcean owned equipment, including two Work class ROVs, one Observation class ROV and a module handling tower for subsea lifting operations. Edda Flora shall perform subsea inspections, ROV operations, remote lifting operations on the seabed, light subsea construction work, scale squeeze and pumping operations and ready for operation (RFO) work.

For DeepOcean this contract will employ approximately 70 people both onshore and offshore. The contract value exceeds NOK 800 million for the firm period.

In a comment to this award, Kare Johannes Lie, CEO of DeepOcean says: "This is an excellent day for DeepOcean and a real recognition of our staff and organization, demonstrating that StatoilHydro has confidence in what we are doing within the IMR segment."