Norway: Subsea 7 Exercises Option to Extend Contract for Vessel Skandi Seven

Subsea 7 has exercised an option to extend the contract on the construction vessel Skandi Seven with 1 year from 31st of March 2013. DOF Subsea, subsidiary of DOF ASA, has previous announced that Subsea 7 has fixed the vessel Skandi Skansen for a period of 100-200 days per year over the next 4 years.

Subsea 7 have declared an option and extended the contract and will utilize the vessel Skandi Skansen for a fixed period until July 2013.

DOF Subsea Asia Pacific has entered into several contracts in the Far East where the vessels Skandi Singapore, Skandi Hercules and Geobay will be utilized under the contracts. DOF Subsea Atlantic has entered into a contract with Conoco Phillips where the vessel Skandi Skolten will be utilized under the contract.

The total value of the new contracts are about NOK 520 million (approx USD 90.7 Mln).

(1 Norwegian krone = 0.174389 U.S. dollars)

Source: dof, April 24, 2012

Posted on April 24, 2012