DOF Secures $60 Million Subsea Service Contract Extension

Norwegian offshore vessel owner DOF has signed a letter of intent with an unnamed "major oil company" for an extension of a large Subsea service contract in the Atlantic region.

The extension will become effective in November 2023. Estimated revenue from the contract is approximately $60 million, DOF said.

Mons S. Aase, CEO of DOF Group ASA, says: "I'm very pleased with this award, adding further backlog for the group. This award and the award in Brazil announced yesterday lifts our secured backlog for 2024 to above NOK 10.5 billion. Compared to revenue LTM at NOK 11.9 billion we already have a strong basis for further earnings growth in 2024."

The news of the extension comes just a day after DOF said it had secured contracts in Brazil, worth up to $260 million. Read More

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