DOF Subsea announced on Monday (Aug 23) multiple contract awards in the Asia Pacific region providing significant utilization for resources and vessels in Q3 and Q4 2021 and securing solid backlog into the first half of 2022.

Onshore works are underway for several offshore campaigns that will utilize the CSV Skandi Hercules and the onshore and offshore teams from Q3 2021 into Q1 2022. The first campaign will support maintenance activities at an offshore facility in the Timor Sea for a short duration. Following this, the vessel and team will be deployed on several constructions and pre-commissioning support campaigns off the Northern Australian coast

Onshore works are also underway for several offshore campaigns that will utilize the DSV Skandi Singapore in saturation diving mode in the region during 2022.

A further key contract award will utilize high specification vessel and related subsea services to undertake a significant pre-commissioning and commissioning support campaign off the Northern Australian coast. This campaign is expected to commence in Q1 2022 with onshore preparation activities underway.

Collectively, these contract awards secure in excess of 8 months vessel utilization and include the provision of project management, engineering, and all associated fabrication (subcontracted), subsea and marine services.

Financial Report 2nd quarter 2021

On another side, Financial Report 2n quarter 2021reported The Group’s operating revenue for the 2nd quarter (management reporting) was NOK 1,506 million (NOK 1,247 million in Q2 2020 ), and the operating profit before deprecation and impairment ( EBITDA ) was NOK 512 million (NOK 528 million ).

The average utilization of the Group’s fleet during the 2nd quarter was 83%; 76% for the Subsea/ IMR Project fleet and 96% for the Long fleet.

At the end of the 2nd quarter, the Group had a firm backlog of NOK 10,0 billion.

Mons S. Aase, CEO, DOF Subsea said, “I am very pleased to announce these contract awards in the APAC region that build on our reputation as a trusted provider for integrated subsea operations across multiple disciplines. We look forward to working with our clients to deliver safe and efficient projects.”