DeepOcean awarded New IMR contract with Petrobars

Haugesund, Norway – September 16, 2013 - DeepOcean AS, part of DeepOcean Group, announced today that together with its Brazilian partner Comphania Brasileira de Offshore (CBO) they have been awarded a 2 year with 2 year options contract from Petróleo Brasileiro S/A (“PETROBRAS”) E&P Services.

The contract includes subsea inspection, maintenance and repair (IMR) work on PETROBRAS’s subsea installations in Brazilian waters. DeepOcean will use the MV CBO Isabella, a multipurpose offshore subsea support vessel, for the contract. MV CBO Isabella will be equipped with 1 WROV and 1  OBSROV as well as various subsea tooling.

The work will be managed by DeepOcean’s Brazilian organisation and executed by a team of ROV operators, survey personnel and offshore management. Offshore operations are due to commence mid September 2013.

President of DeepOcean AS, Mads Bardsen, is excited to win the work for PETROBRAS:

“This contract award demonstrates that our customers value our high quality subsea services, and prove our company’s competitive performance in deep water operations”.

“DeepOcean has the unique deep water experience and the expertise needed for Brazilian subsea operations. 90 per cent of PETROBRAS’s reserves are nestled in deep water which is our speciality. In 2007, DeepOcean was awarded its first long-term subsea services contract by PETROBRAS. In 2012 we won a two-year contract with the flexible repair vessel Deep Endeavour. With the award of this second long term contract with the MV CBO Isabella for PETROBRAS in Brazil, we are well-positioned to further develop our strong position in this region,” Mr Bardsen continues.

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