DOF adds to backlog with $60m contract extension

Norwegian offshore contractor and vessel owner DOF has signed a letter of intent with an oil major for the extension of a large subsea service deal in the Atlantic region.

The Austevoll-headquartered firm said a one-year contract should start in November and generate about $60m in revenue.

DOF, with a fleet of 54 ships of which 18 are located in the Atlantic region has added about NOK4.1bn to its backlog in the third quarter of this year.

The latest news follows a $260m deal with Brazil’s Petrobras which will secure utilisation for at least three vessels.

“This award and the award in Brazil announced yesterday lifts our secured backlog for 2024 to above NOK 10.5bn. Compared to revenue LTM at NOK 11.9bn we already have a strong basis for further earnings growth in 2024,” noted Mons S. Aase, CEO of DOF.

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