Norway-based DOF Subsea has won multiple contracts in the Santos and Campos basins in Brazil to support long-term deepwater projects and survey work as it reports a drop in quarterly revenues
Its latest contracts support ocean bottom node (OBN) seismic campaigns by Shearwater GeoServices on state-run energy group Petrobras’s Jubarte, Tupi and Iracema fields offshore Brazil.
DOF has allocated 2001-built Skandi Neptune to service these contracts and it is being prepared to transit to Rio de Janeiro, Brazil. An MT 6016-design vessel converted in 2005, it is scheduled to work on the Jubarte field survey for three months. The OBN surveys over the deepwater giant oilfields Tupi and Iracema in the Santos Basin start in Q3 2021 and are expected to last around nine months.
DOF Subsea said the awards by Shearwater validate its capability to adapt and expand into growing markets such as 3D OBN surveys.
These contracts came as DOF reported revenue in Q1 2021 of Nkr1.51Bn (US$181M), down from Nkr2.07Bn (US$248M) in the same period in 2020. Operating profits were Nkr45M (US$5.38M) but it reported a net loss of Nkr801M (US$95.8M) in Q1 2021.
The average utilisation of DOF’s owned fleet during Q1 2021 was 67%, compared to 81% in Q1 2020, with the market still suffering from the impact of the global coronavirus pandemic.
DOF said it had experienced “increased activity in the Atlantic region, but reduced utilisation in the Asia-Pacific and North America regions”.
There was “high activity in Brazil, but operations were impacted by several vessel mobilisations and Covid-19,” DOF said.
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