DOF Subsea has entered into a two-month contract with an international energy client in Africa
The project will utilise Skandi Seven and commence operations once the vessel has completed its current contract.
DOF Subsea will deliver integrated fast supply vessel services, project management and engineering on multiple project packages, mainly within deepwater construction and maintenance activities.
The company did not name the client or where operations would commence.
DOF Subsea is facing financial difficulties. The company reported it was negotiating a long-term financing solution that will involve all stakeholders, including owners, banks and bondholders.
The company’s Ebitda is not high enough to cover its debt. However DOF Subsea said it had obtained a conditional agreement from its largest indirect shareholder, Laco. Under the agreement, subject to approval with banks and bondholders, Laco will subscribe for US$21M of equity.
DOF has seen plenty of activity this year. Earlier this year the company targeted the Mexican market partnering with Frontera Offshore.
In October, the company won contracts for two of its offshore vessels Skandi Seven and Skandi Skansen in Africa.
In November it received two contracts in the Asia Pacific region for two vessels. In December, CSV Skandi Hercules will begin operations for an unnamed major operator in New Zealand. And in January 2020, Skandi Singapore will begin construction operations for an unnamed client in southeast Asia.
In addition, Fugro has extended the period of hire for CSV Skandi Carla to the end of October 2020.