Technip Buys Out DOF Subsea
Aiswarya Lakshmi
Monday, June 1, 2015
The DOF Subsea Group has entered into an agreement with Technip for the sale of DOF Subsea’s ownership in the joint venture vessel Skandi Arctic, with immediate effect.
According to the company, the transaction is done at market terms and will improve the cash position for the Group.
The 18,640-gt Skandi Arctic is a diving support vessel (DSV) built in 2009 and it can accommodate 140 persons.
The company did not disclose the value, however, according to DOF’s Oslo Stock Exchange filing, the transaction is done at market terms and will improve DOF Subsea’s cash position, following the company’s drop in the first quarter profit of almost 65%.
Meanwhile, the charter contract for the vessel Skandi Achiever has been extended by seven months with Technip and the vessel is now firm until February 2016.
The Skandi Achiever is a purpose designed and built diving support vessel built in 2007.
DOF Subsea has been one of the more successful OSV players in recent months, scoring a wave of new contracts and extending many existing ones.