DeepOcean Group Holding AS Expands for Growth, Charters Construction Vessel from REM Ship AS

HAUGESUND, Norway, December 21, 2011 /PRNewswire/ --

DeepOcean Group Holding AS, ("DeepOcean Group") an integrated provider of subsea engineering and trenching services, today announced a new long-term charter agreement with REM Ship AS for the multi-purpose offshore construction vessel Rem Forza. This new vessel represents an important step in DeepOcean Group's strategy to strengthen their position as a leading global subsea provider.  The agreement is for three years with an option for an additional two years.

(Photo:  http://photos.prnewswire.com/prnh/20111221/DA26362)

"This investment is a crucial step in DeepOcean Group's strategy for growth," said Mads Bardsen, President of DeepOcean AS. "These are exciting times for the subsea industry. Investments in offshore oil and gas production and offshore wind energy continue to create huge demand for proven installation, maintenance and survey expertise. The investment in Rem Forza is in line with the philosophy of the board and the senior management team to position the company for further growth. The group's main competitive advantages are our technologies, assets and deep water experience."

The fleet expansion is a key investment for the new DeepOcean Group. The Rem Forza vessel will provide DeepOcean Group with the necessary capacity to meet customer demand for advanced subsea services.  

"There are many opportunities in the installation, trenching, IRM (inspection, repair and maintenance) and decommissioning markets and we are well-equipped to take an even stronger position," said Bardsen. "We are upgrading the capacity of our fleet to take on more demanding construction work, installation and decommissioning projects and to satisfy the requirements of new customers as well as our established customers such as Statoil, BP, Heerema, Technip, Talisman and ConocoPhillips."

For further information, please contact:
Lotte Glad, Communications, mobile phone: +47-9959-0093, Email: lotte.glad@jklgroup.com

About the vessel Rem Forza:

The vessel was built in 2008 and owned by REM Ship AS, a subsidiary of REM Offshore ASA. It carries a 250 ton Hydramarine deck crane and has a large deck space of 1,100 m(2) and a beam of 22 meters. The deck space and beam provides a flexible and stable working platform suitable for a variety of subsea operations.

About DeepOcean Group

DeepOcean Group is an integrated provider of comprehensive subsea engineering solutions and has a demonstrated track-record in highly-engineered, complex subsea construction projects for the oil & gas, offshore wind and telecommunication industries.