DeepOcean Group Holding AS Expands Operations in Brazil; Awarded USD 60 Million Contract Offshore for Petrobras

HAUGESUND, Norway, January 17, 2012 /PRNewswire/ --

DeepOcean AS, part of DeepOcean Group Holding AS, has announced the award of a two year contract valued at approximately $60 million from Petroleo Brasileiro S/A ("Petrobras") E&P Services.

The contract includes management, engineering, maintenance and repair of flexible pipelines and electro-hydraulic umbilicals recovered from PETROBAS subsea installations in Brazilian waters.

The work will be carried out by DeepOcean's Brazilian organisation. The company will provide its own vessel, which will undergo a project upgrade for the contract. Additionally, DeepOcean will provide one ROV-system, the repair spreads system and onshore local engineering expertise.

Preparations for conversion of vessel and start-up of the contract have already started. Offshore operations are due to commence second half 2012.

This contract award demonstrates the global expansion of one of the premier subsea services organisation. President of DeepOcean AS, Mads Bardsen, is excited to win the work for PETROBAS: "We have the unique deepwater experience and expertise needed for Brazilian subsea operations. 90 per cent of PETROBAS reserves are nestled in deep waters which is our speciality. In 2007, DeepOcean was awarded its first long-term subsea services contract with PETROBRAS. With the award of this second contract in Brazil, we are well-positioned to further develop our strong position in this region," said Bardsen.

About Deep Ocean 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. The company is a leading IMR contractor and trenching operator in Norway and the North Sea, with an unparalleled track record in engineering and project management, and has a global presence with offices in Norway, UK, Brazil, Mexico and Singapore.

For further information, please contact:

Lotte Glad
JKL Group, Communications
Mobile phone: +47-9959-0093
Email: lotte.glad@jklgroup.com