DeepOcean, part of DeepOcean Group Holding AS, has received a two year contract valued at approximately USD 60 million from Petrobras E&P Services. The agreement includes management, engineering, maintenance and repair of flexible pipelines and electro-hydraulic umbilicals recovered from Petrobras subsea installations in Brazilian waters. The work will be carried out by DeepOcean’s Brazilian organization and the company will provide its own vessel, which will undergo a project upgrade for the contract. In addition, 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 are currently underway and offshore operations are scheduled to begin in the second half of 2012. President of DeepOcean AS, Mads Bardsen had this to say about the award: “We have the unique deepwater experience and expertise needed for Brazilian subsea operations. 90 per cent of Petrobras reserves are nestled in deep waters which is our specialty. 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.”