#Norway #Fornebu #DDW Offshore #Skandi Emerald #Akastor ASA

DDW Offshore Secures Contract Extension

In a recent announcement, DDW Offshore AS, a subsidiary of Akastor ASA, has successfully negotiated a six-month extension to its current contract with Petrofac for the operations of the Skandi Emerald vessel. This extension is set to prolong the contract duration until July 14, 2025, marking a substantial commitment from both parties involved.

Background of the Contract

The extension is a continuation of earlier agreements, which were highlighted in press releases dated September 27, 2022, and January 30, 2024. These prior agreements have laid the groundwork for the enhanced partnership between DDW Offshore and Petrofac, signaling both firms' dedication to effective collaboration in offshore operations.

As a result of this latest contract, DDW Offshore's total backlog for their fleet of three vessels has now climbed to an impressive $38 million. This backlog reflects the strong demand for the specialized services that DDW Offshore provides within the offshore oil and gas sector, particularly in challenging environments.

About DDW Offshore

DDW Offshore operates a fleet comprising three modern Anchor Handling Tug Supply (AHTS) vessels: Skandi Atlantic, Skandi Emerald, and Skandi Peregrino. These vessels boast capabilities to operate and deliver crucial support to clients globally. Each vessel is meticulously designed for tasks such as anchor-handling, towing, and supply services, particularly focused on offshore oil and gas fields, ensuring high operational flexibility and efficiency.

The company maintains a commitment to high standards of safety, operational excellence, and environmental responsibility, which are vital in the demanding offshore arena. Their expertise not only enhances their clients' operational capabilities but also contributes to sustainable practices within the industry.

Financial Stability and Prospects

As an investment entity based in Norway, Akastor ASA continues to pave the way for robust developments in the oil services sector. With a flexible ownership approach, Akastor has positioned itself for long-term value creation and investments tailored to changing market needs. As the company progresses, the successful extension of contracts like that of DDW Offshore with Petrofac underscores its responsiveness and strategic planning abilities in a dynamic industry.

To learn more about their operations and capabilities, you can visit DDW Offshore's official website.

Contact Information

For additional inquiries, please reach out to Øyvind Paaske, Chief Financial Officer at DDW Offshore. His contact number is +47 917 59 705, and interested parties can also send emails to [email protected].

As the industry continues to evolve, it is promising to note the proactive steps being taken by companies such as DDW Offshore and Akastor ASA to ensure robust growth and sustainability in the offshore energy sector.