DeepOcean Awarded LOI for a 5 Year

DeepOcean awarded LOI for a 5 year contract for Arbol Grande worth MNOK 500 DeepOcean ASA has received a confirmation that the subsea construction company Constructora Subacuática Diavaz in Mexico has been awarded a letter of intent from Pemex for a 5 year inspection, maintenance and repair contract in the Gulf of Mexico, which is based on the DeepOcean vessel MPSV Arbol Grande. The contract value for DeepOcean is approximately NOK 500 million, which imply a significant increase in the day rate compared to the vessel’s existing contract. Due to the new contract, which commences in the second quarter 2008, Diavaz will install a considerable crane onboard in order for the vessel to comply with the specification requirements of Pemex.