"Skandi Santos" awarded five-year contract extension from Petrobras

September 29, 2014 - AKOFS Offshore, a part of Akastor ASA, has been notified of a five-year contract extension from Petrobras to use the Skandi Santos, a Subsea Equipment Support Vessel in Brazil.

The extension, worth about NOK 2.5 billion, will start March 1, 2015 in direct continuation of current contract. The vessel is currently operating under a five-year contract with Petrobras that began March 1, 2010.

The Skandi Santos is designed to install and retrieve subsea trees and modules, including subsea structures and manifolds at water depths of up to 2,300 meters. The vessel will during the contract extension period continue with its current scope of work and also start installing Petrobras' new generation of subsea trees offshore Brazil.

The Skandi Santos and the installed remotely operated vehicles are owned by DOF Subsea and leased to AKOFS Offshore, who owns and operates the vessel's topside and subsea equipment.

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For further information, please contact:
Leif H. Borge, CFO
Mob: +47 91786291
E-mail: leif.borge@akastor.com

Akastor ASA is an oilfield services investment company with a flexible mandate for long-term value creation. The company exercises active ownership combining a range of strategic, operational and financial measures to develop and unlock the full value potential of its portfolio of companies. Akastor ASA employs approximately 7,400 people.

This information is subject of the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.