Akastor ASA's DDW Offshore Secures New Contract Extension

Akastor ASA's Contract Extension for DDW Offshore

Akastor ASA's subsidiary, DDW Offshore AS, has successfully secured a six-month extension to its contract with Petrofac, specifically for their vessel, the Skandi Emerald. This extension indicates a solid partnership and reflects the growing demand for offshore support solutions. With this update, the contract now extends until mid-2025, affirming DDW Offshore's commitment to service continuity and operational excellence.

Significant Financial Backlog

With the latest extension in place, the total contract backlog for DDW Offshore's fleet, which comprises three vessels, stands impressively at around USD 38 million. This financial figure underscores the robust health of DDW Offshore and its strategic positioning within the offshore service sector. The ongoing projects highlight how critical these support vessels are in meeting the operational demands of today's oil and gas industry.

About the Skandi Emerald and Fleet

The Skandi Emerald, part of a trio of advanced Anchor Handling Tug Supply (AHTS) vessels operated by DDW Offshore, plays a crucial role in various offshore operations. These vessels are ingeniously designed to provide essential services such as anchor handling, towing, and supply delivery at oil and gas fields. Their modern technology and capabilities set DDW Offshore apart in a competitive market.

Commitment to Excellence and Safety

DDW Offshore places a strong emphasis on safety and reliability, which is vital in today's rigorous industry standards. Their teams are well-trained to handle different logistical challenges that arise in offshore environments, ensuring that operations run smoothly and efficiently. This focus on safety and reliability resonates not only with clients but also enhances the reputation of Akastor ASA as a trustworthy industry leader.

Future Growth Prospects

The extension of this contract with Petrofac is merely a stepping stone for DDW Offshore. Looking ahead, the company seeks to expand its fleet and service offerings further, tapping into new markets as global energy demands evolve. Akastor ASA remains dedicated to advancing its capabilities and driving forward in the oil-services sector, all while ensuring sustainable practices are at the forefront of operations.

About Akastor ASA

A Norway-based company, Akastor ASA focuses on investments in oil-field services and technologies. Its flexible investment strategy allows for active involvement in operational management and growth initiatives. The company aims at long-term value creation through strategic ownership of a diversified portfolio of industrial assets.

Frequently Asked Questions

What is the duration of the new contract extension for DDW Offshore?

The contract extension for DDW Offshore with Petrofac is for six months, extending the partnership to mid-2025.

What impact does the contract extension have on DDW Offshore?

The extension contributes approximately USD 38 million to DDW Offshore's contract backlog, reinforcing its financial stability and operational capacity.

What services does DDW Offshore provide through its fleet?

DDW Offshore offers services including anchor handling, towing, and supply operations specifically designed for offshore oil and gas fields.

How does Akastor ASA contribute to the energy sector?

Akastor ASA contributes through strategic investments in technologies and services that enhance operational efficiency and sustainability in the oil field services sector.

What is the significance of the Skandi Emerald in the fleet?

The Skandi Emerald is a key vessel in DDW Offshore's fleet, tasked with critical offshore operations that support overall service delivery and operational excellence.

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