DeepOcean Group Holding AS Selected for Additional IRM Work for Statoil
DeepOcean Wins Contracts for Two Vessels from Statoil

Haugesund, Norway – January 31, 2012 – DeepOcean Group Holding AS, (“DeepOcean Group” or “the Company”) an integrated provider of subsea engineering and trenching services, today announced that Statoil has awarded additional inspection, repair and maintenance contracts to two DeepOcean vessels.

Statoil has signed a one-year option for the vessel Edda Fauna under its existing inspection, repair and maintenance (IRM) frame contract. Furthermore, Statoil has decided to upgrade the scale squeeze system onboard the Edda Fauna to further strengthen the vessel’s performance. Scale squeeze is a chemical well stimulation operation performed to enhance well production. This will support Statoil in their efforts to maintain and improve the production of their North Sea subsea wells.

Statoil has also extended for an additional eight months its existing IRM frame contract with Edda Fonn. Edda Fonn has for several years been dedicated to inspection work with Statoil.

“We are proud that Statoil continues to use DeepOcean to meet its repair and maintenance needs,” says Mads Bardsen, the president of DeepOcean AS. “By exercising the option to take Edda Fauna for a year, as well as extending the Edda Fonn contract for a further eight months, we feel this is a strong vote of confidence in the quality of our operations. Following this award, we currently have four vessels working for Statoil through 2012,” he says.

Both the Edda Fauna and the Edda Fonn operations are supported by onshore project teams in DeepOcean’s Haugesund office.

The Edda Fauna vessel

About Deep Ocean Group
DeepOcean Group is an integrated provider of comprehensive subsea engineering solutions and has a demonstrated track-record in highly-engineered, complex subsea construction projects for the oil & gas, offshore wind and telecommunication industries. The company has a capable fleet of subsea vessels, ROVs, and trenching assets. DeepOcean Group strives to be among the safest subsea operators in the industry and its relentless commitment to safety for its employees without sacrificing quality service for its customers, distinguishes the company from its peers. The company is a leading IMR contractor and trenching operator in Norway and the North Sea, with an unparalleled track record in engineering and project management, and has a global presence with offices in Norway, UK, the Netherlands, Brazil, Mexico and Singapore.

For further information, please contact:
Lotte Glad
JKL Group, Communications
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