DDW Offshore secures extended contract with Petrofac

In Fornebu, Norway, Akastor ASA's subsidiary, DDW Offshore AS, announced today the extension of an existing contract with Petrofac. This extension, which lasts for an additional six months, brings the new contract end date to July 14, 2025. The contract pertains to their Anchor Handling Tug Supply (AHTS) vessel, Skandi Emerald. This agreement builds upon earlier arrangements made in September 2022 and January 2024, thereby highlighting a continuing partnership between the two companies. Following the latest extension, the total backlog of contracts for DDW Offshore's fleet, which includes three AHTS vessels, amounts to approximately USD 38 million. The fleet consists of Skandi Atlantic, Skandi Emerald, and Skandi Peregrino, all of which are designed to provide essential services such as anchor-handling, towing, and supply support at offshore oil and gas fields. The continued operation and presence of these vessels are critical to meeting the demands of the oil and gas industry. The extension of the contract with Petrofac is seen as a significant development in the offshore support sector, indicating a strong demand for maritime support services in the current oil and gas market. DDW Offshore’s capacity to maintain long-term contracts is essential for the company’s growth and stability, especially in an industry that can often be subject to fluctuations in demand depending on global energy needs. It reflects the strategic importance of these vessels in maintaining operations for energy companies that rely heavily on reliable maritime support. This development also underscores Akastor ASA's role as an investment company in the oil services sector, actively engaging in ownership and long-term value creation. By extending contracts, DDW Offshore ensures that it remains a key player in the industry, with the stability to support ongoing and future projects at various offshore locations. The contract extension serves as a promising sign for future collaborations in an industry where partnership and reliability are crucial for operational success.