Reef Subsea Subsidiary Snags 4-Year Frame Agreement with Technip

Reef Subsea announced that one of its Norwegian operating companies has been awarded a frame agreement contract by Technip with firm and optional periods representing up to 4 years - running from 2011 - to carry out light subsea construction, ROV and survey operations in the North Sea and the North Atlantic areas.

This frame agreement will allow Technocean AS, a subsidiary of Reef Subsea AS, to act as a partner to Technip Norway and other Technip Group companies for subsea services in the NCS (both Norway and UK) and Canada according to pre-agreed terms.
Technocean will perform its commitments calling on its new chartered vessel, the Polar King. This new-built subsea construction vessel, certified to IMO SPS 2008 requirements, will be operational in April 2011. Polar King is being equipped with a 150 AHC crane, and her 1000m² back deck and main moonpool provide her with extremely versatile capabilities. The vessel will also be equipped with two 3000m rated work class Perry Slingsby ROVs installed in a ROV hangar with dedicated AHC LARS systems.

Mark Preece, Reef Subsea Chief Executive Officer, said, "I am extremely pleased by the confidence placed by Technip in Technocean's capabilities to act as an important partner for the next four years. Reef Subsea's objective is to serve both operators and contractors on a long term basis as we recently announced for BP Norway."


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