Subsea 7 Invests $18 Million in ROV Fleet
Subsea 7's IRT (Integrated Remote Technologies) division has awarded contracts valued at approximately $18M for five advanced Remotely Operated Vehicle (ROV) systems.
The five new systems are necessary to satisfy firm project commitments. The systems will be the latest generation Hercules heavy construction vehicles which are capable of operating at 3,000m and have a power rating of 125Hp (upgradeable to 150Hp). Maximum flexibility is achieved with mobile launch and recovery systems allowing deployment to any vessel in the Subsea 7 fleet.
The systems will be built and integrated by SMD Hydrovision at their facility in Newcastle.
Bill Boyle, Vice President of Integrated Remote Technologies commented "Following an extensive examination of the ROV systems available in the market, Subsea 7 concluded that the Hercules vehicle, designed in-house by Subsea 7, was the best in class. These additions to our ROV fleet will allow Subsea 7 to continue to be at the forefront of deepwater remote intervention."
Subsea 7 Announce ROV Contract Awards
Subsea 7 has been awarded four ROV contracts in West Africa. These include drill rig contracts for Peak Petroleum Industries Nigeria Ltd and Equator Energy offshore Nigeria, for Foxtrot International LDC for work offshore the Ivory Coast, and for Devon Energy Corporation offshore Angola. Additionally, Subsea 7 is to provide Amerada Hess with ROV services offshore Equatorial Guinea over the next two to three years.
Contracts have also been awarded by Amerada Hess for provision of the multi-purpose vessel Seisranger for ROV inspection work in the North Sea for a minimum of five years, and by Chevron Upstream Europe for ROV drill and intervention support services on board the Stena Spey for operation in the UK sector of the North Sea.
Commenting on the contract awards, Bill Boyle said, "We are delighted that our renewed focus on the West African drill rig ROV market has resulted in these contract awards and that the additional North Sea commitments keeps our ROV fleet busy for the foreseeable future".
- Subsea 7 Shares Surge On Special Dividend, Q4 Earnings Beat (Mar 02)
- Subsea 7 Takes Delivery of New Vessels (Feb 02)
- Report: Oil, Gas Companies in Aberdeen Face Tax 'Bombshell' (Dec 19)