The value of the Visund contract including the optional extensions is in the region of US $30 million while the value of the rig support contract, which will depend on the volume of work called off, is anticipated to exceed US $55 million.
Both contracts began recently and are firm until December 31, 2008 with three separate two year options thereafter i.e. potentially until the end of December 2014. Subsea 7 will perform a variety of ROV services under these contracts including regular drill support, well completions, operation of a variety of tooling as required for inspection, maintenance & repair, pull-in and connection of flowlines and umbilicals, as well as numerous other operations potentially requiring new tooling development.
Subsea 7's IRT Vice President Bill Boyle commented: "In addition to the ROV operations part of the contract we see these contracts as possible channels for increased activity within the Technical Solutions Group which is a dedicated group within the IRT division that undertakes advanced tooling development and autonomous underwater vehicle development, and designs and builds ROV systems and a variety of other specialized underwater equipment."
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