Preliminary planning phases of the work have already commenced, with the first year of the field work due to commence in the second quarter of 2007.
Further work will be carried out over the remaining two years of the contract as specified by Woodside Energy Ltd, with contract values being set on an ongoing basis.
The latest partnership comes on the back of a number of significant contract awards and agreements during 2006 and Alasdair Cowie, managing director of TSMarine Ltd, said: "Being awarded this key contract by Woodside Energy Ltd is a fantastic opportunity to further our development in the subsea intervention and decommissioning market.
"Having a major player in the oil and gas sector see the benefit of contracting with a smaller and more focused contractor is showing the way ahead in these interesting and changing times in our industry. This contract has cemented an excellent start to the year for us and allows us to plan for future investment and growth.
The contract will support Woodside's operations in Australia's North West Shelf, the Joint Petroleum Development Area in the Timor Sea and other regional locations. TSMarine will mobilise from the Dampier and King Bay ports in Western Australia.
TSMarine has established a regional office in Perth Western Australia to service this contract and to explore other opportunities for expansion in the Asia Pacific Region.
Under the terms of the contract TSMarine, supported by primary subcontractors Petroleum Development Company Pty Ltd and Seatrac Pty Ltd, will undertake rigless intervention services from its DP vessel Havila Harmony. These services will include undertaking wellhead abandonment, logging, perforating, subsea tree installation, maintenance activities and other well or subsea related duties.
In addition to the vessel's standard spread, specialized equipment will include a purpose built heave compensated Deployment System, Subsea Lubricator and associated equipment, well head cutting and removal equipment, Remotely Operated Vehicles and various intervention tools.
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