OIL Engineering Ltd ('OIL')
OIL has been awarded a contract for the fabrication of subsea structures for Maersk Oil's Affleck field in the central North Sea. The contract was awarded by field developer Technip SA, and is due for completion in Spring 2007. The value of this contract is in excess of £1million. Additionally, OIL has secured a subsea structure fabrication contract with Bibby for the Saxone project for Petro Canada and a topside pipework contract with Sigma-3 for Shell's Starling over Shearwater project. The value of this contract is in excess of £1 million
Caledonian Petroleum Services Ltd ('CPS')
CPS has secured a Major Items contract by Atlas Engineering UK on behalf of Apache North Sea for onshore fabrication and packaging of the Forties Alpha and Delta K58 Compressor Modules. The value of this contract is in excess of £1 million and is the largest single contract win by CPS to date.
Sovereign Dimensional Survey Ltd ('SDS')
SDS has been awarded a contract by Technip SA for laser scanning in the Rasgas terminal in Qatar under the Chiyoda-Technip Joint Venture. At the same time, SDS has been awarded a contract by Amec for the dimensional surveying of seven offshore platforms in the Caspian Sea. The work is expected to last a further 15 months and has facilitated the expansion of SDS with the opening of its new office in Baku.
The value of these contracts is estimated to be in excess of £1 million.
Serco SA ('Serco')
Serco has been awarded a contract with Altrex International Ltd for cutting casing threads which is estimated to be worth in excess of €1 Euros.
Sovereign also announced the appointment of Michael Leys as Managing Director of its new fishing and repair subsidiary, Sovereign Fishing & Remedial Services Ltd, which will include Serco S.A., Sovereign's Pau, (France) based machine shop, fishing and remedial business.
Michael has extensive executive, finance and operations experience in the international oil and gas industry. He is a qualified accountant (FCCA) and gained industrial accounting experience in the North Sea business before becoming the Financial Director of The Red Baron (Oil Tools Rental) in 1982 where he remained until 1996. In 1996 Red Baron was acquired by Smith International and Michael was promoted to Vice President Operations of Smith Services, where he was responsible for the Eastern Hemisphere. During this time Michael more than doubled the revenue and profitability of his region. In 2002 Michael was promoted to Senior Vice President Operations and continued to lead Smith Services from Houston, Texas.
Commenting on these developments, Graham Burgess, Chief Executive Officer of Sovereign, said:
"The management teams at OIL, CPS and SDS have worked hard to win these contracts. Order books in these businesses are at record levels and our fabrication businesses continue to perform strongly, as evidenced by the awards of these contracts. The contract award to Serco, which is significant, will help to ensure that Serco meets its performance targets for the year. Sovereign continues to view fabrication and drilling services as key growth sectors and will continue to strengthen its capabilities in these sectors."
"We are also delighted to welcome Michael to the Sovereign team. His extensive senior management experience in fishing and remedial services and of managing the profitable growth of a business will enable Sovereign to realize the full potential of its fishing and remedial business."
Sovereign, which joined AIM in September 2005, was formed in October 2003, by Dr Peter Felter and Mr Graham Burgess, for the specific purpose of developing an oilfield service company focused on:
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