The Subsea 7 decision to execute an option to purchase the system comes after successful deployment of subsea installations on the Independence HUB field in the Gulf of Mexico. During this project Subsea 7 set a world record for ultra-deepwater installation at 2,500 meters.
'Subsea 7's decision to exercise its purchase option is clear evidence of genuine confidence in the ODIM CTCU technology, and tells us that this will play an important role in future deepwater field development,' comments ODIM's chief executive officer Jogeir Romestrand. The total value of this contract for ODIM is about NOK 18.5 million, including previous rental income, service and after sales.
ODIM secured a lease from Subsea 7 in January 2006 for the first FRDS to be developed on the basis of the ODIM CTCU technology. The lease gave Subsea 7 an option to purchase the FRDS after six months. With the work approaching completion, Subsea 7 has announced that it intends to exercise this option with effect from March 1st.
The 50 tonnes FRDS has been extensively used by Subsea 7 on the Independence Hub project and ODIM has received positive feedback from Subsea 7 on its performance. The FRDS was successfully mobilized on Subsea 7's 'Toisa Perseus' offshore construction vessel in September 2006. This vessel is now in the final stages of using the system for installation and construction work in ultra-deep water on the Independence HUB project.
Most of the over 100 installation tasks planned for the ODIM CTCU system have been completed. Installation and construction tasks such as the positioning of stab and hinge over mudmats and manifolds, and deployment and stabbing of umbilical second-ends, have been successfully accomplished in water depths down to 2,500 meters.
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