These contracts, totaling over £100 million, cover the supply of approximately 60 normalized km of flexible risers and flowlines, scheduled for delivery in 4Q2008, and associated installation work for the project. The latter will be undertaken by Seastream, with responsibility for the installation, and pre-commissioning of the entire subsea system including the FPSO turret and mooring system, subsea manifolds, mid-water arches, the flowlines and risers, umbilicals with associated flying leads, and the tie-ins to the pre-installed tree flow bases. A project office will be opened in Perth, Australia to provide in-country management capability.
Jacques J. Roomans, President of the Sea Trucks Group commented: "We are extremely pleased with the first major success of our Seastream JV and the confidence BHP Billiton has placed in our Wellstream / Sea Trucks team. We are confident this first joint project will be the beginning of a long-lasting relationship from which all Seastream customers will benefit. Our new DP3 pipelay /hook-up vessel Jascon 25, scheduled for delivery in April 2008, will undertake most of the offshore installation work."
CEO of Wellstream International Gordon Chapman commented "We are delighted that our Seastream JV has achieved such an early success. The innovative incentive based contracting and execution model that the Joint Venture has allowed us to adopt for Pyrenees, builds on Wellstream's tradition of working closely and flexibly with its customers and provides rewards for good performance. In this case, Seastream has enabled us to deliver real value to BHP Billiton and we look forward to continuing to work closely with both BHP Billiton and Sea Trucks as we execute this exciting project. This contract also builds backlog for 2008 and provides the potential for Wellstream to extend its current high levels of utilization beyond 2007"
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