The three-year contract for the Rem Etive and associated services starts in December 2007 and will see the vessel supporting operations for Reliance Industries Limited in India.
The Rem Etive will be supporting the development of oil and gas discoveries in Block KG-DWN-98/3 in the Krishna Godavari Basin in the Bay of Bengal on India's east coast.
TSMarine will be providing the vessel with field intervention spread, including the two 150HP 3000m rated Quantum ROV systems and the 300Te 2000m active heave compensated deployment winch.
The Rem Etive will be working in the initial phase of the field development, including installation activities in 1,200msw (meters sea water).
Between 18 and 20 subsea wells and six manifolds will be installed to produce through two export lines to an onshore terminal.
The vessel will be utilized for all aspects of deepwater installation, commissioning and field intervention activities.
As part of the contract, she will also undergo some modifications, including the installation of fire fighting equipment.
There are also two additional one-year options, valued at up to US $60million.
The Rem Etive has already left Aberdeen and will be working in South Korean waters on her way to India, as part of a separate contract with Fugro Geosciences International Ltd.
The Rem Etive will be deployed for between 10 and 12 weeks, supporting geotechnical drilling and coring for the Korea National Oil Corporation (KNOC).
TSMarine has also entered into a charter with DeepOcean ASA for the vessel Normand Flower. The vessel will be chartered to TSMarine for a year with two six-month options from January 2008.
The vessel will be employed on subsea decommissioning, rigless intervention and general subsea support operations by TSMarine and will also include the installation of the recently ordered (70Te) intervention tower and subsea intervention lubricator.
This charter will cover TSMarine's commitments in the North Sea through until its new MT6040 subsea decommissioning and intervention vessels are delivered in 2008 and 2009.
In the meantime, TSMarine has contracted the Polar Prince for 50 days to complete work for ConocoPhilips and Bibby Offshore Ltd.
The 20-day ConocoPhilips contract will see the Polar Prince working in the East Irish Sea, using two ROVs to carry out preparatory work for rock dumping.
TSMarine has also been deployed to complete a 35-day contract for Bibby Offshore Ltd, which will involve spool piece installation and the retrieval of mattress frames from seabed.
TSMarine's managing director Alasdair Cowie said: "We are delighted to have entered into this major contract with DeepOcean ASA, and also to have the use of the Normand Flower and Polar Prince while the REM Etive is deployed elsewhere.
"We expect to have our own fleet of subsea decommissioning and rigless intervention vessels growing to over five by early 2009, taking TSMarine's earnings to more than £100million."
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