Remedial Offshore (Remedial Cyprus PCL) announced that Pemex has advised that the offer submitted on April 30, 2008 for the charter of two Elevating Support Vessel (ESV) well intervention units was not successful based upon Pemex's economic evaluations. The Company's discussions with Pemex are ongoing as it was the only qualified bidder to submit a response to the offer.
Despite the outcome, Remedial believes the ESV unit is an extremely cost-effective solution for offshore well intervention work for Pemex and the other oil and gas operators with mature fields in water depths up to 325 feet (100 meters).
Remedial is receiving a growing number of inquiries from different players in different regions regarding the ESV unit and expects to submit a specific proposal to another potential client for the charter of as least one ESV unit in the near future. Remedial expects to see continued strong interest for its Elevating Support Vessel technology that is tailored to allow clients to enhance hydrocarbon production from mature wells and fields.
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