Subsea 7 Reviews 2008 Global Operations, Key Development Projects
Subsea 7 has provided an overview of its global services for the year-ended December 31, 2008.
Activity was high during the quarter with good operational progress. Venture's Grouse project was successfully completed and work continued on the Chestnut 2 and Channon / Barbarossa developments as planned. The pipelines for both the Eon Rita and Ithaca Jacky projects were successfully laid by the Seven Navica. The quarter also saw the successful launch, tow and installation of the BP Machar Bundle, which has been an industry-leading project from conception to installation in less than a year.
In Norway, both StatoilHydro's Yttergryta and Vigdis projects were completed with the support of the Seven Sisters. StatoilHydro's Troll and Vega projects and BP's Skarv and Valhall Re-Development projects continued to progress with project management, engineering and procurement activities on schedule for installation in 2009.
Inspection, Repair and Maintenance (IRM) operations continued on the Shell, ConocoPhillips, Total and BP frame agreements, with scope from a new client Petrofac also commencing.
The new-build chartered vessel, Skandi Seven, joined the fleet at the end of November 2008 and commenced operations for Shell in both the UK and Norwegian sectors.
Rockwater 1 commenced a scheduled dry dock in December 2008, which was completed as planned by the end of January 2009.
Operations continued on the BP Block 18 Life of Field project offshore Angola and engineering and project management activities increased in respect of BP's Block 31 contract.
In December 2008, the Toisa Perseus returned to Nigeria and undertook construction activities in the Okwori Field for Addax Petroleum.
Work also continued in preparation for Phase 2 of the Tombua Landana project for Chevron in Angola.
The offshore phase of the Roncador project for Petrobras continued with good progress being made. The project is expected to continue through the third quarter of 2009.
The Sul Capixaba project for Petrobras and StatoilHydro’s Peregrino project progressed, with project management, procurement and engineering activities continuing. Fabrication of the Peregrino pipeline began at the Ubu spoolbase at the end of the quarter.
Shell's BC-10 project continued during the quarter. Whilst a number of issues were initially experienced with the onshore fabrication which impacted the profitability of the job, good productivity is now being achieved at the Ubu base. Offshore pipelay and construction activities commenced as planned during the quarter with the Seven Oceans and Seven Seas both performing well.
During the quarter, the Seven Oceans also installed the Marlim Leste pipeline for Petrobras. The K3000 and Lochnagar continued to support Petrobras on day rate operations.
The Skandi Neptune successfully completed Chevron's Tahiti and BP's Atlantis projects before going on to support BP's Thunder Horse project.
The Toisa Perseus completed a long campaign for BP on Thunder Horse before departing for Nigeria. Engineering and project management continued in respect of the Petrobras Cascade and Marathon Droshky projects.
Construction work at the Port Isabel spoolbase in Texas progressed well. The works are on track to be concluded in the second quarter of 2009.
The Rockwater 2 undertook diving activities for Allseas offshore India. The Venturer commenced the quarter working for Kodeco Energy in Indonesia before transiting back to Australia to continue to support Woodside's operations.
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