A new Aberdeen-based subsea company has been formed after a management buy-out (MBO) from TSMarine (Contracting) Ltd.
A management buy-out of the European and West African trade and assets of TSMarine (Contracting), led by Alasdair Cowie, former CEO of TSMarine (Contracting) and Marine Subsea AS, a Norwegian oil and gas services company, has led to the establishment of TSMarine Subsea Ltd.
"In 2007, TSMarine (Contracting) Ltd. invested over £85 million (€100 million) in two new-build specialist vessels in a bid to exploit the burgeoning subsea decommissioning and rigless intervention market. Significant delays and cost over runs with their construction were posing financial constraints across the whole business," explained Cowie.
"We took early steps to arrest the situation and launched a recovery program which has initially resulted in the separation of the operating business and assets of the European and West African region from TSMarine (Contracting) Ltd. The subsequent MBO has ensured that all existing jobs and contracts are safe and the highly successful Aberdeen-based operations business can continue to develop and grow."
With support from Marine Subsea AS, TSMarine Subsea will focus on the continued delivery of rigless intervention, decommissioning and subsea construction services to the international oil and gas industry in Europe and West Africa. Rigless intervention activities will be further strengthened by support from well intervention specialists Lewis Ltd, a wholly owned company of Marine Subsea.
Marine Subsea AS is an international oil and gas service company based in Norway with a strong focus on business in West Africa. Specializing in drilling, intervention and offshore support, the company currently owns a fleet of eight units in operation or under construction, including two multipurpose intervention vessels, five offshore support units and one semi-submersible crane vessel. In addition, the company has secured a service contract for a deepwater drillship.
Cowie added, "The combination of these businesses will enhance both company's operational expertise and capacity, allowing us to fully exploit the potential in our target markets, particularly the fast-growing subsea sector in West Africa."
TSMarine Subsea will have access to Marine Subsea's fleet of vessels, in particular the newly built multi purpose offshore subsea construction and light well intervention vessel, Sarah. An Ulstein SX121 DP3 (dynamic positioning) vessel, the Sarah is 120.2 meters long and 25 meters wide, with accommodation for up to 100 persons. Equipped with a module handling tower, a 140 tonne active heave compensated crane, two 3000 meter rated work class ROVs, and a moonpool, she has deck capacity of 1470 meters³.
Christian Nygaard, managing director of Marine Subsea AS said, "Marine Subsea AS is already an important player in the, intervention and offshore support sector. The combination with TSMarine represents the opportunity to further enhance our capabilities by accessing the wealth of skills and expertise TSMarine has to offer.
"It is a natural and strategic fit for both companies. TSMarine is known as a firm of innovation and expertise. Adding the strengths and commitment of Marine Subsea to those of TSMarine ensures customers and employees will realise significant benefits from this strategic investment."
TSMarine (Contracting) Ltd will continue to provide rigless intervention, decommissioning and subsea construction services to clients across the Asia Pacific region through TSMarine Pte and Pty, its subsidiaries in Perth, Australia and Singapore.