ProSafe And Schlumberger Enter Subsea Market

Based on the positive feedback from customers towards the company’s subsea well intervention concept, the Board of ProSafe ASA has made a decision to invest in the approximately USD 25 million in the MSV Regalia over the next 9-12 months in order for the company to become a leading supplier in the growing subsea well intervention market. The investment will be funded from the company's balance sheet.

ProSafe announced in September 2000 that the company had entered into a co-operation agreement for well intervention on subsea wells with Schlumberger Oilfield Services. Due to the unique positions the companies hold within the markets for multi-service vessels and well intervention, a co-operation between ProSafe and Schlumberger will form a competitive solution which will contribute to increase the oil companies’ production from existing subsea wells.

MSV Regalia is a modern, multi-service rig with a dynamic positioning system (DP3), and is fully equipped for deep-water operations in the North Sea. ProSafe and Schlumberger will form a joint integrated operational unit which will offer a full range of services in relation to maintenance of a continuously increasing number of subsea wells, including cable operations, coiled tubing, sementing, pumping, well control and well testing. Schlumberger will design and build the well control and subsea intervention equipment.


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