Subsea 7 Wins Frame Contracts from Allseas

Subsea 7 has been awarded two long-term frame agreements to provide survey, ROV, and positioning services to Allseas in support of their offshore pipelay projects throughout 2004 and 2005 with an option for 2006.

The combined value of both contracts is in excess of US $10 million over the firm period.

The two regions covered by the frame agreements include North West Europe and the Mediterranean Sea, and the USA and Caribbean Sea.

The services will generally be supplied in these regions onboard Allseas provided vessels Solitaire, Lorelay, Trenchsetter, Provider, Tog Mor and Highland Rover although there is also provision for Subsea 7 vessels to be utilized on an as-required basis.

Commenting on the award, John Smith, Subsea 7's chief executive officer said, 'We are delighted with the award of these long term contracts which will provide continuity as we seek to further develop our ROV, survey and positioning business.'