Subsea 7 to Provide ROVs for Projects in Brazil, Australia

Subsea 7's i-Tech division on Thursday announced the award of two new contracts.

The first award, valued in excess of US $12m, is for the BC10 project, operated by Shell Brasil Ltda, located in the Campos basin, offshore Brazil and is for the provision of two Centurion QX ROVs (Remotely Operated Vehicles) and tooling services on board a semi-submersible drilling rig and a client provided anchor handling tug (AHT).

These are the first Centurion QX ROVs to be deployed in Brazil and both systems have been modified to meet project specific requirements including the provision of garages instead of tether management systems (TMS). In addition an extensive suite of tooling is required including the design and build of anchor suction skids. The contract will commence in mid 2007 for duration of three years. The BC-10 fields are in water depths ranging from 1700 to 2000 meters.

The second contract award valued in excess of US $5m for Apache Energy Limited is for the provision of ROV and tooling services onboard two semi submersible drilling rigs offshore Exmouth Australia. The first drilling rig project, utilizing a Warrior ROV system, commenced operations in February 2007 for a duration of five months. The second project, requiring a new build Centurion QX to be mobilized, commenced in March 2007 for a duration of approximately 18 months. Both rigs will be operating in approximately 500m water depth.

i-Tech's Managing Director, Neil Milne, commented, "We are delighted to announce these awards of contract which further consolidates i-Tech's position as a market leader for worldwide subsea intervention services. We are particularly pleased that Shell has awarded further work in relation to the Shell BC10 project to Subsea 7 and to be working with Apache for the first time in Australia.

With approximately 600 personnel globally and with over 60 ROV's permanently deployed (together with access to Subsea 7's additional fleet of 60 plus ROV's and 3,500 personnel), i-Tech is currently the worlds second-largest ROV provider, and operates out of four regional centers: Europe and Africa, Asia Pacific, the Americas and Brazil.

Subsea 7 is one of the world's leading subsea engineering and construction contractors with a workforce in excess of 4000 people worldwide. The Company's global offshore operations are supported out of Asia Pacific, Brazil, Gulf of Mexico, Norway, UK and West Africa. Subsea 7 has more than 100 remotely operated vehicles (ROVs), five pipeline construction yards and a fleet of modern, high-specification dynamically-positioned ships capable of reeled and flexible pipelay, deepwater subsea construction and saturation diving.

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