DeepOcean to Install Umbilicals for Agiba Petroleum

DeepOcean ASA's subsidiary CTC Marine Projects Ltd. has received a Letter of Intent from the AGIBA Petroleum Company for a project valued at over GBP5 million.

The work site is located at AGIBA's West Ashrafi hydrocarbon facility in Egypt. CTC's work scope will include the installation of a 10km umbilical cable connecting the offshore well head with the shore, as an expansion of the existing pipeline infrastructure.

The installation is scheduled to take place between November 2007 and January 2008.

CTC's managing director, Tony Inglis, commented, "We are delighted to be undertaking this work - the AGIBA project reflects our strategy of expanded regional development."