SubOcean Limited Wins First Middle East Contract
Subsea installation company, SubOcean Limited, has been awarded its first contract in the Middle-east.
The Aberdeen-based company has won a $13.5 million contract with PMS in Egypt to install ten power cables for Saudi Aramco on a number of platform interconnections in Saudi Arabia.
The contract, which is expected to begin right away, with installation activities due to start in April 2008, will take about nine months and involve cable lay work.
SubOcean, which has gradually been building a reputation in the design and delivery of subsea installation projects in the oil and gas and renewable sectors, will use its own cable lay equipment on-board the DP2 vessel EDT Ares to complete the work for Saudi Aramco.
SubOcean's operations director Mike Daniel says, "This is a very strategic contract award for us. We have recently been working on several high profile renewable energy contracts and have successfully transferred our knowledge and skills gained in the oil and gas sector to the emerging offshore wind renewables sector. However, oil and gas is still a priority sector for us and we are very keen to develop more oil and gas business both in the North Sea and overseas.
"The Middle-east is a target area for SubOcean and with this being our first contract in the region, it is therefore highly significant. Saudi Aramco were very impressed with our technical capabilities and we are looking forward to delivering the job effectively, on time and on budget."
Set up in 2005 to capture a share of the rapidly growing subsea oil and gas business, SubOcean also supplies offshore management personnel, divers, life support technicians, ROV operators, subsea equipment operators and offshore administrators. In addition, it is helping to meet the infrastructure gap by hiring out specialist subsea equipment to the major contractors operating in oil and gas and offshore windfarms.
Operates 44 Offshore Rigs
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