Subsea 7 - News - June 7, 2005

Subsea 7 IRT award from ChevronTexaco

Subsea 7’s Integrated Remote Technologies (IRT) division, today, announced the extension of an existing contract by ChevronTexaco Upstream Europe for the provision of remotely operated vehicle (ROV) support services and associated personnel onboard the MDU (Mobile Drilling Unit) Borgsten Dolphin in the UK Sector North Sea.

Mobilisation of equipment took place mid May in Belfast and offshore drilling operations which began at the beginning of June will run for approximately five months. The workclass Pioneer 27 ROV will be used for this project and will replace the system currently onboard. Contract value is in excess of US$600,000.

The Borgsten Dolphin has been re-activated after a 20 month “cold stack” and its first project will be on the Strathspey field in the North Sea. Subsea 7 also support drilling activities on three other Dolphin owned MDUs; the Bulford, Belford and Borgny.

Bill Boyle, Subsea 7 IRT’s recently appointed Vice President, said “We are delighted with this award and look forward to providing a service to ChevronTexaco on its forthcoming drilling campaign. Subsea 7 has witnessed a steady recovery in the drilling market and in line with this our ROV support business has picked up with improved utilisation of our fleet. As well as the basic ROV service, Subsea 7’s IRT division offers our clients comprehensive technical support and a range of remote technical engineering solutions from our team of highly skilled professionals, which is the differentiating factor in our operational excellence worldwide”.

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Subsea 7 Public Relations:
Lyndsay Cruickshank Tel: +44 1224 344606
E-mail: lyndsay.cruickshank@subsea7.com
Pat Stephen Tel: +44 1224 344508 or +44 7712 427608
E-mail: pat.stephen@subsea7.com

Notes to editors:
1. With a workforce in excess of 3000 people worldwide, Subsea 7 is one of the world’s leading subsea engineering contractors. 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), four pipeline construction yards and a fleet of modern, high specification dynamically positioned ships capable of deepwater reeled and flexible pipelay, deepwater subsea construction and saturation diving. Website: www.subsea7.com

2. The term “cold stack” refers to when a rig has been inoperable for a considerable period of time, normally berthed along side a jetty or more likely to be sat with pontoons resting on the sea bed in shallow water. The rig is down manned with no one onboard and no services running, i.e. completely shut down.