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Subsea 7 - News - June 8, 2005

Ground Breaking Partnership Agreement between Venture and Subsea 7

Venture Production plc (Venture), the Aberdeen based UK independent oil and gas production company, and global subsea contractor, Subsea 7 today announced their intention to enter into a subsea partnership agreement which is unique to the subsea contracting industry. The contract is valued in excess of US $150M over the first three years.

The contract, which has no fixed term but will continue based upon performance & delivery, is for all of Venture’s subsea engineering, construction, inspection, repair and maintenance requirements and will involve more than the traditional contractors scope. This will include involvement at the front end in concept development and costing, management and logistics, interface management with other key suppliers, management of the supply chain and lifecycle costing. The parties will also develop a number of innovative commercial models to ensure alignment and value creation. Operations will take place at Venture’s locations across the UKCS and will utilise Subsea 7’s vessels, ROVs (remotely operated vehicles) and equipment.

Mike Wagstaff, Chief Executive of Venture said, “We are delighted to enter into this important new partnership with Subsea 7. For Venture as a development operator, sub-sea engineering and construction generally represents the largest single element of project costs in a mature basin such as the North Sea. Consequently we believe it is crucial for the efficient delivery of our business objectives to bring our inventory of new field developments on stream as quickly and as cost effectively as possible and to build aligned long term relations with our key contractors.”

Mel Fitzgerald, Chief Executive of Subsea 7 said, “This is a unique opportunity for Subsea 7 to work in co-operation with Venture and will serve to demonstrate to the industry a new way of contracting, by working together and involving the contractor early to ensure success for both companies.
Our fleet size, project management and engineering capabilities were key in Venture’s selection of Subsea 7 for this award. This has already seen us able to accommodate Venture’s activities for 2005 into our schedule with a cost benefit for both parties”.

Ends

- more -


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

Notes to editors:
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

Venture Production plc Contacts:

Chris Bird Tel: +44 1224 619000
E-mail: cbird@vpc.co.uk

Alistair McGregor Tel: +44 1224 619000
E-mail: amcgregor@vpc.co.uk


Notes to editors:

Venture Production plc (“Venture”) is an Aberdeen-based UK independent oil and gas company currently employing around 55 staff and producing in excess of 35,000 barrels of oil equivalent per day (“boepd”) from its Central North Sea and Southern North Sea asset base. Venture currently operates 18 UKCS field interests of which 10 are in production, 7 are undeveloped discoveries and one is an oil field under development. In addition, Venture is a partner in the Saturn field currently under development (operated by ConocoPhillips) and in two further non-operated discoveries. Total production is expected to exceed 45,000 boepd by the end of 2005 as further developments are brought on stream. Venture is listed on the London Stock Exchange (Ticker : VPC) and further information can be found on its website www.vpc.co.uk



 


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