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    Clough and Aker Marine form new subsea business

    News // June 20, 2003
    Clough and Aker Marine Contractors, an Aker Kvaerner subsidiary, have announced the signing of a partnership agreement for the formation of a new global subsea construction business to be known as CASP (Clough - AMC Subsea Partnership).

    CASP (Clough-AMC Subsea Partnership) will be headquartered in Oslo with regional offices in Aberdeen, Houston and Perth. The entity will be 50% owned by Aker Marine Contractors of Norway and 50% by Clough Limited of Australia.

    Anne Mürer, President of Aker Marine Contractors, said that the new business initiative cemented the long-term relationship between Clough and AMC, and was a step forward in the implementation of the company's strategy of being a global provider of subsea services to the offshore Oil and Gas industry.

    "Establishing CASP enables us to reach the global market which is needed with the two specialised vessels Boa DeepC I and II. One of the vessels will be stationed in the North Sea whereas the second vessel will find work in the other deepwater provincesof the world. DeepC I is already contracted for projects in the North Sea for the 2004 season," Murer noted.

    The type of business to be pursued is offshore contracting and associated services world-wide, including, but not limited to:

    * General Subsea Construction

    * Umbilicals, risers and flexible flowlines installation

    * Reeled steel pipelay

    * Subsea structures, spools and tie-ins

    * Moorings

    * Light well-intervention

    * Survey/remote-operated vehicle (ROV) services

    * Trenching

    The new entity will have two vessels at its disposal, Boa Deep C I and Boa Deep C II, owned by Boa Offshore, to support its worldwide project activities.

    The vessels will be delivered and ready for operation by early 2004 and early 2005, respectively. Both are state-of-the-art dynamically positioned (DP) Class III specialist installation vessels specifically designed for deep and ultra deepwater projects.

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