Groundbreaking partnership agreement between Venture and Subsea 7News // June 10, 2005
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.