Groundbreaking partnership agreement between Venture and Subsea 7

News - June 10, 2005

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Venture Production plc, the Aberdeen based UK independent oil and gas production company, and global subsea contractor, Subsea 7, have announced their intention to enter into a subsea partnership agreement which is unique to the subsea contracting industry. The contract is valued at in excess of US$150 million 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.

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