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    Cal Dive to acquire Coflexip Subsea well operations business

    News // July 5, 2002
    Technip-Coflexip and Cal Dive International (CDI) have reached an agreement whereby CDI will acquire the Subsea Well Operations Business Unit of CSO Ltd, a fully owned subsidiary of Technip-Coflexip. The transaction is in line with Technip-Coflexip's programme of disposals of non-core assets.

    Under the terms of the agreement, CSO Ltd will transfer to Well Ops (UK) Ltd, a wholly owned subsidiary of Cal Dive, all activities and resources dedicated to subsea well intervention, including the specialized, dynamically positioned vessel Seawell as well as assignment of current client and vendor contracts.

    Purpose built for well operations, the Seawell, a 111m, DP3 vessel, was recently upgraded for coiled tubing deployment and well testing.

    Engineering, project management and specialized CSO Ltd personnel dedicated to its Well Operations Business Unit will join Cal Dive. To ensure the continuity of the business and its operations with the highest standard of quality and safety, CSO Ltd willprovide, for an interim period, a number of support services, particularly in the areas of vessel management and diving support. In return, the vessel will be made available to CSO Ltd through a cooperative agreement to support its contracting needs.

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