Cal Dive to enhance Q4000Vessel & ROV News // June 29, 2001
The Q4000 is an advanced multi-service vessel specifically designed for well operations and construction tasks in water depths to 10,000ft.
Owen Kratz, Chairman and Chief Executive Officer of Cal Dive, stated, "Shortages of drilling rigs able to work in the ultra-deepwater have generated significant customer interest in having the Q4000 assist with well completions. Industry studies suggestthat the Q4000 will be able to perform completion tasks on a subsea well in 5,000ft of water at a cost of up to 50 per cent less than the rates currently being charged for moored or DP drilling rigs".
"In addition to significant cost savings, other advantages include the ability to perform completion tasks on temporarily abandoned wells with no mooring spread, pre-setting casing prior to rig arrival, and freeing up the drilling rig to start new wells".
"With the Q4000 construction process in its final phase, it is logical and most efficient for us to add a completions capability at this time at an additional capital expenditure of $30 million. We are making necessary amendments to our construction contract with Amfels and are seeking approval from the Maritime Administration (MARAD), the agency providing the funding for the vessel".
"We expect that the vessel will be available in the first quarter of 2002 when the construction enhancements and related sea trials are completed. We believe that the short delay in availability will be beneficial to the ultimateeconomic performance of the Q4000 and her utility to the industry."