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    Subsea 7 IRT wins Visund award

    Projects and Operations // December 15, 2005

    Subsea 7’s Integrated Remote Technologies (IRT) division has been awarded two contracts covering remotely operated vehicle (ROV) services for Statoil. One contract covers ROV services onboard the Visund FPDU with an option for similar services onboard Snorre A and Snorre B. The other contract is a frame agreement for ROV drill support onboard rigs under contract to Statoil. The contract also covers optional ROV operations from monohull vessels.

    The value of the Visund contract including the optional extensions is in the region of US$30 million while the value of the rig support contract, which will depend on the volume of work called off, is anticipated to exceed US$55 million.

    Both contracts began recently and are firm until 31st December 2008 with three separate two year options thereafter - potentially until the end of December 2014.

    Subsea 7 will perform a variety of ROV services under these contracts including regular drill support, well completions, operation of a variety of tooling as required for inspection, maintenance & repair, pull-in and connection of flowlines and umbilicals, as well as numerous other operations potentially requiring new tooling development.


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