TSMarine targets subsea niche with new vesselsVessel & ROV News // February 5, 2007
TSMarine's Alasdair Cowie.
A young Scottish marine services company is committing to an ambitious growth strategy to become a leading player in a niche subsea oil and gas market with the commissioning of two new-build vessels.
Aberdeen-based TSMarine is investing £130 million in two specialist vessels in a bid to enter the subsea decommissioning and rigless well intervention markets.
The vessels are designed by Norwegian naval architects Marin Teknikk and are of the MT6040 type and will be built at the Astilleros Huelva shipyard in Spain.
The vessels will be unique in that they will be equipped with specially designed well abandonment and intervention support packages.
This equipment will include a module handling tower, subsea intervention lubricator to allow access for subsea well intervention and decommissioning activities and inbuilt workclass ROV systems.
TSMarine is aiming to exploit the burgeoning subsea decommissioning and rigless intervention market, where global expenditure is forecast to rise by 170 per cent in the next eight years, according to subsea oil and gas analysts, Infield Systems Ltd.
Global value of this sector in 2009 is expected to be £500 million.
Established in 2004, the company currently charters vessels to service the subsea decommissioning and rigless well intervention markets.
Having already grown to a turnover of £30 million and an onshore and offshore workforce amounting to 80 in 2006, TSMarine’s ambitious strategy will see the company reaching £100 million by 2009 with over 200 employees worldwide.
Alasdair Cowie, managing director of TSMarine, said: “We are already ahead of targets in our predictions for the last two years and this success has been built on our strategy of chartering vessels and delivering specialist services in the specific areas of subsea decommissioning and rigless well intervention. However, owning and operating our own specially designed vessels will ensure that we can service our niche market and guarantee significant and sustainable future growth.”