DeepOcean wins Reliance contract

Contracts, Tenders and Rates - August 8, 2007

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DeepOcean has received a Letter of Award from Reliance Industries Limited of Mumbai, India for the provision of a multi-purpose subsea support vessel and associated services.

The duration of the contract is a three year fixed term starting in December 2007 with a further two, one year options. The three year base scope is valued at US$166 million with options with a value of US$118 million, if exercised.

REM Etive will be deployed in December 2007 under the terms of a commercial agreement between DeepOcean and TS Marine (Contracting) Ltd, of Aberdeen. The vessel will be utilised to support the development of oil and gas discoveries in Block KG-DWN-98/3 in the Krishna Dodavarir Basin in the Bay of Bengal on India’s east cost.

The MSV will be fully equipped for operations in 2,000m, although the initial phase of the field development will see installation activities in 1,200m.

Eighteen to 20 subsea wells and six manifolds will be installed to produce through two export lines to an onshore terminal.

The vessel will be utilised for all aspects of deepwater IMR work, having two Work class ROVs permanently installed as well as craneage and active heave compensated winch systems suitable for deployment of subsea hardware throughout the field.

DeepOcean has also committed to upgrading the vessel with fire fighting and pollution control systems as part of the contract.

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