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Subsea 7 confirms new vessel delivery schedule

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Aberdeen — Subsea 7’s newbuild pipelay and construction vessel, Seven Pacific, is on schedule for delivery in the fourth quarter of 2010.  The vessel, to be fitted with a 260-ton vertical lay system (VLS) tower, will further enhance Subsea 7’s pipelay capabilities, particularly in deep water.

First steel for the Seven Pacific was cut on March 16, and the first units are currently being fabricated at IHC Krimpen Shipyard, near Rotterdam.

The VLS, to be built by Schiedam-based Huisman, will be complete with a 260-ton abandonment and recovery winch with 3,000 meters (9,843 ft) of A&R wire.  The vessel will have an overall length of 133 meters (436 ft) and a beam of 24 meters (79 ft). In addition to the new VLS, Seven Pacific will be equipped with a pipelay suite for installing flexible flowlines and umbilicals, two 1,2500-ton underdeck carousels and twin deepwater-rated ROVs.

The investment in the vessel is part of an ongoing capital investment program of over US$1 billion dollars in new assets and equipment which will see eight new vessels joining the existing Subsea 7 fleet between 2007 and 2010.

Subsea 7 CEO Mel Fitzgerald said, “We are investing in excess of $1 billion in a number of new vessels and equipment that will enable Subsea 7 to offer its clients the capability they need to deliver on their investments, more efficiently and cost effectively. Our new vessels have enhanced Subsea 7’s overall capacity, but are also equipped with new technology and the operational capability to service deepwater and ultra-deepwater markets globally. This investment demonstrates our long term commitment to building for the future and becoming the Subsea Partner of Choice in our sector.”

In the first quarter, Subsea 7 was awarded new contracts, including commitments under frame agreements, of an aggregate amount of US$300 million. The  company’s worldwide order book as of March 31 was approximately US$2.9 billion, comprised of approximately US$1.9 billion of day-rate contracts and US$1 billion of lump-sum contracts.

In March, Subsea 7 reported that it had been awarded a contract by Petrobras for the Tambau Urugua and P-56 developments in the Santos and  Campos basins, offshore Brazil. The contract is valued at approximately US$200 million, with the offshore pipeline installation campaign scheduled to take place during 2010.

www.energycurrent.com

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