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I-Tech Announces Statoil Contract Award, Offshore Norway

30 November 2011

Subsea 7, through its i-Tech division, announces today the award by Statoil ASA for the provision of ROV services onboard China Oilfield Services Ltd (COSL)’s new build Innovator and Promoter rigs currently under construction in China.

i-Tech’s workscope includes the provision of two new build Centurion QX work class and two existing Tiger observation class ROVs which will be deployed by bespoke launch systems onboard from both rigs.

Each ROV services contract is for a five year term with an option to extend by a further three one year options. Offshore work will commence when both rigs arrive in Norway during 2012.

The Innovator and Promoter are the second and third in a series of three COSL contracted rigs by Statoil; the first rig, the Pioneer, commenced operations in the 3rd quarter 2011.

i-Tech Managing Director Bruce Masson said: "This award further develops our relationship with Statoil and I believe demonstrates their confidence in i-Tech’s capabilities to participate onboard these two new build drill rigs. Further, these long-term awards allow us to plan for the future and enable us to grow both our onshore and offshore workforce to support this work and also position ourselves for future opportunities and growth.”