i-Tech Announces 5-Year Mexican ROV Contract by Industrial Perforadora de Campeche

22 October 2009

Subsea 7 Inc, through its i-Tech division, today announced an award by Industrial Perforadora de Campeche, SA. de CV (IPC) for a five-year ROV contract onboard the newbuild ultra-deepwater semi-submersible, La Muralla III. The contract is valued in excess of $10m.

i-Tech will supply an advanced newbuild 3000m-rated work-class ROV system and provide IPC with ROV operations, maintenance and management services for the duration of the contract. Offshore operations will commence upon arrival of the rig in Mexico, currently scheduled for the fourth quarter of 2010.

i-Tech's Managing Director, Neil Milne, commented: "It gives me great pleasure to be able to announce this major contract award by IPC, a new client for i-Tech in Mexico. This is the third contract i-Tech has secured onboard newbuild deep water drill rigs in Mexico and I believe it reflects our ambitions and growing reputation in this expanding deepwater market. I look forward to developing a strong working relationship with IPC over the coming years.”