Deep Down's Flotation Technologies get subsea deepwater buoyancy order
2008.05.11 -
Contracts
The $5.5 million contract is expected to be delivered in the third and fourth quarters of 2008. The client and product are confidential due to the nature of the project.
On April 17, Deep Down announced a definitive agreement to purchase all of the outstanding capital stock of Flotation Technologies, Inc. “We are very excited about the future of Flotation Technologies. We believe the ‘cost of ownership’ of many of its products is attractive due to lower maintenance, repair, and replacement requirements after installation. Buoyancy will become more important as the offshore energy industry continues its trend toward exploration and development activities in ultra-deep waters,” commented Ronald E. Smith, Deep Down’s president and CEO.
“This product is a solid example of the application of our engineering capabilities to create solutions for our customers’ needs,” commented David Capotosto, Flotation Technologies’ executive vice-president. “Additionally, the contract highlights our ability to take engineering solutions and produce them in volume, with aggressive timelines.”
“We are pleased to have been chosen as the contractor for this project," commented Fred Maguire, Flotation Technologies’ sales and marketing manager. "It once again shows that Flotation Technologies has the design, engineering, and manufacturing capabilities to provide innovative, market-changing product solutions.”
Cameron (NYSE: CAM) has signed a three-year worldwide preferred supplier agreement with Schlumberger Integrated Project Management (IPM) for the supply of a wide range of flow equipment products and services. As part of the agreement, Cameron will provide Schlumberger IPM with all surface, subsea, drilling, measurement, compression and downstream equipment on a worldwide basis.
ClampOn has been awarded a contract for delivery of five subsea ClampOn DSP Leak Monitors to the Tampen Link project in the Norwegian sector in the North Sea (Sept 07). ClampOn will supply its ultrasonic non-intrusive acoustic Leak Monitors to Technip Norge AS on behalf of Statoil. The Leak Monitors will be retrofitted on two 20” gas valves on the seabed to verify/disprove through-valve gas leakage. These valves are currently open and they will be shut to close off the bypass alternative.
Helix Energy Solutions (NYSE: HLX) announced today that it has received a Letter of Intent ("LOI") for the installation of the subsea infrastructure for the VIC/P44 Stage 2 Development project in the Otway Basin offshore Australia. Participants in the VIC/P44 permit are Santos Limited (Operator) 50%, Peedamullah Petroleum Pty Ltd (Australian Worldwide Exploration) 25% and Mitsui E&P Australia Pty Ltd. 25%.
Velosi Limited Velosi or the Group, a provider of asset integrity and HSE services to a number of major national and multinational oil and gas companies, is pleased to announce that it has been re-awarded a contract from Mobil Producing Nigeria, for the next three years with an option to extend for a further one year.
Fugro has been awarded a contract to perform a detailed marine survey in the Mediterranean Sea to select the best route for the GALSI gas pipeline from Algeria to Southern Sardinia and then from Northern Sardinia to the mainland of Italy. The contract value is approximately EUR 18 million.
