Contractors Unlimited

Subsea 7 and Otto Candies Extend IRM Capacity in the Gulf of Mexico

Subsea 7 Subsea 7 Inc. announced today that it has extended its ability to provide Life-of-Field (LoF) services in the Gulf of Mexico through a cooperative agreement with Otto Candies, LLC to access the new-build vessel the Ross Candies.

Through this mutual relationship, the additional capacity will enable Subsea 7 and Otto Candies to extend the range of inspection, repair, maintenance (IRM) and light construction services that can be provided in the Gulf of Mexico. Full project management, engineering and LoF support services will continue to be provided from Subsea 7's existing North America office in Houston.

Subsea 7 has an established track record built up over many years of providing IRM services in the Gulf of Mexico. It is currently providing support to BP's Deepwater Horizon operations with the Skandi Neptune.

Ian Cobban, Subsea 7's Vice President for the Gulf of Mexico said:

"We are delighted to have developed this cooperative agreement with Otto Candies. Access to a vessel of this nature allows us to expand this capacity to provide high quality subsea solutions to our many clients in the North America region. It further consolidates Subsea 7's position as the leading provider of LoF services globally as we expand our operations in the North America region."

With over three decades of experience and expertise in providing LoF services in many of the world's major oil and gas regions, Subsea 7 is recognised globally for its excellent track record on safety and project excellence. LoF services are provided via the company's own fleet of dedicated IRM, construction and dive support vessels and via client supplied vessels. With over 120 ROV's in its fleet it is one of the largest providers of intervention technology to the oil and gas industry globally.

The Ross Candies was built in the United States in 2010. It has already successfully completed a number of deepwater jobs. The modern DP 2 class vessel has a 100t offshore crane and 100t module handling tower. The Jones Act compliant vessel has a 1,000 m2e deck, 2 Triton XLS ROVs and is capable of working at water depths up to 10,000ft.

Otto Candies, III from Otto Candies stated:

"We are very excited by the opportunity to have this cooperative agreement in place and put this modern US construction vessel to work. Through our agreement with Subsea 7 we will be able to provide a superior service for our clients."

This mutual agreement has already resulted in the vessel being used successfully in recent months on a number of projects in the Gulf of Mexico.

Subsea 7 Inc. (OSE Symbol: SUB) is one of the world's leading subsea engineering and construction companies offering all the expertise and assets that make subsea umbilical, riser and flowline (SURF) field development possible. With a multi-national workforce in excess of 5,000 people worldwide, the company's global offshore operations are supported out of the North Sea, Africa, Asia Pacific, Brazil, North America and the North Sea. Subsea 7 has a fleet of industry leading, dynamically-positioned ships capable of reeled and flexible pipelay, subsea construction and saturation diving and a portfolio of pipeline construction yards worldwide.

Published 10/06/2010

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