Koil Energy Solutions Inc. (KLNG)

[nature boy]

i-Tech Snags Oban B Service Contract from SeaDragon

by Subsea 7 Inc.
October 01, 2008


Subsea 7 Inc., through its i-Tech division, has announced the award of two new contracts with a total value in excess of US $20 million.

i-Tech has been awarded a five year contract by SeaDragon Offshore Limited for the provision of ROV and remote intervention technology services onboard the 6th generation new build deepwater semisubmersible rig Oban B.

i-Tech has also been awarded a five year contract by Larsen Oil & Gas Limited for the provision of ROV and remote intervention technology services onboard the 6th generation new build deepwater semi-submersible rig Petrorig III.

Both contracts are due to commence offshore operations early 2010 and will see the deployment of the first Centurion QX work-class ROV systems in Mexico.

The Centurion QX on both rigs will be provided with a bespoke launch and recovery system that maximizes ROV availability when operating in deepwater or adverse weather conditions.

i-Tech's Managing Director, Neil Milne, commented, "We are pleased to be working with SeaDragon for the first time and continuing our relationship with Larsen onboard their second rig to enter the Mexican market. These awards consolidate our position in this important, emerging market as Mexico looks to explore and develop its deepwater reserves