SUBSURFACE engineering and construction company Subsea 7 yesterday announced the largest single contract win for its i-Tech business since the division was set up in January 2006.
The deal, worth at least £174million, involves i-Tech providing remotely operated vehicle (ROV) and intervention-tooling services to Brazilian oil major Petrobras on up to 30 offshore drilling units.
Subsea 7 – whose global operations are supported out of offices at Westhill, near Aberdeen – said the contract could potentially be worth up to £282million, depending on the number of units and workers employed.
The firm added that engineering and installation support teams would be based in Brazil, the UK and Asia-Pacific.
The contract duration for each ROV ranges from five to 10 years, with the option to extend at the end of the initial term.
Subsea 7’s i-Tech division was set up as an independent business unit to provide ROV and remote-intervention support services to the global exploration and production industry.
It employs 650-plus people worldwide and has more than 80 ROVs permanently deployed.
Bruce Masson, the subsidiary’s Aberdeen-based managing director, said: “We are delighted to be awarded this major contract from Petrobras, one of the largest single contracts awarded globally for the provision of ROV services on board drilling units.
“This award further strengthens our working relationship with Petrobras and further consolidates our position as the leading ROV contractor offshore of Brazil.”
“The contract will allow i-Tech to plan for the long term with respect to our Brazilian business, enabling us to implement new and improved methods of working which will deliver value to both Petrobras and ourselves.”