SeaMetric signs MoU with Fairfield

SeaMetric has signed a Memorandum of Understanding (MoU) with Fairfield Energy for the removal and disposal of Fairfield's present and future assets using SeaMetric's Twin Marine Lifter (TML) System.

Offshore Staff

STAVANGER -- SeaMetric has signed a Memorandum of Understanding (MoU) with Fairfield Energy for the removal and disposal of Fairfield's present and future assets using SeaMetric's Twin Marine Lifter (TML) System.

Under the MoU, the companies will develop a methodology for removal of Fairfield's assets at the end of their productive lives. The MoU also includes any future installation work for Fairfield. Fairfield may also participate in initiatives to secure financing of the TML System.

SeaMetric has been in discussions with Fairfield since September last year. In addition to executing the work using the TML System, SeaMetric will contribute throughout the remaining platform life with specialist engineering expertise to continually monitor and update the estimated cost of platform removal.

02/19/2008

More in Field Development