Island Offshore moves into subsea intervention

Island Offshore has contracted FMC Technologies Inc. to supply a riserless light well intervention system for use by BP in the North Sea.

Offshore staff

STAVANGER, Norway –Island Offshore has contracted FMC Technologies Inc. to supply a riserless light well intervention system for use by BP in the North Sea. The three-year, $25-million contract has options for two one-year extensions.

The system is scheduled to be built by FMC in Kongsberg, Norway, and placed on Island Offshore'sIsland Constructor for use starting in mid-2008.

"RLWI is an important part of our subsea technology to service the growing population of subsea wells," said Tore Halvorsen, senior vice president, FMC Technologies. "We are pleased to support BP with our RLWI technology."

Island Offshore also has agreed with Statoil to provide subsea well intervention services from two vessels during 2008.

The company's shipsIsland Wellserver and Island Frontier will be working for Statoil under the latest agreement. Aker Kværner will provide the well operations and FMC the subsea equipment expertise.

Island Offshore also has 30% of Marine Accurate Well ASA which has ordered a newbuild semisubmersible well intervention vessel from Cosco's Zhousuan Shipyard for delivery in Dec. 2009. This rig will use coiled tubing for through tubing rotary drilling techniques for the sidetracking of existing wells.

08/24/2007

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