OceanRig awards coating contract

Aug. 14, 2006
Teco Coating Services ASA has secured a contract with Ocean Rig ASA for general paint maintenance on one of Ocean Rig's semi-submersible drilling rigs.

Offshore staff

LYSAKER, Norway-Teco Coating Services ASA has secured a contract with Ocean Rig ASA for general paint maintenance on one of Ocean Rig's semi-submersible drilling rigs.

The contract is valued at approximately $800,000 and is expected to begin in September 2006, with a duration of approximately one year.

Bjarne Eia, general manager of Teco, said that this is the second assignment for Ocean Rig. "We have been working hard to get into the offshore market for quite some time. This is our third offshore maintenance contract and we are excited about the prospects for this kind of work for Teco," Eia said.

Teco reports that it is the largest operator in the market for maintenance of ballast tanks during voyage, with about 28 vessels currently contracted for upgrading. The company reports that with 20-30,000 vessels in use worldwide, the potential is much greater.

Like many companies serving the marine sector of the oil and gas industry, Teco is expanding, and it sees this as a challenge while trying to maintain the quality of the work performed. The access to sufficient qualified specialists at competitive prices is a key factor in this regard, and Teco is recruiting qualified personnel from as far away as Poland, Bulgaria and Romania.

The market for the maintenance of ballast tanks is driven by international conventions, regulations and class requirements which are actively being followed up by all coastal states marine officials, oil companies, environmental organizations, insurance companies and classification societies.

8/14/2006