Reef Subsea Awarded Four-Year Frame Agreement

Reef Subsea announced today that one of its Norwegian operating companies has been awarded a frame agreement contract by Technip with firm and optional periods representing up to four years – running from 2011 – to carry out light subsea construction, ROV and survey operations in the North Sea and the North Atlantic areas.

This frame agreement will allow Technocean, a subsidiary of Reef Subsea, to act as a partner to Technip Norway and other Technip Group companies for subsea services in the NCS (both Norway and the UK) and Canada according to pre-agreed terms.

Technocean will perform its commitments calling on its new chartered vessel, the Polar King. This new-built subsea construction vessel, certified to IMO SPS 2008 requirements, will be operational in April 2011. Polar King is being equipped with a 150 AHC crane, and her 1,000m² back deck and main moonpool provide her with extremely versatile capabilities. The vessel will also be equipped with two 3,000m rated work class Perry Slingsby ROVs installed in a ROV hangar with dedicated AHC LARS systems.

Mark Preece, Reef Subsea chief executive officer, said: “I am extremely pleased by the confidence placed by Technip in Technocean’s capabilities to act as an important partner for the next four years. Reef Subsea’s objective is to serve both operators and contractors on a long term basis as we recently announced for BP Norway.”

Reef Subsea is an international group providing cost-effective integrated subsea services to the oil and gas and renewables industries. Its specialised subsidiaries – Technocean, S³, Scanmudring and Bluestone Offshore – provide operators and contractors with highly experienced personnel, key subsea technologies and construction support vessels. Reef Subsea serves its clients in the deepwater or demanding environments of the North Sea, South East Asia and North Atlantic areas. Reef Subsea is a 50/50 owned company of GC Rieber Shipping and HitecVision.

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