Cal Dive International, Inc. announced that it has recently commenced a two-year charter of the DP saturation diving vessel Kestrel to a major contractor in Mexico to perform repair and maintenance work for Pemex.
The charter started in mid-October and has a fixed term of two years with an additional one-year option. The charter is expected to result in EBITDA of approximately $10 million per year during the two-year charter term. The vessel is expected to generate approximately break-even EBITDA in 2012.
In addition, Cal Dive has been awarded three saturation diving contracts in Australia. Two of the projects will utilize one of Cal Dive’s portable saturation diving systems while the third contract will be performed from a third party vessel utilizing a built in saturation diving system. These three contracts are expected to generate total revenue of approximately $20 million during 2013 and the first project is expected to commence in the first quarter 2013.
Quinn Hébert, President and Chief Executive Officer of Cal Dive, stated, “We are pleased to announce the saturation diving contracts in Australia and the charter of the Kestrel in Mexico. Both awards demonstrate the continued execution of our strategy to geographically diversify outside the U.S. Gulf of Mexico. The charter of the Kestrel is also consistent with our strategy to commit certain assets to long-term contracts that improve visibility. The charter is of additional significance due to the EBITDA improvement it will generate in 2013.”
Cal Dive International, Inc., headquartered in Houston, Texas, is a marine contractor that provides an integrated offshore construction solution to its customers, including manned diving, pipelay and pipe burial, platform installation and platform salvage services to the offshore oil and natural gas industry on the Gulf of Mexico OCS, Northeastern U.S., Latin America, Southeast Asia, China, Australia, the Middle East, West Africa and the Mediterranean, with a diversified fleet of surface and saturation diving support vessels and construction barges.
Helix Well Ops UK (Well Ops), a business unit of international energy services company Helix Energy Solutions Group (Helix ESG), has successfully completed a three-month campaign for West Africa’s first well intervention work and subsea well operations conducted from a mono-hull intervention vessel.
Operating the 132-metre (433ft) long Well Enhancer, Well Ops performed a subsea tree change out, well suspensions, well maintenance and production enhancement on seven wells in water depths of up to 471m (1,545ft). This project represents the deepest operation conducted from Well Enhancer since it joined the fleet in 2009.
The Well Enhancer’s arrival in the waters west of Africa marked the emergence of mono-hull-based well intervention services in a region that is experiencing rapid development. Compared to rig-based methods, intervention programs delivered from mono-hull vessels provide numerous operational and cost benefits to operators.
Steve Nairn, Well Ops’ regional vice president of Europe and Africa, said: “Providing operators with alternatives to rig-based well intervention brings new cost and time efficiencies to West African oil and gas projects. Because Well Enhancer deploys more quickly than a rig, and is designed specifically for well intervention work, she reduces down time and helps operators return as quickly as possible to their business of oil and gas production.”
Well Enhancer provides remotely operated vehicle (ROV), saturation diving and riser-based and riserless well intervention services. It features a 150-tonne multipurpose tower which is capable of deploying slickline, e-line and coiled tubing tool strings for well interventions in water depths of up to 600m (1,968ft) for wireline and 200m (656ft) for coiled-tubing. The vessel’s other key features include a 7⅜” subsea intervention lubricator which is a conduit for both live well access and well containment, an 18-man saturation diving spread, work and observation class ROV’s, kill pumps, and a 100-tonne crane which is rated to operate to water depths of 600m (1,968ft).
A business unit of Helix Energy Solutions Group, Aberdeen-based Helix Well Ops UK provides a range of well operation and decommissioning services using specialist vessels and innovative equipment. Launched in 1987, MSV Seawell was a pioneer of the light well intervention market and completed its first wireline intervention project in 1988. In 2009, Well Ops expanded its fleet with the launch of Well Enhancer, a 132-metre (433ft) long well intervention and diving vessel. The company employs 70 staff in Aberdeen and a further 300 offshore.
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