A contract between TSMarine (Contracting) Ltd and DeepOcean ASA for work off the coast of India has been terminated by mutual consent. The contract would have seen TSMarine's offshore support vessel Rem Etive working to support operations for Reliance Industries Limited in the Bay of Bengal, on India's east coast.
Alasdair Cowie, Managing Director of TSMarine (Contracting) Ltd, said: "Our client DeepOcean have not been able to agree on a number of outstanding commercial issues with their client Reliance Industries and they have therefore agreed to terminate the contract.
"However, the subsea market is particularly buoyant at the moment and TSMarine is involved in a number of other projects in Australasia, North Sea and the Mediterranean.
"During 2007 we have invested £130million in additional fully equipped new MT6040 subsea decommissioning and rigless intervention vessels and current 2007 revenues for the group are on target at £50million. We foresee significant increase in our business over the coming two years and expect earnings to be at the £100million in 2009.