Subsea 7 Inc, one of the world's leading subsea engineering and construction companies, announced today that it has been awarded a contract by Venture Production plc to manage the integrity of its subsea assets in the North Sea.
Subsea 7 will provide Venture with a team of specialist personnel to support the integrity management contract. The work scope includes: data management, system review and development, engineering analysis, specialist services such as field life extension and feature assessment (the technical assessment of inspection results).
This is the first integrity management services contract that Subsea 7 has won and is one of a broad range of products available from Subsea 7's Life of Field Services offering.
The integrity management services contract sits alongside existing contracts that Subsea 7 has with Venture for inspection, repair and maintenance (IRM); and engineering, procurement, installation and commissioning (EPIC) projects, and will add further value to the longstanding Venture-Subsea 7 partnership*.
Robin Davies, Subsea 7's North Sea Vice President commented: "Asset integrity management is critical to ensuring the optimisation of an asset's performance through its life cycle. We look forward to further developing this area of Subsea 7's expertise with an increased focus on integrity, operational support and planning of offshore activities. This new service further consolidates Subsea 7's position as the Subsea Partner of Choice for Venture, and will add to the value we have created for both parties over a number of years.
* In 2005, Venture and Subsea 7 embarked upon a unique partnership, contracting on a relationship approach rather than the traditional cost-focused approach. Security of supply, pace, performance and delivery became the building blocks of the Venture - Subsea 7 contract model, and both parties have been successfully working together now for over 3 years, recently winning the 2008 Oil and Gas UK Awards for Supply Chain Business Innovation.