CTC Marine has been awarded contracts and extended further work under a previously announced contract representing approximately $70 million in value, which include:
|•||An additional installation of a life of field seismic (LoFS) system in the North Sea. The primary workscope for CTC will involve engineering, installation and trenching of over 200 kilometers of fibre-optic LoFS cable in a field in the Ekofisk field in the North Sea. The contract has an overall value of no less than $23 million.|
|•||China Offshore Oilfield Engineering Company, through Bluewhale Offshore Engineering Technology, extended its work with CTC Marine in China with two more projects – ploughing work on the LeDong project and inspection, maintenance and repair (IMR) and installation and construction support. These projects represent approximately $38 million in value, which includes the mobilization of the Atlantic Challenger from Mexico to China.|
|•||Extended workscope on CTC Marine's previously announced North Bardawil project for Petrobel offshore Egypt – an increase of over $12 million from the original contract value.|
In addition, DeepOcean has recently secured the following contract awards representing approximately $20 million in value:
|•||Secured the Normand Flower for subsea services work from now until the end of August 2009.|
|•||Utilizing an existing vessel from Trico's North Sea towing and supply fleet (Norther River), secured additional subsea services contract work through August 2009. The vessel now operates permanently with a DeepOcean ROV spread on board.|
|•||The Deep Endeavour extended through at least the end of the third quarter for IMR work for Pemex.|
Mr. Compofelice, Chairman and Chief Executive Officer of the Trico Marine Group, commented: "These contract awards show the strength of our subsea services and subsea protection businesses worldwide. Subsea volume growth and pricing remain strong. We continue to win contract awards directly or indirectly for national oil companies in the international arena, with the contracts noted above reflecting our international growth in critical regions such as China and Mexico. For the rest of 2009, we expect strong utilization and margins in our subsea services segments."
"Of particular importance," he added, "the life of field seismic project exemplifies our broad array of service offerings dealing with subsea protection, which is further evidenced by the two most recent major LoFS projects awarded to CTC Marine Projects in the North Sea. LoFS technology is one of the most significant emerging technologies intended to maximize recoverability of existing reserves. Our CTC division is the market leader in the area of efficient design and installation of permanent fiber optic cable in the North Sea having successfully completed virtually every North Sea installation to date. These contract awards reflect our ability to perform work scopes ranging from IMR and trenching to more comprehensive subsea protection services and additional subsea services outside of CTC Marine's and DeepOcean's original home market in the North Sea. We expect to secure similar projects built around advanced subsea technologies in the future."