Posted on 27.01.2010 - 13:00 EST in ACQUISITION/MERGER NEWS by Rons_ROV_Links
Subsea intervention specialists TSMarine Subsea has announced it will be trading under a new name - Marine Subsea (UK) Ltd - after the company completed a management buy-out (MBO) with support from Norwegian firm, Marine Subsea AS in September this year.
Marine Subsea (UK) Ltd employs over 20 people from its headquarters at Aberdeen's Regent Centre and in the wake of the re-brand will be creating 25 new jobs..
Adopting the Marine Subsea (UK) Ltd brand, the company continues to develop apace under the unified badge and will more than double the size of its workforce in the next three months.
As part of Marine Subsea, the UK subsidiary is responsible for the operational management of the Sarah vessel, a newly built multi purpose offshore subsea construction and light well intervention vessel. Planned operations from the vessel have led to the jobs boost.
Alasdair Cowie will continue as managing director of the UK company and be responsible for ongoing development throughout Europe and West Africa.
Mr Cowie, who led the management buy-out from TSMarine (Contracting) Ltd in August this year, says the firm's reputation as a leading provider of subsea services will grow even further under the Marine Subsea name. .
"The Marine Subsea name has become synonymous with high-specification, bespoke, multi-purpose offshore vessels which set the standard in supporting drilling, intervention and offshore operations," he said.
"Through the support we received from Marine Subsea for the MBO, we are moving the business forward to a new level, with a bigger support base for our offshore global subsea operations, while employees enjoy the added benefits of being part of a larger global organisation."
Marine Subsea AS owns a fleet of eight units in operation or under construction, including two multipurpose/intervention vessels, five offshore support units and one semi-submersible crane vessel. In addition, the company has secured a service contract for a deepwater drillship.
The Sarah is an Ulstein SX121 DP3 (dynamic positioning) vessel that is capable of operating in depths of 3000 metres. The vessel has deck capacity of 1470 metres³ and her main features include a tower, main crane and two heavy duty workclass ROVs. Specifically designed for deepwater well intervention activity, she is also capable of multiple offshore support functions.
Speaking about the future, Mr Cowie added:
"We have a healthy order book for next year and need to recruit at least ten senior offshore personnel to manage planned offshore operations from the Sarah vessel. We also have plans in place to create an extra 15 new jobs in the first quarter of 2010. Given the current climate, this is a good position to be in."
As part of Marine Subsea, the company will focus on the continued delivery of subsea rigless intervention, decommissioning and construction services to the oil and gas industry in Europe and West Africa. Rigless intervention activities will be further strengthened by support from well intervention specialists Lewis Ltd, a wholly owned company of Marine Subsea.