Archived Press Releases › Wellstream International and Seastream JV Receive Awards for Pyrenees Development
3rd July 2007
Wellstream International Ltd and its Seastream JV announce the receipt of contracts from BHP Billiton for the Pyrenees development, offshore Western Australia. This development covers three separate fields; Crosby, Ravensworth and Stickle all to be tied back to an FPSO in water depths of 250m.
These contracts, totalling over £100 million, cover the supply of approximately 60 normalised km of flexible risers and flowlines, scheduled for delivery in 4Q2008, and associated installation work for the project. The latter will be undertaken by Seastream, with responsibility for the installation, and pre-commissioning of the entire subsea system including the FPSO turret and mooring system, subsea manifolds, mid-water arches, the flowlines and risers, umbilicals with associated flying leads, and the tie-ins to the pre-installed tree flow bases. A project office will be opened in Perth, Australia to provide in-country management capability.
Jacques J. Roomans, President of the Sea Trucks Group commented: "We are extremely pleased with the first major success of our Seastream JV and the confidence BHP Billiton has placed in our Wellstream / Sea Trucks team. We are confident this first joint project will be the beginning of a long-lasting relationship from which all Seastream customers will benefit. Our new DP3 pipelay / hook-up vessel Jascon 25, scheduled for delivery in April 2008, will undertake most of the offshore installation work."
CEO of Wellstream International Gordon Chapman commented "We are delighted that our Seastream JV has achieved such an early success. The innovative incentive based contracting and execution model that the Joint Venture has allowed us to adopt for Pyrenees, builds on Wellstream's tradition of working closely and flexibly with its customers and provides rewards for good performance. In this case, Seastream has enabled us to deliver real value to BHP Billiton and we look forward to continuing to work closely with both BHP Billiton and Sea Trucks as we execute this exciting project. This contract also builds backlog for 2008 and provides the potential for Wellstream to extend its current high levels of utilization beyond 2007."
Wellstream International Limited is a wholly owned subsidiary of Wellstream Holdings PLC (FTSE:WSM). The company is a leading designer and manufacturer of bespoke flexible pipeline products, systems and solutions for the oil and gas industry. Its pipeline portfolio includes established product lines such as dynamic flexible risers and static flowlines, for deep and ultra-deepwater environments, in addition to newer products designed for onshore (FlexSteelTM) and high temperature/high pressure products for drilling and service applications. With over 700 employees internationally, Wellstream has offices/facilities in Newcastle upon Tyne, UK, Panama City, Houston and Denver, USA, Calgary, Canada, Rio de Janeiro and Niteroi Brazil and Perth, Australia. Further information regarding Wellstream, its products and services can be accessed at www.wellstream.com.
The Sea Trucks Group is an international group of companies offering marine services to the Oil & Gas industry worldwide. The Group has been providing marine services to the major oil and construction companies in West Africa since the late 1970's and is now offering clients around the globe a varied package of offshore installation services. The Sea Trucks Group has offices in Nigeria, Angola, the Netherlands, United Arab Emirates, and China and owns and operates a large and versatile fleet of vessels and barges, as well as supply base and fabrication facilities in West Africa and the United Arab Emirates. Further information can be obtained at www.seatrucksgroup.com.
Seastream - SURF Solutions, is a new non-incorporated joint venture between the marine services provider Sea Trucks Group and flexible pipe manufacturer Wellstream International Limited. Seastream will provide global flexible pipe based SURF installation capabilities utilising Sea Trucks latest Jascon new build vessel fleet.
For further information please contact:
Wellstream International: Jason Nunn
+44 (0)191 295 9000
jason.nunn@wellstream.com
Sea Trucks: Corrie van Kessel
+31 (183) 308 302
corrievankessel@seatrucksgroup.com
Tulchan Communications: Peter Hewer/Rob Morgan
+44 (0) 207 353 4200