2001 Maritime

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June 26, 2001

Cal Dive plans $30 million boost to new semisub's capabilities
Cal Dive International, Inc. says it has reached a preliminary agreement with Amfels, Brownsville, Texas, to further enhance thedeepwater capabilities of its semi-submersible vessel, the Q4000, which is in the final stages of construction.

The Q4000 is a revolutionary multi-service vessel specifically designed for well operations and construction tasks in water depths to 10,000 feet.
Cal Dive chairman and CEO Owen Kratz says that hortages of drilling rigs able to work in ultra deepwater have generated significant interest in having the Q4000 assist with well completions. "Industry studies," says Kratz, "suggest that the Q4000 will be able to perform completion tasks on a subsea well in 5,000 feet of water at a cost of up to 50% less than the rates currently being charged for moored or DP drilling rigs. In addition to significant cost savings, other advantages include the ability to perform completion tasks on temporarily abandoned wells with no mooring spread, presetting casing prior to rig arrival, and freeing up the drilling rig to start new wells."

"With the Q4000 construction process in its final phase, it is logical and most efficient for us to add completions capability at this time at an additional capital expenditure of $30 million. We are making necessary amendments to our construction contract with Amfels and are seeking approval from the Maritime Administration (MARAD), the agency providing the funding for the vessel. We expect that the vessel will be available in the first quarter of 2002 when the construction enhancements and related sea trials are completed. We believe that the short delay in availability will be beneficial to the ultimate economic performance of the Q4000 and her utility to the industry."

Trico in Singapore joint venture
Trico Marine Services, Inc.y has entered into a joint venture agreement with Chuan Hup Holdings Limited (Chuan Hup) of Singapore.

The two companies expect to jointly acquire, construct and operate platform supply and anchor handling vessels in Southeast Asia and other international markets.

Chuan Hup is a leading resource industry logistics provider for ASEAN/Southeast Asia/Asia-Pacific's oil and gas and mining sectors. It currently owns and operates a fleet of 145 vessels, including a number of bulk materials and anchor handling supply vessels, which support the regional offshore oil and gas as well as resource and mining industries.

The new joint venture company, CHH-Trico, which will be 51% owned by Chuan Hup and 49% owned by Trico, will be based in Singapore.

It will giveTrico access to Chuan Hup's client base, which is concentrated around the ASEAN/Southeast Asian region's resource sectors.

Chuan Hup will have mutual access to Trico's existing international operations located in the West Coast of Africa, in the Caribbean, Central and South America, and the North Sea. Through CHH-Trico, Chuan Hup and Trico will also coordinate the marketing of each other's vessel fleet in each of their respective market areas.

"The joint venture provides Trico with an efficient and cost effective way to expand its presence in the Southeast Asia market and a significant new outlet for our equipment worldwide," said Thomas E. Fairley, Trico's president and CEOr. "Similarly, the joint venture also gives us access to a greater pool of assets and people with which to serve our customers worldwide. We look forward to growing CHH-Trico and building its fleet of vessels for the mutual benefit of both companies in the future."