M2 Subsea wins $13 million worth of new contracts
- Business & Finance
ROV services provider M2 Subsea has secured contracts worth more than £10 million ($13.2 million) over the past six months.
M2 Subsea said earlier this week that it successfully conducted more than ten projects across the oil and gas and renewable markets.
According to the company, M2’s fleet of ROVs was mobilized for contracts in the North Sea, Southern North Sea, Gulf of Mexico, India, and the Middle East with workscopes ranging from inspection surveys to leak detection studies.
Building on the success of several renewable projects in 2017, the firm won a contract for unexploded ordinance identification for a UK offshore wind farm earlier this year.
Mike Arnold, CEO of M2 Subsea, said: “Collectively, these contracts represent a huge step forward in what has been a challenging period for many companies. The oil price is slowly creeping up, which has resulted in renewed optimism across the market and new opportunities opening up.
“As we look to cement our position as one of the leading inspection specialists, both in the UK and overseas, it has been extremely encouraging to see an increase in activity over the past 12 months, with a surge of projects being awarded in both Houston and Aberdeen.”
The company also secured placement of its Triton XLS and Triton XLX ROVs on board two UK-based vessels. The work-class ROVs, which are both rated to 3,000m, feature top-hat tether management systems and are equipped with survey pods and auxiliary hydraulics.