UK: GEOSHIPS Bags Two Contracts Worth £3 Million

GEOSHIPS Group, a marine and subsea services provider, has announced two contract wins worth a combined value of £3 million for the company’s latest vessel.

Following an open day on-board the Loch Roag for potential clients, the vessel secured work in the North Sea with two new customers for GEOSHIPS. The forecasted revenue for the DP2 (dynamically positioned) multi purpose support vessel for the next 12 months is valued at nearly £10 million.

The Westhill-based company, which was formed in 2003, took delivery of the Loch Roag in April on a contract valued at over £30 million. It resulted in the employment of 40 new offshore staff.

The first scope of work was to support Bluestream in air diving and ROV operations on the Borwind 2 Project in the southern North Sea. The contract agreement was for 45 days plus options.

The second contract is with Integrated Subsea Services (ISS) and is also in support of air diving operations, for 30 days plus options to extend further dive inspection on various North Sea installations.

Ahead of being mobilised on these contracts, the vessel has undergone specific upgrades, including the fitting of a tautwire, which provides a further reference point for the vessel during operations.

Kenny Macleod, chairman, GEOSHIPS, said: “It is extremely satisfying that Loch Roag has very quickly secured two contracts – these types of projects, with Bluestream Offshore and ISS, are perfectly suited to the vessel’s capabilities. Loch Roag is a very impressive vessel with an extensive work scope potential, and it continues to generate a high level of interest from potential clients. The vessel is ideal for both the offshore oil and gas and offshore renewable energy markets. Although the vessel has already secured jobs in the North Sea, it is also suitable for work in a variety of areas, including Mediterranean, West Africa and Asia Pacific.”

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Offshore WIND staff, August 21, 2012; Image: thinkpr