TSmarine Launches Salt Subsea Support Operations
The TSmarine Australia Group has appointed 30-year oil and gas industry veteran Michael Earlam to lead the group’s new Aberdeen-based subsidiary SALT Subsea Ltd. SALT Subsea, a wholly owned subsidiary of the TSmarine Australia Group, will initially support the long term AX-S contract with Expro Ltd. TSmarine Australia chief executive officer John Edwards said Michael Earlam brought a wealth of knowledge and experience to the North Sea operation. “Michael is the logical choice to establish and develop the SALT Subsea business,” Edwards said.
Cal Dive Agrees to Acquire Robotics Company
Cal Dive International, Inc. announced that it has agreed to acquire 85 percent of Canyon Offshore, Inc., a supplier of remotely operated vehicles (ROVs) and robotics to the offshore construction and telecommunications industries. Cal Dive would purchase the remaining 15 percent at a price to be determined by Canyon's performance during the years 2002 through 2004. The purchase price from $66 million $74 million is four to five times expected Canyon EBITDA. Hart Scott Rodino filing, is expected to close before year-end. Owen Kratz, chairman and chief executive officer of Cal Dive, said, "Acquiring Canyon will be a vertical integration which flows from the CDI policy of directly controlling all aspects on the critical path of significant projects. John S.
Canyon ROV Rescues Manned Submersible
Canyon Offshore has successfully rescued a diver trapped in a manned submersible in 1800 ft. of water in the Gulf of Mexico. The submersible was attempting to perform intervention tasks on a client’s subsea well when the tool seized at the work site. The M/V Merlin, outfitted with a TRITON XL work class ROV, immediately deployed to the site to assist with the recovery. The ROV dove to 1800 ft., releasing the tool and the submersible approximately five minutes after reaching the immobilized unit. The manned submersible and its pilot, who had been trapped for approximately ten hours prior to being released, were safely recovered shortly thereafter.
U.S. Satellite Industry Dominates
The market for commercial communications satellites is expected to be worth $25.4 billion over the next 10 years, according to Forecast International’s recently completed study "Commercial Communications Satellites: 2005-2014." Also anticipated within the next few years, is the long awaited rebound in the commercial communications market. Fueling this recovery will not only be the growing market for the application of key technologies and services to the commercial consumer but also government reliance on commercial capacity. Forecast International predicts that 224 commercial communications satellites destined for geostationary or medium Earth orbit will be constructed over the next 10 years, at an estimated total value of about $25.4 billion.
