Vetco Gray News

GE Oil & Gas has launched the new VetcoGray S-Series SVXT subsea tree at the Offshore Europe Oil & Gas Conference and Exhibition, being held from 8-11 September 2009 in Aberdeen, Scotland. The new VetcoGray S-Series SVXT subsea tree merges horizontal and vertical tree technology, reducing weight by 20%, decreasing height, and also delivering essential functionality in a pre-engineered, pre-configured 'modular' way. Low-cost installation of the new SVXT is achieved through a design that enables deployment using standard offshore jack-up drilling rigs without the need for major modifications.

GE Oil & Gas has been awarded a "Spotlight on New Technology Award" by the Offshore Technology Conference for its next generation subsea electronics module, the VetcoGray SemStar5. The Spotlight on New Technology Award recognizes new and innovative technologies significantly impacting offshore exploration and production sectors. It is judged by an expert panel on five criteria: the technology should be new, innovative, proven, used in a broad range of applications, and have a significant impact on the industry. The VetcoGray SemStar5 (previously codenamed SEM5) is a fifth generation Subsea Electronics Module for use in subsea production control systems.

VetcoGray, a GE Oil & Gas business, is supplying its latest MS-700 system deepwater technology to Shell Group Companies for the deepwater BC-10 project, recently named Parque das Conchas, located in Brazil's Campos Basin. The contract with Shell includes the supply of 12 MS-700 slimbore subsea wellhead systems and seven 42-inch liners, with delivery beginning in July of 2007. Once installed, the MS-700 slimbore wellhead systems will enable Shell to drill and complete wells in conjunction with their reduced bore riser and a surface blowout-preventer (BOP), thus exploiting the drilling capabilities of rigs with conventional operating envelopes, typically less than the actual water depth at Parque das Conchas (up to 1930m water depth).

Tidewater Inc. is conducting an internal investigation of its Nigerian operations, focusing on the legality, under the U.S. Foreign Corrupt Practices Act (FCPA) and local laws, of its Nigerian affiliate's reimbursement of certain expenses incurred by a customs agent in connection with the temporary importation of its vessels into Nigeria, particularly the obtaining of certain permits that are necessary for the Company's vessels to operate in Nigerian offshore waters. The Audit Committee of the Company's Board of Directors has engaged the law firm of Steptoe & Johnson of Washington, D.C., a leading international law firm with significant experience in investigating and advising upon FCPA matters, to lead the investigation.

GE inked an agreement to acquire Vetco Gray for $1.9b from Candover, 3i & JP Morgan Partners. The closing of the transaction, which is subject to conditions including the receipt of governmental, regulatory and other approvals, is expected in early 2007.

Roxar announced the signing of a multi-million dollar contract with Vetco Gray to supply its industry leading subsea multiphase meters to the Kizomba C development, offshore Angola. The development is operated by ExxonMobil through its subsidiary Esso Exploration Angola (Block 15) Ltd. The 19 Roxar subsea Multiphase meters are to be installed in the Mondo and Saxi/Batuque fields and follow the successful installation of Roxar meters by ExxonMobil in the Kizomba B development which went into production in 2005. In June 2006, Roxar announced the signing of the Letter of Intent for the installation in the Mondo field which has since been extended to the Saxi/Batuque fields as well.

The U.S. leg of ABB has won a $15 million contract for construction of a riser system for a new build drillship designated to operate in up to 10,000 ft. of water. With a scheduled delivery sometime during the second quarter of 2000, Saipem SPA of Milan, Italy granted this right to ABB Vetco Gray with construction to be done at Samsung Yard in Korea. The rig will incorporate both standard equipment, as used in most deep water rigs, as well as specific components that will be adjusted to comply with specific requirements. The 3.5 million pound rig will be outfitted with an advanced high capacity riser connector to handle its large size.

The Offshore Technology Conference (OTC) board of directors elected the 2004-2005 chairman and vice-chairman during this year’s event that took place 5-8 May at Reliant Center at Reliant Park in Houston. Members of the OTC Board are appointed to four-year terms by their respective society or organization. The OTC Board includes 13 representatives, 11 from OTC’s sponsoring organizations and two from OTC’s endorsing organizations. The two principal officers, the Chairman and the Vice Chairman, are elected for two-year terms by the Board during their annual meeting. The 2004-2005 OTC Chairman is Rod Allan, Manager of Core Expertise for Transocean Offshore Deepwater Drilling, Inc. Allan has served four years on the OTC board and succeeds Charlie Richards of C.A.