Kreuz secures offshore contracts worth $142m
Subsea services provider Kreuz Holdings secured a string of contracts worth around $142m from Swiber Group for subsea installation works, and a third-party client for the provision of remotely operated vehicle (ROV) services, Seatrade Asia online reports.
These services, which are to be performed largely in Southeast Asia, are scheduled to commence in the third quarter of 2012 with completion expected in the fourth quarter of 2013.
“Whilst we remain focused in Southeast Asia and India, we are actively bidding for work in other regions such as the Middle East to strengthen and diversify the depth of our order book and customer base,” said Kurush Contractor, executive director and ceo of Kreuz.
Industry consultants have estimated over $335bn worth of expenditure on offshore operations and maintenance over the next five years.
A significant rise in offshore exploration and subsea field development activity is also expected to drive total annual expenditure for ROV support of underwater operations from $891m in 2010 to approximately $1.69bn in 2015, according to research group Douglas Westwood.