Subsea 7 Inc (OSE Symbol: SUB), one of the world's leading subsea engineering and construction companies, and Richtech International Holding Inc, a Chinese engineering consultancy, today announced formation of a joint venture company to provide subsea front-end engineering and design (FEED), detailed design, integrity management and engineering consulting services to operators. The company will be known as Subsea Engineering Solutions (SES).
To lead this new venture, Jeffery Measamer has been appointed as President of Subsea Engineering Solutions. He has over 30 years experience in the international oil and gas engineering sector, most recently in Houston with MCS and Technip, where he held senior management positions.
The new start company will have offices in Houston, USA and in Shanghai, China. In Houston, it shall be located in Subsea 7's Timberway One office complex in the energy corridor, while in Shanghai, SES shall have a dedicated office space within the Richtech building.
Subsea 7's objective in the formation of SES is to extend its service offering to clients and expand its capability to provide engineering support, in particular to the increasing number of deepwater Engineering, Procurement, Installation and Commissioning (EPIC) projects being undertaken by the global oil and gas industry.
SES will combine Subsea 7's extensive heritage of subsea engineering experience with Richtech's wide ranging engineering expertise, enabling the new company to become a leading provider of subsea engineering services to clients. Drawing on the combined strengths of the two partner companies, SES will provide enhanced subsea capabilities and a comprehensive set of market offerings in the disciplines of pipelines, structures, field layouts and controls for the construction and operation of subsea assets. The company will also benefit from access to the Subsea 7 and Richtech worldwide client networks, but will operate independently under its own brand.
Bill Boyle, Vice President of Subsea 7's North and Central America (NACA) region commented: "SES will provide its clients with a new and unique service offering, with a value/cost proposition that will challenge the current established market for subsea engineering services. I am delighted that this global business has started its life in Houston and has already attracted great interest from existing and new customers."
- ends- 06 May 2008
For additional information, please contact:
Jeff Measamer, President, Subsea Engineering Solutions
Telephone : +1 281-966-7977
Mobile : +1 713-254-7169
E-mail : jeffery.measamer@subseaengineeringsolutions.com
Jackie Doyle, Head of Communications, Subsea 7
Telephone : +44 (0) 1224 344425
Mobile : +44 (0) 7880 700044
E-mail : jackie.doyle@subsea7.com
Notes to Editors
About Subsea 7:
1. Subsea 7 is one of the world's leading subsea engineering and construction companies offering all the expertise and assets that make Subsea, Umbilical, Riser and Flowline (SURF) field development possible.
2. With a multi-national workforce of over 5,000 people worldwide, the company's global offshore operations are supported out of the North Sea, Africa, Brazil, North and Central America and Asia Pacific. Subsea 7 has a fleet of industry leading, dynamically-positioned ships capable of reeled and flexible pipelay, subsea construction and saturation diving and a portfolio of pipeline construction yards worldwide. (www.subsea7.com)
3. Vessel images and specifications available on request - please contact above.
About Richtech:
1. Richtech is a privately owned, independent engineering company which provides engineering services for offshore and onshore oil & gas field development. We have successfully extended our service portfolio to provide project management services and solutions by utilizing our worldwide multi-national resources.
2. Richtech was incorporated in Texas in 2003 and has over 120 employees. Our core team is based in Houston and we have an extensive engineering team in China (Shanghai, Beijing, Tianjin and Shenzhen).
3. Richtech offers engineering, consulting and project management services to our clients worldwide. The engineering services cover all phases from feasibility studies to detail design and our solutions meet all requirements of the oil & gas production lifecycle. Our project management services include EPC contract consulting, construction management services and QA/QC services.
4. Through our abundant resources, Richtech successfully delivers engineering services to clients from China, the United States, Southeast Asia, West Africa and the Middle East.
For additional information, please contact:
Qian (Ken) Tang, VP Engineering, Richtech International Engineering Inc.
Telephone : +1 832 242 5888
Mobile : +1 832 283 5375
E-mail : qtang@richtechusa.com
E.C. Lee, COO, Richtech PMC Inc.
Telephone : +1 832 242 5888
Mobile : +1 281 743 1761
E-mail : ec.lee@richtechusa.com
Website : www.richtechusa.com
