07/11/2006 - 21:00

SEATRAC signs on with US company

07/11/2006 - 21:00

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A leading US-based marine energy services company has taken an equity position in Jandakot-based SEATRAC Pty Ltd.

SEATRAC signs on with US company

A leading US-based marine energy services company has taken an equity position in Jandakot-based SEATRAC Pty Ltd.

Under the deal, signed in Perth recently and flagged in last week’s edition of WA Business News, a 58 per cent stake in the independent sub-sea engineering and offshore service provider will be transferred to Helix Energy Solutions Group Inc for an undisclosed amount.

SEATRAC general manager Mike McDonald said that, as part of the deal, Helix ESG had injected capital into SEATRAC’s research and development efforts to complete a suite of sub-sea well intervention tools, designed in Perth for use in Australia and Asia.

SEATRAC founders and current directors Jon Edwards and Jeff Burns are to be joined on the company’s board by Bart Heijermans, the chief operating officer of Helix Energy Solutions, and Bill Morrice, general manager of Helix subsidiary Well Ops UK.

Mr Edwards said that, in joining with the Helix group of companies, SEATRAC had effectively taken the next step in its evolution.

“We have invested heavily in recent years in a unique set of capabilities which we have gone on to prove in the field, providing cost-effective solutions for our clients,” he said.

“Helix understands the full potential that SEATRAC brings to the group, and for our part we will benefit from the backing of a strong and dynamic new parent company.”

As reported last week by WA Business News, SEATRAC recently won a contract in Vietnamese waters in the Gulf of Thailand with oil exploration company, Fina Exploration Minh Hai BV.

The contract is for work using the company’s proprietary cement injection tool to plug five sub-sea wells, with the AXE cutting tool to sever and remove a number of wellheads.

Last year, the company was awarded a $1.6 million commercial ready grant by the federal government to develop its sub-sea well intervention system for installing, repairing and gathering data from offshore oil and gas wells.

Since its inception in 1999, SEATRAC has established itself as a specialist in sub-sea well abandonment and wellhead removal, rig-less sub-sea well intervention for repair, maintenance, sub-sea tree installation and change out.

SEATRAC currently employs 50 people including consultant engineering personnel, project managers, sub-sea engineers, draftsmen, service technicians and support staff.

The company’s systems are work-boat based, providing cost savings for offshore field operators who have traditionally relied on drilling rigs to perform this type of work.

Helix Energy Solutions, headquartered in Houston, Texas, is a leading worldwide marine contractor and operator of offshore oil and gas properties and production facilities.

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