M2 Subsea Secures $13.3 Mln in Projects

Remotely operated vehicle (ROV) services provider M2 Subsea said it has secured contracts worth more than £10 million ($13.3 million) over the past six months.

The company, which has bases in Aberdeen and Houston, has conducted more than 10 projects across the oil and gas and renewable markets. M2 Subsea’s fleet of ROVs have been mobilized across the globe for contracts in the North Sea, Southern North Sea, Gulf of Mexico, India and the Middle East with workscopes ranging from inspection surveys to leak detection studies.

Building on several renewable projects in 2017, the firm also secured a contract for unexploded ordinance (UXO) identification for a U.K. offshore wind farm earlier this year.

Mike Arnold, chief executive officer of M2 Subsea, commented, “Collectively, these contracts represent a huge step forward in what has been a challenging period for many companies. The oil price is slowly creeping up, which has resulted in renewed optimism across the market and new opportunities opening up.

“As we look to cement our position as one of the leading inspection specialists, both in the U.K. and overseas, it has been extremely encouraging to see an increase in activity over the past 12 months, with a surge of projects being awarded in both Houston and Aberdeen.”

The company has also secured placement of its Triton XLS and Triton XLX ROVs on board two U.K.-based vessels. The work-class ROVs, which are both rated to 3,000m, feature top-hat tether management systems and are equipped with survey pods and auxiliary hydraulics.

Arnold continued, “M2 Subsea was formed to fill a gap for cost efficient and high quality ROV services in the low oil price environment and it is rewarding that the market sees the value in our service offering.”

“We have successfully built a strong reputation for our expertise and high quality service over the past two years. It’s important for us to continue building on this success in order to grow our market share in the oil and gas, decommissioning and renewable sectors in 2018 and beyond.”