Enhancements to Q4000
 
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Enhancements to Q4000

      6/29/2001

The Q4000 is a revolutionary multi-service vessel specifically designed for well operations and construction tasks in water depths to 10,000 feet. Cal Dive International announced that it has reached a preliminary agreement with the Amfels Shipyard in Brownsville (Texas, USA) to further enhance the Deepwater capabilities of its Q4000 semi-submersible vessel, which is in the final stages of construction. Shortages of drilling rigs able to work in the ultra-Deepwater have generated significant customer interest in having the Q4000 assist with well completions, according to the company. Industry studies suggest that the Q4000 will be able to perform completion tasks on a subsea well in 5,000 feet of water at a cost of up to 50% less than the rates currently being charged for moored or DP drilling rigs.

“With the Q4000 construction process in its final phase, it is logical and most efficient for us to add completions capability at this time at an additional capital expenditure of $30 million, stated Mr. Owen Kratz, Chairman and Chief Executive Officer of Cal Dive. “We are making necessary amendments to our construction contract with Amfels and are seeking approval from the Maritime Administration (MARAD), the agency providing the funding for the vessel. We expect that the vessel will be available in the first quarter of 2002 when the construction enhancements and related sea trials are completed. We believe that the short delay in availability will be beneficial to the ultimate economic performance of the Q4000 and her utility to the industry.''


 

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