American Oilfield Divers, Secunda Global Marine Inc., announce partnering/chartering of dynamically positioned diving support vessel.LAFAYETTE, La.--(BUSINESS WIRE)--Aug. 17, 1995--American Oilfield Divers Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DIVE) announced Thursday that it has partnered/chartered the 250-foot dynamically positioned diving support vessel A diving support vessel is a ship that is used as a floating base for professional diving projects. Commercial Diving Support Vessels emerged during the 1960s and 1970s when the need arose for diving operations to be performed below and around oil production platforms and Balmoral Sea for the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east services sector. Secunda Global Marine Inc., owners of the Balmoral Sea, will man and operate the vessel and AOD See HD DVD. will maintain and operate the vessel's saturation diving Saturation diving is a diving technique that allows divers to remain at great depth for long periods of time. "Saturation" refers to the fact that the diver's tissues have absorbed the maximum partial pressure of gas possible for that depth due to the diver being exposed to system and related diving equipment. Use of the vessel will enable AOD to operate in rougher sea states and deeper water than it currently accesses. American Oilfield Divers has already contracted 45 days of work utilizing the Balmoral Sea during the company's fiscal fourth quarter, and is actively pursuing more work utilizing the vessel. "This partnering/chartering relationship gives us an opportunity to expand our Gulf of Mexico market share and potentially eliminate some weather risk typically associated with diving in the Gulf of Mexico," said George C. Yax, chairman of the board, chief executive officer and president of American Oilfield Divers. "By utilizing this vessel, we can operate in seas which were traditionally too rough for us to dive in Dive In is Darius Danesh's debut album, released toward the end of 2002. It was a huge success and went platinum in the UK. He wrote all 12 songs on the album, collaborating with a number of other producers such as The Misfits and The Matrix. , and work on projects that will require us to stay at sea for longer period of time." The Balmoral Sea can maintain precise location offshore without anchoring, using dynamic positioning. By maintaining precise location offshore, the vessel can provide cable and flexible pipe laying in any depth of water. In addition, the Balmoral Sea is equipped with a built-in saturation system for diving in water depths of more than approximately 1,000 feet of sea water through a moon pool. The relationship between American Oilfield Divers and Secunda Global Marine Inc. is for six months with options for AOD to extend the agreement or purchase the vessel. American Oilfield Divers Inc., headquartered in Lafayette, is a leading provider of a broad range of undersea construction, installation, repair and maintenance services to the offshore oil and gas industry, primarily in the U.S. Gulf of Mexico and U.S. West Coast, internationally and to certain U.S. inland customers. The company also manufactures and installs subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". pipeline connectors and marginal well production systems that are typically installed through the use of the company's dive crews and diving support vessels. The company also owns 14 DSVs and a barge for pipelay and bury operations, and operates a jack-up crane barge in the U.S., West Africa and Dubai, U.A.E. CONTACT: American Oilfield Divers Inc., Lafayette Steve Weems, Chief Financial Officer 318/234-4590 or Greg Rosenstein, Investor Relations Investor relations The process by which the corporation communicates with its investors. 318/234-4590 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion