Proserv Wins Three GoM Projects Totaling $8 Million

Business Wire,  July 1, 2008  

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HOUSTON -- Proserv Decommissioning Contractors and Engineers, a business unit of Proserv Abandonment and Decommissioning, announced today it has been awarded three decommissioning projects in the Gulf of Mexico. The total contract, awarded by a major independent oil company, is valued at $8 million.

The contract involves the plugging and abandonment (P & A) of eight wells, removal of platforms and conductors, and abandonment of pipelines and subsea tie-ins. Proserv was awarded the project on a fixed price to ensure safe, efficient project execution within budget.

P&A work begins immediately with Proserv providing all required services. This involves simultaneously mobilizing the appropriate lift boats, abandonment personnel and required equipment. When these operations are completed, Proserv will deploy a 300-ton derrick barge, a diving crew and a dive support vessel to remove the structures and abandon the pipelines and their subsea tie-ins.

A comprehensive site clearance and verification program by Proserv will conclude the project.

About Proserv

Proserv Abandonment and Decommissioning, a strategic business unit of Proserv Group, is a global leader in the removal of damaged and/or mature offshore structures and wellheads. Its flexible and reactive solutions range from consulting to turnkey abandonment services. The company offers its services across three main areas of expertise: well abandonment and decommissioning, subsea and marine technology, and high and ultra-high pressure pump services.

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