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M2 Subsea secures projects worth more than £10 million in six months

M2 Subsea secures projects worth more than £10 million in six months

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10 July 2018

M2 Subsea, the global independent provider of ROV services, has secured contracts worth more than £10 million over the past six months.

The company, which has bases in Aberdeen, UK and Houston, Texas, has successfully conducted more than ten projects across the oil and gas and renewable markets.

M2 Subsea’s extensive fleet of ROVs have been mobilised 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 the success of several renewable projects in 2017, the firm also secured a contract for unexploded ordinance (UXO) identification for a UK 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 UK 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 UK-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.

Mr 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.”