Contracts to TTS Energy division

TTS Energy AS, subsidiary of TTS Group ASA, has signed two contracts with Lupatech Netherlands Coöperatief U.A, subsidiary of Lupatech S.A, Brazil, for delivery of well intervention packages.

The new contracts have a total value of approximately NOK 450 million and include two complete well intervention packages to be installed onboard two well intervention vessels, built by the Norwegian company, Eide Marine Services AS. The contracts consist of an initial period aiming to conclude the technical concept, followed by firm and final scope and terms.

The vessels will be under charter contracts for Petrobras, operating on the Brazilian shelf.

- These contracts imply a definite breakthrough for our Energy division in the Brazilian offshore segment. After establishing representation in Brazil, the market has shown great interest in the products and services of TTS and as the prospects for the offshore market in Brazil looks very promising, we believe our Energy division will harvest more contracts in Brazil, says Johannes Neteland, President & CEO of TTS Group ASA.

TTS Energy is a supplier of high performance drilling and handling solutions to the international oil and gas industry.