IKM Subsea has received a contract from Statoil to provide ROV and subsea services for Visund and Snorre B.

The contract has duration of 10 years firm and an option for extension of further 15 years.

The contract, for the first 10 years, has a value for of up to NOK 750 million (USD 90.4 million), the company informed.

For first time, Statoil and IKM will introduce the so-called concept of Residential ROV (RROV). RROV represents a permanently subsea-installed ROV system operated from a dedicated operational base positioned onshore.

The contract will combine use of existing Merlin ROV technology in combination with RROV technology to be developed throughout this contract, IKM noted.

Hans Fjellanger, business development manager at IKM Subsea, said: “We are very pleased to receive this acknowledgment from Statoil in a tough market. This shows that hard work, dedication and commitment pays off in the end. We are happy to, jointly with Statoil, be able to present new and revolutionary ROV concepts and technology to the industry, producing potential for significant cost savings.”

IKM Subsea managing director, Ben Pollard added: “This major achievement is an important milestone for IKM Subsea. We expect this contract and the subsequent new technology thereof to produce a game-changer to the ROV market segment. IKM Subsea is the company chosen for this development. Our dedication and drive to present alternative technology leading to operational cost reductions secures our market position and future revenues as well as safe jobs for our employees.”