Aquaterra Energy has secured a multi-year, seven-figure contract to provide subsea well access equipment for intervention and abandonment operations across 11 wells offshore Spain.
Under the agreement with a global offshore services company, Aquaterra Energy will supply a 7-3/8-inch internal diameter, 5,000-PSI-rated intervention riser system, together with proprietary AQC-CW connectors and associated interface equipment.
The system will be deployed from a semi-submersible vessel and integrated with the client’s subsea pressure control equipment to support well intervention and abandonment activities.
Industry data indicate that well plugging and abandonment activities account for a significant share of offshore decommissioning expenditure across Europe, with ageing subsea wells increasingly entering the abandonment phase in several regional basins, the company said.
“Securing this multi-year contract is a significant milestone for Aquaterra Energy. Well intervention and abandonment is increasingly the defining challenge for many mature offshore basins and we have invested in building the team, capability and technology required to make these campaigns a success as our customers navigate complex late-life field operations,” said George Morrison, Chief Executive Officer of Aquaterra Energy.
“Well access to support intervention and abandonment remains a key focus for us as we continue to expand our capability and presence in this market. This project is a strong example of collaboration in action, bringing together our riser-based well access solution and OEM AQC-CW connector technology to deliver a practical, integrated system that supports safe, efficient and reliable offshore operations throughout complex abandonment campaigns,” added Ben Cannell, Innovation Director at Aquaterra Energy.