UK-based Aquaterra Energy has won a multi-year contract with a global offshore services company for well intervention and abandonment activities.
The 11-well intervention and abandonment campaign will be executed from a semi-submersible vessel in Spanish waters.
The company will supply a 7-3/8” ID, 5,000 psi-rated intervention riser system, with proprietary AQC-CW connectors and a complete package of interface equipment for a series of offshore subsea abandonment operations.
“Well intervention and abandonment are 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, CEO at Aquaterra Energy.
According to Westwood, well-plugging and abandonment is expected to account for around half of total decommissioning expenditure in the UK North Sea, while the North Sea Transition Authority data also shows that more than 500 UK wells have already missed their original decommissioning deadlines.
Similar pressures are facing Spain, where ageing subsea wells are entering the abandonment phase, driving demand for efficient well-plugging and abandonment campaigns.