MMA Offshore Limited have signed three new multi-vessel contract awards and extensions, two of which will support a unique project exploring commercial-scale carbon capture and storage in Australia
Providing the management of the CarbonNet Offshore Appraisal Well Drilling Programme, wells and reservoir consultancy AGR Australia awarded MMA a two-vessel contract supporting the jack-up drill rig Noble Tom Prosser as part of the Victoria Government’s CarbonNet Project. MMA Offshore’s contract is expected to commence in late November, lasting approximately 45 days.
The CarbonNet Project is exploring the viability of commercial-scale carbon capture and storage from multiple CO2 capture projects. The CO2 would be transported via pipeline and injected into deep underground offshore storage sites in the Bass Strait.
Commencing as a direct continuation of the AGR contract, Esso Australia Pty Ltd has awarded MMA a three-vessel contract, also supporting Noble Tom Prosser. The contract is for two anchor handlers and a platform supply vessel and is expected to start January 2020, with a firm contact period of 90 days and a total of 15 months in additional options.
Support services for both projects will be run from the Barry Beach Marine Terminal in Victoria in southeast Australia.
Under contract extensions from a major Australian gas producer, MMA Offshore will deploy two off-take support vessels, Mermaid Sound and Mermaid Strait for a firm period of 18 months with a total of 10 months in additional options.
Not including options, total revenue across the three contracts is estimated by MMA Offshore at approximately A$38M (US$25.9M).
MMA Offshore’s new chief executive David Ross said the company’s outlook for a recovery in the offshore sector and in its key markets remains positive and expects to see a continuing improvement in EBITDA during FY2020.