Decommissioning Contractors Offer Hope in Struggling Market as IMCA Support Summit

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 13, 2009 -- Sheila McNulty of the Financial Times commented in an article in July of last year, “The big winners of high oil prices are not the international oil companies being criticized by politicians for their enormous profits, but rather the oil services companies that the majors rely on for equipment and labor.”

Despite the fact that oil prices have now slumped to lows of $35 per barrel since last July, this is still undoubtedly the case for contractors involved in decommissioning work. Due to the terrible impact of hurricanes over the last few years and tighter regulations on platforms which have ceased production, decommissioning work is a necessary cost for operators in the Gulf of Mexico which cannot be deferred. If projects are delayed, then operators risk a nervy wait through another hurricane season which, if it results in downed platforms, could increase costs by a factor of between 10 and 15.

There is a huge backlog of work to be completed that has seen this once seasonal industry forced to cope with year round demand. The spoils go to the contractors who are able to offer cost effective solutions to technically challenging projects and compliance to stringent timelines.

This March in Houston, EyeforEnergy are bringing together many of the market leading contractors who can offer just this type of expertise. The Decommissioning & Abandonment Summit, Gulf of Mexico 2009 will be taking place at the Crown Plaza Hotel, Houston Downtown from March 26 – 27; and is rapidly turning into the must attend event of 2009 for operators worried about decommissioning exposure in a turbulent economic climate.

The International Marine Contractors Association, (IMCA), has agreed to support the EyeforEnergy run summit as a result of the involvement of a large number of decommissioning contractors who will be taking part. With the packed exhibition area sold out, and contractors such as Proserv, Tetra Tech, InterAct PMTI, Superior Energy, Weatherford, NCA and Global Industries show casing their capabilities, it is a valuable opportunity for IMCA to support this industry event and help promote the services of many of its members.

With membership as at June 2008 standing at over 490 companies in more than 50 countries, IMCA has grown fourfold since its establishment in 1995 in terms of both members and geographical spread. It is the international trade association representing offshore, marine and engineering companies and a respected voice around the world, promoting good practice.
EyeforEnergy Director, James Taylor, commented that “IMCA’s involvement in the Decommissioning & Abandonment Summit is a significant ‘rubber stamp’ for the work that we are doing. It shows the industry that we are serious and by endorsing the summit, gives weight to the service that we are striving to provide the offshore industry and that we are putting together valuable conferences.”
for the full release please visit - www.eyeforenergy.com/gom

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