NEW YORK, June 5, 2007 (PRIME NEWSWIRE) -- Wall Street Reporter Magazine has just published exclusive interviews with executives from Remedial Offshore LLC (Oslo OTC:ROFF) and SeaMetric International AS (Oslo OTC:SEAM), describing how their distinctive rigs are making waves with potential customers in the oil industry and elsewhere.
Both interviews are now available at http://wallstreetreporter.com in streaming audio, MP3, and text format -- all free of charge.
Remedial Offshore (Oslo OTC:ROFF) is building two (2) specialized vessels to address the booming offshore well intervention market, says CEO Richard A. Altman.
"Both of these vessels are unique in that they are self-propelled jack-up rigs," he tells Wall Street Reporter senior analyst Todd Santorelli. "We're kind of in between a less common offering called a lift boat here in the U.S. Gulf of Mexico and a drilling rig. We're a hybrid design."
The exclusive interview paid particularly close attention to the following topics:
-- The "very large" global market opportunity for offshore well
enhancement and repair solutions. "Those 30,000 wells are not
going anywhere," Mr. Altman explains. "We're not depending on the
world to find new oil fields; we're here to enhance the
production of existing oil wells, and those wells can extend for
many decades, provided they have the means to maintain them."
-- Remedial Offshore's proprietary designs and the competitive
advantages they offer the company as a potential partner for
broad-based service providers or the big oil companies
themselves. "We do offer something that is quite unique and quite
value-added."
-- How the company's success in getting word of its equipment out
into the oil industry may materialize in the form of an initial
contract tender as soon as late June.
-- Plans to expand the offering in the near term in order to meet
anticipated demand; long-lead components have already been
secured and because the construction process is "not very
complex," additional rigs could be ready for work by the end of
2009.
"We are in an aggressive growth mode," Mr. Altman tells WSR. "We'll aggressively move forward with building additional units to address the requirements of interest we've already received from around the globe."
SeaMetric International (Oslo OTC:SEAM) has spent the last seven (7) years developing a new marine lifting system, and Johan F. Andresen, the company's managing director, tells Wall Street Reporter that it's time to start building rigs.
"The company doing the actual construction, assembly, and testing of the system will be CPFCC, a subsidiary of China National Petroleum Corporation with 1.4 million employees," he tells senior analyst Santorelli. "The market we are targeting will be in place worldwide, and we will also target the major oil companies."
Among other topics, Mr. Andresen provides especially detailed discussion of:
-- His company's unique two-vessel TML system for lifting heavy
objects by pumping water from buoyancy to ballast tanks. "The
20,000-ton TML system is based on heavy transport vessels," he
says. "We can lift in up to 4.5-meter waves with only a 10%
reduction in lift capacity."
-- How development has been supported over the years by the European
Union, the Norwegian government, and a wide variety of global oil
companies.
-- The recent emergence of heavy lifting as a viable investment
theme. "Investors know companies such as Heerema, Salpem, and
McDermott as examples of heavy lift contractors that are in the
market today," he says. "They are fully aware of where we are and
what we are capable of."
-- SeaMetric's prospects for generating impressive cash flow and
profits once contracting activity begins in earnest.
"Revenue should be good by the start of 2010," he tells Wall Street Reporter. "SeaMetric has the potential to become one of the most profitable companies in the oil industry due to both the volume and number of contracts we are able to do in one year with only one TML system. We are talking about a potential profit of between USD100 billion and USD200 billion per year per system."
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About Remedial Offshore LLC
Remedial Offshore aims at becoming a market leader in the offshore remedial market, offering an ideal solution to work-over and well intervention logistical deployment issues. The company will offer multiple Elevating Support Vessels to international customers, addressing the need for a specialized vessel to pursue the large number of idle or poor performing wells worldwide. Remedial Offshore offers a more efficient and less costly alternative to existing solutions, reducing operational and environmental risk. The company will utilize its unique value proposition to realize profitable growth.
About SeaMetric International AS
SeaMetric International AS is a limited liability company focusing on cost-effective and safe marine services and operations in the offshore oil and gas industry. SeaMetric International AS has developed the Twin Marine Lifter (TML) system for installation and removal of very heavy objects like platform topside and jackets with weights up to 20.000 tonnes. SeaMetric International AS is based in Stavanger, Norway.
Forward-Looking Statements
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.