A Sponsor Profile: TS Marine
Just came across this in my internet meanderings - an intersting read.
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In global organizations, sometimes a branch office can boom while the head office withers. That’s the case with TSMarine: now a management buyout of the Australian operation has positioned TSMarine SE Asia for expansion into Asia and the Middle East.
TSMarine, established in 2004 and based in Aberdeen, set up a branch office in Perth, Australia, in 2006, equipping the specialist well intervention and construction operation with two new ships, the Havila Harmony and Rem Etive.
TSMarine SE Asia’s Regional Sales and Marketing Manager, Ian Rowson, was sent out to start up the Australian operation based on a large contract with Woodside Energy and it soon became apparent that the Australian operation had great potential. “From day one we have been profitable,” says Rowson.
TSMarine’s head office, however, was struggling. Market conditions in the North Sea were gloomy and delays on new ships for reasons outside TSMarine’s control put them under financial pressure. TSMarine now exists in name only and the Australian operations were bought out by the Australian management team, in conjunction with a Sydney-based private equity firm, CHAMP Ventures, in November 2009.
According to Rowson, the change of ownership has delivered two major benefits. One is the company is now 100 percent Australian owned. The other is that the key management team were party to the management buyout. “That team is 100 percent behind the company and locked into our success,” says Rowson.
OFFSHORE SPECIALISTS
TSMarine has developed as a specialist marine and subsea provider of ‘life of field’ services to offshore oil and gas operations, pushing the boundaries of well intervention, decommissioning and installation from mono-hull DP vessels as a cost-effective replacement of semi-submersible rigs and drill ships.
TSMarine’s primary focus is rigless subsea well intervention, decommissioning of sub-sea production facilities and sub-sea construction and installation-support services, including saturation diving.
In the exploration phase, they can provide a range of services from geotechnical sample coring to survey and ROV inspection; in the construction phase they provide services from well conductor piling and sub-sea tree installation, also known as ‘Christmas Trees’, to flowline and umbilical laying, manifold and subsea structure installation, metrology and tie-ins. During the operational phase, TSMarine provides well intervention services, IMR and other survey and inspection services and TSMarine can plug and abandon subsea wells as well as recover other subsea infrastructure in the decommissioning phase.
But TSMarine’s unique specialty is in well intervention – and they are the only company providing this service in the SE Asian region.
Because of the difficulty and expense, subsea wells usually don’t get maintained in the way that on-shore or platform-based wells do. However, an intervention can increase production, or confirm reservoir data. “It gives them a greater understanding of the field,” says Rowson.
TECHNOLOGICALLY ADVANCED
TSMarine’s technical capability allows that intervention to be carried out at a reasonable cost. In 2009, they held the world water depth record in rigless intervention of 397mWD; they had the only NOPSA-approved safety case for well intervention in Australia; and they had the first electric line intervention from a DP vessel outside the North Sea.
TSMarine’s two current vessels are virtually new. The Harmony was built in 2005 and refitted in 2006/7 and the Etive was built in 2007. Both vessels are Norwegian built and on long-term lease.
Not only does this provide some technical advantages but as TSMarine’s profitability relies on maximum utilization of the ships, it reduces maintenance and the risk of down time.
To ensure peak condition, TSMarine has an integrated management system (IMS) covering all operations, both in the corporate office and on vessels. And they keep a couple of ROV maintenance personnel on board at all times.
“Even if the ROVs are not needed on that job, we keep a couple of guys on board to maintain them. The aim is for maximum vessel utilization and we generally achieve well over 80 percent,” says Rowson.
The ROVs are deep depth rated to 3,000 meters and the vessels crane rated to 2,000 meters. “With well intervention, we are currently limited to about 500 meters but are working on increasing that,” says Rowson.
KEY PARTNERS, TOP STAFF
As TSMarine uses sub contractors, another key to success is good relationships and contractual arrangements. They partner with WellOps for specialist well Intervention equipment and personnel, Go Offshore for ships personnel, Dof Subsea for diving systems and personnel, and have contracted with Dupont Systems for health, safety and environment training, known as “slips, trips and falls” training.
Attracting and retaining quality staff is also a priority. Currently TSMarine employs around 50 personnel in the corporate office and 180 offshore. “The vessels themselves attract good applicants, being new and what is known as Clean Comfort Class V, meaning there is a low level of noise and vibration and conditions within the cabin are basically luxury compared to other vessels operating in the region,” Rowson says.
Another attractor is the consistency and variety of work. “There is a lot of interest in the work – from ROV to intervention work; variety is the spice of life,” he adds. “We have a very good relationship with the subcontractors and the unions and take great care over our contracts.”
This is an industry where the players are few and the lead times can be long, so TSMarine concentrates their marketing efforts on building long-term relationships. Current contracts include Woodside, BHP and Apache.
They are often introduced to clients through their unique well intervention capability and then are in a position to expand their offering.
“We are a major sponsor of the Western Force Super 14 Rugby Union Team. The oil and gas sector contains a lot of UK and Scots ex-pats and Union has a big following in the industry. This builds profile as does events and brand awareness advertising in trade magazines and expos,” Rowson reasons.
IN THE FUTURE
With revenue growing from $70 million in 2007 to $150 million in 2009, TSMarine is looking to expand further into Asia and beyond.
The global slowdown has not affected offshore operations to the same degree as onshore, due to the long lead times, and Rowson expects 2010 to provide stable revenue.
Looking forward, the massive Chevron Gorgon Project will come on line in 2012-13 and TSMarine is looking at work scopes for that project. Several other large projects are also due from 2012 onwards. Australian content is becoming important on these projects and TSMarine can offer this being 100 percent Australian-owned. Depending on negotiations, a third well intervention/construction vessel will come on line in mid 2010, increasing TSMarine’s capacity in the region.
TSMarine has an office in Singapore and representation in Kuala Lumpur, Malaysia and with CHAMP Ventures, a private equity firm, being the partner in the management buyout, an eventual public float is on the cards.
FACTS AT A GLANCE:
Company Name: TSMarine Pty Ltd.
Regional Sales and Marketing Manager: Ian Rowson
Operations: Offshore well intervention and construction specialists
Established: 2004
Employees: $150 million
www.tsmarine.net.au
Source: http://www.energydigital.com/TSMarin...ons_41098.aspx
Edit: I notice the link doesn't lead anywhere and that www.tsmarine.com.au leads to an amcom page (provider) - if you guys at TS need an IT bloke around, gimme a call ;) )
