Date: March 16, 2004
Organization: Benthos
BENTHOS INTRODUCES THE SMART RELEASE
North Falmouth, Mass.- Benthos, Inc. announced today the development of its new SMART Release? underwater data communications and instrument release management system.
The Smart Modem and Release Technology (SMART) Release is a unique concept from Benthos that combines the proven technology of an underwater acoustic release with the reliable undersea communications functionality of an acoustic modem. This combined subsea unit communicates with a single deck box on the surface connected to a laptop computer equipped with an easy-to-use graphical user interface. This enhancement provides users with a visual display to communicate information such as range, release status, battery life and tilt, thus eliminating the sometimes difficult to decipher output of other acoustic release deck boxes. Other new features include an increased number of command codes and a vertical mounting option.
When deployed, the unit can be connected to an underwater sensor such as a Conductivity Temperature and Depth recorder (CTD), acoustic Doppler profiler, or other devices. The SMART Release unit can then acoustically transfer data from the device to which it is connected up to the surface or to another subsea unit and later be retrieved.
In the past, users would have had to deploy twice the amount of equipment, at nearly twice the cost, to achieve the same functionality. In addition, the old solutions often resulted in complex integration prior to deployment. For this reason, users would often choose to deploy their expensive subsea equipment with only an acoustic release, hoping that the data was being collected below and that the equipment could later be retrieved months or years later, after the acoustic release was triggered.
Now, with the SMART Release? System, the user can have all of the functionality of the subsea release and modem in one unit. This new device will allow oceanographic, military and other users the ability to monitor and retrieve data from their subsea instruments and release the entire package of instruments successfully to the ocean's surface at a later date.
Benthos, Inc., through its Undersea Systems Division, designs, manufactures, sells and services a variety of oceanographic products for underwater tasks; and through its TapTone Package Inspection Systems Division makes systems for testing consumer packages made of glass, metal or plastic. The common stock of the Company is traded on the Nasdaq SmallCap market under the symbol BTHS. For more information, Benthos can be found on the Internet at www.benthos.com.
Contact: Peter Zentz
Corporate Communications Manager, Benthos, Inc.
Tel: (508) 563-1000, ext. 505
Date: March 16, 2004
Organization: Oceaneering International, Inc
OCEANEERING AND SUBSEA 7 TERMINATE ACQUISITION AGREEMENT
Oceaneering International, Inc. (NYSE:OII) today announced Oceaneering and Subsea
7 have mutually agreed that the proposed acquisition of the remotely operated
vehicle (ROV) drill rig support and related business operations from the Subsea
7 group of companies will not proceed. The conditions of closing have not been
met and the agreement, which was signed in late November 2003 when the conditional
transaction was publicly announced, has been terminated.
Oceaneering and Subsea 7 have agreed it is in the best interest of both parties
to terminate the agreement without further obligation. Oceaneering will expense,
during the first quarter 2004, accumulated transaction costs as incremental
general and administrative expense; on a preliminary basis, these costs are
estimated to be in the range of $1.5 to $1.8 million pre-tax.
John Huff, Chairman and Chief Executive Officer, stated, "We are disappointed
we were not able to complete this transaction. We remain committed to using
our financial strength to grow profits at Oceaneering beyond our current capacity.
Our EPS outlook for 2004, after the non-recurring transaction costs, is now
$1.55 to $1.65. This compares to the previously announced EPS range of $1.60
to $1.70."
Statements in this press release that express a belief, expectation or intention,
as well as those that are not historical fact, are forward looking. The forward-looking
statements in this press release include the statements concerning Oceaneering's
estimate of incremental general and administrative costs to be expensed during
the first quarter of 2004, commitment to use its financial strength to grow
profits beyond its current capacity, and projected earnings per share for 2004.
These forwardlooking statements are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and are based on current
information and expectations of Oceaneering that involve a number of risks,
uncertainties, and assumptions. Among the factors that could cause the actual
results to differ materially from those indicated in the forwardlooking statements
are: industry conditions, prices of crude oil and natural gas, Oceaneering's
ability to obtain and the timing of new projects, and changes in competitive
factors. Should one or more of these risks or uncertainties materialize, or
should the assumptions underlying the forward-looking statements prove incorrect,
actual outcomes could vary materially from those indicated. These and other
risks are fully described in Oceaneering's periodic filings with the Securities
and Exchange Commission.
Oceaneering is an advanced applied technology company that provides engineered
services and hardware to Customers who operate in marine, space, and other harsh
environments. Oceaneering's services and products are marketed worldwide to
oil and gas companies, government agencies, and firms in the telecommunications,
aerospace, and marine engineering and construction industries.
For further information, please contact Jack Jurkoshek, Manager Investor Relations,
Oceaneering International, Inc., 11911 FM 529, Houston, Texas 77041; Telephone
713-329-4670; Fax 713-329-4653; www.oceaneering.com; E-Mail investorrelations@oceaneering.com.
Date: March 2, 2004
Organization: JW Fishers
ROV METAL DETECTOR TO BE USED ON WORLD'S RICHEST SHIPWRECK
Tampa based Odyssey Marine Explorations have located the 1860's steamer S.S.
Republic which could be holding the richest cargo ever recovered from a shipwreck.
The ship was carrying 59 passengers and 20,000 $20 gold coins when it sank in
a hurricane off Savannah, GA in October 1865. Amazingly all the passengers got
off alive, but the coins - intended to help pay reconstruction costs after the
Civil War - went to the bottom of the Atlantic. An expert has estimated today's
value of the coins to be between $120 and $180 million.
After combing over 1,500 square miles of ocean with side scan sonars, magnetometers,
and remotely operated vehicles (ROVs), Odyssey reports they found the wreck
in 1,700 feet of water about 100 miles southeast of Savannah. Because the wreck
is in international waters the company doesn't need a permit to work the site.
Video images from the seabed show a partially exposed rudder, paddle wheel,
and giant steam engine, as well as hundreds of old bottles and other artifacts
protruding from the sediment. However, none of the coins are visible. The weight
of the gold has caused the small coins to sink into the silty bottom. For a
solution to the problem of locating the buried coins in 1700 feet of water,
Odyssey contacted JW Fishers, world renown for their underwater metal detectors.
Fishers advised that their RMD-1, a remotely operated metal detector, would
be the best piece of equipment for the job as it could be attached directly
to their ROV and operated remotely. This high performance Pulse Induction metal
detector was specially designed for use on underwater vehicles. The remote metal
detector would find both the ferrous and nonferrous metal objects under the
ocean floor while ignoring minerals in the salt water and seabed. The detector
works by transmitting a stream of high energy magnetic pulses from two oval
coils extended out in front of the ROV. When a transmitted pulse hits a metal
object a magnetic field is induced, and the coil, acting as an antenna, picks
up the field being radiated from the object. When the coil senses metal it sends
a signal to an electronics unit installed in the underwater vehicle. The signal
is then transferred through the umbilical cable to a top-side control unit or
computer where an operator is alerted to the presence of a metal object. Odyssey's
ROV fitted with Fishers RMD-1 will be documenting and excavating this historic
site.
For more information on this fascinating search and salvage operation, or other
Odyssey Marine Explorations projects visit their website at www.shipwreck.com.
For more information on Fishers underwater search equipment contact jwfishers@aol.com
or visit their website at www.jwfishers.com.
Date: March 2, 2004
Organization: JW Fishers
ROV SAVES POWER COMPANY MILLION$
Adventure, Depth and Technology (ADT), a remote imaging and underwater survey
company based in Santa Cruz, CA, recently joined forces with Advanced Diving
Systems(ADS) from Mesquite, Nevada to investigate and document a 10,000 gallon
per minute water leak from a high altitude reservoir in Utah. If not located
and sealed, the leak would cause the shut down of a power plant, at an estimated
cost of $80 million a month.
During the summer of 2002 divers were brought in to locate the source of the
leak. With extremely poor visibility from algae growth and summer runoff, they
were unable to do so. The power company, which services the greater Salt Lake
City area, made a decision to wait until winter when the lake was frozen, knowing
water clarity would be at its peak and the ice would provide a stable work platform.
Their plan was to bring in an ROV, deploy it through the ice and do a complete
underwater survey. Having no prior experience with this type of operation, plant
officials had some concerns about whether the job could be accomplished as they
envisioned.
In February of 2003 the ADT and ADS teams were contracted to perform the reservoir
survey operation. ADT brought in their Fisher SeaLion ROV and Diver Mag 1 hand-held
magnetometer. The remoteness of the site required all equipment be transported
in by snowmobiles and transport sleds. An on-site dive station and electronics
room, a 12 by 18 foot canvas tent, was set up close to the suspected fault lines.
The ice camp was reminiscent of early expeditions to the North and South Poles,
with one exception, the addition of a 55,000 BTU heater! Over 9 frosty days
the crews worked at an altitude of 8,500 feet in near zero temperatures with
snow falling every day.
Capt. Wings Stocks, owner and president of ADT reported, "After cutting triangular
access holes through 18 inches of ice, a survey grid was established and the
SeaLion went to work. After many hours of running grid lines with the ROV this
first fault was finally located. The operator brought the ROV up to the surface
until it was resting under the ice. The Diver Mag 1 was used to pinpoint the
exact location of the ROV and a GPS position was taken. Over the course of the
week several more faults were located and tracked. Each one was videotaped and
it's position documented. Capt. Wings reported, "The SeaLion worked flawlessly,
7 hours a day, for nine straight days. The power company's chief geologist repeatedly
commented on the performance of the ROV - not only on it's ability to fly and
hover, but on it's reliability despite the extreme weather. The daily entourage
of company executives visiting the site developed a very high regard for our
team and the ROV. When the project was finished we were proud of what we had
accomplished under such harsh conditions. After completing the job to the satisfaction
of all involved, we were happy to return to the warmth of home."
The decision to call in ADT was based both on their experience in remote sensing
and also on their extensive knowledge of underwater operations. Capt. Stocks
came highly recommended with a well established reputation in the diving and
marine industry. His career spans over 30 years in the field. First introduced
to diving as a Marine stationed in Okinawa in the early 70's, he began to pursue
a career in dive education upon his return home. He received instructor training
in Colorado before heading to Florida to put his new skills to the test. After
teaching scuba and working in a number of dive operations around the sunshine
state, he headed out to California in the late 70's to run a dive shop in the
San Francisco area. In 1981, Wings as he prefers to be called, and his wife
Ani moved to Santa Cruz and opened their own dive shop, Ocean Odyssey. As technical
diving came into it's own in the early 90's, Wings, along with Billy Dean, Dick
Rutkowski, and a handful of others, became pioneers in the field, "writing the
book" on cave and deep wreck diving. Exploring new career opportunities in the
late 90's he started doing professional videography for commercial customers
with projects like the filming of underwater instrument packages in their working
environments. As his reputation for doing top-notch commercial work grew, he
began getting requests to perform search and survey operations. He made the
decision to invest in the equipment needed for these operations acquiring a
side scan sonar, SeaLion ROV, Pulse 8X underwater metal detector, Pulse 12 boat-towed
metal detector, and the Diver Mag 1. This equipment, coupled with his technical
diving gear, fully outfitted 26' custom fiberglass boat, and Ford F450 box truck
to tow the boat and carry all the gear, gave him the capability to perform almost
any type of search or salvage operation.
Capt. Stocks professional qualifications include; USCG 100 ton skipper, Master
Diving Instructor, Dive Operations Supervisor, and Trimix Rebreather Instructor.
He has worked on a number of high profile salvage operations including the "Brother
Jonathan" recovery, "Andrea Doria" expeditions, and the "Pilar" project in Guam.
Contact Capt. Stocks at adv-depth-tech@pacbell.net.
Date: March 2004
Organization: Perry Slingsby Systems, Ltd.
PERRY SLINGSBY SYSTEMS RECEIVES TOOLING ORDER FROM TECHNIP OFFSHORE
Kirkbymoorside, England- Perry Slingsby Systems, Ltd. is pleased to announce a contract award for the supply of a comprehensive Remotely Operated Vehicle Tooling Package from Technip Offshore. The Tooling Package will be used to support Technip's subsea field installation contract on the Burullus Gas Company's 'Simian-Sienna and Sapphire' gas field development.
The scope of work includes the supply of torque tools, torque tool control manifolds, flying lead orientation tools and skid, plus a fluid injection skid. All of the tools are designed to interface with ISO 13628-8 ROV interfaces on subsea production systems.
Richard Burdon, Tooling Sales Co-ordinator of Perry Slingsby Systems Ltd. stated, "This contract reinforces our position as the one of the World's leading suppliers of ROV tooling systems, and our commitment to developing equipment that surpasses current standards in performance."
Technip Offshore Ltd. is a wholly owned subsidiary of Technip Group Paris, France. The company provides a complete range of marine contracting services including remotely operated vehicle (ROV) survey and intervention services, dynamically positioned vessels and technical manpower and project management services.
Perry Slingsby Systems, a member of the Technip Group, is recognized as the world leader in the design and manufacture of underwater remotely operated vehicles (ROV's) and related subsea equipment. From facilities in the US and the UK, Perry Slingsby Systems has, for over 40 years, developed subsea intervention technologies for the oil & gas, telecom, military and other specialist markets. Today, Perry Slingsby Systems markets a comprehensive range of state-of-the-art ROV's, robotic tooling products and robotic engineering capabilities, all backed by a worldwide network of after sales service and support.
With a workforce of about 19,000, Technip ranks among the top five in the field of oil and petrochemical engineering, construction and services. Headquartered in Paris, the Group is listed in New York (NYSE: TKP) and in Paris (EURONEXT: FR0000131708). The main engineering and business centers of Technip-Coflexip are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the United States, Brazil, Abu-Dhabi, China, India, Malaysia and Australia. The Group has high-quality industrial and construction facilities in France, Brazil, the UK, the USA, and Finland as well as a world class fleet of offshore construction vessels.
For further information, please contact:
USA: PERRY SLINGSBY SYSTEMS, INC.
Bruce Lokay
Vice President Sales & Marketing
821 Jupiter Park Drive
Jupiter, FL 33458
Tel: 561 743 7000
Fax: 561 743 1313
pssi@us.perrymail.com
UK: PERRY SLINGSBY SYSTEMS, LTD.
David Gillies
Kirkbymoorside, York
Y062 6EZ, England
Tel: +44 1751 431751
Fax: +44 1751 431388
pssl@uk.perrymail.com
