Now when you connect a riser, a rigid riser to the surface with a moving vessel that interface becomes very problematic, so most vessel motion become critical. When you get into one to work on or deploy services into all wells including horizontal, now you have to go to a seven inch diameter riser and the because of motions and handling and everything becomes even more critical. You get into what this picture on the upper left there which is the Q4000.
And we’ve opted for the semi-submersible design just because of the motion characteristics of the vessel and the available deck space. The Q4000 was the first of its kind of vessel built specifically for intervention in as deep as 10,000 feet of water. We build there in 2002 and she was the star of Macondo and has gained a lot of credibility in the marketplace.
All three of these vessels are fully utilized; the top two vessels in the North Sea are booked up through the remainder of this year and next year. The Q4000 is actually booked up well beyond the end of 2014, so we are absolutely asset constrained on the well intervention site which has led us to the most significant of our growth initiatives that were started which are the bottom three vessels.
Because of the Q4000 being booked up and the demand for her services we are building another right now it’s called the Q-Plus; we are building this in the Jurong Shipyard in Singapore. It’s a $520 million asset with the delivery date of early 2015.Moving to the other side on the right hand side because of the constraints on our assets in the North Sea and more and more demand coming for, last year we did the first campaign to West Africa with the Enhancer, the middle vessel on top, because of that campaign the opening up of the East Coast of the U.S., Canada and the increased demand in the North Sea we needed more capacity over there as well, so we have added the Constructor which is the bottom right hand vessel. She is a chartered vessel from [docks]; we are adding the system on board for the intervention and we will have her in the service by the first quarter of this next year. Read the rest of this transcript for free on seekingalpha.com