North East telecommunications company wins share of major Brazilian deepwater oil project

Westhill based NesscoInvsat Telecommunications is one of four UK businesses to share in a major $101 million (USD) Brazilian offshore contract for a deepwater oil production platform which received $52 (USD) million of support from the UK government's Export Credits Guarantee Department (ECGD), the UK 's official export credit agency.

The full-scope telecommunications contract was awarded by FSTP, a consortium between Fels Setal and Technip for the $1.8 billion (USD) P52 semi-submersible production platform, one of the world's largest floating platforms, which is operated by Brazil 's state-owned oil company Petrobras.

The milestone contract confirms NesscoInvsat's position as one of the leading suppliers of offshore telecommunications provision to the Latin American oil and energy industry market.

"With valuable hands-on export development support from several partner agencies in Business Gateway International, we have been working hard on the ground for a number of years in establishing a strong strategic presence in Rio de Janeiro ," comments Tom Smith, managing director of NesscoInvsat.

"This high-profile contract is a direct result of many months of intensive collaboration with the FSTP consortium and with Petrobras."

NesscoInvsat Telecommunications was formed in September 2005 following the acquisition of Invsat Ltd by Nessco Telecommunications.

The P52 platform is scheduled for completion in 2007 and is located 250 miles off the Rio de Janeiro state coast in the Roncador fields of the Campos oil basin, an area that accounts for over 80 percent of Brazil 's total oil output. When operational, the P52 will have an oil production capacity of 180,000 barrels per day and is capable of operating in water depths up to 1,800 metres.

The other three UK companies involved in the contract are Rolls-Royce Plc, ETA Process Plant and Glasgow-based Veolia Water Systems.

Confirming the announcement, UK Trade Minister Ian Pearson said: "The world-class expertise of these four UK companies, combined with ECGD cover, and targeted help and advice from UK Trade and Investment, has enabled them to secure these important contracts which will increase Petrobras' expertise in oil production, as well as earn hard currency for Brazil ."

You can read more about this story at http://www.nesscoinvsat.com/

About the Export Credits Guarantee Department

ECGD, the Export Credits Guarantee Department, is the UK 's official export credit agency. A Government Department reporting to the Secretary of State for Trade and Industry, it has nearly 90 years' experience of working closely with exporters, project sponsors, banks and buyers to help UK exporters of capital equipment and project-related goods and services.

ECGD does this by providing:

insurance against non-payment to UK exporters;
help in arranging finance packages for buyers of UK goods by guaranteeing bank loans; and
Overseas Investment Insurance which gives UK investors insurance against political risks.

For more information about ECGD, visit www.ecgd.gov.uk