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Seagems Celebrates 10 Years as a Leader in Subsea Engineering Solutions in the O&G Sector, with 36% of the PLSV Market and 97.64% Operational Uptime.
Seagems proudly celebrates a decade of operations, reaffirming its position in the O&G sector. Recognized as an authority in subsea engineering, Seagems stands out by meeting 36% of the PLSV market demand in Brazil, ensuring 97.64% uptime of its operations.
The corporation started strong and has established itself as a benchmark in the segment over the years. As the leading name in subsea projects, Seagems continues to expand its impact in the market, representing a synonym for efficiency and innovation. This 10-year milestone symbolizes not only longevity but also a continuous commitment to excellence in the oil and gas industry.
Seagems Celebrates 10 Years and High Operational Performance
Rio de Janeiro, June 28, 2024 – Seagems, a Brazilian corporation specializing in subsea engineering solutions, celebrates a decade of operations with a historic uptime of 97.64%, highlighting its operational excellence. The company, which owns a fleet of six PLSV – Pipe Laying Support Vessel, named after national gemstones – Diamond, Topaz, Onyx, Jade, Emerald, and Ruby, has conducted hundreds of subsea tieback operations over the years, with nearly 5,000 kilometers of flexible and umbilical pipes installed.
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Growth and Expansion in the Subsea Tieback Market
Seagems currently holds 36% of the national market for tieback projects and handling of subsea flexible pipes. Its vessels are all under long-term contracts with Petrobras, ensuring operations until 2028 and a business volume of US$ 1.8 billion during this period. Although the vessels are designed for flexible pipe installation, the company has already participated in the installation of MCVs, BAPs, Manifolds, and Christmas Trees (ANM). The company operates especially in the Brazilian pre-salt region, with 80% of its operational time in the Santos and Campos Basins but has also conducted operations in international waters during windows of opportunity.
IPO of Paratus Energy Services Ltd. and Its Impact on Seagems
Another significant milestone for Seagems, in addition to its 10th anniversary, is the IPO of Paratus Energy Services Ltd., which also took place on this date on the Oslo Stock Exchange, Norway. Paratus, holding 50% of Seagems, conducted the IPO after a significant backlog from its shareholder, strongly driven by Seagems’ history of robust financial results. In its 10 years, the company recorded a net revenue of US$ 3.9 billion and EBITDA of US$ 2.4 billion, approximately 60% EBITDA margin, which is highly attractive in the energy industry.
Focus on Training and Sustainability
The Seagems team consists of 1,145 professionals, divided between its vessels and three offices (Rio de Janeiro, Rio das Ostras, and Vienna). Over its 10 years, the company has achieved 2,314 promotions and level changes, with a total of 1,262,208 hours of internal training. Notably, 45% of offshore professionals were trained internally, contributing to low turnover, with nearly 50% of employees having more than six years with the company. Since 2018, Seagems has been annually classified as an excellent place to work by GPTW, frequently appearing on the lists of the best companies in the State of Rio de Janeiro. Safety is also a priority; in 10 years, the company recorded 3,019 days without accidents and incidents – over 91% of its working days are considered perfect days, as revealed by Rogerio Salbego, CEO of Seagems.
Performance and Diversity at Seagems
Seagems has its own training center under the acronym SEA – Seagems Excellence Academy, with Pipe Laying and ROV Operation simulators, training over 400 employees in the last eight years. In terms of diversity, the company has 20% of its workforce composed of women, a 9% increase since its inception, positioning itself above the industry average, which is still predominantly male. Furthermore, it has been recognized with the Brazil Mata Viva Sustainability Seal – from the Oil and Gas sector, symbolizing a future-oriented vision aligned with the sustainability agenda. Mechanisms to elevate its structure in reporting and governance standards have been implemented to ensure business continuity and integration with the most updated concepts of corporate sustainability.
Innovations in the O&G Industry
Revolutionizing the O&G industry in Brazil, Seagems was the pioneer in constructing a fully integrated series of world-class PLSVs at a single shipyard. These vessels, designed for high-complexity subsea construction operations, have a storage capacity of up to 4,000 tons of flexibles. Equipped with two remotely operated vehicles (ROVs) per vessel, capable of operating at depths of up to 3,000 meters, the company averages 12 subsea tieback projects per month for its clients.
About Seagems
Specializing in practical subsea engineering solutions, Seagems offers services above and below the sea, addressing the most varied offshore demands of the energy industry. Composed of a fleet of six vessels equipped with 12 remotely operated vehicles (ROVs), the company operates in the cities of Rio de Janeiro, Rio das Ostras, and Vienna. 100% Brazilian, Seagems is the result of a joint venture between two major multinationals in their respective markets: Sapura Energy Behard and Paratus Energy Services Ltd.
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