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Media Information 23rd November 2006 |
Venture Production and Subsea 7 Win CIPS award for 'Best Purchaser-Supplier Partnership'
Innovative partnership recognised by Chartered Institute of Purchasing and Supply
Venture Production plc ('Venture'), the Aberdeen based UK independent oil and gas production company, today announces that it has been honoured with an award for 'The Best Purchaser-Supplier Partnership' by the Chartered Institute of Purchasing and Supply (CIPS) for its agreement with Subsea 7, the global marine contractor. Subsea 7 was joint recipient of the award.
The award, which was presented at a ceremony in London, was won against strong competition including Anglia Water, AXA, the Environment Agency, GlaxoSmithKline and the Ministry of Defence. The highly sought-after CIPS Supply Management awards celebrate excellence in the field of purchasing and contracting and Venture's award recognises its strong innovation, delivery of clear benefits and leading practice in the management of supplier-contractor relationships.
The partnership between Venture and Subsea 7, which secured high praise from the CIPS judging panel, is highly innovative and unique to the subsea contracting industry. It accounts for a significant proportion of Venture's project investment capital and is a key to the company's ability to deliver high-quality projects on time and on budget. The agreement is valued in excess of US $150 million over its first three years and encompasses all of Venture's subsea engineering, construction, inspection, repair and maintenance requirements.
Mike Wagstaff, Chief Executive of Venture said,
"We were delighted to enter into this innovative partnership with Subsea 7 and equally delighted that the success of this relationship nearly two years on has been recognised by the industry. For development operators like Venture, subsea engineering and construction generally represents the largest single element of project cost and is a key enabler in the development of mature basins such as the North Sea. The existence of our partnership with Subsea 7 has been absolutely crucial for the rapid and efficient delivery of our inventory of new field developments. In addition, this relationship has created a number of opportunities for Venture, most notably the recently announced Greater Kittiwake Area pipeline project."
Alistair McGregor, Chief Procurement Officer of Venture said,
"This is the most highly prized of awards for us. Project delivery is where you turn theory into practice and where the most significant corporate benefits are to be gained. Our relationship with Subsea 7 has given us the ability to weather the most challenging market conditions, in terms of rigs and oilfield support services, that we have seen for years. We're naturally thrilled that our efforts in this area have been recognised by some of our profession's most distinguished people."
Enquiries
Venture Contacts
Mike Wagstaff, Chief Executive, 01224 619000
Alistair McGregor, Chief Procurement Officer, 01224 619000
Notes to Editors
The Chartered Institute of Purchasing and Supply
The Chartered Institute of Purchasing and Supply 'CIPS' is an international education and qualification body representing purchasing and supply chain professionals. It gained a Royal Charter in September 1992, the year of its Diamond Jubilee. It is the largest organisation of its kind in Europe and a central reference point worldwide on matters relating to purchasing and supply chain management. Its Professional Code of Ethics is the model for the international code and the domestic codes of many countries.
The Institute acts as a centre of excellence for the whole profession of purchasing and supply chain management. In particular, it works to continuously to improve the professional standards of practitioners, to raise awareness of their contribution to corporate, national and international prosperity, and to represent the interests of individuals within the profession.
Subsea 7
Subsea 7 is one of the world's leading subsea engineering and construction contractors with a workforce of approximately 4000 people worldwide. The Company's global offshore operations are supported out of Asia Pacific, Brazil, Gulf of Mexico, Norway, UK and West Africa. Subsea 7 has more than 100 remotely operated vehicles, five pipeline construction yards and a fleet of modern, high-specification dynamically-positioned ships capable of reeled and flexible pipelay, deepwater subsea construction and saturation diving. These assets, together with strong engineering and project management teams, global expertise, resources and technology make Subsea 7 the subsea partner of choice in the offshore market.
Subsea 7 provides underwater services including complete EPIC (engineering, procurement, installation and construction) services, inspection repair and maintenance covering life of field, survey and positioning, pipeline installation, full project management and engineering together with robotic intervention services.