IWOCSInstallation/Workover Control System
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The Advantec acquisition will provide GE Oil & Gas with an integrated global supply chain to address the surging demand for IWOCS and associated technology, complementing GE s existing subsea production equipment and services portfolio.
Subsea Products improved on the strength of higher demand for IWOCS services and Field Development Hardware.
Our improved fourth quarter outlook since our last earnings call is based on our current forecast of additional: product throughput at our umbilical plants; IWOCS completion and workover service activity; and installation and inspection, repair and maintenance work for our deepwater vessels.
Our reduced earnings guidance presumes declining use of ROVs in the GOM during the second half of 2010, lower demand for our IWOCS and pipeline repair system Subsea Product lines, and less deepwater vessel installation work for Subsea Projects.
We realized a lower Subsea Products operating income margin than we had anticipated due to higher development costs on BOP control systems and lower utilization of our IWOCS rental fleet.
Cal Dive has recently mobilized the Uncle John to install the Jumpers at all three well locations, as well as provide early production by operating the 17 hands tree to facilitate flowing product via an IWOCS system.