Country for PR: Hong Kong
Contributor: PR Newswire Asia (Hong Kong)
Thursday, September 14 2017 - 19:44
AsiaNet
Aquabotix - Hurricanes Harvey and Irma Update
SYDNEY, Sept. 14, 2017 /PRNewswire-AsiaNet/ --

- Two major hurricanes have impacted offshore and coastal infrastructure in the 
  United States (including oil and gas production in the Gulf of Mexico) and the
  Caribbean 
- Reconstruction effort to involve substantial underwater work, increasing the 
  need for the Company's vehicles 
- Aquabotix is undertaking initiatives in the affected areas

The United States and the Caribbean have been impacted by two hurricanes 
(Harvey and Irma) of rare severity over the recent two weeks. The hurricanes 
have caused a substantial amount of damage to the offshore and coastal 
infrastructure in the United States and the Caribbean. The reconstruction 
effort will involve a substantial amount of underwater work, and the Company 
expects that it will substantially increase the need for its vehicles. The 
Company is undertaking a series of initiatives, described further below, in 
connection with these hurricanes.

Hurricane Harvey
Hurricane Harvey was the first major hurricane to make landfall in the United 
States since Wilma in 2005. Harvey inundated hundreds of thousands of homes, 
displaced more than 30,000 people, and caused at least 71 confirmed deaths. The 
director of the United States Federal Emergency Management Agency Brock Long 
called Harvey the worst disaster in Texas history, and said that he expected 
the recovery to take many years. Economic losses from Harvey have been 
preliminarily estimated at between US$70 billion and US$200 billion.

Harvey's effect has been particularly pronounced on the U.S. energy industry 
(and in particular its offshore production) and port/maritime industry. The 
Gulf Coast of the United States (i.e. the U.S. waters in, and coastline 
abutting, the Gulf of Mexico), is home to a large number of shipping facilities 
and the seat of around a third of U.S. oil refining and a substantial amount of 
offshore energy production. In the wake of Harvey, energy production in the 
Gulf of Mexico declined by approximately 21% -- 378,633 barrels per day of the 
1.75 million barrels of oil produced each day. Natural gas production declined 
by about 25.71% -- 827.89 million metric standard cubic meters per day. For 
safety reasons, 105 of the 737 offshore oil rigs in the Gulf of Mexico were 
evacuated before the storm made landfall on Friday. 

Photo - https://photos.prnasia.com/prnh/20170914/1942104-1 

Harvey also closed many ports - the Houston shipping channel was shut down 
(http://www.fox10tv.com/story/27807326/ships-backed-up-in-texas-shipping-channel
-closure) and ports 
(https://www.reuters.com/article/us-storm-harvey-corpuschristiport-idUSKCN1B50BH
) at Corpus Christi and Galveston were also closed due to the hurricane. 
Subsequently to the hurricane, Bloomberg reported that the impact of flooding 
on some ports may be serious. 

Hurricane Irma
Hurricane Irma was the most intense hurricane to strike the United States since 
Katrina in 2005, and the first major hurricane to hit the state of Florida 
since Wilma in 2005, breaching the Florida Keys approximately two weeks after 
Hurricane Harvey struck in Texas. Prior to making landfall in the United States 
Hurricane Irma caused catastrophic damage in Barbuda, Saint Barthelemy, Saint 
Martin, Anguilla and the Virgin Islands. Irma's predicted path was such that 
1.3 million people were affected by mandatory evacuation orders in Florida 
alone, with up to 6 million people voluntarily evacuating. At the time of 
writing it was reported to have caused at least 21 deaths. Economic losses from 
Irma have been preliminarily estimated at more than US$300 billion by multiple 
sources.

Impact on Aquabotix
The Company is undertaking a series of initiatives with the view to equipping 
existing and new clients with specialist commercial-grade remotely operated 
vehicles (ROVs) that will be required to meet the increased demand for 
inspection, assessment and recovery activities as a result of damage caused by 
Hurricanes Harvey and Irma. Aquabotix is actively engaging with:

- Specialist distributors in Florida and the broader Gulf of Mexico region, 
- Local and state governments, 
- Existing and new U.S. federal customers, including the existing U.S. Coast 
Guard customer, and 
- Existing oil and gas industry customers. 

Further Information

Brendan Martin - Executive Director
Email: investors@aquabotix.com 
Tel: +61 (0)2 8294 5360

About UUV Aquabotix Limited

Based in Sydney, Australia and Fall River, Massachusetts, USA, Aquabotix is an 
established underwater robotics company which manufactures and sells commercial 
and industrial-grade underwater drones and networked underwater cameras for 
commercial, high-end consumer and military applications. It is also one of very 
few companies worldwide offering commercially-available hybrid underwater 
drones, which are capable of both autonomous and remote operation. The Company 
owns the intellectual property in a range of unmanned underwater vehicles and 
underwater camera products and is an early-mover in a nascent industry.

SOURCE UUV Aquabotix Ltd