Abstract: The present invention is directed to an subsea valve assembly having a fixed orifice insert that can be removed and replaced using a remotely operated vehicle (ROV). The valve assembly includes a removable orifice insert holder and a threaded receptacle housing into which the removable orifice insert holder is received. The remotely operated vehicle (ROV) installs the removable orifice insert holder into the threaded receptacle in situ. The remotely operated vehicle (ROV) can remove an existing removable orifice insert by removing the removable orifice insert holder and replacing the removable orifice insert holder with another the removable orifice insert holder that has been pre-assembled at the surface with a removable orifice insert of a different size. Thus, the valve assembly according to the present invention can be used to control the flow rate of a subsea fluid using a replaceable fixed orifice insert.