Subsea 7 Secures Major Offshore Contract in Norway
Subsea 7 Announces Major Contract Award
Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY), a renowned leader in offshore engineering, has exciting news. Their latest venture takes them offshore Norway, where they have secured a substantial contract. This contract encompasses engineering, procurement, construction, and installation (EPCI) of vital components including pipeline bundles, spools, protective covers, and tie-ins, utilizing key vessels from their extensive fleet.
Project Scope and Timelines
The project is set to initiate with project management and engineering, which will take place at Subsea 7's offices located in Stavanger and Aberdeen. Critical fabrication work for the pipeline bundles will be carried out in Wester, Scotland. Offshore operations are poised to commence between 2025 and 2027, marking an efficient timeline for the execution of this ambitious project.
Leadership Excitement
Erik Femsteinevik, the Vice President for Subsea 7 Norway, expressed enthusiasm regarding this project. He noted, "We are excited to have been awarded this project. Our collaboration with clients leverages our collective experience from past and present projects. By engaging early in the field development process, we can optimize design solutions and contribute to a positive final investment decision. Subsea 7 looks forward to delivering a safe, efficient, and reliable field development." This statement reflects the commitment of Subsea 7 to not only meet but exceed client expectations.
Understanding Contract Value
Subsea 7 defines a substantial contract as one that falls within the range of $150 million to $300 million, a significant investment that illustrates the scale of the project and its potential impact on the energy sector.
A Commitment to Sustainability and Innovation
As a global leader in delivering offshore projects, Subsea 7 is dedicated to creating sustainable value within the energy industry. The company positions itself as a trusted partner and employer of choice, focusing on delivering efficient offshore solutions that meet the world's evolving energy needs. Their emphasis on innovation and sustainability is crucial as the industry turns towards greener practices.
Contact Information for Inquiries
For Investment Community Enquiries:
Katherine Tonks
Investor Relations Director
Tel: +44 20 8210 5568
Email: ir@subsea7.com
For Media Enquiries:
Jan Roger Moksnes
Communications Manager
Tel: +47 41515777
Email: janroger.moksnes@subsea7.com
Website: www.subsea7.com
Frequently Asked Questions
What is the scope of the contract awarded to Subsea 7?
The contract involves EPCI services for pipeline bundles, spools, protection covers, and tie-ins for an offshore project in Norway.
When is the offshore operation expected to commence?
Offshore operations are anticipated to take place from 2025 to 2027.
What is considered a substantial contract by Subsea 7?
Subsea 7 classifies a substantial contract as falling between $150 million and $300 million.
Who expressed excitement about the project?
Erik Femsteinevik, Vice President for Subsea 7 Norway, shared his enthusiasm regarding the project.
What is Subsea 7's commitment towards sustainability?
Subsea 7 is focused on creating sustainable value and delivering efficient offshore solutions in an evolving energy landscape.
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