Subsea7 Excels with New Offshore Development Contract
Subsea7 Engages in New Offshore Project
In a significant development for Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY), the company has secured a pivotal contract with ConocoPhillips Skandinavia AS for conducting a front-end engineering and design (FEED) study. This contract pertains to the Previously Produced Fields (PPF) project offshore, which marks an exciting stride in Subsea7's operational endeavors.
Framework Agreement Enhances Collaboration
This project is part of a broader framework agreement established between Subsea 7 and ConocoPhillips. The intent of the agreement is to foster a collaborative approach for future developments in offshore settings. This partnership reflects a commitment to advance project efficiencies and gain valuable insights into subsea developments.
Objectives of the FEED Study
The primary objective of the FEED study is to finalize the technical specifications for the subsea development. Work will kick off immediately in Norway, positioning Subsea77 to play a vital role during the early stages of the field development process. This proactive approach allows the company to optimize design solutions that will aid in the final investment decision.
Future Prospects and Timeline
If the project receives approval and passes the final investment decision, there's potential for an extensive award of the subsea structures, including umbilicals, risers, and flowlines (SURF) scope under this framework. Installation activities associated with this award are anticipated to occur between 2026 and 2029, setting the stage for significant future developments.
Location and Significance of the PPF Development
The Previously Produced Fields are strategically located in the Greater Ekofisk Area, approximately 290 kilometers from Stavanger, making it an essential hub for subsea activity. The development will connect with the existing Ekofisk Complex, enhancing the operational landscape and potential output from this vital region.
Statements from Leadership
Erik Femsteinevik, the Vice President for Subsea 7 in Norway, expressed enthusiasm about this new venture, stating, “We are delighted to have signed a Framework Agreement with ConocoPhillips and have received this initial FEED contract. The groundwork set in this study will allow Subsea 7 to engage early in the development process, enhancing design solutions and steering the final investment decision.”
About Subsea 7
Subsea 7 continues to establish itself as a leader in the offshore project delivery sector, catering to the evolving energy industry. The company is committed to creating sustainable value, ensuring it remains the partner and employer of choice in the quest for efficient offshore solutions.
Contact Information
For inquiries related to the investment community, please reach out to:
Katherine Tonks
Investor Relations Director
Tel +44 20 8210 5568
ir@subsea7.com
For media inquiries, you can contact:
Jan Roger Moksnes
Communications Manager
Tel +47 41515777
janroger.moksnes@subsea7.com
Frequently Asked Questions
What is the purpose of the FEED study by Subsea7?
The FEED study aims to finalize the technical definition of the subsea development for the Previously Produced Fields project.
Who awarded the contract to Subsea7?
The contract was awarded by the operator ConocoPhillips Skandinavia AS under a new Framework Agreement.
Where is the Previously Produced Fields project located?
The project is located in the Greater Ekofisk Area, approximately 290 kilometers from Stavanger.
What will happen if the project passes the final investment decision?
If approved, the operator can exercise an option to award a large scope for subsea structures, umbilicals, risers, and flowlines to Subsea7.
What is Subsea7's role in the energy industry?
Subsea7 is a global leader in offshore project delivery, committed to providing sustainable solutions in the evolving energy sector.
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