Subsea7's Recent Contract Win
Subsea7 S.A. is making headlines with its latest announcement regarding a significant contract awarded by Turkish Petroleum Offshore Technology Center AS (TP-OTC). This contract focuses on providing essential inspection, repair, and maintenance (IRM) services for the Sakarya gas field development located in the Black Sea.
Details of the Contract
The scope of this contract encompasses comprehensive project management and engineering services, which will be coordinated from Subsea7 offices in Istanbul and Aberdeen. Additionally, the company will supply crucial equipment, including two work-class remotely operated vehicles, along with construction personnel who will work onboard TP-OTC’s light construction vessel, Mukavemet. The offshore operations are slated for execution in the upcoming years, specifically 2025 and 2026.
Insight from Company Leadership
Hani El Kurd, the Senior Vice President for UK and Global Inspection, Repair, and Maintenance at Subsea7, expressed his enthusiasm, stating, “We are pleased to have been selected to deliver IRM services for TP-OTC in the Black Sea. This contract demonstrates our strategy to deliver engineering solutions across the full asset lifecycle in close collaboration with our clients. We look forward to continuing to work alongside TP-OTC to optimize gas production from the Sakarya field and strengthen our long-term presence in Türkiye.”
Understanding the Contract's Significance
Subsea7 categorizes a sizeable contract as one ranging between $50 million and $150 million. This significant project solidifies Subsea7's reputation as a key player in offshore energy projects and its commitment to providing sustainable and efficient solutions in the evolving energy landscape.
About Subsea7
Subsea7 is recognized globally as a leader in delivering offshore projects and services tailored to meet the demands of the dynamic energy industry. The company focuses on creating sustainable value by positioning itself as a preferred partner and employer, dedicated to delivering efficient offshore solutions that are crucial for satisfying the world's energy needs.
Subsea7 is listed on the Oslo Børs under the ticker SUBC, marking its status as a prominent entity within the sector.
Contact Information
For Investment Community Inquiries
Katherine Tonks
Investor Relations Director
Tel +44 20 8210 5568
ir@subsea7.com
For Media Inquiries
Michelle Wainwright
UK & Global IRM Communications Manager
Tel +44 (0)7876778370
michelle.wainwright@subsea7.com
Frequently Asked Questions
What is the purpose of the awarded contract to Subsea7?
The contract aims to provide inspection, repair, and maintenance services for the Sakarya gas field development in the Black Sea.
Which company awarded the contract to Subsea7?
The contract was awarded by Turkish Petroleum Offshore Technology Center AS (TP-OTC).
What equipment will Subsea7 supply for the offshore operations?
Subsea7 will provide two work-class remotely operated vehicles and construction personnel for the operations on TP-OTC's vessel.
When are the offshore operations scheduled to begin?
The offshore operations are scheduled to take place in 2025 and 2026.
What is Subsea7's role in the energy industry?
Subsea7 is a leader in offshore projects and services, focusing on delivering efficient and sustainable solutions within the evolving energy sector.
