Subsea7 Secures Major Offshore Project in Saudi Arabia
Subsea7 Secures a Major Contract
Subsea 7 S.A. (Oslo Børs: SUBC) has recently announced an exciting new development in its operations. The company has been awarded a substantial project that is part of a long-term agreement with a major energy partner. This project focuses on facilities situated offshore, contributing significantly to the offshore energy landscape.
Details of the Contract Scope
The extensive scope of this contract includes crucial tasks such as engineering, procurement, construction, and installation (EPCI). Specifically, it involves tackling a total of 106 kilometers of both infield and export pipelines, as well as making modifications to existing topsides. This initiative also encompasses associated hook-up activities that are essential for the project's success.
Timeline for Execution
Subsea 7 is set to commence project management and engineering work promptly from their offices in the operational areas. The offshore activities, which are critical for the completion of the project, are scheduled to take place between 2027 and 2028.
Commentary from Leadership
David Bertin, who serves as the Senior Vice President for Subsea 7's Global Projects Centre East, highlighted the significance of this contract, stating, "This project marks another important milestone and reinforces our long-term strategic engagement with key partners. We look forward to collaborating closely with our client to ensure safe and efficient project delivery, adhering to the highest industry standards."
Understanding Major Contracts
According to Subsea 7’s criteria, a major contract is defined as being valued between $750 million and $1.25 billion. Such high-stakes projects reflect the company's commitment to excellence and innovation in the rapidly evolving energy industry.
The Role of Subsea7 in the Energy Sector
Subsea 7 is recognized as a global leader in delivering offshore projects and services tailored for the energy sector. By focusing on sustainable value creation, Subsea 7 positions itself as a preferred partner and employer in the industry, striving to deliver efficient offshore solutions crucial to meet the world's energy demands.
Company Listings and Identity
Subsea 7 is formally listed on the Oslo Børs with the ticker symbol SUBC. This recognition further establishes its presence and influence within the energy market. The company is governed by a strong framework, indicated by its ISIN LU0075646355 and LEI 222100AIF0CBCY80AH62.
Contact Information
For inquiries from the investment community, please reach out to Katherine Tonks, the Investor Relations Director at Subsea7, by phone at +44 20 8210 5568, or via email at ir@subsea7.com.
For media-related inquiries, contact Hariom Cavalcante, the Communications Manager, by phone at +33 7 66 12 48 80, or via email at hariom.cavalcante@subsea7.com. More information is also available at www.subsea7.com.
Frequently Asked Questions
What is the scope of the project awarded to Subsea7?
The project includes EPCI of pipelines, topside modifications, and hook-up activities offshore.
When are the offshore activities expected to begin?
Offshore activities are scheduled to take place in 2027 and 2028.
What does Subsea7 consider a major contract?
A major contract is defined by Subsea7 as having a value between $750 million and $1.25 billion.
Who can be contacted for investment inquiries regarding Subsea7?
Katherine Tonks is the point of contact for investment inquiries at Subsea7.
How does Subsea7 position itself within the energy industry?
Subsea7 aims to create sustainable value and be the partner of choice in delivering efficient offshore solutions.
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