Subsea 7 has secured what it describes as a “major” contract for a two-phase subsea development.
The initial scope of work to be executed comprises the engineering, procurement, construction, and installation (EPCI) of approximately 37 kilometers of infield flowlines, 47 kilometers of control umbilicals and associated subsea equipment in water depths of 2,000 meters.
The contract also includes additional FEED studies and options to further extend the scope of work.
Project management and engineering will be led by Subsea 7’s local office and offshore activities relating to the initial scope are expected between Q2 2025 and Q3 2025.
The first phase has been recorded in the backlog of the Subsea and Conventional business unit in the second quarter of 2023, while the second phase, expected in 2024, remains subject to sanction by the client.
The company did not disclose further details due to contractual obligations.
Subsea 7 announced last month that it was on track to achieve higher whole-year revenue for 2023 than in 2022 as it had reported a revenue of $1.2 billion for the first quarter of the year, a 4 per cent increase compared to the same period last year.
Speaking about other recent company-related news, it is worth noting that UK-headquartered energy giant BP picked the Subsea Integration Alliance, a partnership between Subsea 7 and OneSubsea, for a two-well tie-back project in the large West Nile Delta (WND) development off the Mediterranean coast in Egypt.