Subsea 7 Nets Sizeable Middle East Deal

Subsea 7 has announced the award of a “sizeable” contract in the Middle East.

The scope of work includes the engineering, procurement, construction, and installation of various subsea pipelines totaling approximately 25 miles, with associated crossing structures and two composite power and fibre optic cables, Subsea 7 revealed.

Engineering and procurement will commence immediately at Subsea 7’s office in Singapore, and operations will be led by Subsea 7’s office in the Middle East, with offshore activities scheduled to begin in 2023. The company defines a “sizeable” deal as being worth between $50 million and $150 million. No further details about the contract were disclosed by the company at this time due to contractual obligations, Subsea 7 outlined.

Earlier this month, Subsea 7 announced the award of two additional sizeable deals. One was by Aker BP for the Kobra East Gekko (KEG) field development, which is located in the Alvheim area of the North Sea, and the other was awarded by OKEA to the Subsea Integration Alliance (SIA) for the Hasselmus project. The SIA is a strategic global alliance between Subsea 7 and OneSubsea, which is the subsea technologies, production, and processing systems division of Schlumberger.

In its first quarter results statement, the latest figures posted by the company, Subsea 7 revealed that its 1Q revenue was up 33 percent year on year in 2021 to $996 million. The company posted a net operating loss of $9 million in 1Q, compared to a net operating loss of $49 million during the same period last year, and a net income of $1 million, compared to a net loss of $38 million during 1Q 2020.

Subsea 7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, according to its website. The business is registered in Luxembourg but has several locations across the globe.

Credit to www.rigzone.com