Highlights of the Week
Subsea World News has put together a recap of the most interesting articles from the previous week (October 07 – November 13).
In particular, the most significant are the notification of award by Saudi Aramco of two EPIC contracts (engineering, procurement, installation, construction), under the long-term agreement in force and renewed in 2015 until 2021 for activities in Saudi Arabia.
Oslo-listed Subsea 7 has lifted its profit in the third quarter ended September 30, 2016, on high utilisation of its active fleet, combined with previously announced cost cuts and more favorable tax rate, compared to the prior-year quarter.
Despite revenue drop of 23 percent compared to Q3 2015, the mentioned more favorable tax rate in this year’s third quarter pushed the company’s bottom line up by close to 3 percent.
The contract was won based on an optimized subsea field layout, accomplished through close collaboration with Statoil during a FEED study performed by FMC Technologies’ and Technip’s joint venture Forsys Subsea, Technip explained in a press statement.
The second contract follows the completion of the first one in June this year, which saw Bibby Offshore’s construction support vessel Olympic Ares perform subsea inspections in water depth of approximately 360 meters.
The contract includes the project management and manufacture of several kilometers of a static and dynamic unarmoured steel tube umbilical.