Subsea 7 awarded another ‘substantial’ contract
Subsea 7 has won what it defines as a “substantial contract” with an undisclosed client for the engineering, procurement, construction, and installation (EPCI) of offshore facilities, subsea pipelines, and associated infrastructure.
The award, made to a consortium including Subsea 7, will be recorded in the company’s backlog of its Subsea and Conventional business unit in the first quarter of 2022.
Project management and engineering will commence immediately, with offshore activities scheduled to begin in the third quarter of 2024.
Subsea 7 defines a substantial contract as being between $150 million and $300 million. The value refers to its share of the contract.
The company did not disclose any other details due to contractual obligations.
Subsea 7 began 2022 strong with multiple contract awards. Namely, the company is in charge of providing subsea installation services for Beacon Offshore Energy’s Shenandoah development in the Gulf of Mexico under a contract secured in January.
Another milestone came in at the beginning of the year as DNV certified Subsea 7’s Swagelining polymer lined riser product, representing an industry first. Shortly after, the company secured a £471,760 grant with technology partner FLASC from the UK BEIS to further develop an innovative offshore energy storage system.
The offshore contractor most recently won a contract from Equinor for the front-end engineering and design (FEED) study for the marine installations associated with the Krafla development project in Norway.