Subsea 7 nets EPCI deal worth over $750M

Subsea 7, a subsea engineering, construction and services company serving the offshore energy industry, on Friday announced the award of a ‘major EPCI contract’. 

The company defines a major contract as being worth over $750 million.

Subsea 7 said on Friday that the EPCI contract is for offshore execution in 2017 and 2018. However, no further details were disclosed at this time due to contractual obligations, the subsea engineering company said.

During the first quarter of 2016, Subsea 7 managed to keep its profit in balance with the one made a year ago. Namely, the company’s net income fell from $151 million in the first quarter of 2015 to $147 million in the first quarter of 2016.

The company’s revenues on the other hand dropped due to significantly lower activity levels in both business units driven by the challenging market conditions within the industry.

Offshore Energy Today Staff