Subsea 7 nets ‘sizeable contract’ in shallow water

Subsea engineering and construction company Subsea 7 has been awarded a sizeable contract for a conventional project, in shallow water. 

Subsea 7 defines a sizeable contract as being between $50 million and $150 million.

The company said on Thursday that the offshore execution of the awarded conventional project, in shallow water, is planned for 2019.

However, the company disclosed no further details due to contractual obligations.

Subsea 7 also on Thursday announced changes to the membership of the board of directors, with new appointments being subject to approval at the AGM on April 17, 2018.

According to the company, Peter Mason, currently Senior Independent Director and Chair of the Corporate Governance and Nominations Committee, will not be standing for re-election at the AGM.

Furthermore, Robert Long, currently a member of the Audit and Compensation Committees, will be retiring from his directorship effective April 17, 2018.

The board proposed David Mullen and Niels Kirk for election as independent non-executive directors at the AGM.

The board will elect a new senior independent director and committee members at the next meeting of the board, in May.

The board also proposed Jean Cahuzac and Eystein Eriksrud be re-elected as directors of the company at the AGM.