Subsea 7 Wins $50 Mln Contract from Freeport-McMoRan

Subsea 7 S.A. has been awarded a contract in the U.S. Gulf of Mexico by Freeport-McMoRan Oil & Gas in support of its development of the KOQV and Holstein Deep fields. The contract value is in excess of $50 million.

The scope of work covers the installation of flexible pipelines and umbilicals for both fields, with the offshore installation phase expected to be executed by the Subsea 7 vessel the Seven Seas in the fourth quarter of 2015. Onshore project management and engineering will be carried out from the Company’s Houston office.

Olivier Carré, Subsea 7’s Senior Vice President – Africa & Gulf of Mexico, said: “This is the first deepwater project for Freeport-McMoRan Oil & Gas and we look forward to building and developing our partnership with them. Subsea 7’s track record in managing and executing projects of this nature, working closely with the client, was key to our success in securing this contract.”