Subsea 7 nets GOM contract

Subsea-701 May 2014, News Wires – Oslo-listed Subsea 7 has won a $160 million contract with BP Exploration & Production in the Gulf of Mexico.

The company won a three-year extension for light subsea construction, inspection, repair and maintenance services in the Gulf.

Work will start in the second quarter and will run through to the third quarter of 2017.

Subsea 7 will provide two vessels, including a dedicated vessel on a full-time basis.

The company will also carry out project management and engineering support, remotely operated vehicle-based inspection and intervention and some construction work.

One of the vessels to be used is a new-build offshore subsea construction vessel, while the other is a lighter construction vessel.

Both will be chartered on a long-term basis.

Subsea 7 has posted a slight increase in first quarter revenue thanks to a strong order book.

Sales skyrocketed for the quarter despite there being a decline in the record order backlog with which the company ended 2013.

The backlog as at the end of the quarter was $11.6 billion.


– Upstream

About the Author