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Subsea 7 awarded $140 million contract offshore Mexico

Thursday, Jan 10, 2013

Subsea 7 S.A. (Oslo Børs: SUBC) today announced an award to its Mexican joint venture from Pemex valued at approximately $140 million.

The contract comprises the engineering, fabrication and installation of a 16km pipe, two slug catchers and two cantilever structures for the Line 60 Project in the Bay of Campeche. This contract is the first award to the joint venture.

Project management and engineering have already commenced in our offices in Ciudad del Carmen and Houston. Offshore operations are due to commence on Q1 2013, with pipelay activities being conducted in Q3 2013 with the Seven Borealis.

Ian Cobban, Subsea 7´s Vice President Gulf of Mexico, said "Subsea 7 Mexico is very pleased to be awarded this first contract in Mexico. It represents a fine example of one of our core values – collaboration. We look forward to delivering this key field development and in doing so further strengthening our relationship with Pemex."

Source: Subsea 7 S.A.

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