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Subsea 7 S.A. awarded contract offshore Norway

Friday, Nov 09, 2012

Subsea 7 S.A. (Oslo Børs: SUBC) today announces the award of the Gullfaks C Subsea Compression Marine Operations by Statoil. The contract is for the engineering, installation and commissioning of a 15.5km integrated power service umbilical, a protection structure, a subsea compressor station, pipeline spools and tie-ins.

The contract is valued at approximately $70 million. Engineering and project management will commence immediately at Subsea 7’s Stavanger office, with offshore operations due to commence in 2015.

Stuart Fitzgerald, Vice President, Norway said: "We are pleased to be awarded this contract by Statoil, and to participate in the delivery of this important subsea processing technology. The award is enabled by our strong engineering and project execution skills, our state of the art vessels, and our continuous focus on executing our work to the highest safety and quality standards. We look forward to supporting Statoil in meeting their project and increased oil recovery objectives on the Gullfaks field."

Source: Subsea 7

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