SUBSEA 7 INC. (OSE Symbol: SUB) announced today that it has been awarded a two year Frame Agreement Contract in a consortium with Acergy by Statoil ASA. The Frame Agreement ensures all subsea installation work in the North Sea for Statoil in both 2007 and 2008 will be awarded under this contact.
Currently the following firm work with a value in the region of US$ 80 million has been awarded under this Frame Agreement. Further Subsea installation projects will be called off as they are sanctioned which is expected to have a value similar to the already sanctioned work.
Subsea installation for the Tyrihans development project to include template, manifolds, flexible lines, umbilicals and MEG line installation, tie-ins and testing. Template installation is due to be performed in 2007 with the remainder of the scope being performed in 2008.
The installation of a template for water injection in the Tordis IOR (Increase oil Recovery) project is to be undertaken in early 2007.
Template installation for the Yttergryta development project to be undertaken in 2006.
Tor Espedal Subsea 7’s vice president Norway commented, “This is a major contract award for Subsea 7 and we are excited about continuing our successful working relationship with Statoil for their North Sea installation work.”
Ends
30 June 2006
Subsea 7 Public Relations:
Pat Stephen
Tel: +44 1224 344508 or +44 7712 427608
E-mail: pat.stephen@subsea7.com
Notes to editors:
Subsea 7 is one of the world’s leading subsea engineering and construction contractors with a workforce in excess of 3900 people worldwide. The Company’s global offshore operations are supported out of Asia Pacific, Brazil, Gulf of Mexico, Norway, UK and West Africa. Subsea 7 has more than 100 remotely operated vehicles (ROVs), five pipeline construction yards and a fleet of modern, high-specification dynamically-positioned ships capable of reeled and flexible pipelay, deepwater subsea construction and saturation diving. (www.subsea7.com)
