SUBSEA 7 INC. (OSE Symbol: SUB) announced today that in consortium with Technip Offshore Norge AS it has received a letter of intent by Statoil for a 2 year Frame Contract for reeled pipe installation services in Norway. The actual contract revenue will depend upon Statoil’s project requirements, however based on Statoil's estimated requirements at contract award, a total contract value of US$ 255 million is estimated. This includes project management, engineering, fabrication and installation of all Statoil's reeled pipe applications for 2007 and 2008.
The management and engineering work will be performed both at Technip’s offices in Stabekk, Norway, and Subsea 7’s offices in Stavanger, Norway. The fabrication of the flowlines will take place at welding bases in Orkanger, Norway for Technip or at Subsea 7’s fabrication spoolbase in Norway.
Pipelay, construction and survey vessels from the Technip and Subsea 7 fleets will be provided as part of this contract for the offshore installation activities.
Tor Espedal Subsea 7’s vice president Norway commented, “We are very excited about continuing our successful working relationship with Statoil as their strategic vendor and are delighted to be undertaking this work in co-operation with Technip. We are particularly pleased about this award in light of our recently announced contract award of Statoil’s North Sea construction works”.
Ends 17 July 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)
With a workforce of 21,000 people, Technip ranks among the top five corporations in the field of oil, gas and petrochemical engineering, construction and services. Headquartered in Paris, the Group is listed in New York and Paris. The Group’s main operations and engineering centers and business units are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the USA, Brazil, Abu-Dhabi, China, India, Malaysia and Australia. In support of its activities, the Group manufactures flexible pipes and umbilicals, and builds offshore platforms in its manufacturing plants and fabrication yards in France, Brazil, the UK, the USA, Finland and Angola, and has a fleet of specialized vessels for pipeline installation and subsea construction.
