Subsea 7 Inc (OSE Symbol: SUB), one of the world's leading subsea engineering and construction companies, announced today that it has been awarded a contract by Petrobras America, a subsidiary of Petrobras (NYSE: PBR/PBRA) for installation works in the deepwater Cascade & Chinook fields in the Gulf of Mexico. The contract is valued in excess of US $50 million.
Subsea 7 is to engineer and install 70 km of power cables and control umbilicals and fabricate and install 16 jumpers in the Cascade & Chinook fields, located at Block 425 of Walter Ridge area in water depths ranging from 2,300m to 3,000m.
Work will commence immediately with the Project Management and Engineering team located in Subsea 7's offices in Houston. Fabrication of the jumpers will be carried out at Subsea 7's logistic base in Mobile, Alabama. The offshore installation campaign will be carried out by one of Subsea 7's deepwater umbilical installation vessels late 2009 and early 2010. The final selection of vessel will be dependant on the size and weight of product to be installed following optimisation by Petrobras and Subsea 7.
Bill Boyle, Subsea 7's North and Central America Vice President stated, "The award of this very challenging installation contract confirms Subsea 7's position as the subsea partner of choice for deepwater umbilical installation and construction in the Gulf of Mexico. It builds on Subsea 7's already very strong and historic partnership with Petrobras in Brazil."
The Cascade and Chinook fields are being developed using a Floating Production Storage and Offloading facility (FPSO) to be installed in 2010. This is the first time such a development concept has been used in the American waters of the Gulf of Mexico.
Ends 8th January 2008
For additional information, please contact: Barry Mahon, Chief Financial Officer, Subsea 7 Tel: +44 1224 344513
Subsea 7 Corporate Communications:
Jackie Doyle, Tel: +44 1224 344425 / mb 07880 700044 or e-mail: jackie.doyle@subsea7.com
Notes to Editors
1. Subsea 7 is one of the world's leading subsea engineering and construction companies offering all the expertise and assets that make Subsea, Umbilical, Riser and Flowline (SURF) field development possible.
2. With a multi-national workforce of over 5,000 people worldwide, the company's global offshore operations are supported out of the North Sea, Africa, Brazil, Gulf of Mexico and Asia Pacific. Subsea 7 has a fleet of industry leading, dynamically-positioned ships capable of reeled and flexible pipelay, subsea construction and saturation diving and a portfolio of pipeline construction yards worldwide. (http://www.subsea7.com/)
3. Vessel images and specifications available on request - please contact above.
