Subsea 7 S.A. awarded US $160m contract offshore Norway

Subsea 7 S.A. (Oslo Børs: SUBC) today announced the award of a pipelay and subsea installation contract valued at approximately US$160 million from Statoil at the Oseberg Delta 2 field, located approximately 130 kilometres west of Bergen in the North Sea.

The contract includes the design, fabrication and installation of two insulated rigid production pipelines totalling 10 kilometres; the engineering, procurement, construction and installation of two flexible gas injection lines totalling 9 kilometres; the installation of two umbilicals totalling 16 kilometres; and manifolds installation and tie-in work.

The pipeline production will take place at Subsea 7’s spoolbase at Vigra, Norway. Project management and engineering will commence immediately at Subsea 7’s Oslo office with offshore operations commencing in early 2014.

Bjarne L Tofte, Managing Director, Oslo, Norway said, “Being the first project tendered out of Subsea 7’s new Oslo office, we are very pleased to be awarded this contract by Statoil, which we see as an endorsement of both our organization’s and our new office’s capability to deliver complex fast-track subsea projects to the highest standards. Subsea 7 looks forward to successfully delivering the Oseberg Delta 2 project in a safe and timely manner.”