Subsea 7 announced it has been awarded a major EPCI contract for offshore execution in 2017 and 2018, the company informed in a statement.
The company has not disclosed any further details due to contractual obligations and a more detailed announcement is expected in the near future.
However, it is known that the company defines a major contract as being over US$750 million (£514.0 million).
Subsea 7 Wins Major North Sea Contract
Earlier last month, the company was awarded another major engineering, procurement, installation and commissioning (EPIC) contract for the Callater field development, located 335 km northeast of Aberdeen.
The contract was awarded by Apache North Sea and covered project management, engineering, procurement, construction and installation of a 4 km, 45 inches pipeline bundle system consisting of production lines and power and supply services.
This contract also included the installation of a 13 km electro-control umbilical, associated structures, field testing and pre-commissioning works.
Future Uncertain For Subsea 7
The company’s outlook for the future remains challenging and the timing of new contract awards uncertain, it stated in its latest report for the first quarter of the year. This is due to clients postponing capital investment decisions in the current market environment, Subsea 7 informed.
According to the report, the company is currently working to drive down the costs of development with innovative and cost effective solutions that will enable more projects to progress despite the downfall in oil prices.
Subsea 7 is a leading global contractor in seabed-to-surface engineering, construction and services to the offshore energy industry, providing technical solutions to enable the delivery of complex projects in all water depths and challenging environments.