Subsea 7 Bags Major Contract: Clients Remain a Mystery

Credit: Subsea 7
Credit: Subsea 7

Offshore installation firm Subsea 7 said Wednesday it had secured a major subsea contract.

Subsea 7 defines a major contract as being over USD 750 million.

The company did not say who the clients were, apart from saying that it had received a client recommendation to execute, subject to consortium partners’ approval, a major contract that will be recorded in the Subsea and Conventional business unit’s backlog in the third quarter 2023. 

Consortium approval is expected in the fourth quarter of 2023.

"No further details are disclosed at this time due to contractual obligations," Subsea 7 said.

In other news, Subsea 7 and SLB's OneSubsea, as part of their Subsea Integration Alliance, on Monday signed a memorandum of understanding (MoU) aimed at forming a framework agreement with BP for integrated subsea developments.

Under the framework agreement, the Subsea Integration Alliance would work with BP from concept selection, through the full field life cycle, to deliver enhanced subsea project performance, "based on new ways of working and an innovative commercial model." Read more here.

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