Subsea7 awarded a contract for the Belinda field in the UK North Sea
May 25 2024 - 8:01AM
Subsea7 awarded a contract for the Belinda field in the UK North
Sea
Luxembourg – 25 May 2024 - Subsea7 S.A. (Oslo
Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable1
contract by Serica Energy, for the Belinda field development
south-east of the Triton FPSO. The Belinda field is operated by
Serica Energy and located approximately 190 kilometres east of
Aberdeen in the UK Central North Sea, with a water depth of 95
metres.
The contract scope includes project management,
engineering, procurement, construction and installation (EPCI) of a
5-kilometre 8” production pipeline with a 3” piggy-backed gas lift
line and an electro-hydraulic controls (EHC) umbilical. Subsea7’s
scope also includes associated subsea structures and tie-ins to the
Triton Floating Production Storage & Offloading (FPSO) vessel
operated by Dana Petroleum, via an existing production manifold
near the Triton riser base and for controls at the Evelyn valve
skid.
Project management and engineering work will
commence immediately in Aberdeen. The offshore activities are
scheduled for Q3 2025.
Steve Wisely, Senior Vice President of UK and
Global Inspection, Repair and Maintenance, Subsea7, said: “We are
pleased to have this opportunity to supply Serica Energy with EPCI
knowledge and demonstrate the extensive North Sea expertise we have
amassed over 50 years. We look forward to supporting the safe,
efficient and timely execution of this project.”
- Subsea7 defines a sizeable contract
as being between $50 million and $150 million
*******************************************************************************Subsea7
is a global leader in the delivery of offshore projects and
services for the evolving energy industry, creating sustainable
value by being the industry’s partner and employer of choice in
delivering the efficient offshore solutions the world needs.
Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355,
LEI 222100AIF0CBCY80AH62.
*******************************************************************************
Contact for investment community
enquiries:Katherine TonksInvestor Relations DirectorTel
+44 20 8210 5568ir@subsea7.com
Contact for media enquiries:Michelle
WainwrightCommunications ManagerTel: 01224
526570michelle.wainwright@subsea7.com
Forward-Looking Statements:
This document may contain ‘forward-looking statements’ (within the
meaning of the safe harbour provisions of the U.S. Private
Securities Litigation Reform Act of 1995). These statements relate
to our current expectations, beliefs, intentions, assumptions or
strategies regarding the future and are subject to known and
unknown risks that could cause actual results, performance or
events to differ materially from those expressed or implied in
these statements. Forward-looking statements may be identified by
the use of words such as ‘anticipate’, ‘believe’, ‘estimate’,
‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’,
‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar
expressions. The principal risks which could affect future
operations of the Group are described in the ‘Risk Management’
section of the Group’s Annual Report and Consolidated Financial
Statements. Factors that may cause actual and future results and
trends to differ materially from our forward-looking statements
include (but are not limited to): (i) our ability to deliver fixed
price projects in accordance with client expectations and within
the parameters of our bids, and to avoid cost overruns; (ii) our
ability to collect receivables, negotiate variation orders and
collect the related revenue; (iii) our ability to recover costs on
significant projects; (iv) capital expenditure by oil and gas
companies, which is affected by fluctuations in the price of, and
demand for, crude oil and natural gas; (v) unanticipated delays or
cancellation of projects included in our backlog; (vi) competition
and price fluctuations in the markets and businesses in which we
operate; (vii) the loss of, or deterioration in our relationship
with, any significant clients; (viii) the outcome of legal
proceedings or governmental inquiries; (ix) uncertainties inherent
in operating internationally, including economic, political and
social instability, boycotts or embargoes, labour unrest, changes
in foreign governmental regulations, corruption and currency
fluctuations; (x) the effects of a pandemic or epidemic or a
natural disaster; (xi) liability to third parties for the failure
of our joint venture partners to fulfil their obligations; (xii)
changes in, or our failure to comply with, applicable laws and
regulations (including regulatory measures addressing climate
change); (xiii) operating hazards, including spills, environmental
damage, personal or property damage and business interruptions
caused by adverse weather; (xiv) equipment or mechanical failures,
which could increase costs, impair revenue and result in penalties
for failure to meet project completion requirements; (xv) the
timely delivery of vessels on order and the timely completion of
ship conversion programmes; (xvi) our ability to keep pace with
technological changes and the impact of potential information
technology, cyber security or data security breaches; (xvii) global
availability at scale and commercially viability of suitable
alternative vessel fuels; and (xviii) the effectiveness of our
disclosure controls and procedures and internal control over
financial reporting. Many of these factors are beyond our ability
to control or predict. Given these uncertainties, you should not
place undue reliance on the forward-looking statements. Each
forward-looking statement speaks only as of the date of this
document. We undertake no obligation to update publicly or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
This information is considered to be
inside information pursuant to the EU Market Abuse Regulation and
is subject to the disclosure requirements pursuant to Section 5-12
the Norwegian Securities Trading Act.
This stock exchange release was published by
Katherine Tonks, Investor Relations, Subsea7, on 25 May 2024 at
14:00 CET.
Subsea 7 (TG:SOC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Subsea 7 (TG:SOC)
Historical Stock Chart
From Sep 2023 to Sep 2024