Subsea 7 Gets BP Contract Extension in The North Sea
March 02 2016 - 3:30AM
Dow Jones News
By Dominic Chopping
Norwegian offshore engineer Subsea 7 SA (SUBC.OS) said Wednesday
it has secured a sizeable extension to an existing contract with BP
Exploration Operating Company Limited, for the provision of Subsea
Construction, Inspection, Repair and Maintenance (IRM) services in
the North Sea.
Under the terms of this agreement, Subsea 7 will provide BP with
an additional two years of IRM services, extending the contract to
2019.
Subsea 7 said it defines a sizeable contract as being between
$50 million and $150 million.
The company said separately it is suspending its dividend as it
reported a 27% drop in fourth quarter revenue. It added that the
low oil and gas price continues to depress industry activity as
clients delay and cancel new projects and the timing of market
recovery remains highly uncertain.
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
March 02, 2016 03:15 ET (08:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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