Subsea 7 S.A. awarded US$380 million contract offshore Norway

Tuesday, Mar 05, 2013

Subsea 7 S.A. (Oslo Børs: SUBC) today announced the award of a contract valued at approximately US$380 million from Statoil for the Aasta Hansteen gas field, located west of Bodø in the northern part of the Norwegian Sea.

The contract comprises the design, coating, fabrication and installation of 19km of rigid flowlines; and the coating, fabrication and installation of four Steel Catenary Risers (SCRs). The scope of work also includes the engineering, procurement, installation and commissioning (EPIC) of rigid spools and monitoring systems for the SCRs, and protection structures and anchors for the risers, flowlines and the SPAR. Further work includes the transportation and installation of the mooring system for the SPAR buoy.

The pipeline production activity for the SCRs and pipelines will take place at Subsea 7’s state of the art spoolbase at Vigra, Norway. Project management and engineering will commence immediately at Subsea 7’s offices in Stavanger, Norway, with offshore operations commencing in 2015 and 2016.

Stuart Fitzgerald, Vice President Norway said, "We are delighted with this significant award from Statoil, extending Subsea 7’s presence in Norway to include operations in the northern waters of the Norwegian Sea. The project will provide the basis for a permanent Subsea 7 presence in Northern Norway, which will be established in the first year of the project. This presence will enable us to deliver significant elements of the project, working closely with the local supply chain and engineering community."

"The award highlights our proven track record for safely delivering successful operations in some of the harshest offshore environments, and acknowledges Subsea 7 as partner capable of delivering pioneering technology. The Aasta Hansteen project represents a number of firsts on the Norwegian Continental Shelf in terms of water depth and technology solutions. The project will see the installation of the first Steel Catenary Risers in the Norwegian Sea, and the installation of mechanically lined pipe by reeling."

Source: Subsea 7

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