Subsea 7 Announces New Award from Venture in the North Sea

17 July 2008

17 July 2008

Subsea 7 Inc (OSE Symbol: SUB), one of the world’s leading subsea engineering and construction companies, announced today the award of three new projects valued at approx. US $ 67 million under the existing long term partnership frame agreement with Venture Production plc in the North Sea.

Under the agreement Subsea 7 executes all of Venture’s subsea engineering, construction and Inspection Repair and Maintenance (IRM) works. These new projects are for the subsea development of the Grouse, Stamford and Chestnut P2 fields. The Grouse field will tie into the Kittiwake platform via the previously Subsea 7 installed Goosander towhead. Stamford will tie into the Markham platform in the Dutch sector and Chestnut P2 will tie into the recently installed facilities at Chestnut.

The work scope includes project management, engineering, procurement, fabrication, installation and pre-commissioning of approximately 40km of 6”, 3” and 2” diameter rigid pipe and associated umbilicals. The three projects will be executed as a combined offshore campaign in Q3 and Q4 2008 using the recently acquired pipelay vessel the Seven Navica.

Engineering has already commenced and is being performed at Subsea 7’s Aberdeen offices. Fabrication of the pipelines has started at Subsea 7’s new North Sea pipeline fabrication and spoolbase facility at Vigra, on the west coast of Norway.

Robin Davies, Subsea 7’s North Sea Vice-President stated, “These recent awards build on Subsea 7’s now long standing partnership agreement with Venture as its subsea partner of choice for all subsea work in the North Sea. This unique agreement continues to create sustainable value for Venture and Subsea 7 because it aligns the interests and expertise of both parties.”