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Subsea 7 Announces $100m Contract Award for BP in the North Sea

02 November 2010

Subsea 7 Inc, one of the world’s leading subsea engineering and construction companies, announced today that it has been awarded a contract by BP for a two and a half year frame agreement for Life-of-field services in the UK and Norwegian North Sea. The contract is valued in the region of $100 million and has further extension options. This agreement replaces an existing contract that ran to December 2011, under which approximately $27 million of work had yet to be executed.

The Subsea 7 work scope encompasses the provision of dedicated project management, engineering and remotely operated vehicle services for offshore inspection, repair and maintenance activities. The work is related to BP’s subsea oil & gas pipeline and platform structures, primarily in the deepwater West of Shetland area. The offshore scope will be performed exclusively by Subsea 7’s pipeline installation and construction vessel, the Subsea Viking.

Subsea 7 has many years of experience and a proven track record of working with BP in the North Sea and in particular the challenging environmental conditions West of Shetland.

Steph McNeill, Subsea 7’s Vice President – UK, commented:

“Subsea 7 has been working with BP in the North Sea for many years and we are pleased that following this award, we will be able to continue providing them with best-in-class project management, engineering expertise and dedicated offshore support. The award also reflects upon our proven track record of successful and safe project execution, during which the Subsea Viking vessel has built up in excess of nine year’s service without any lost time incidents.”