Chevron Awards Subsea Installation Contract to Subsea 7

20 July 2011

Under this $80 million deal, Subsea 7 will deliver and install umbilicals and associated subsea structures from Barrow Island to the Chevron operated projects in Gorgon and Jansz fields.

Darren Cormell, Subsea 7′s Vice President, Australia & New Zealand said, "We are pleased to have been awarded this deepwater contract from Chevron. This award provides an excellent opportunity for Subsea 7 to build upon our strong local presence and long standing track record of working on significant subsea projects in Australia.”

Chevron shares were at 106.23 at the end of the last day’s trading. There’s been a 1.7% movement in the stock price over the past 3 months.