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Subsea 7 Announces Subsea Frame Agreement Contract with Nexen Petroleum in the North Sea

30 April 2009

Subsea 7, one of the world's leading subsea engineering and construction companies, announced today that it has been awarded an exclusive 3 year frame agreement contract with Nexen Petroleum U.K. Limited for subsea field development works on all its UK assets.

The contract includes involvement of Subsea 7 at the front end - in concept development and costing, provision of project management, design engineering, procurement, fabrication, right through to installation and commissioning, with the potential to provide inspection, repair and maintenance (IRM) services in the future, one of a broad range of products available from Subsea 7's Life-of-Field Services offering. The two companies will work closely together to ensure alignment and value creation throughout project lifecycles.

Robin Davies, Subsea 7's UK Regional Vice President, commented on the significant award win:

“Subsea 7 has demonstrated in recent years its ability to deliver subsea projects safely, on time and on budget whilst also offering a differentiating and unique value-adding service to its clients. We very much look forward to adopting this same approach to our new relationship with Nexen UK, helping to bring its North Sea assets on-stream quickly and safely, and working with them cooperatively to reduce costs and maximise efficiencies. This contract award also goes some way to supporting our vision to be the Subsea Partner of Choice in our industry”.

The contract has a further two, one year extension options.