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New Subsea 7 Construction Vessel on Schedule for Delivery in 2010

01 May 2009

Subsea 7 Inc, one of the world's leading subsea engineering and construction companies, said today that its new-build state-of-the-art pipelay and construction vessel, the Seven Pacific, is on schedule for delivery in the fourth quarter of 2010. The vessel, to be fitted with a 260t Vertical Lay System (VLS) Tower, will further enhance Subsea 7's pipelay capabilities, particularly in deepwater. First steel for the Seven Pacific was cut on 16th March 2009 and the first units are currently being fabricated at IHC Krimpen Shipyard, near Rotterdam.

The VLS, to be built by Schiedam based Huisman, will be complete with a 260t A&R (abandonment and recovery winch) with 3,000m of A&R wire. The vessel will have an overall length of 133m, a beam of 24m and in addition to the new VLS, will be equipped with a pipelay suite for installing flexible flowlines and umbilicals, two 1,250t underdeck carousels and twin 3,000m-rated ROVs.

The investment in the vessel is part of an ongoing capital investment programme of over $1bn dollars in new assets and equipment which will see eight new vessels joining the existing Subsea 7 fleet between 2007 and 2010.

Mel Fitzgerald, Subsea 7's Chief Executive Officer, stated: "We are investing in excess of $1bn in a number of new vessels and equipment that will enable Subsea 7 to offer its clients the capability they need to deliver on their investments, more efficiently and cost effectively. Our new vessels have enhanced Subsea 7's overall capacity, but are also equipped with new technology and the operational capability to service deepwater and ultra-deepwater markets globally. This investment demonstrates our long term commitment to building for the future and becoming the Subsea Partner of Choice in our sector."