Subsea 7 Acquires New Scandi Navica Pipelay Vessel

19 May 2008

19 May 2008

Subsea 7 Inc (OSE Symbol: SUB), one of the world’s leading subsea engineering and construction companies, announced today that it has acquired the Skandi Navica pipelay and construction vessel for USD 62 million (approximately).

The vessel, which was built in 1999, will be renamed as the “Seven Navica” and will continue to operate as a rigid pipelay ship within the Subsea 7 worldwide vessel fleet. She has an overall length of 108 m and a beam of 22 m. Capable of operating in water depths of up to 2,000 m, she has pipelay capability for installing both rigid and flexible flowlines and umbilicals, with one deck-mounted storage and deployment reel with capacity for pipe diameters of up to 16 inches, and a total weight of 2200t. Other features include an optional piggy-back 250t reel, a lay ramp system, abandonment and recovery systems, a 60t offshore crane, and a top tension capacity of 205t.

The vessel has been under charter with Subsea 7 for eight years and has a track record of successful pipelay installation projects across the globe.

Mel Fitzgerald, Subsea 7’s Chief Executive Officer, stated: “This investment is further evidence of our belief in the future rigid pipelay market and we are delighted to welcome the Seven Navica into our fleet of owned vessels.”