Subsea7 awarded contract offshore Norway
Luxembourg – 19 May 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a contract by the operator ConocoPhillips Skandinavia AS (ConocoPhillips) for a front-end engineering and design (FEED) study for the Previously Produced Fields (PPF) development project, offshore Norway.
The project is granted under a new Framework Agreement between ConocoPhillips and Subsea7.
The FEED study will finalise the technical definition of the proposed subsea development. Work will commence immediately in our office in Norway.
If the development project passes final investment decision and is approved by the authorities, the operator can exercise an option to a large1 award of the subsea structures, umbilicals, risers and flowlines (SURF) scope under the Framework Agreement to Subsea7. Offshore installation activities associated with this contract would be scheduled for 2026 to 2029.
The Previously Produced Fields are located in the Greater Ekofisk Area, approximately 290 kilometres southwest of Stavanger, Norway. The PPF development will be connected to the existing Ekofisk Complex.
Erik Femsteinevik, Vice President for Subsea 7 Norway said: “We are delighted to have signed a Framework Agreement with ConocoPhillips and have been awarded this initial FEED contract. The study will enable Subsea7 to engage early in the field development process, optimising design solutions and contributing to the final investment decision. We look forward to working closely with ConocoPhillips to unlock further value in the Greater Ekofisk Area”.
- Subsea7 defines a large contract as being between $300 million and $500 million.
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Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.
Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.
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Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel 8
Contact for media enquiries:
Jan Roger Moksnes
Communications Manager
Tel
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This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 19 May 2025 at 15:30 CET.
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