Subsea7 awarded contract offshore Norway
Luxembourg – 9 January 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a contract by Equinor for a front-end engineering and design (FEED) study with EPCI1 option for the Fram Sør development project, offshore Norway.
The study will finalise the technical definition of the proposed subsea development prior to Equinor and its partners making the final investment decision. Work will begin immediately in our offices in Norway and UK.
If the EPCI option is exercised, any resulting subsea structures, umbilicals, risers and flowlines (SURF) installation scope would be a direct, substantial2 award to Subsea7. Offshore installation activities associated with this contract would be scheduled for 2026, 2027 and 2028.
The Fram Sør area is located 10-30 kilometres north of the Equinor-operated Troll C platform, approximately 70 kilometres north-west of Bergen. The development will be connected to the existing Fram and Troll C infrastructure.
Erik Femsteinevik, Vice President for Subsea 7 Norway said: “This award continues our long-standing collaboration with Equinor. The study enables 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 Equinor to unlock the value in Fram Sør”.
- Engineering, procurement, construction and installation
- Subsea7 defines a substantial contract as being between $150 million and $300 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 9 January 2025 at 14:30 CET.
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