Subsea7 awarded contract offshore Saudi Arabia
Luxembourg – 12 December 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a substantial1 contract by Aramco under a long-term agreement.
The contract scope includes the decommissioning of existing subsea facilities as well as engineering, procurement, construction, and installation of a new pipeline and subsea equipment at the Abu Safah field, located offshore Saudi Arabia. Engineering activities will begin immediately, with offshore operations scheduled for 2026. The project will be managed from Subsea7’s office in Al Khobar, Saudi Arabia, with support from offices in Dubai and Singapore.
David Bertin, Senior Vice President for Subsea7 Global Projects Centre East, said: “This award builds on Subsea7’s decade-long relationship with Aramco and track record of reliable project execution in the Kingdom of Saudi Arabia. We look forward to working together to deliver this project safely and efficiently, and we aim to support our client’s offshore development goals.”
- 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:
Hariom Cavalcante
Communications Manager
Tel 80
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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 12 December 2024 at 14:15 CET.
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