Subsea7: Subsea Integration Alliance awarded contract offshore Türkiye
Luxembourg – 10 May 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a large1 contract by Turkish Petroleum Offshore Technology Center AS (TP-OTC) relating to the Sakarya field development in the Black Sea, offshore Türkiye. The award will be booked in backlog in Q2 2024.
An initial contract was awarded in May 2023 to a consortium including SLB, Subsea Integration Alliance2 and Saipem for the engineering, procurement, construction and installation of the second development phase (2a) of the Sakarya gas field. Today’s award expands the existing contract with Subsea Integration Alliance to include the installation of Türkiye’s first floating production unit as part of Phase 2a development.
Subsea7’s scope will include the installation and integration of risers, umbilicals, hook-ups and mooring systems with the FPU. Project management and engineering will be coordinated through the Subsea7 office in Istanbul, Türkiye.
Olivier Blaringhem, Chief Executive Officer, Subsea Integration Alliance said: “We are proud to receive this contract award extension by TP-OTC to install the country’s first floating production unit. We look forward to our continued collaboration with TP-OTC and our consortium partners to unlock the full potential of the Sakarya gas field and advance Türkiye’s energy security goals.”
Franck Louvety, Senior Vice President of Subsea7’s Global Project Centre - West said: “Today’s award extends Subsea7’s involvement in the ongoing development of Türkiye’s first deepwater gas field. In collaboration with TP-OTC, Subsea7 and our consortium partners will now deliver another milestone for the country - its first FPU installation.”
Hulya Ozgur, Managing Director Subsea7 Türkiye, said: "We are extremely proud to have been awarded this extension and look forward to continue working with TP-OTC on this important project.”
1 Subsea7 defines a large contract as being between USD 300 million and USD 500 million.
2 Subsea Integration Alliance is a strategic global alliance between OneSubsea and Subsea7, bringing together field development planning, project delivery, innovative contracting models and total life cycle solutions under the world’s leading subsea technology and services portfolio
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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
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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 10 May 2024 at 15:45 CET.
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