Subsea7 - Subsea Integration Alliance awarded EPCI contract offshore UK
Luxembourg – 29 July 2024 - Subsea7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable(1) contract by bp to Subsea Integration Alliance(2), for the Murlach development (formerly Skua field), 240 kilometres east of Aberdeen in the UK North Sea.
The project work scope covers the engineering, procurement, construction and installation of the subsea pipelines (SURF) and production systems (SPS). It includes the first deployment of OneSubsea’s standard, configurable, vertical monobore tree systems in the UK North Sea, which will be deployed via vessel to reduce drill rig days. OneSubsea will deliver two vertical monobore trees, a 2-slot manifold, and associated topside controls. The Alliance worked with bp to develop a technology solution leveraging OneSubsea’s field-proven standard equipment, which is simpler to design and quicker to install when compared with traditional configured-to-order subsea systems.
Subsea7 will install eight kilometres of rigid flowline and two flexible jumpers, along with associated subsea infrastructure. The new flowline will be tied-back to the Eastern Trough Area Project (ETAP) facility. Fabrication of the pipelines will take place at Subsea7’s spoolbase at Vigra, Norway and offshore operations are expected to be executed in 2025.
Olivier Blaringhem, Chief Executive Officer of Subsea Integration Alliance said: “This is bp’s third fully integrated EPCI project with Subsea Integration Alliance marking an important milestone as we extend our support to the UK North Sea market.”
Hani El Kurd, Senior Vice President for Subsea7 UK & Global Inspection, Repair and Maintenance, said: “We are delighted to be awarded this contract by bp, as it recognises Subsea Integration Alliance’s global reputation for seamless, full subsea system delivery. Subsea7 has a long relationship with bp and we look forward to supporting their Murlach development.”
(1) Subsea 7 defines a sizeable contract as being between USD 50 million and USD 150 million.
(2) Subsea Integration Alliance is a non-incorporated strategic global alliance between Subsea7 and OneSubsea®, the subsea technologies, production, and processing business of SLB, bringing together field development planning, project delivery and total lifecycle solutions under an extensive technology and services portfolio. As one team, Subsea Integration Alliance amplifies subsea performance by helping customers to select, design, deliver, and operate the smartest subsea projects. This eliminates costly revisions, avoids delays, and reduces risk across the life of field.
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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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Katherine Tonks
Investor Relations Director
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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 the Norwegian Securities Trading Act.
This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 29 July 2024 at 09:45 CET.
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