Pricing improving for offshore project tenders, Subsea 7 claims

Subsea 7 has issued a progress report on its offshore construction projects in its latest results statement.

Offshore staff

LUXEMBOURGSubsea 7 has issued a progress report on its offshore construction projects in its latest results statement.

During 1Q the company had four pipelay support vessels working offshore Brazil on long-term contracts.

Pipeline bundle construction started at the fabrication yard in Wick, northern Scotland, for the Snorre expansion project in the North Sea, while welding and system qualification progressed for the Aerfugl development in the Norwegian Sea.

In the Egyptian sector of the Mediterranean Sea, work continued on the West Nile Delta Phase Two project with preparations for flexible pipelay.

Offshore Nigeria, the Seven Antares started pipelay for the shallow-water PUPP project.

Although Life of Field activity picked up with ROV IRM services in the Gulf of Mexico, North Sea and Caspian Sea, ROV activity on drilling rigs remained low, in line with the global market.

Renewables/Heavy Lifting operations included completion and commissioning work for the Borkum 2 wind farm project offshore Germany, and mobilization for the transport and installation of foundations for the Yunlin project offshore Taiwan.

At the end of March, Subsea 7 had 34 vessels in its fleet following its acquisition of the DSV Seven Pegasus.

The company said it had noticed a steady improvement in tendering and award activity for offshore oil and gas projects, with progress on various large greenfield developments.

Its pricing on new tenders is now rising again and over time should return to more normal levels.

05/02/2019

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