LUXEMBOURG – Subsea 7 has issued a progress report on its subsea construction projects in its latest financial review.
In the Egyptian sector of the Mediterranean Sea, preparations are under way for installation of the flexible pipeline for the Raven gas field, the fifth inBP’s West Nile Delta development.
At the shallow-water PUPP project offshore Nigeria, the focus has been on riser installation and hook-up activities.
The life of field vesselSeven Viking was converted to hybrid battery power ahead of a new five-year inspection, repair, and maintenance (IRM) contract that started earlier this year. The new dual-power capability should cut the vessel’s fuel consumption by around 12%.
Subsea 7 ended the year with 33 vessels in its fleet, including one under construction,Seven Vega, and two stacked vessels, Seven Phoenix and Seven Mar.
The company sold the DSVRockwater 2, after it had completed 35 years in service, replacing it with the newly acquired Seven Pegasus.
Going forward the company expects the recent pickup in tendering and awards to continue in 2019 with various large greenfield oil and gas project scopes set to be awarded over the course of the year.
These will require longer offshore campaigns and project pricing should improve. Most projects the company is presently bidding for have breakeven levels well below projected long-term oil price trends, as collaboration and innovation lead to improved economic returns.