Subsea 7 updates Middle East construction progress
Subsea 7’s vessel utilization during 3Q was the highest for any individual quarter since 2014, according to CEO Jean Cahuzac.
LUXEMBOURG – Subsea 7’s vessel utilization during 3Q was the highest for any individual quarter since 2014, according to CEO Jean Cahuzac.
The fleet was engaged on offshore installation campaigns for various large projects.
However, offshore activity will tail off during 4Q due to the more difficult weather conditions in the North Sea during the winter months.
Most of the company’s new contract awards this year have been for projects providing incremental production for existing developments. Larger greenfield projects are in prospect next year, Cahuzac said.
Offshore Egypt, the company installed two large diameter export pipelines for the West Nile Delta Phase Two project, while construction got under way offshore Victoria in southeast Australia for Cooper Energy’s Sole subsea-beach tieback.
In the Middle East, the company has substantially completed its work scope for the 4 Decks project and continued pipelay for the Hasbah development.
Offshore operations started at Mobil’s shallow-water Production Uplift Pipeline Project off Nigeria, less than six months after the contract award.