Subsea 7 provides offshore construction update

Feb. 27, 2020
Subsea 7 has issued an update on its offshore oil and gas construction campaigns.

Offshore staff

LUXEMBOURGSubsea 7 has issued an update on its offshore oil and gas construction campaigns.

During 4Q the company completed work for Repsol for the Yme project offshore southern Norway, and continued fabrication for Equinor’s Snorre Expansion project in the Norwegian North Sea.

Offshore Egypt, the company completed its 2019 scope for the Burullus 9B project. Elsewhere, light construction work is under way offshore for BP’s Mad Dog Phase 2 project in the Gulf of Mexico ahead of pipelay later this year.

Subsea 7 also completed topsides installation works for the PRP6 project off Brunei.

The company’s overall vessel use was down to 66%, partly due to lower levels of wind turbine foundation activity in its renewables and heavy lifting business.

However, various pipelay support vessels were busy fulfilling long-term contracts off Brazil.

At the end of 2019, the company’s fleet comprised 35 vessels, including the Seven Vega, which is under construction, and two stacked vessels.

Since year-end, Subsea 7 has secured various greenfield FEED and SURF awards and it continues to work on further SURF and conventional tenders with a total estimated value of around $11 billion.

Although demand for offshore wind turbine services, competition in the foundations market is negatively impact pricing, although the situation should improve in the longer-term as the market rebalances, the company added.