LUXEMBOURG – Subsea 7 sees an improved outlook for new oil and gas projects, although tendering activity remains focused on a few regions.
During 1Q, the company’s construction vessel Seven Champion was busy in Saudi Arabian waters installing topsides at the 3 PDM project for Aramco’s Hasbah and Arabiyah fields (CRPO 27).
The same vessel is working on the 28 Jackets project at the Marjan, Zuluf, Safaniya and Ribyan fields (CRPO 47, 48 and 49).
Offshore Angola, the Seven Arctic and Simar Esperança completed the final phase of the Zinia project in block 17 for Total, while fabrication of pipelines and subsea equipment progressed for Woodside’s Sangomar project off Senegal.
In the US Gulf of Mexico, the Seven Navica and Seven Pegasus have been on duty for the Ichalkil project, with the Seven Oceans and Seven Pacific continuing offshore activities for bp’s Mad Dog 2 project. Also, engineering and fabrication continue on the Anchor, King’s Quay, and Jack St Malo projects.
Offshore northern Australia, Subsea 7 started procurement activity on Santos’ Barossa project.
The company’s Renewables business unit has continued work on the Seagreen project, with fabrication progressing on the jackets and inner-array cables.
Winter weather in Taiwan, however, forced the Seaway Yudin to remain on standby for most of the quarter. The Seaway Aimery and Seaway Moxie transited to Europe for campaigns in the North Sea.
The Seven Vega incurred downtime while in the Gulf of Mexico for equipment repairs following storm damage, but returned to operation on April 14. At quarter end, Subsea 7’s active fleet comprised 29 vessels following the release of the Harvey Intervention.
As for the future, the pace of tendering in Brazil has picked up with several projects due to be awarded this year. Subsea 7 also expects increased tendering for EPCI projects in Norway from the end of the year onwards, while the Gulf of Mexico remains active for smaller tieback opportunities.