LUXEMBOURG – Subsea 7 says the last stage of the offshore campaign is under way in the Egyptian sector of the Mediterranean Sea for Phase One of the West Nile Delta project on the Taurus and Libra fields.
Fabrication has started for Phase Two on the Giza, Fayoum, and Raven fields. The company’s work on theEast Nile Delta project is substantially completed and its engineering teams have mobilized for the newly awarded Atoll project.
Offshore Brazil, the last of the company’s newbuild Brazilian PLSVs,Seven Cruzeiro, started a long-term contract in January.
Subsea 7 is cautiously optimistic about future prospects. It says the oil and gas market has achieved a degree of stability in recent months and there are indications that project sanctions will increase.
Assuming the oil price improvement is sustained and the cost reductions identified by the industry are consistently achieved, it adds, there could be an increased number ofSURF project awards over the next 12 months.