Subsea 7 wins two contracts

Statoil has awarded global subsea contractor, Subsea 7, two call off contracts as part of existing frame agreements for the Asgard Q and Glitne (A6) projects, which will be executed under joint venture arrangements. The total joint venture value for both contracts is $25 million.

Mar 23rd, 2004

Statoil has awarded global subsea contractor, Subsea 7, two call off contracts as part of existing frame agreements for the Asgard Q and Glitne (A6) projects, which will be executed under joint venture arrangements. The total joint venture value for both contracts is $25 million.

Asgard Q will be performed in joint venture with Technip Offshore Norge AS and the scope of work for Subsea 7 entails installation of two 15 km parallel 9-in. 13% chrome flowlines from Asgard Q to Asgard A. The 13% chrome flowlines will be welded by Technip Offshore Norge at their facilities in Orkanger. Subsea 7's pipelay vesselSkandi Navica will perform the work, which is scheduled to take 25 days in Autumn 2004. The value for Subsea 7's share of the work is $6 million. The Asgard field is in the Haltenbanken area of the North Sea in 270 m of water.

The Glitne extension, which includes procurement and installation of 2.3 km, 6-in. flexible flowlines and umbilical, is an option exercised by Statoil under the existing frame agreement that Subsea 7 holds in joint venture with Stolt Offshore and is in addition to the work performed in 2003. The offshore installation work will be performed this summer and will include the use of divers for the tie in scope. The value for Subsea 7's part of the work is in the region of $7 million. The Glitne field is in the Sleipner area of the North Sea in 110 m of water.

03/23/04

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