Subsea 7 to decommission three construction vessels

Subsea 7’s Seven Borealis has started pipelay operations at BP’s West Nile Delta Phase Two project in the Mediterranean Sea offshore Egypt.

Offshore staff

LUXEMBOURGSubsea 7’s Seven Borealis has started pipelay operations at BP’s West Nile Delta Phase Two project in the Mediterranean Sea offshore Egypt, with umbilical installation to follow.

In Australia, Subsea 7 continues fabrication on the Sole project for Cooper Energy, and the company’s spoolbase in Vigra, Norway, is progressing fabrication for Spirit Energy’s Oda subsea tieback.

The company has released four vessels from its fleet, with the chartered vesselLewek Constellation returned to its owner on completion of the TVEX and OCTP projects in the Gulf of Mexico and offshore Ghana.

Three of the company’s older vessels,Seven Condor, Rockwater 1, and Seven Osprey, will be recycled. Subsea 7 has added one chartered life of field vessel for IRM activity offshore Azerbaijan.

The company said that although the oil and gas cycle continues its gradual recovery, with increased numbers of contract awards, pricing remains challenging in the near term.

Subsea 7 has also reaffirmed its interest in acquiringMcDermott International, and has invited the latter’s management team to entre discussions, claiming that a combination of the two companies would be “supported by compelling industrial logic.”

McDermott’s board, however, has rejected the latest proposal, insisting that the company remains “fully committed to completing the transformationalcombination with CB&I.”

04/26/2018

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