Subsea 7 awarded contract offshore Egypt

Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a contract with a value of approximately USD 500 million by BP, and partner DEA, for the development of the Taurus and Libra subsea fields offshore Alexandria, Egypt. The contract is the first phase of Egypt’s West Nile Delta project where field development will be at depths of
approximately 800 metres.

The contract scope includes the engineering, procurement, installation and pre-commissioning of subsea infrastructure required to develop the hydrocarbon resources from nine wells including 75 kilometres of umbilicals and 100 kilometres of pipeline.

Engineering and project management work will commence immediately and will be undertaken at Subsea 7’s Global Projects Centre in London. Fabrication of the subsea structures and spools will be carried out at the Petrojet Maadia yard near Alexandria. Offshore installation is scheduled to commence in the second half of 2016 using the Subsea 7 pipelay vessel, Seven Borealis, and heavy construction vessel, Seven Arctic.

Subsea 7 is one of the world’s leading global contractors in seabed-to-surface engineering, construction and services to the offshore industry. The Company provides technical solutions to enable the delivery of complex projects in all water depths and challenging environments.