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Subsea 7 Announces $75M North Sea Contract

Subsea 7 Subsea 7 Inc (OSE Symbol: SUB), one of the world's leading subsea engineering and construction companies, announced today that it has been awarded a contract in the UK sector of the North Sea valued in excess of US $75 million.

The Subsea 7 work scope is to engineer, fabricate, install and commission a pipeline bundle* consisting of production, gas lift, methanol and heating pipelines and controls umbilical.

Procurement, engineering and project management will commence immediately with offshore installation of the bundle scheduled for early 2011.

Further information regarding the contract award will be released at the earliest opportunity.

*A pipeline bundle product integrates the required flow lines, water injection, gas lift and control systems necessary for a subsea development and assembles them within a steel carrier pipe. At each end of the pipeline, the structures, manifolds, incorporating equipment and valves, designed specifically to the requirements of the field, are attached. The fully tested system is then launched and transported to the location using the controlled depth tow method. Once installed no trenching or rock dumping is required.

Published 26/04/2010

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