SUBCY Subsea 7 SA (PK)

   By Dominic Chopping 
 

Norwegian offshore engineer Subsea 7 SA (SUBC.OS) said Wednesday it has been awarded a sizeable three-year frame agreement, with four one-year options, for six North Sea clients.

The company defines a sizeable contract as being between $50 million and $150 million.

Under the deal, Subsea 7 will continue to provide Diving Support Vessel (DSV) services on a year-round basis, as well as associated project management and engineering services to over 40 facilities in the North Sea.

The clients involved are Chevron North Sea, Dana Petroleum (E&P), Hess Denmark APS, Nexen Petroleum U.K., Talisman Sinopec Energy UK and TAQA Bratani.

The agreement follows on from an original frame deal awarded in 2009, and allows all operators to benefit from lower costs realised through the sharing of resources, it said.

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

February 03, 2016 03:04 ET (08:04 GMT)

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