SUBCY Subsea 7 SA (PK)

   By Dominic Chopping 
 

Norwegian offshore engineer Subsea 7 SA (SUBC.OS) said Wednesday it has secured a sizeable extension to an existing contract with BP Exploration Operating Company Limited, for the provision of Subsea Construction, Inspection, Repair and Maintenance (IRM) services in the North Sea.

Under the terms of this agreement, Subsea 7 will provide BP with an additional two years of IRM services, extending the contract to 2019.

Subsea 7 said it defines a sizeable contract as being between $50 million and $150 million.

The company said separately it is suspending its dividend as it reported a 27% drop in fourth quarter revenue. It added that the low oil and gas price continues to depress industry activity as clients delay and cancel new projects and the timing of market recovery remains highly uncertain.

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

(END) Dow Jones Newswires

March 02, 2016 03:15 ET (08:15 GMT)

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