SUBCY Subsea 7 SA (PK)

By Dominic Chopping

Subsea7 SA said Thursday that Aker BP ASA's decision to approve field development projects offshore Norway could lead to contract awards of at least $1.2 billion for the company, subject to submission of the plan for development and operation later this month.

Subsea7 said it has executed the front-end engineering and design work for the projects.

Aker BP said last week that it decided to vote for the approval of the Noaka field development project, the Valhall PWP-Fenris project, the Skarv Satellite project and the Utsira High projects, with the plan for development and operations submitted to Norwegian authorities before year-end.

The approval of the projects could lead to a major contract for Noaka field development project, a large contract for Skarv Satellite project and a substantial contract for Valhall PWP-Fenris project. Subsea7 said.

Subsea7 defines a major contract as being more than $750 million, a large contract as being between $300 million and $500 million, and a substantial contract as being between $150 million and $300 million.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

December 08, 2022 08:49 ET (13:49 GMT)

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