Subsea 7 S.A. (SUBCY)

[Wildbilly]

Subsea 7 Gets $500 Million Contract Offshore Ghana

By Dominic Chopping

Norwegian seabed-to-surface engineering contractor Subsea 7 S.A. (SUBC.OS) said Thursday that as part of a consortium with Technip (TEC.FR), it has been awarded a contract from Tullow Ghana Limited for a project offshore Ghana. Subsea 7's share of the contract is valued at $500 million.


MAIN FACTS:
-There is a significant fabrication scope of work which will be executed in Ghana.

-Onshore operations will be led by a team who will be located in Ghana.

-Engineering will commence immediately with offshore installation scheduled to commence in mid-2015, using the Seven Borealis.

-The TEN Field is located in the Deepwater Tano Contract Area, 60km off the coast of Ghana and approximately 30km west of the Tullow Operated Jubilee Field.

-Shares closed Wednesday at NOK128.20, valuing the company at NOK45.1 billion.

http://ih.advfn.com/p.php?pid=nmona&article=59812141


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