Subsea 7 Inc (OSE Symbol: SUB.ol), one of the world`s
leading subsea engineering and construction
companies, announced today that it has been
awarded a contract by Petrobras America, a
subsidiary of Petrobras (NYSE: PBR/PBRA) for
installation works in the deepwater Cascade &
Chinook fields in the Gulf of Mexico. The
contract is valued in excess of US $50 million.
Subsea 7 is to engineer and install 70 km of power
cables and control umbilicals and fabricate and
install 16 jumpers in the Cascade & Chinook
fields, located at Block 425 of Walter Ridge area
in water depths ranging from 2,300m to 3,000m.
Work will commence immediately with the Project
Management and Engineering team located in Subsea
7`s offices in Houston. Fabrication of the
jumpers will be carried out at Subsea 7`s logistic
base in Mobile, Alabama. The offshore
installation campaign will be carried out by one
of Subsea 7`s deepwater umbilical installation
vessels late 2009 and early 2010. The final
selection of vessel will be dependant on the size
and weight of product to be installed following
optimisation by Petrobras and Subsea 7.
Bill Boyle, Subsea 7`s North and Central America
Vice President stated, `The award of this very
challenging installation contract confirms Subsea
7`s position as the subsea partner of choice for
deepwater umbilical installation and construction
in the Gulf of Mexico. It builds on Subsea 7`s
already very strong and historic partnership with
Petrobras in Brazil.`
The Cascade and Chinook fields are being developed
using a Floating Production Storage and Offloading
facility (FPSO) to be installed in 2010. This is
the first time such a development concept has been
used in the American waters of the Gulf of
Mexico.
Ends
8th January 2008
For additional information, please contact:
Barry Mahon, Chief Financial Officer, Subsea 7,
Tel: +44 1224 344513
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