Subsea 7 Awarded Contract Offshore Brazil

Source Press Release
Company Subsea 7 S.A. 
Tags Service Contracts
Date September 02, 2019

Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN LU0075646355) today announced the award of a sizeable((1)) contract by Total E&P do Brasil((2)) for the development of the Lapa North East field located approximately 300 kilometres off the coast of the State of São Paulo, at 2,150 metres water depth in the pre-salt Santos Basin.  

The work scope includes the transport, installation and pre-commissioning of 35 kilometres of flexible pipelines and 20 kilometres of umbilical, connecting 5 wells to the FPSO Cidade de Caraguatatuba. Project management and detailed engineering will commence immediately at Subsea 7's office in Rio de Janeiro, Brazil. Offshore activities are due to commence in the fourth quarter 2019. 

Marcelo Xavier, Subsea 7's Vice-President Brazil, said: "This contract builds on our track record of project execution offshore Brazil and reflects our commitment to work and learn together with our client to achieve successful solutions. We look forward to strengthening our relationship with Total in Brazil, through mutually beneficial collaboration on this project and, in the long-term, on future developments." 

((1)  )Subsea 7 defines a sizeable contract as being between USD 50 million and USD 150 million. ((2)  )Acting as Operator for and on behalf of the consortium presently composed of Total E&P do Brasil, Shell and Repsol-Sinopec.

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