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Subsea 7 announces ‘large’ Saudi Aramco deal as CEO steps down

© Subsea 7Subsea 7 shareholders

Aberdeen-based deepwater engineering firm Subsea 7 has announced a “large” contract with Saudi Aramco at its Marjan Increment project as the company’s chief executive announced he would step down.

The deal is understood to be between £240 to £400 million.

The engineering, procurement, construction and installation (EPCI) contract is awarded for execution in consortium with L&T Hydrocarbon Engineering (LTHE), a subsidiary of Larsen & Toubro.

The work will see the firm undertake the EPCI of new tie-in platforms, production deck manifolds, approximately 134 miles of pipeline.

Work is due to begin in 2021 and 2022.

Adzariat Monergi, Subsea 7’s vice president Middle East said: “This award builds on our track record of reliable project execution in the Kingdom of Saudi Arabia, and the close collaboration we enjoy with LTHE.

“We look forward to continuing our successful relationship with Saudi Aramco, supported by the recent offshore completion of several projects.”

Subsea 7 also announced today that its chief executive, Jean Cahuzac, will retire from his post at the end of the year.

He will be replaced by chief operating officer, John Evans, who will succeed him on January 1 2020.

Mr Cahuzac has been CEO since 2008, having previously worked for Transocean and Schlumberger.

After his retirement, Mr Cahuzac will continue as a non-executive director of the firm.

Kristian Siem, Subsea 7 chairman, said: “The board would like to thank Jean for his leadership over many years and the valuable contribution that he has made to the Company.

“We are fortunate that John Evans, who has a deep understanding of the business and a wealth of experience, will succeed Jean as CEO and the Board looks forward to working directly with him.”

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