Subsea 7 has signed a long-term partnership frame agreement with Premier Oil to provide concept engineering, FEED, SURF project execution and life of field operations.
The agreement enables Subsea 7 access to participate in relevant Premier decommissioning work.
The preferred supplier agreement covers the UK, Falkland Islands and Norway and has a term of five years plus options for extension.
Subsea 7 has recently participated in Premier’s bidding processes in these geographies, and is supporting the execution of the Catcher development in the North Sea, which continues to progress on schedule and within budget.
Steve Wisely, executive vice pesident, said: “The partnership with Premier Oil will enable delivery of safe, cost-effective and on time projects, through a working relationship based on early engagement, collaboration and strong alignment of objectives.
“We believe the partnership approach facilitates cost reduction through fit for purpose solutions and we look forward to delivering strong value to the Premier portfolio.”
This latest agreement follows on from two other recent partnership Subsea 7 has secured with MOL and Centrica.
The announcement follows Subsea 7’s latest quarterly results published today, which revealed a $702million drop in revenue following the oil crash.