Subsea 7

Oil & Gas

Subsea 7 nets West Nile Delta contract

Subsea 7 has won a contract Burullus Gas Company for the platform extension and tie-in on the the first phase of the West Nile Delta development. The work is on BP’s Taurus and Libra fields’ offshore Egypt.

Other News

Subsea 7 to downsize offices in Aberdeenshire hub

Subsea 7 is to downsize its Aberdeenshire office as it looks to streamline costs during the oil price decline. The company, which announced it would be making headcount reductions earlier this year, said it would “optimise” its other buildings. Subsea 7 currently has its east and west complex as well as its workshop and sports centre based in Westhill.

Oil & Gas

Subsea 7 creates worldwide agreement with OneSubsea

Subsea 7 has struck a deal with Cameron and Schlumberger company OneSubsea to develop and deliver integrated development solutions. The move means the establishment of a worldwide non-incorporated alliance between the two firms. Subsea 7 will work alongside OneSubsea to create development solutions through the combination of subsurface expertise, subsea production systems and susbsea processing systems.

Oil & Gas

Subsea 7 to reduce headcount by almost 20%

Subsea 7 plans to cut its workforce by almost 20% and reduce its fleet by up to 11 vessels. The move has been made as a result of the oil price decline since last year. The company, which focuses on the North Sea, expects to reduce its workforce by 2,500 by early next year.

Oil & Gas

Subsea 7 wins $300million Wintershall contract

Subsea 7 has been awarded a $300million contract from Wintershall Norge AS for the Maria field development in the Norwegian Sea. The company will carry out a pipeline and subsea construction contract which consists of engineering, procurement, construction and installations to develop the field.

Market info

Subsea 7 sees profit lift

Subsea 7 has increased its earnings and margins despite the decline in oil price. The company has also secured more new orders than had previously been forecasted. Subsea 7, which specialises in underwater constrcution, said its operating profit had rised to $176million from $160million a year previously.

Market info

Subsea 7 wins Petrobas contract

Subsea 7 has been awarded a contract worth $200million for the installation of flexible lines for Petrobas’ projects. The contract will used Subsea 7’s construction and flex-lay vessel Seven Sea on a day-rate basis. The vessel has been operating for Petrobas under a similar day-rate contract since 2013 and will commence the new contract in direct continuation to the current one.

Oil & Gas

Subsea 7 boss takes hefty pay cut

Subsea 7 has refused to say if more jobs will go across its global operations after it revealed 1,000 were shed in 2014. The energy service giant is also reducing its fleet capability by 10 vessels over a two-year period as it continues to look for ways to slash costs in the wake of the big drop in oil prices.

Oil & Gas

Subsea 7 slashed 1,000 jobs in readiness for oil and gas downturn

Subsea 7 refused to say yesterday if more jobs will go across its global operations after it revealed 1,000 were shed in 2014. The energy service giant also outlined plans to reduce its fleet capability by 10 vessels over a two-year period as it continues to look for ways to slash costs in the wake of the big drop in oil prices. Hefty losses for the firm in 2014 – more than £150million at pre-tax level – were the latest blow for company balance sheets right across the sector as it adjusts to a new trading climate. Subsea 7 said its latest figures were hit by a £774.4million writedown due to an expected downturn in activity, and without it net profits came in at £525.4million.