Subsea 7

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.

Oil & Gas

Subsea 7 scoops $240million Shell contract extensions

Subsea 7 has been awarded a two-year extension by Shell for two Underwater Services Contracts (USCs) worth $240million. The company said the Life of Field contract extensions for Diving Support Vessel (DSV) and Remotely Operated Vehicle Support Vessel (ROVSV) services will both commence in 2016. Subsea 7 will also continue to provide subsea construction, inspection, repair and maintenance and decommissioning services to Shell’s UK offshore fields and facilities.

Oil & Gas

Subsea 7 wins Persephone contract

Subsea 7 has been awarded a contract by Woodside Energy for its Persephone development off the coast of Australia. The Persephone project consists of two wells tied into a subsea production manifold with production fluids transported to the existing North Rankin Complex (NRC). The contract comprises fabrication, transportation, installation and pre-commissioning activities.

Americas

Subsea 7 wins Gulf of Mexico contract

Subsea 7 has been awarded a contract by the Hess Corporation for installation work on the Stampede Project in the Gulf Of Mexico. The deal includes work on flowlines, steel catenary risers, umbilicals, jumpers and associated subsea architecture which will tie-back two drill centres to a tension leg platform. The company said production would be via two 10-inch flowlines from each drill centre.