Luxembourg 27 February 2019 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY,
ISIN LU0075646355) today announced the award of a substantial(1) contract by BP
Exploration for the provision of subsea construction, inspection, repair and
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maintenance services covering BPs North Sea region portfolio of assets West of
Shetland and Northern North Sea.
Under the terms of the five year agreement, i-Tech Services will provide a Life
of Field support vessel complete with work class and observation class ROVs,
capable of performing inspection, survey, intervention, light subsea
construction and emergency response services.
Offshore activities began in January 2019 using the companys high-specification
Life of Field vessel, Normand Subsea. Project management and engineering support
will be executed from i-Tech Services’ office in Aberdeen, UK.
Steve Wisely, i-Tech Services Senior Vice President, said: We have over 20
years experience working with BP both in the North Sea and in particular the
challenging environmental conditions offshore West of Shetland. This award,
which is a renewal of our existing contract, acknowledges the strength and depth
of our Life of Field capabilities, technology expertise and proven track record
in the successful delivery of safe, efficient and reliable operations.
(1) Subsea 7 defines a substantial contract as being between USD 150 million and
USD 300 million.
Subsea 7 is a global leader in the delivery of offshore projects and services
for the evolving energy industry. We create sustainable value by being the
industrys partner and employer of choice in delivering the efficient offshore
solutions the world needs.
i-Tech Services is a progressive and pioneering subsea life of field partner
within the Subsea 7 Group.
Contact for investor enquiries:
Isabel Green
Investor Relations Director
Tel +44 20 8210 5568
isabel.green@subsea7.com
www.subsea7.com
Contact for media enquiries:
Caroline Merson
Global Marketing Manager
Tel +44 21224 265018
caroline.merson@subsea7.com
www.i-tech7.com
Forward-Looking Statements: Certain statements made in this announcement may
include forward-looking statements. These statements may be identified by the
use of words like anticipate, believe, could, estimate, expect,
forecast, intend, may, might, plan, predict, project, scheduled,
seek, should, will, and similar expressions. The forward-looking
statements reflect our current views and are subject to risks, uncertainties and
assumptions. The principal risks and uncertainties which could impact the Group
and the factors which could affect the actual results are described but not
limited to those in the Risk Management section in the Groups Annual Report
and Consolidated Financial Statements 2017. These factors, and others which are
discussed in our public announcements, are among those that may cause actual and
future results and trends to differ materially from our forward-looking
statements: actions by regulatory authorities or other third parties; our
ability to recover costs on significant projects; the general economic
conditions and competition in the markets and businesses in which we operate;
our relationship with significant clients; the outcome of legal and
administrative proceedings or governmental enquiries; uncertainties inherent in
operating internationally; the timely delivery of vessels on order; the impact
of laws and regulations; and operating hazards, including spills and
environmental damage. Many of these factors are beyond our ability to control or
predict. Other unknown or unpredictable factors could also have material adverse
effects on our future results. Given these factors, you should not place undue
http://www.netfonds.no/quotes/release.php?id=20190227.OBI.20190227S49
