Subsea7 Awarded Contracts Offshore Norway

Subsea7 S.A. (SUBC, SUBCY) announced the award of two contracts by Equinor for the Irpa and Verdande field developments, located in the Norwegian Sea. The combined project awards are defined as sizeable(1). The two projects will be executed in a consortium between Subsea7 and DeepOcean.

The Irpa field development project, located in the Aasta Hansteen area at 1,350 metres water depth, involves a subsea tieback of approximately 80 kilometres to the Aasta Hansteen FPSO. The contract scope includes engineering, transportation and installation of a MEG pipeline, a production riser, umbilical, subsea structures and tie-ins.

The Verdande field development project, located in the Nordland Ridge area, involves a subsea tieback to the existing Skuld field and Norne FPSO facilities. The contract scope includes engineering, transportation and installation of a 7.5-kilometre pipe-in-pipe production pipeline, umbilical, flexibles, subsea structures and tie-ins.

Project management and engineering will commence immediately at Subsea7's offices in Stavanger, Norway. Fabrication of the pipelines will take place at Subsea7's spoolbase at Vigra, Norway and offshore operations are planned to take place in 2024, 2025 and 2026 utilising both Subsea7's and DeepOcean's fleet of vessels.

Monica Th. Bjørkmann, Senior Vice President for Subsea7 Norway said: "We are delighted to have been awarded these two contracts by Equinor. The awards continue our long-standing collaborative relationship with Equinor with a focus on safe, efficient and reliable operations."

1 Subsea7 defines a sizeable contract as being between USD 50 million and USD 150 million (Subsea7's share).