Subsea 7 Wins Offshore Contract in Trinidad and Tobago

Subsea 7, Listed in Oslo, Said It Secured a “Significant” Contract from an Unnamed Client for Offshore Work in Trinidad and Tobago.

The scope of Subsea 7’s contract covers project management, engineering, procurement, installation, and pull-in of a rigid subsea flowline and flexible riser, along with flexible flowlines and associated subsea infrastructure and umbilical system.

According to the company, the deal is worth between US$ 50 million and US$ 150 million, and the offshore installation activities are expected to take place in 2021. Subsea 7 also highlighted that, at this time, no further details can be communicated.

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Finally, the Contract Will Go to the Third Quarter Order Book.

As a reminder, the engineering and construction specialist reported a quarterly net loss of US$ 922 million in the second quarter of this year. The order book at the end of June was US$ 7.0 billion, of which US$ 2.1 billion is expected to be executed in 2020.

The order book for execution in 2021 of US$ 3.4 billion has increased by 70 percent since the end of the first quarter.

In Brazil, Subsea 7 along with other companies in the oil and gas sector are part of a social initiative called Junior Achievement RJ, a non-profit organization for entrepreneurial education for school-age youth. Learn more about this project here.