Subsea 7 Awarded Contract in Norway

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Subsea 7 today announced the award of a substantial(1) contract by Statoil for the provision of subsea inspection, repair and maintenance (IRM) services on the Norwegian Continental Shelf.

The contract involves the provision of a Life of Field support vessel for five years, with options for extensions. The Life of Field support vessel, complete with work class and observation class ROVs and a module handling support system, must be capable of performing standard inspections, light construction and scale squeeze operations, as well as module handling and Christmas tree installation.

Offshore activities will begin in January 2019 using Subsea 7’s high specification Life of Field vessel, Seven Viking.  Project management and engineering support will be executed from i-Tech Services' office in Stavanger, Norway.

Steve Wisely, i-Tech Services Senior Vice President, said: 'The award of this long-term IRM contract acknowledges the capability and high standard of performance i-Tech Services has established over decades of providing IRM services to Statoil. This is a renewal of our existing contract, where we have continuously delivered excellent support. It proves the concept of Seven Viking, which is the only vessel of its kind in the world. Over the course of the contract we look forward to introducing new innovative technologies, including remote controlled operations from onshore.

(1) Subsea 7 defines a substantial contract as being between USD 150 million and USD 300 million.

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Subsea 7 S.A. is a leading global contractor in seabed-to-surface engineering, construction and services to the offshore energy industry. We provide technical solutions to enable the delivery of complex projects in all water depths and challenging environments.

Subsea 7 is listed on the Oslo Bors (SUBC), ISIN LU0075646355.

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