Details are scant, but Subsea 7 has inked a deal worth at least $750m.
The Oslo-listed offshore player said on Friday that it has won a contract for a two-phase subsea development.
“The first phase has been recorded in the backlog of the subsea and conventional business unit in the second quarter of 2023,” the Kristian Seim-backed company said in a stock exchange filing.
“The second phase, expected in 2024, remains subject to sanction by the client.”
It would not divulge the counterparty or the location of the project.
The company said it would handle engineering, procurement, construction and installation of approximately 37 km of infield flowlines, plus 47 km of control umbilicals and other equipment in water as deep as 2,000 meters.
Activity is expected to begin on the project between the second and third quarters of 2025.
“The contract also includes additional FEED studies and options to further extend the scope of work,” it said.
The project pushes Subsea 7’s contract backlog above $10bn.
In its first quarter earnings, the company said it had $9.7bn in contracted work, up from $9bn in the fourth quarter and $9.5bn of which was for oil and natural gas projects.
Last week, the company announced two “substantial” projects, which the company defines as between $50m and $150m.
Those together with the $750m bring the backlog to at least $10.9bn.
The news pushed the company’s shares up NOK 3.55 ($0.33), or 3.16%, to NOK 115.85 in midday trading on Friday.