Oslo-listed Subsea 7 has nabbed another contract in the US Gulf of Mexico.
The Kristian Siem-backed offshore player has won a contract to engineer, procure, build and install an offshore water injection flowline, hull piping and other subsea infrastructure for an unspecified project in the region.
The deal, worth between $50m and $150m, was announced on Friday.
Subsea 7 said project management and engineering work will begin immediately out of its Houston office. Actual work on the water is expected to begin in 2026.
The deal boosts Subsea 7’s $12.5bn contract backlog reported at the end of the second quarter and adds to the $4.3bn expected to hit the top line in 2026 and beyond.
The company has been able to secure several “sizeable” contracts, defined by the company as between $50m and $150m, in Poland and the Gulf of Mexico.
Its largest contracts — so-called “super-majors” valued more than $1.25bn — have come from the Brazilian market and the state-linked oil major there, Petrobras.
Brazil is where Subsea 7 believes most of its large-dollar project opportunities will be moving forward, with fewer $1bn-plus projects available in North America, Europe, Africa or Australia.
Only Equinor’s Bay du Nord project in Canada fits the super-major category in North America.
Subsea 7 shares opened at NOK 197.10 ($18.35) on Friday, shooting up NOK 1.50 from Thursday’s close, but moderated by NOK 0.60 as the trading day wore on.
