Subsea 7 has taken on two more projects — one in the Gulf of Mexico and one offshore Egypt — as its backlog nears $10bn.
The Kristian Siem-backed offshore construction vessel owner said on Tuesday that it had won a contract with LLOG Exploration Offshore to install pipes for its Salamanca project off the US Gulf Coast.
“We are excited about the opportunity to work closely and openly with LLOG on this fast-paced, greenfield development,” Subsea 7 US vice president Craig Broussard said.
“Our strengths as a collaborative partner and the versatility of our fleet will be instrumental in ensuring predictable, safe, and timely project delivery.”
The deal will see the Oslo-listed owner install three subsea pipe systems and design and fabricate subsea structures. Project management and engineering will be handled by Subsea 7’s Houston office.
A second deal announced Wednesday sees the company’s Subsea Integration Alliance tie up with oilfield services giant SLB work on the Raven Infills Project in the Mediterranean Sea run by BP and joint venture partner Wintershall Dea.
The agreement includes a two-well tie-back and engineering, procurement, transport and installation of roughly six kilometres of flexible pipes, umbilical and associated subsea structures 800m underwater.
That project will be managed by the company’s offices in France, the UK and Portugal.
The company described both contracts as “substantial”, meaning they are valued between $50m and $150m.
Last week, Subsea 7 said its project backlog had risen from $9bn at the end of the fourth quarter to $9.7bn, $9.5bn of which is oil and natural gas projects.
The company posted a $29m loss for the first three months of 2023, but chief executive John Evans said the company would meet its target of 15% to 20% adjusted Ebitda margins over the next four years.
He said bidding was active for both offshore oil and gas projects and renewables projects.
