OSLO, March 6 (Reuters) - Australia’s Woodside Petroleum Ltd has in recent months awarded three contracts to Subsea 7 for offshore oil and gas engineering work that may eventually exceed $750 million in value, the Oslo-listed company said on Wednesday.
The initial contracts comprise studies for the first phase of Senegal’s SNE field development as well as Australia’s Scarborough Project and Julimar Development Phase 2, and could eventually become full-scale developments, Subsea 7 said.
“Assuming final investment decisions (FID) is reached on all three projects, they would in aggregate be equivalent to a major project award to Subsea 7,” the company said, adding that it defines a major contract as being over $750 million.
“The awarded work is for engineering activities required to finalise the technical definition of the proposed developments prior to Woodside and its joint venture partners making FID, which Woodside is targeting for between mid-2019 and early 2020 depending on the project,” Subsea 7 said in a statement. (Reporting by Terje Solsvik, editing by Gwladys Fouche)