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Subsea 7 SA (SUBC.OL)

SUBC.OL on Oslo Stock Exchange

123.45NOK
23 Feb 2018
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Latest Key Developments (Source: Significant Developments)

Subsea 7 and Schlumberger plans 50/50 owned subsea joint venture
Friday, 23 Feb 2018 01:12am EST 

Feb 23 (Reuters) - Subsea 7 Sa ::SCHLUMBERGER AND SUBSEA 7 ANNOUNCE INTENT TO FORM A JOINT VENTURE.‍SCHLUMBERGER AND SUBSEA 7 S.A. TODAY ANNOUNCED THAT THEY HAVE ENTERED INTO EXCLUSIVE NEGOTIATIONS TO FORM A JOINT VENTURE THAT BUILDS ON SUCCESS OF SUBSEA INTEGRATION ALLIANCE, WHICH WAS ESTABLISHED IN 2015​.‍JOINT VENTURE WILL BE OWNED 50% BY SUBSEA 7 AND 50% BY SCHLUMBERGER​.‍SUBSEA INTEGRATION ALLIANCE CURRENTLY COMBINES SUBSURFACE EXPERTISE, SUBSEA PRODUCTION SYSTEMS (SPS) AND SUBSEA PROCESSING SYSTEMS OF ONESUBSEA WITH SUBSEA UMBILICAL, RISER AND FLOWLINE SYSTEMS (SURF) CAPABILITY OF SUBSEA 7​.‍PROPOSED JOINT VENTURE WILL FURTHER STRENGTHEN FRONT END ENGINEERING, DESIGN AND EXECUTION OF INTEGRATED PROJECTS​.‍WILL BUILD ON EXPERTISE FROM BOTH COMPANIES CREATING A UNIQUE LIFE OF FIELD OFFERING THAT INCLUDES AUTONOMOUS SUBSEA TECHNOLOGY, DIGITALLY ENABLED REMOTE SURVEILLANCE AND PRODUCTION MONITORING, AND INSPECTION, MAINTENANCE AND REPAIR SERVICES​.‍BOTH PARTIES EXPECT TO ACCOUNT FOR THEIR INVESTMENTS IN JOINT VENTURE UNDER EQUITY METHOD OF ACCOUNTING​.‍CUSTOMERS WILL REMAIN FREE TO PURCHASE NON-INTEGRATED PRODUCTS AND SERVICES FROM ANY MANUFACTURER AND VENDOR, INCLUDING SCHLUMBERGER AND SUBSEA 7​.  Full Article

Subsea 7 to take 60 pct stake in Xodus Group
Tuesday, 20 Feb 2018 01:38pm EST 

Feb 20 (Reuters) - Subsea 7 Sa ::SUBSEA 7 ANNOUNCES AGREEMENT TO INVEST IN XODUS GROUP.‍CHIYODA CORPORATION TODAY ANNOUNCED THAT SUBSEA 7 HAS AGREED TO ACQUIRE A 60% HOLDING IN XODUS GROUP, AN ENERGY CONSULTANCY, FROM CHIYODA​.‍CHIYODA WILL RETAIN A 40% HOLDING AS A JOINT VENTURE PARTNER​.SUBSEA 7 CEO: ‍"THIS JOINT VENTURE FURTHER ENHANCES OUR EARLY ENGINEERING ENGAGEMENT IN BOTH OIL AND GAS AND OFFSHORE RENEWABLES"​.  Full Article

Subsea 7 wins "substantial" Statoil contract at Snorre field
Thursday, 21 Dec 2017 01:15am EST 

Dec 21 (Reuters) - Subsea 7 Sa ::SUBSEA 7 AWARDED CONTRACT OFFSHORE NORWAY.‍AWARD OF A SUBSTANTIAL CONTRACT BY STATOIL FOR SNORRE EXPANSION PROJECT, LOCATED IN TAMPEN AREA​.‍EPCI (ENGINEERING, PROCUREMENT, CONSTRUCTION AND INSTALLATION) CONTRACT INCLUDES SUBSEA 7'S COST-EFFECTIVE PIPELINE BUNDLE TECHNOLOGY​.‍PROJECT FEATURES THREE PIPELINE BUNDLES: WEST, EAST AND NORTH​.‍PRODUCTION OF PIPELINE BUNDLE SYSTEM WILL TAKE PLACE AT SUBSEA 7'S FABRICATION FACILITIES AT WICK, SCOTLAND​.‍PROJECT MANAGEMENT AND ENGINEERING WILL COMMENCE IMMEDIATELY AT SUBSEA 7'S OFFICES IN STAVANGER, NORWAY AND ABERDEEN, SCOTLAND​.‍OFFSHORE OPERATIONS WILL TAKE PLACE IN 2019 AND 2020​.‍SUBSEA 7 DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION​.  Full Article

Subsea 7: Executive Vice President ‍Øyvind Mikaelsen steps down
Monday, 18 Dec 2017 02:19am EST 

Dec 18 (Reuters) - Subsea 7 Sa ::‍ØYVIND MIKAELSEN HAS DECIDED TO STEP DOWN FROM HIS ROLE AS EXECUTIVE VICE PRESIDENT COMMERCIAL AND WILL BE LEAVING SUBSEA 7 IN Q2 OF 2018​.‍MR MIKAELSEN WILL BE SUCCEEDED ON 1 JANUARY 2018 BY STUART FITZGERALD WHO WILL BE APPOINTED AS EXECUTIVE VICE PRESIDENT STRATEGY AND COMMERCIAL AND WILL BE A MEMBER OF EXECUTIVE MANAGEMENT TEAM​.  Full Article

BRIEF-Aker Solutions wins orders from Aker BP, value not disclosed
Monday, 18 Dec 2017 02:18am EST 

Fixes typo in headline:AKER SOLUTIONS WINS ORDERS FROM AKER BP FOR OFFSHORE NORWAY FIELDS.THE COMPANY WILL DELIVER TWO SUBSEA MANIFOLDS, A CONTROLS SYSTEM AND UMBILICALS FOR SKOGUL, WHICH WILL BE TIED BACK TO THE NORTH SEA ALVHEIM FIELD. IT WILL ALSO PROVIDE UMBILICALS AND DETAILED ENGINEERING OF THE TOPSIDE FOR A NORMALLY UNMANNED INSTALLATION (NUI) FOR VALHALL FLANK WEST, WHICH WILL BE TIED BACK TO THE VALHALL FIELD CENTER.THE SUBSEA WORK WILL BE CARRIED OUT AS PART OF AKER SOLUTIONS' SUBSEA ALLIANCE WITH AKER BP AND SUBSEA 7. THE TOPSIDE ENGINEERING WORK IS BEING UNDERTAKEN AS PART OF A WELLHEAD PLATFORM ALLIANCE WITH AKER BP, KVAERNER AND ABB. THE ALLIANCES HAVE PREVIOUSLY COMPLETED FRONT-END ENGINEERING WORK FOR BOTH FIELDS.THE PARTIES AGREED TO NOT DISCLOSE THE VALUE OF THE ORDERS, WHICH WILL BE BOOKED IN THE FOURTH QUARTER.  Full Article

Subsea 7 wins "sizeable" Aker BP contract award
Friday, 15 Dec 2017 03:35am EST 

Dec 15 (Reuters) - Subsea 7 Sa ::SUBSEA 7 AWARDED CONTRACTS OFFSHORE NORWAY.‍AWARD OF TWO CONTRACTS FROM ALLIANCE PARTNER AKER BP IN NORWEGIAN NORTH SEA​.‍CONTRACTS ARE FOR SKOGUL PROJECT AND VALHALL FLANK WEST PROJECT, WHICH COLLECTIVELY ARE EQUIVALENT TO A SIZEABLE AWARD​.‍SUBSEA 7 DEFINES A SIZEABLE CONTRACT AS BEING BETWEEN USD 50 MILLION AND USD 150 MILLION​.‍SKOGUL PROJECT (PREVIOUSLY CALLED STORKLAKKEN) IS LOCATED 220 KM NORTHWEST OF STAVANGER. THIS EPCI PROJECT IS A LONG-DISTANCE TIE-BACK TO ALVHEIM FPSO​.‍VALHALL FLANK WEST EPCI PROJECT COMPRISES A 4 KM TIE-BACK TO VALHALL CENTRE INCLUDING AN UMBILICAL AND RISER SYSTEM​.‍OFFSHORE OPERATIONS WILL COMMENCE IN 2018 WITH COMPLETION IN 2019​.  Full Article

BRIEF-Subsea 7 wins "substantial" Aker BP gas field contract
Monday, 11 Dec 2017 05:06am EST 

Repeats to additional readers:SUBSEA 7 AWARDED CONTRACT OFFSHORE NORWAY.‍AWARD OF A SUBSTANTIAL CONTRACT FROM AKER BP ON BEHALF OF SKARV UNIT FOR ÆRFUGL(PREVIOUSLY KNOWN AS SNADD) GAS FIELD DEVELOPMENT​.‍CONTRACT INCLUDES AN OPTION FOR ÆRFUGL PHASE 2 SCOPE, WHICH MAY BE EXERCISED BY AKER BP IN FUTURE.​.‍SUBSEA 7 DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION​.‍THIS EPCI CONTRACT IS A LONG-DISTANCE TIE-BACK INVOLVING APPLICATION OF SUBSEA 7'S ELECTRICALLY HEAT TRACED FLOWLINE (EHTF) TECHNOLOGY FOR 21 KM TIE-BACK TO SKARV FPSO​.‍PROJECT MANAGEMENT AND ENGINEERING WILL COMMENCE IMMEDIATELY AT SUBSEA 7'S OFFICES IN STAVANGER, NORWAY​.‍FABRICATION OF EHTF SYSTEM WILL TAKE PLACE AT SUBSEA 7'S SPOOLBASE AT VIGRA, NORWAY AND OFFSHORE OPERATIONS WILL TAKE PLACE IN 2019 AND 2020​.‍THIS IS A CONSIDERABLE EPCI CONTRACT WHICH IS OF SIGNIFICANT IMPORTANCE FOR SUBSEA 7​.  Full Article

Subsea 7 wins "substantial" Aker BP gas field contract
Monday, 11 Dec 2017 05:04am EST 

Dec 11 (Reuters) - Subsea 7 Sa ::SUBSEA 7 AWARDED CONTRACT OFFSHORE NORWAY.‍AWARD OF A SUBSTANTIAL CONTRACT FROM AKER BP ON BEHALF OF SKARV UNIT FOR ÆRFUGL(PREVIOUSLY KNOWN AS SNADD) GAS FIELD DEVELOPMENT​.‍CONTRACT INCLUDES AN OPTION FOR ÆRFUGL PHASE 2 SCOPE, WHICH MAY BE EXERCISED BY AKER BP IN FUTURE.​.‍SUBSEA 7 DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION​.‍THIS EPCI CONTRACT IS A LONG-DISTANCE TIE-BACK INVOLVING APPLICATION OF SUBSEA 7'S ELECTRICALLY HEAT TRACED FLOWLINE (EHTF) TECHNOLOGY FOR 21 KM TIE-BACK TO SKARV FPSO​.‍PROJECT MANAGEMENT AND ENGINEERING WILL COMMENCE IMMEDIATELY AT SUBSEA 7'S OFFICES IN STAVANGER, NORWAY​.‍FABRICATION OF EHTF SYSTEM WILL TAKE PLACE AT SUBSEA 7'S SPOOLBASE AT VIGRA, NORWAY AND OFFSHORE OPERATIONS WILL TAKE PLACE IN 2019 AND 2020​.‍THIS IS A CONSIDERABLE EPCI CONTRACT WHICH IS OF SIGNIFICANT IMPORTANCE FOR SUBSEA 7​.  Full Article

Subsea 7 may decide in 2018 on potential dividends -CFO
Thursday, 9 Nov 2017 07:30am EST 

Nov 9 (Reuters) - Subsea 7 Sa :CFO Ricardo Rosa says board regularly evaluates the options for reuturning cash to shareholders.CFO says intends to file review of cash returns to shareholders towards end of the year.CFO says we will provide more clarity on potential cash returns to shareholders next year.  Full Article

Subsea 7 CFO says near-term margins pressured by competition
Thursday, 9 Nov 2017 07:00am EST 

Nov 9 (Reuters) - Subsea 7 Sa :CFO Ricardo Rosa says near-term margins expected to detoriate further due to lower activity and continued competitive pressure on new contract awards.CEO Jean Cahuzac says in terms of new contract awards, we believe the worst of the downturn is behind us.CEO Cahuzac: I can't comment on 2019, it's too early.CFO Rosa: We are seeing significant pricing pressure as we are moving through the top period of this cycle. There is excess capacity in the SURF sector at present.CFO Rosa: We remain confident that there will be growth in the SURF sector thereafter, as indicated by the level of tender we are seeing at present.CFO Rosa: As the excess capacity in the SURF sector is disconsumed we should expect the return of margins to historical levels or better.  Full Article

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Schlumberger, Subsea 7 in talks to form oil services joint venture

OSLO Schlumberger , the world's largest oilfield services firm, and smaller peer Subsea 7 said on Friday they were entering exclusive talks to form a joint venture to deliver subsea installations and services for oilfields.