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Subsea 7 SA (SUBC.OL)

SUBC.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Subsea 7 wins "sizeable" Shell contract
Monday, 17 Dec 2018 

Dec 17 (Reuters) - Subsea 7 SA ::SUBSEA 7 AWARDED CONTRACT OFFSHORE UK.ANNOUNCED AWARD OF A SIZEABLE CONTRACT BY SHELL FOR SHEARWATER FULMAR GAS LINE (FGL) RE-PLUMB PROJECT, LOCATED APPROXIMATELY 140 MILES EAST OF ABERDEEN.SUBSEA 7 DEFINES A SIZEABLE CONTRACT AS BEING BETWEEN USD 50 MILLION AND USD 150 MILLION.ENGINEERING, PROCUREMENT, CONSTRUCTION AND INSTALLATION (EPCI) PROJECT WORKSCOPE INCORPORATES A 37KM 24" EXPORT LINE, A 14" RIGID RISER, CONTROL JUMPER, SUBSEA STRUCTURES AND ASSOCIATED SUBSEA TIE-INS.PROJECT MANAGEMENT, ENGINEERING AND PROCUREMENT WORK HAS ALREADY COMMENCED IN ABERDEEN, WITH SUPPORT FROM SUBSEA 7'S OFFICE IN GLASGOW, BOTH IN UK. OFFSHORE ACTIVITIES ARE SCHEDULED FOR 2019.  Full Article

Subsea 7 wins "substantial" wind farm contract offshore Taiwan
Tuesday, 13 Nov 2018 

Nov 13 (Reuters) - Subsea 7 SA ::SUBSEA 7 AWARDED CONTRACT OFFSHORE TAIWAN.ANNOUNCED AWARD OF A SUBSTANTIAL) CONTRACT TO SEAWAY OFFSHORE CABLES (SOC), AN ENTITY IN SUBSEA 7'S RENEWABLES AND HEAVY LIFTING BUSINESS UNIT, FOR YUNLIN OFFSHORE WIND FARM PROJECT BY YUNNEN WIND POWER COMPANY, A COMPANY OF THE WPD GROUP, FOR THE SUPPLY AND INSTALLATION OF THE EXPORT AND INNER ARRAY GRID CABLE SYSTEM.SUBSEA 7 DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300.YUNLIN OFFSHORE WIND FARM IS LOCATED APPROXIMATELY 8KM OFF COAST OF YUNLIN COUNTY WITHIN TAIWAN STRAIT ON WEST COAST OF TAIWAN AND COMPRISES 80 WIND TURBINE GENERATORS EACH WITH A CAPACITY OF 8 MEGAWATT.PROJECT ENGINEERING WILL COMMENCE IMMEDIATELY FROM SOC OFFICES IN LEER, GERMANY AND TAIPEI, TAIWAN. OFFSHORE ACTIVITIES ARE PLANNED FOR EXECUTION IN 2020.  Full Article

Promethean Energy, Subsea 7 Form Strategic Alliance On Deepwater Gulf Of Mexico Projects
Tuesday, 4 Sep 2018 

Sept 4 (Reuters) - Promethean Energy Corporation::PROMETHEAN ENERGY CORPORATION AND SUBSEA 7 FORM STRATEGIC ALLIANCE ON DEEPWATER GULF OF MEXICO PROJECTS.PROMETHEAN ENERGY - MOU WITH SUBSEA 7 ALLOWING ORGANIZATIONS TO COLLABORATE ON FURTHER DEVELOPMENT OF DEEPWATER GULF OF MEXICO OIL AND GAS ASSETS.  Full Article

Subsea 7 wins "substantial" offshore contract
Monday, 20 Aug 2018 

Aug 20 (Reuters) - Subsea 7 SA ::SUBSEA 7 AWARDED SUBSTANTIAL CONTRACT.ANNOUNCED AWARD OF A SUBSTANTIAL OFFSHORE CONVENTIONAL CONTRACT.DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION.OFFSHORE EXECUTION IS PLANNED FOR 2019 AND 2020. NO FURTHER DETAILS ARE DISCLOSED AT THIS TIME DUE TO CONTRACTUAL OBLIGATIONS.  Full Article

Subsea 7 doesn't expect offshore activity pickup to impact results by 2020
Thursday, 26 Jul 2018 

July 26 (Reuters) - Subsea 7 SA executives told a call with analysts on Thursday::CFO SAYS DOES NOT EXPECT IMPROVEMENT IN OFFSHORE ACTIVITY TO HAVE IMPACT ON THE COMPANY'S RESULTS BY 2020.CFO: "WE ARE CONFIDENT THAT WE WILL ACHIEVE 2018 REVENUE BROADLY IN LINE WITH THE 2017 REVENUE".CEO SAYS SEES PRESSURE ON MARGINS TO CONTINUE SHORT-TERM.CEO: "WE WILL SEE AN IMPROVEMENT (IN MARGINS) IN THE MEDIUM-TERM WHEN THE OFFSHORE ACTIVITY INCREASES.".SUBSEA 7 SEES OFFSHORE ACTIVITY INCREASING IN WEST AFRICA, BRAZIL, NEW OPPORTUNITIES EMERGING IN THE U.S., TAIWAN.SUBSEA 7 REPORTED ON THURSDAY LOWER-THAN-EXPECTED ADJUSTED EBIDTA FOR THE SECOND-QUARTER nFWN1UM06G.  Full Article

Subsea 7 wins "substantial" Angola oil contract from Total
Thursday, 28 Jun 2018 

June 28 (Reuters) - Subsea 7 SA ::ANNOUNCED AWARD OF A SUBSTANTIAL CONTRACT BY TOTAL <<>> FOR ENGINEERING, PROCUREMENT, INSTALLATION AND COMMISSIONING OF SUBSEA FLOWLINES AND UMBILICALS FOR ZINIA PHASE 2 PROJECT.SUBSEA 7 DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION.CONTRACT SCOPE INCLUDES TIE-BACK DEVELOPMENT OF TWO RESERVOIRS TO EXISTING PAZFLOR FPSO IN BLOCK 17.  Full Article

Subsea 7 wins "substantial" Statoil contract
Wednesday, 9 May 2018 

May 9 (Reuters) - Subsea 7 SA ::SUBSEA 7 AWARDED CONTRACT OFFSHORE NORWAY.AWARD OF A SUBSTANTIAL CONTRACT BY STATOIL FOR PROVISION OF SUBSEA INSPECTION, REPAIR AND MAINTENANCE (IRM) SERVICES ON NORWEGIAN CONTINENTAL SHELF.SUBSEA 7 DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION.CONTRACT INVOLVES PROVISION OF A LIFE OF FIELD SUPPORT VESSEL FOR FIVE YEARS, WITH OPTIONS FOR EXTENSIONS.SUBSEA 7: LIFE OF FIELD SUPPORT VESSEL, WITH WORK CLASS AND OBSERVATION CLASS ROVS AND MODULE HANDLING SUPPORT SYSTEM, MUST BE CAPABLE OF PERFORMING STANDARD INSPECTIONS, LIGHT CONSTRUCTION AND SCALE SQUEEZE OPERATIONS, AS WELL AS MODULE HANDLING AND CHRISTMAS TREE INSTALLATION.OFFSHORE ACTIVITIES WILL BEGIN IN JANUARY 2019 USING SUBSEA 7'S HIGH SPECIFICATION LIFE OF FIELD VESSEL, SEVEN VIKING.  Full Article

Aker Solutions CEO: Tie-up of Subsea 7 and McDermott would reduce competition
Thursday, 26 Apr 2018 

April 27 (Reuters) - The CEO and the CFO of Aker Solutions ASA made the following statements on Friday::CFO: EXPECTS MARKET ACTIVITY IN BRAZIL TO PICK UP "VERY SOON".CEO: EXPECTS MARGINS TO GO UP, BUT DOESN'T EXPECT TO SEE THE SAME PRICE INFLATION AS IN THE PAST.CEO SAYS IS WATCHING "VERY CLOSELY" SUBSEA 7 MOVE TO ACQUIRE MCDERMOTT.CEO SAYS HE DOESN'T EXPECT BIG IMPACT ON AKER SOLUTIONS IF PROPOSED SUBSEA 7-MCDERMOTT DEAL GOES THROUGH.CEO SAYS CONSOLIDATION WOULD RESULT IN LESS COMPETITION, LESS CHOICE FOR CLIENTS.CEO: "WE ARE CONVINCED THAT WE CAN REMAIN, TO STAND ALONE, AND THE Q1 ORDER INTAKE PROVES THAT, BUT IT'S UP TO OUR SHAREHOLDERS AND THE BOARD".CEO SAYS THE COMPANY EXPECTS ORDERS FROM OUTSIDE NORWAY TO BE TWICE AS HIGH AS IN NORWAY AFTER 2020-2022.CEO: SEES GREAT OPPORTUNITIES FOR FIELD MODIFICATION PROJECTS IN NORWAY FOR A LONG TIME.  Full Article

Mcdermott Reiterates Rejection Of Subsea 7’S Non-Binding, Unsolicited Proposal
Wednesday, 25 Apr 2018 

April 25 (Reuters) - McDermott International Inc ::MCDERMOTT REITERATES REJECTION OF SUBSEA 7’S NON-BINDING, UNSOLICITED PROPOSAL.SAYS "FULLY COMMITTED" TO COMPLETING COMBINATION WITH CB&I.SAYS COMBINATION WITH CB&I EXPECTED TO CLOSE IN MAY 2018.  Full Article

Subsea 7 re-affirms its proposal to acquire McDermott
Wednesday, 25 Apr 2018 

April 25 (Reuters) - Subsea 7 Sa ::SUBSEA 7 RE-AFFIRMS ITS PROPOSAL TO ACQUIRE MCDERMOTT.SAYS IS OPEN TO CONSIDERING AMENDING ITS PROPOSAL IF IT CAN DISCOVER ADDITIONAL VALUE THROUGH DISCUSSIONS WITH MCDERMOTT MANAGEMENT TEAM.MCDERMOTT BOARD REJECTED SUBSEA 7'S UNSOLICITED OFFER WORTH ABOUT $2 BILLION ON APRIL 20 nL8N1S00VG.  Full Article

UPDATE 1-Equatorial Guinea punishes Subsea 7 for not hiring more locals

CAPE TOWN, Nov 22 Equatorial Guinea has ordered energy companies to stop doing business with oil and gas service firm Subsea 7 because the firm failed to comply with laws aimed at creating more local jobs, the oil minister said on Thursday.