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Subsea 7 - News - July 22, 2005

Subsea 7’S First Major Contract with Paladin

Subsea 7 has today announced an award valued in the region of US $56M by Paladin Expro Limited for an EPIC (engineering, procurement, installation and construction) contract for the development of the Enoch field in the UK Continental shelf.

Subsea 7 will be responsible for a single well tie-back to the Marathon Brae Alpha platform, which will include the installation of 15.3 km of both an eight inch production rigid pipeline and a three inch gas lift rigid pipeline as well as the installation of risers and a combined services umbilical. The engineering and procurement phase has commenced with the installation planned for completion by the end of 2006. A number of Subsea 7’s vessels will be utilised throughout the offshore phase.

The Enoch field is located 16 km from the Brae Alpha platform which lies 300 km north east of Aberdeen in 110 metres water depth.

Subsea 7’s UK Vice President, Steve Wisely said, “This our first major contract with Paladin and is an excellent opportunity for our companies to work together to develop the Enoch field.”

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Subsea 7 Public Relations:
Lyndsay Cruickshank Tel: +44 1224 344606
E-mail: lyndsay.cruickshank@subsea7.com
Pat Stephen Tel: +44 1224 344508 or +44 7712 427608
E-mail: pat.stephen@subsea7.com

Notes to editors:
1 With a workforce in excess of 3000 people worldwide, Subsea 7 is one of the world’s leading subsea engineering contractors. The company’s global offshore operations are supported out of Asia Pacific, Brazil, Gulf of Mexico, Norway, UK and West Africa. Subsea 7 has more than 100 remotely operated vehicles (ROVs), four pipeline construction yards and a fleet of modern, high specification dynamically positioned ships capable of deepwater reeled and flexible pipelay, deepwater subsea construction and saturation diving. Website: www.subsea7.com

2 Paladin Resources is a British independent oil and gas exploration and production, based in London and is listed on the London Stock Exchange. Paladin has a portfolio of production and exploration assets in the U.K., Danish and Norwegian North Sea, Australia, Gabon, Indonesia, Romania and Tunisia. http://www.paladinresources.plc.uk/output/Page1.asp



 


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