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Subsea7 - News - December 8, 2004

Subsea 7 Announce the Visund Award from Statoil

Global underwater contractor, Subsea 7, today announced an award from Statoil for subsea construction work in connection with the completion of the Visund Gas Export System in the North Sea.

The award, which is a call-off under an existing frame agreement with Statoil, will be executed out of Subsea 7’s Stavanger office and is valued at approximately 40 million NOK. Subsea 7’s workscope includes: detail design, fabrication and installation of riser base, protection structure, Pipeline End Manifold (PLEM) and tie-in spool.

The Visund field is located in block 34/8, about 22 km north of the Gullfaks field on the Norwegian continental shelf. The Visund Floating Production Unit (FPU) was installed on the field in 1998, and oil production started in 1999. The water depth at the work sites ranges form 190m to 335m.

For the work Subsea 7 will utilise a construction vessel from their fleet. The work will be performed in the 3rd quarter of 2005.

Subsea 7’s Norway Vice President, Robin Davies commented “We are delighted with this award and look forward to continuing our good relations with Statoil. This award continues to prove our commitment to the North Sea”.

Ends

For more information:
Lyndsay Cruickshank on: +44 1224 344606
Carl Håkon Jarstø on: +47 518 37 496

Notes to editors

1. Subsea 7 is one of the world’s leading subsea engineering contractors. The company has offshore operations supported out of the UK, Norway, Asia Pacific, Brazil, Gulf of Mexico, West Africa and the Caspian and employs 3050 world-wide. Subsea 7 has a fleet of 112 remotely operated vehicles(ROVs), four pipeline construction yards and 14 modern, high specification dynamically positioned ships capable of deepwater reeled and flexible pipelay, deepwater subsea construction and saturation diving.

Website: www.subsea7.com

- more -

2. “Frame agreement” refers to an agreement for Subsea 7 to provide services to Statoil on an as required basis.

3. Statoil is an integrated oil and gas company with substantial international activities.

Represented in 28 countries, the group has about 24, 000 employees. Nearly 50 per cent of these employees work outside Norway.

Statoil is the leading producer on the Norwegian continental shelf and is operator for 20 oil and gas fields. http://www.statoil.com/



 


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