Subsea 7

The subsea specialist will provide and install flowlines, risers, and umbilicals for the Búzios 8 project offshore Brazil.

The difficulty in selling a chemical to aid subsea pipeline flow has been delivering it to the wells.

With a boom in offshore wind construction expected to start in 2025, Subsea 7 is dealing now to grab a larger share of this burgeoning sector.

Delivery of the umbilicals is expected in Q4 2021. The King’s Quay FPS achieved FID in Q2 2019, and is expected to process up to 80,000 B/D of crude oil with first production in 2022.

Subsea 7’s installation services contract is the latest Chevron award for its Anchor field project. First oil from the project is expected in 2024.

The company announced both contract awards simultaneously. The new contract awards could be worth up to $800 million.

i-Tech 7, Subsea 7’s life-of-field business unit, and Shell International E&P have entered into a collaborative technology agreement to accelerate subsea digitalization, initially for a period of 5 years from the fourth quarter of 2019.

Described as Brazil’s first-ever integrated SPS and SURF project, the development will include 19 wells, approximately 130 km of rigid risers and flowlines, and 35 km of umbilicals.

Subsea 7 and Eidesvik Offshore have been awarded the 2019 Environmental Sustainability Award from the International Marine Contractors Association in recognition of their efforts to reduce vessel emissions and improve energy efficiency.

Bloomberg reports that Saipem is seeking to bulk up and weather an industry downturn. A potential deal could create an oilfield service giant with more than $12.4 billion in revenue.