Subsea 7 Wins Shetland Subsea Contract
Subsea 7 announced Tuesday that it has been awarded a $70 million contract for a subsea pipeline replacement project in the North Sea, northeast of the Shetland Islands.
Subsea 7 said a key part of the project will be the fabrication and installation of a 17-mile replacement pipeline, along with associated tie-ins to the existing infrastructure.
Offshore work is due to commence in the third quarter of 2013, with the contract engineered and managed from Subsea 7's Aberdeen offices.
"This contract award highlights our proven ability to deliver fast-track, technically-demanding projects in harsh offshore environments," Subsea 7 vice president for the UK and Canada Steph McNeill said in a company statement.
The news comes a day after Subsea 7 reported robust third-quarter results but warned that delays to contracts and supply-chain bottlenecks would temper its progress in 2013.
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