CEO: Subsea 7's Guara-Lula on Schedule but More Difficulties Possible

Reuters

OSLO, March 20 (Reuters) – Subsea 7's troubled $1 billion ultradeep Guará-Lula project for Petrobras in Brazil is still on track to finish offshore work this year but further difficulties can not be ruled out, Chief Executive Jean Cahuzac said.

"We can have other problems at Guará-Lula, but we have done some good progress ... It takes time," Cahuzac told a conference on Thursday. "We are not proud of the financial result of the project but we are proud of what we are doing for Petrobras."

The project has sustained several delays over the past year as the firm struggled with technical and supply chain issues and adverse weather.

The firm has already recognised a $355 million additional full-life project loss related to Guará-Lula. Offshore work began in the second quarter of 2013.

(Reporting by Gwladys Fouche; Editing by Balazs Koranyi)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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