Subsea 7 Secures END-3 Services Contract

Subsea 7 S.A. has secured a services contract with Pharaonic Petroleum Company S.A.E. for the development of the East Nile Delta Phase 3 Project (END-3), offshore Egypt.

The contract, which is valued at between $50 million and $150 million, will see Subsea conduct operations including installation engineering, the procurement and fabrication of rigid spools, and the installation of pipeline, umbilical and subsea structures to develop the resources from two wells. Offshore installation is scheduled to commence in the fourth quarter of 2015 using the Subsea 7 vessels Rockwater 2 and Seven Borealis.

Subsea 7 Vice President Africa, Gilles Lafaye, commented in a company statement:

"Subsea 7 is pleased to once again provide services for the Taurt and Ha'py field developments. This important award recognises our technical expertise and strong track record of good execution for Pharaonic Petroleum Company and reinforces our presence in Egypt."

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