Subsea 7 Wins Tahiti Installation Project from Chevron

Subsea 7 has been awarded a significant subsea installation contract from Chevron valued in excess of US $20M for work related to the Tahiti Project in the eastern Gulf of Mexico.

The contract is for the installation of the Tahiti umbilicals, including the associated steel and electrical flying leads and the rigid pipeline and well jumpers.

The Tahiti development consists of a truss SPAR located in Green Canyon Area Block 641 in approximately 4,000 fsw. Production will be gathered from the North Drill Center located in GC596, the South Drill Center in GC640, and a Discovery Well located in GC 640. The offshore campaign is scheduled for late 2007 utilizing one of Subsea7's deepwater construction vessels.

"We are pleased to be selected as one of Chevron's lead installation contractors for this project, further enhancing Subsea 7's reputation as a full-service deepwater contractor," said Craig Broussard, Subsea 7's vice president Gulf of Mexico. "The award of this challenging project highlights Subsea 7's depth of resources and installation capabilities. In addition the further commitment of major assets in 2007 reinforces Subsea 7's commitment to providing state of the art vessels for our deepwater clients in the Gulf of Mexico."

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