Shell Awards Subsea 7 Two Long-Term Contracts

Subsea 7 Inc. said that it has been awarded two separate contracts by Shell Exploration and Production in Europe, both for a firm period of 6 years and with a combined value of roughly US$1.1 billion.

The contracts, which will both have 4 x 1 year options to renew, call for designing, building, and operating a Remotely Operated Vehicle Support Vessel (ROVSV) and a Diving Support Vessel (DSV). A vessel charter will be entered into for the ROVSV while the DSV will be built and owned by Subsea 7. The vessels will be used to carry out a wide range of subsea intervention activities in support of Shell’s European operations.

Under the first contract award, valued in the region of US$400 million, Subsea will design, build, and operate a fully equipped ROVSV. The vessel will be used to support subsea activities throughout Shell’s subsea infrastructure.

The second contract award, valued in the region of US $700 million, is for DSV support and the execution of Shell’s North Sea field’s IRM works, entailing some 400 to 500 vessel days per annum. In order to service this demand, Subsea 7 will design, build, and operate a fully equipped DP3 DSV. The DSV will be used to support subsea activities across Shell’s European operations.

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