Subsea 7 Confirms Major Contract Award Offshore Angola

Block 31, Ultra-Deepwater Angola
(Click to Enlarge)

Subsea 7 confirmed that its recently announced major contract award in Africa is a framework agreement with BP Angola Ltd.

Subsea 7’s agreement with BP is for call-off services in support of its development program in the ultra-deepwater Block 31, offshore Angola. This program includes up to four (4) developments, each subject to individual project sanction. BP Angola and its partners have recently sanctioned the first of these projects - Plutao, Saturno, Venus and Marte (PSVM) - and have accordingly placed a contract under the frame agreement with Subsea 7 with a value estimated at $460 million.

Subsea 7’s scope of supply comprises project management, engineering and installation services associated with the subsea infrastructure, including umbilicals, pipeline jumpers, flexibles and structures together with testing and pre-commissioning services.

The installation services will primarily be performed using Subsea 7’s new build flexible pipelay and construction vessel, the Seven Seas. The vessel, which was delivered to Subsea 7 in June 2008, was designed specifically to support this type of project. The PSVM development will require approximately 400 vessel days and, collectively, the four developments could utilize the vessel for in excess of 1,300 days.

Subsea 7 will also provide specialist installation equipment including lay systems and a number of deepwater workclass ROVs, deepwater heave-compensated cranes, winches, carousels and reel drives.

Mel Fitzgerald, CEO of Subsea 7, commented, "This is a very significant contract for Subsea 7. It has the potential to be our largest contract award to date globally, and is an important step for us in becoming the Subsea Partner of Choice for BP in Angola. We are absolutely delighted that BP has placed its confidence in us to support this major long-term program. We look forward to working with BP to maximize the commercial opportunities for both parties offered through their innovative contracting model, and to performing the work in a safe and timely manner."

"In addition, we fully recognize and support BP’s desire to build sustainable businesses in Angola by developing local industry and capability. This project award allows Subsea 7 to further demonstrate its already significant commitment to Angola, building on a proven track record of working in partnership with Angolan companies, helping to train and develop local people. We look forward to working closely with BP in Angola and all our subcontractors to make this project a success."

During the programme a substantial number of Angolans will be employed by Sevenseas Angola Ltd, a subsidiary of Subsea 7. This employment will include an unprecedented offshore training programme for marine and operational personnel, an onshore-based training programme for engineers and business managers in full-time education, and graduate training programmes through an in-country and international placement student sponsorship programme.



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