Subsea 7 Company News

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Oceaneering Sees Reason for More Offshore Confidence
Monday, September 10, 2018 Oceaneering and Subsea 7 will supply an umbilical and flying leads for Shell's deepwater Vito development.

Subsea 7 Says Could Change Offer If McDermott Cooperates
Wednesday, April 25, 2018 Subsea 7 is open to potentially sweetening its $2B offer for McDermott if the US company would work with it to identify additional benefits of a deal, Subsea says.

Saipem Scouting Around as Subsea 7 Bid Makes Waves
Tuesday, April 24, 2018 Italian oil services group Saipem is looking round for growth opportunities.

Subsea 7 Shares Surge On Special Dividend, Q4 Earnings Beat
Thursday, March 02, 2017 Subsea 7 reports forecast-beating core earnings and announces plans to pay a special dividend, sending its shares surging to the highest level since 2013.

Subsea 7 Takes Delivery of New Vessels
Thursday, February 02, 2017 Oilfield services company Subsea 7 has taken delivery of 2 new vessels, completing a "substantial and targeted fleet investment program" that has added 6 new-build vessels to the Subsea 7 fleet since 2014.

Report: Oil, Gas Companies in Aberdeen Face Tax 'Bombshell'
Monday, December 19, 2016 Oil and gas companies in the North-East risk going bankrupt, or having to make further job cuts, due to a new framework for property rates which will result in a multimillion dollar tax bombshell.

Subsea 7 Secures Services Contract with Woodside Energy
Friday, December 02, 2016 Oilfield services company Subsea 7 S.A. secures a sizeable contract with Woodside Energy Ltd for the Greater Western Flank Phase 2 Project, offshore Australia.

Subsea 7 Secures Services Contract Offshore Egypt
Thursday, October 20, 2016 Oilfield services firm Subsea 7 S.A. secures a "substantial" services contract offshore Egypt, worth between $150-300 million, from Pharaonic Petroleum Company.

Exova Secures Testing Contract with Subsea 7
Monday, October 10, 2016 Global testing company Exova agrees a new 2-year framework agreement with Subsea 7 to provide testing services in support of its pipeline welding activities.

Det Norske Increases Production Guidance for 2016
Wednesday, September 14, 2016 Norway-focused exploration and production company Det norske oljeselskap ASA increases its production guidance for 2016.

Subsea 7 Forms Development Alliance with Det Norske, Aker Solutions
Tuesday, September 13, 2016 Subsea 7 S.A. forms a development alliance with Det norske oljeselskap and Aker Solutions to cut costs.

Subsea 7 Acquires Swagelining Limited
Wednesday, August 10, 2016 Subsea 7 S.A. acquires Swagelining Limited in an effort to further expand its existing polymer pipeline technology interests.

Subsea 7 to Cut 1,200 Jobs By Early 2017
Wednesday, June 22, 2016 Subsea 7 S.A. will cut 1,200 jobs by early 2017, according to a company statement released Wednesday.

Norway Strike Threat Increases as Parties Fail to Find Agreement
Wednesday, June 08, 2016 The threat of strike action among 6,000 oil service worker employees in Norway increases as unions and energy company representatives fail to settle wage disputes.

Subsea 7 Secures Services Contract Offshore UK
Monday, April 25, 2016 Subsea 7 secures an engineering, procurement, instalation and commissioning contract from Apache North Sea, worth between $50 and $150 million, as part of the Callater field development.

Norway's Oil Industry Seeks Cost Cuts from Streamlined Engineering
Thursday, April 07, 2016 Oil firms and their suppliers must redouble cost cutting efforts by standardizing products, according to Norway's energy minister and industry executives.

Subsea 7 Confirms Almost 4,000 Jobs Cut since 2014
Wednesday, March 02, 2016 Subsea 7 confirms in its 2015 results that it has cut almost 4,000 positions since 2014 in an effort to cope with the declining oil price.

Subsea 7 Awarded Contract Offshore Egypt
Friday, February 26, 2016 Subsea 7 secures a contract worth over $750M from BP, and its partner DEA, for the development of the Giza, Fayoum and Raven subsea fields offshore Alexandria, Egypt.

Aker Posts Lower Profits, Cuts Workforce Salary
Friday, February 12, 2016 Aker Solutions becomes the latest oil and gas services company to announce a fresh round of cuts amid the lower oil price.

Subsea 7, National Oilwell Varco Secure Sea Lion FEED Contracts
Thursday, February 11, 2016 Subsea 7 and National Oilwell Varco secure services contracts in connection to the Sea Lion development, which is located offshore the Falkland Islands.

Oil, Gas Service Companies Win Several North Sea Contracts
Wednesday, February 03, 2016 Aker Solutions, Subsea 7, Technip Norway, Ocean Installer, Hereema Fabrication Group and Aibel secure work in the North Sea.

Reduced Workload Sees Subsea 7 3Q Revenue Dip
Wednesday, November 11, 2015 Subsea 7's 3Q revenue of $1.2 billion was $702 million lower than the prior year quarter, due to a reduced workload as a result of the sustained downturn in oil company expenditure.

Centrica Agrees to Award NCS Services Contracts to Aibel, Subsea 7
Friday, October 30, 2015 Centrica Energy agrees to award services contracts to Aibel and Subsea 7 for projects on the Norwegian Continental Shelf.

Subsea 7 Secures END-3 Services Contract
Wednesday, October 14, 2015 Subsea 7 S.A. secures 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.

Magma Global Secures Funding to Support Growth Plans
Monday, October 05, 2015 Magma Global raises $60 million from Strategic Investment Capital Partners, and existing investors, to support its growth plans.

Magma Signs Development Agreement with BP, Subsea 7
Monday, September 14, 2015 Magma Global signs a joint development agreement with BP and Subsea 7, which will target the company's 6 to 12 inch m-pipes for risers and jumper systems for deepwater environments.

Statistics Norway Expects Oil Prices to Hit $60 Per Barrel in 2018
Thursday, September 03, 2015 Statistics Norway expects oil prices to "remain low going forward", before increasing to around $60 per barrel in 2018.

Subsea 7 Awarded $150M SURF Contract for Culzean
Tuesday, September 01, 2015 Subsea 7 is awarded a subsea, umbilical, riser and flowline (SURF) contract by Maersk Oil for the Culzean development, located in the UK North Sea.

Employment in Norwegian Oil, Gas Sector
Monday, August 24, 2015 Rigzone takes a look at employment developments in Norway during 2015, highlighting the reasons behind some of the largest cutbacks in the region and examining what hope there is for the area in the future.

European Oilfield Services: Light at the End of the Tunnel?
Friday, August 14, 2015 Rigzone takes a look at recent quarterly statements and strategy updates from European oilfield services firms.

Subsea 7 to Cut Costs by $550 Million, Increases Vessel Reduction Plan
Wednesday, July 29, 2015 Subsea 7 will cut costs by approximately $550 million by early 2016, confirming plans to axe employees and vessels first announced in May this year.

Ophir Awards Upstream FEED Deals for E.Guinea's Fortuna FLNG Project
Thursday, July 09, 2015 Ophir Energy awards upstream front end engineering and design contracts for the Fortuna gas project in Equatorial Guinea to two consortia comprising McDermott Marine Construction-GE Oil & Gas and Subsea 7-Aker Solutions.

Subsea 7 Secures Emergency Pipeline Repair Contracts Off Australia
Friday, July 03, 2015 Subsea 7 secures four contracts from Chevron and Inpex for the engineering, procurement and construction of an emergency pipeline repair system offshore Australia.

Subsea 7 to Cut Workforce by a Fifth, Reduce Fleet
Tuesday, May 12, 2015 Oil services firm Subsea 7 is to cut its workforce by almost 20 percent and reduce its 39-strong fleet of vessels by up to 11 ships.

Subsea 7 Defies Oil Sector Gloom with Strong Results
Wednesday, April 29, 2015 Oilfield services firm Subsea 7 reports strong earnings and orders in spite of warnings about persistent weakness in the offshore market.

Subsea 7 Bags $200M Contract from Petrobras for Offshore Brazil Projects
Tuesday, April 14, 2015 Subsea 7 bags $200 million contract to install flexible lines for Petrobras' oil and gas projects offshore Brazil.

Subsea 7 Axes Dividend, Sees Lower 2015 Earnings
Wednesday, March 04, 2015 Oilfield services firm Subsea 7 swings to a surprise fourth-quarter operating loss due to a decline in sales and profit margins in difficult market conditions.

Subsea 7 Wins Contract for Persephone Work, Offshore Australia
Friday, February 13, 2015 Subsea 7 wins a contract with Woodside Energy to work on the Persephone project, offshore Australia.

In Battered Oil Services Sector, Smallest Look Weakest
Friday, January 23, 2015 Slammed by plunging oil prices, oil services companies face a bleak outlook of cutbacks and contract cancellations.

Subsea 7 Warns of Increased Uncertainty in Project Awards
Wednesday, November 12, 2014 Subsea 7, while reporting strong third quarter results, warns of increased uncertainty in the timing of certain project awards from customers due to lower oil prices.

CEO: Subsea 7 Keen on Taking Part in Sector Consolidation
Thursday, September 11, 2014 Subsea 7 would be keen to participate in oil and gas service industry consolidation but is not involved in any current deals.

Subsea 7 Takes Steps to Allow Vessels to be Used in US Waters
Tuesday, July 01, 2014 Subsea 7 restructures its board of directors so that it can use its vessels in US waters.

Subsea 7 Wins its Largest UK EPIC Deal with Premier Oil
Wednesday, May 21, 2014 Subsea 7 wins a $460-million contract with Premier Oil UK – its largest-ever UK EPIC deal.

Hallin Supports Subsea 7 in Offshore Installation Work in Bay of Bengal
Thursday, April 17, 2014 Hallin Marine provides installation support for Subsea 7 on a subsea field development project in the Bay of Bengal offshore India.

CEO: Subsea 7's Guara-Lula on Schedule but More Difficulties Possible
Thursday, March 20, 2014 Subsea 7's troubled $1 billion ultra-deep Guara-Lula project in Brazil is still on track to finish offshore work this year, although there may be more difficulties with the project.

Subsea 7 Remains Positive despite Weak EPIC Market
Wednesday, March 05, 2014 Oilfield services firm Subsea 7 remains positive about medium and long-term prospects for its business in spite of a weak market for EPIC contracts.

Subsea 7 Wins Hebron Field Contract Offshore Canada
Friday, February 28, 2014 ExxonMobil awards Subsea 7 a $75-million deal to supply three years of subsea construction services to the Hebron heavy oil field development, offshore Canada.

High Offshore Activity Keeps Subsea 7 'On Track'
Monday, November 18, 2013 Subsea 7 reports third quarter results that show it is on track to deliver profit in line with expectations.

Is Oil, Gas Capital Spending Really on the Wane?
Thursday, November 14, 2013 As third-quarter reporting season comes to an end, some European oilfield services firms say capital spending by operators is on the slide, yet medium-term forecasts suggest it will remain strong.

Technip, Subsea 7 JV Clinches $1.23B Contracts for TEN Project
Friday, November 01, 2013 Technip, leader of a consortium with Subsea 7, clinches two contracts, worth $1.23 billion, from Tullow Ghana Limited for work on the TEN project offshore Ghana.