North Sea Operators Extend Subsea 7 Deal
Subsea 7 S.A. reported Monday that it has won from North Sea clients a three-year extension to its Diving Support Vessel initiative (DSVi) framework agreement.
According to a written statement from Subsea 7, the “sizable” extension will enable it to continue to provide diving support vessel service year-round as well as associated project management and engineering services for up to 50 offshore facilities in the North Sea. The seven North Sea operators that struck the DSVi deal with Subsea 7 include:
- Chevron North Sea Limited
- Dana Petroleum (E&P) Limited
- Hess Denmark APS
- Nexen Petroleum U.K. Limited
- Repsol Sinopec Energy UK Limited
- Shell UK Limited
- TAQA Bratani Limited
“The scope of work includes diver and ROV (remotely operated vehicle) inspection, repair and maintenance, subsea construction and decommissioning services and dedicated long-term project support,” Subsea 7 stated. “Project execution and engineering work is managed from Subsea 7’s Aberdeen office.”
An informational posting on Subsea 7’s website states that the DSVi framework deal grants North Sea operators ongoing access to a dive support vessel. Moreover, the company noted that the agreement benefits operators by enabling them to share costs and enjoy long-term project support.
Subsea 7 noted that it originally won the DSVi contract in 2009 and received its last extension in 2016. Although it did not specify the amount of the newest contract extension, the company stated that it defines “sizable” contracts as ranging from $50 million to $150 million.
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