Subsea 7 Wins North Sea Frame Contract

Subsea 7 has been awarded a four-year contract valued in excess of US $30 million for the provision of core subsea services in support of ConocoPhillips and Britannia Operator Limited's European offshore operations. Subsea 7 will be the single primary contractor for the core services detailed under the contract to include inspection, repair and maintenance of the operators' UK, Norwegian, Danish and German offshore operations. Additional services may be provided should there be a requirement including, but not limited to, ROV drill support, seabed survey and engineering services.

The contractual value may increase dependent on the amount of non-core services required over the fixed period. Additionally, ConocoPhillips has the right to extend the contract for a further two one year options.