Potential Subsea 7 Contract in West Africa



Subsea 7 has signed a so-called Letter of Authorization (LoA) for a significant contract in excess of US $200 million in West Africa. A LoA is similar to a Letter of Intent, but it gives in addition Subsea 7 the right to commit to expenses and place orders with sub-contractors up to an agreed amount. The process of agreeing a final contract could take one to two months.
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