Subsea 7 Signs Contract for Peregrino Project

Subsea 7 has been awarded a contract valued in excess of US $115 million by an affiliate of Norsk Hydro and Anadarko in connection with the development of the Peregrino concession, in the Campos Basin offshore Brazil.

The contract will involve the engineering, procurement, fabrication and installation of six steel pipelines totaling approximately 30 km, as well as the installation of twelve flexible risers. The contract also involves the installation of four power cables totaling approximately 20 km, and the installation of two mid water arches to support the power cables.

The Peregrino concession is located in the southwest part of Campos Basin, some 85 km offshore Brazil. The field will initially be developed with two drilling/wellhead platforms and a floating production, storage and offloading vessel.

Subsea 7's pipeline installation vessels will undertake the offshore installation during 2009. All engineering and project management work will be conducted at Subsea 7's Brazilian offices and the fabrication of the rigid flowlines and jumpers will be conducted at Subsea 7 spool base at Ubu, Brazil.

Victor Bomfim, Vice President for Subsea 7 in Brazil commented, "We are delighted to have been chosen to undertake this scope of work. It once again demonstrates Subsea 7's expertise and capability as an EPIC contractor in subsea field development.

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