Subsea 7 Contract Worth Up to $150 Million

Subsea 7 Contract Worth Up to $150 Million
Subsea 7 reported Friday that it has won a “sizeable” contract. PHOTO SOURCE: Subsea 7

Subsea 7 S.A. (OTCMKTS: SUBCY) reported Friday that it has won a “sizeable” contract valued between US$50 million and US$150 million.

The global offshore energy services firm stated the scope of work includes engineering, project management, and procurement. The company added that it will record the project in its Subsea and Conventional business unit backlog for the first quarter. Moreover, it pointed out that engineering activities will start immediately at the company’s office in Sutton, U.K.

“No further details are disclosed at this time due to contractual obligations,” Subsea 7 noted in a written statement.

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