Subsea 7 Wins Angola Contract from Chevron Unit

A wholly owned subsidiary of Chevron Corp. (NYSE: CVX) has awarded Subsea 7 (OTCMKTS: SUBCY) a contract for the Sanha Lean Gas Connection (SLGC) project offshore Angola.

The contract from Cabinda Gulf Oil Company Limited (CABGOC) calls on Subsea 7 to construct and install the Lean Gas Platform (LGP) system in Block-0 at an approximately 230-foot (70-meter) water depth, Subsea 7 reported in a written statement Friday.

“We are delighted to have been awarded this contract by CABGOC, following a public tender,” commented Gilles Lafaye, Subsea 7’s senior vice president for Africa, Middle East and Caspian Region. “This is a result of a long-term collaboration with the client and a track record of delivering successful projects. The project reinforces Subsea 7’s presence in Angola and our commitment to support Africa’s energy industry.”

Subsea 7 stated that its offices in Paris and Lisbon will perform project management and engineering for the CABGOC project. It anticipates LGP fabrication to take place at Sonamet’s yard in Lobito, Angola this year and next. The contract recipient added that offshore operations will occur from 2022 and 2023.

Calling the contract value “substantial,” Subsea 7 stated that it ranges from US$150 million to US$300 million.

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