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    SUBC   LU0075646355

SUBSEA 7 S.A.

(SUBC)
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Subsea 7 S A : awarded contract offshore Norway

07/12/2021 | 10:05am EDT

Subsea 7 today announced the award of a sizeable(1) contract by Aker BP for the Kobra East Gekko (KEG) field development, located in the Alvheim area of the North Sea.

The project involves a subsea tie-back of approximately 8 kilometres to the Alvheim FPSO, via the existing Kneler B subsea manifold. The contract scope includes engineering, procurement, construction and installation (EPCI) of the pipelines, spools, protection cover and tie-ins using key vessels from Subsea 7's fleet. The production pipeline is a pipe-in-pipe design.

Project management and engineering will commence immediately at Subsea 7's offices in Stavanger, Norway. Fabrication of the pipelines will take place at Subsea 7's spoolbase at Vigra, Norway and offshore operations are expected to take place in 2022 and 2023.

Monica Bjorkmann, Vice President for Subsea 7 Norway said: 'This award continues our long-standing collaboration with Aker BP, through the Aker BP Subsea Alliance. The partnership enables Subsea 7 to engage early in the field development process, optimising design solutions and contributing to a positive final investment decision. Subsea 7 looks forward to continuing our alliance with Aker BP for the KEG field development, with a focus on safe, efficient and reliable operations.'

Contact:

Email: ir@subsea7.com

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
AKER BP ASA 1.85% 260 Real-time Quote.17.62%
SUBSEA 7 S.A. 1.63% 65.02 Real-time Quote.-27.41%
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Analyst Recommendations on SUBSEA 7 S.A.
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Financials (USD)
Sales 2021 4 709 M - -
Net income 2021 55,9 M - -
Net cash 2021 385 M - -
P/E ratio 2021 37,7x
Yield 2021 3,59%
Capitalization 2 213 M 2 212 M -
EV / Sales 2021 0,39x
EV / Sales 2022 0,39x
Nbr of Employees 11 869
Free-Float 76,1%
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Mean consensus BUY
Number of Analysts 19
Last Close Price 7,43 $
Average target price 11,60 $
Spread / Average Target 56,0%
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Managers and Directors
John Evans Chief Executive Officer
Ricardo Horacio Rosa Chief Financial Officer
Kristian Siem Chairman
Philip John Simons Executive Vice President-Operations & Projects
Dod A. Fraser Independent Non-Executive Director
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