Offshore staff
LUXEMBOURG – Subsea 7 has issued an update on several ongoing projects in its 4Q results statement.
In Angola, the Seven Borealis completed its scope of work on Total’s Zinia project, alongside the Seven Arctic and Simar Esperanca, which continued operations into 1Q 2021.
In the Gulf of Mexico, the Seven Oceans and Seven Pacific continued offshore activities on bp’s Mad Dog 2 project.
In Brazil, the Seven Seas completed its scope on Lapa NE.
In the UK North Sea, the company continued tie-in activity on Shell’s Arran project, completed bundle fabrication for Shell’s Penguins redevelopment, and completed pipelay operations at Independent Oil & Gas’ Blythe project.
Engineering and procurement phases are progressing on Woodside’s Sangomar project in Senegal, as well as Anchor, King’s Quay, and Jack St Malo in the Gulf of Mexico.
The company completed FEED and engineering activities on Equinor’s Bacalhau project in Brazil.
Subsea 7’s Renewables and Heavy Lifting business unit continued work on the Seagreen project in the UK North Sea, with fabrication of the jackets and inner array cables well under way.
In Taiwan, progress on the Yunlin project was delayed due to restricted site access and environmental constraints. The issues have been resolved and operations are expected to recommence in 2Q. The Seaway Yudin was also on standby in Taiwan during the quarter on the Formosa II project due to adverse weather conditions.
As for market prospects, the company sees rising activity in Norway, where fiscal incentives have stimulated an increase in early-stage engineering work; the Gulf of Mexico, predominantly focused on low-cost tiebacks; and Brazil, where the large presalt fields have low oil price breakevens.
In addition, Subsea 7 has been selected as preferred supplier for several projects, including Bacalhau, Woodside’s Scarborough in Australia, Aker Energy’s Pecan in Ghana, and Rovuma in Mozambique. It is optimistic that some of these projects will progress to award this year.
Also, conversion of the Seven Phoenix into a cable-lay vessel is on track for delivery by mid-2021.
02/25/2021
