Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) has announced the award of an integrated contract by Ophir Energy for the Fortuna LNG project offshore Equatorial Guinea, located in average water depths of 1,790 meters. The substantial (1) contract was awarded to Subsea Integration Alliance, which is a partnership between Subsea 7 and OneSubsea, a Schlumberger company.
The Upstream EPCIC (engineering, procurement, construction, installation and commissioning) contract will be delivered as part of an integrated solution combining subsea umbilicals, risers and flowlines (SURF) and subsea production systems (SPS).
Four deepwater wells will be tied-back to a subsea manifold and connected to a FLNG vessel by steel lazy-wave risers, a cost-effective riser solution. EPCIC operations will commence after the final investment decision and offshore operations are scheduled for 2020.
Along with the EPCIC contract, Ophir Energy has awarded the contract for future inspection, repair and maintenance (IRM) services to Subsea Integration Alliance.
Gilles Lafaye, VP Africa for Subsea 7, said: "This award demonstrates the cost effective and collaborative solutions that Subsea Integration Alliance can bring to our clients. We look forward to working with OneSubsea and Ophir Energy to successfully deliver and maintain this FLNG project offshore Equatorial Guinea."
(1) Subsea 7 defines a substantial contract as being between USD 150 million and USD 300 million.
