Latest news with #ErikFemsteinevik
Yahoo
4 days ago
- Business
- Yahoo
Subsea 7 - contract award offshore Norway
Luxembourg – 17 June 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a substantial1 contract offshore Norway. Subsea7's scope includes engineering, procurement, construction and installation (EPCI) of pipeline bundles, spools, protection covers and tie-ins using key vessels from Subsea7's fleet. Project management and engineering will commence immediately at Subsea7's offices in Stavanger, Norway and Aberdeen, Scotland. Fabrication of pipeline bundles will take place at Wester, Scotland. Offshore operations are expected to take place in 2025-2027. Erik Femsteinevik, Vice President for Subsea7 Norway said: "We are excited to have been awarded this project. Our collaboration with our clients leverages our collective experience from past and current projects. By engaging early in the field development process, we can optimise design solutions and contribute to a positive final investment decision. Subsea7 looks forward to a safe, efficient, and reliable field development." No further details are disclosed at this time. Subsea7 defines a substantial contract as being between $150 million and $300 million. *******************************************************************************Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry's partner and employer of choice in delivering the efficient offshore solutions the world needs. Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62. ******************************************************************************* Contact for investment community enquiries:Katherine TonksInvestor Relations DirectorTel +44 20 8210 5568ir@ Contact for media enquiries:Jan Roger MoksnesCommunications ManagerTel +47 Forward-Looking Statements: This document may contain 'forward-looking statements' (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as 'anticipate', 'believe', 'estimate', 'expect', 'future', 'goal', 'intend', 'likely' 'may', 'plan', 'project', 'seek', 'should', 'strategy' 'will', and similar expressions. The principal risks which could affect future operations of the Group are described in the 'Risk Management' section of the Group's Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 17 June 2025 at 16:40 CET. Attachment SUBC Norway June 2025
Yahoo
20-05-2025
- Business
- Yahoo
Subsea7 secures FEED study contract for PPF development project offshore Norway
Subsea7 has been awarded a contract for a front-end engineering and design (FEED) study by ConocoPhillips Skandinavia for the Previously Produced Fields (PPF) development project offshore Norway. The contract is part of a new framework agreement between the two companies, with work commencing immediately in Norway. The FEED study will finalise the technical definition of the proposed subsea development. Should the project receive a final investment decision and approval from the authorities, ConocoPhillips may opt to extend the contract to include the large-scale production of subsea structures, umbilicals, risers and flowlines under the same framework agreement. The potential offshore installation activities are planned for between 2026 and 2029. The PPF development is situated in the Greater Ekofisk Area, approximately 290km south-west of Stavanger, Norway, and will be connected to the existing Ekofisk Complex. This project is significant for the region and for the continued collaboration between Subsea7 and ConocoPhillips. Subsea7 Norway vice-president Erik Femsteinevik said: 'We are delighted to have signed a Framework Agreement with ConocoPhillips and have been awarded this initial FEED contract. The study will enable Subsea7 to engage early in the field development process, optimising design solutions and contributing to the final investment decision. We look forward to working closely with ConocoPhillips to unlock further value in the Greater Ekofisk Area.' In addition to the PPF project, Subsea7 has also been awarded a contract by Equinor for the Northern Lights phase two project offshore Norway. Subsea7's role will encompass engineering, procurement, construction and installation of a 5km CO₂ pipeline, as well as the installation of satellite structures and umbilicals, and pre-commissioning activities. The fabrication of the pipeline will take place at Subsea7's spoolbase in Vigra, Norway. Offshore operations for the Northern Lights project are scheduled for 2026 and 2027. The Northern Lights initiative, which began operations in September 2024, is a pioneering offshore carbon capture and storage project. "Subsea7 secures FEED study contract for PPF development project offshore Norway" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
19-05-2025
- Business
- Yahoo
Subsea7 awarded contract offshore Norway
Luxembourg – 19 May 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a contract by the operator ConocoPhillips Skandinavia AS (ConocoPhillips) for a front-end engineering and design (FEED) study for the Previously Produced Fields (PPF) development project, offshore Norway. The project is granted under a new Framework Agreement between ConocoPhillips and Subsea7. The FEED study will finalise the technical definition of the proposed subsea development. Work will commence immediately in our office in Norway. If the development project passes final investment decision and is approved by the authorities, the operator can exercise an option to a large1 award of the subsea structures, umbilicals, risers and flowlines (SURF) scope under the Framework Agreement to Subsea7. Offshore installation activities associated with this contract would be scheduled for 2026 to 2029. The Previously Produced Fields are located in the Greater Ekofisk Area, approximately 290 kilometres southwest of Stavanger, Norway. The PPF development will be connected to the existing Ekofisk Complex. Erik Femsteinevik, Vice President for Subsea 7 Norway said: 'We are delighted to have signed a Framework Agreement with ConocoPhillips and have been awarded this initial FEED contract. The study will enable Subsea7 to engage early in the field development process, optimising design solutions and contributing to the final investment decision. We look forward to working closely with ConocoPhillips to unlock further value in the Greater Ekofisk Area'. Subsea7 defines a large contract as being between $300 million and $500 million. *******************************************************************************Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry's partner and employer of choice in delivering the efficient offshore solutions the world is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62. ******************************************************************************* Contact for investment community enquiries:Katherine TonksInvestor Relations DirectorTel +44 20 8210 5568ir@ Contact for media enquiries:Jan Roger MoksnesCommunications ManagerTel +47 Forward-Looking Statements: This document may contain 'forward-looking statements' (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as 'anticipate', 'believe', 'estimate', 'expect', 'future', 'goal', 'intend', 'likely' 'may', 'plan', 'project', 'seek', 'should', 'strategy' 'will', and similar expressions. The principal risks which could affect future operations of the Group are described in the 'Risk Management' section of the Group's Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 19 May 2025 at 15:30 CET. Attachment SUBC PPFError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-04-2025
- Business
- Yahoo
Subsea 7 appointed technical service provider for Northern Lights phase two project
Subsea 7 has been awarded a contract by Equinor to serve as the technical service provider for the Northern Lights phase two project offshore Norway. The scope of work to be carried out by Subsea 7 includes engineering, procurement, construction and installation (EPCI) of a 5km CO₂ pipeline, along with installation of integrated satellite structures, umbilicals, tie-in and pre-commissioning activities. Subsea 7 will immediately begin project management and engineering work at its office in Stavanger, Norway. Fabrication of the pipeline will be undertaken at Subsea 7's spoolbase at Vigra, Norway, with offshore operations scheduled for 2026 and 2027. Subsea7 Norway vice-president Erik Femsteinevik said: 'We are excited to continue our collaboration with Equinor TSP and the Northern Lights' owners Equinor, Shell and TotalEnergies on phase 2 of this ambitious and pioneering project. 'We look forward to working together to increase the development's carbon storage capacity to a minimum of five million tonnes per year, and to support the continued development of a new value chain for Norway and Europe.' This contract award has been described as 'sizeable', which according to Subsea 7's definition is valued between $50m (£38.77m) and $150m. The Northern Lights project, operational since September 2024, is an offshore carbon capture and storage initiative. Developed by TotalEnergies, Equinor and Shell, with each holding a 33.3% stake, Northern Lights is claimed to be the world's first project enabling industrial companies to transport and sequester CO₂ emissions. It was approved by the Norwegian Government in 2020 and designated a Project of Common Interest by the EU. The project's first commercial agreement was signed in August 2022 with Yara to transport and store CO₂ from Yara Sluiskil, an ammonia and fertiliser plant in the Netherlands. Northern Lights phase two is supported by a grant from the Connecting Europe Facility for Energy funding scheme. Last month, TotalEnergies, along with Equinor and Shell, reached the final investment decision for the second phase, which will enhance the project's transport and storage capacity from 1.5 million tonnes per annum (mtpa) of CO₂ to more than 5mtpa by 2028. "Subsea 7 appointed technical service provider for Northern Lights phase two project" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
