Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) announced the award of a sizeable(1) contract from Statoil for the Johan Castberg field development, located 240 km from Hammerfest in Norway.

The contract comprises the design, coating, fabrication and installation of a 53 km rigid flowline including 34 km of pipe-in-pipe flowline. Project Management and engineering will commence immediately at Subsea 7's offices in Stavanger, Norway. Fabrication will take place at Subsea 7's spoolbase at Vigra, Norway and offshore operations will be carried out in 2020.

Phil Simons, Subsea 7's Vice President North Sea and Canada, said, "We are pleased to have been awarded this key project by Statoil and to be part of the further development of the oil and gas infrastructure in the Barents Sea, delivering regional content in the North of Norway. This award draws upon Subsea 7's substantial experience in safely and effectively delivering rigid pipelay projects."

(1) Subsea 7 defines a sizeable contract as being between USD 50 million and USD 150 million.

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