Subsea 7 Awarded Frame Agreement Extension Offshore UK

Subsea 7 S.A. has announced the award of a sizeable(1) three-year extension of an existing DSVi(2) frame agreement, with seven North Sea clients: Chevron North Sea Limited, Dana Petroleum (E&P) Limited, Hess Denmark APS, Nexen Petroleum U.K. Limited, Repsol Sinopec Energy UK Limited, Shell UK Limited and TAQA Bratani Limited.

Under this frame agreement, Subsea 7 will continue to provide diving support vessel services on a year-round basis, as well as associated project management and engineering services for up to 50 offshore facilities in the North Sea. This award follows on from the original frame agreement awarded in 2009, which was most recently extended in 2016. This year Shell UK Limited became the seventh client to join this collaborative approach, in which all seven operators benefit from enhanced efficiency realized through the sharing of these services.

The scope of work includes diver and ROV inspection, repair and maintenance, subsea construction and decommissioning services, and dedicated long-term project support. Project execution and engineering work is managed from Subsea 7’s Aberdeen office.

(1)Contract term: Subsea 7 defines a sizeable contract as being between USD 50 million and USD 150 million. Frame Agreement estimated values are not included in backlog or revenue until call-off contracts are signed

(2)DSVi: Diving Support Vessel initiative