Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced it has secured a sizeable extension to the existing contract by BP Exploration Operating Company Limited, for the provision of Subsea Construction, Inspection, Repair and Maintenance (IRM) services in the North Sea.
Under the terms of this agreement, Subsea 7 will provide BP with an additional two years of cost-effective IRM delivery, extending the contract to 2019. This is the continuation of the long-standing relationship between Subsea 7 and BP that has been in place since 1998. It covers the maintenance of the Schiehallion, Loyal, Foinaven and East Foinaven fields west of Shetland and will provide increased operational value and return for BP and its joint venture partners in the respective fields (Shell, OMV, Marathon Oil and Faroe Petroleum).
Project management and engineering work will be managed from Subsea 7’s Aberdeen office.
Phil Simons, Vice President UK and Canada, said:
‘We are pleased to extend our delivery of IRM services for BP’s west of Shetland developments. In the current commercial environment our track record in IRM and in-house capability for remote tooling design, build and operation, ensure we continue to offer low-cost solutions and respond to our client’s challenges and needs. We look forward to working with BP on maximising the production objectives for their operated fields.’
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