Since December, Oslo-listed offshore giant Subsea7 has announced multiple contract wins totaling between $600 million and $1.25 billion.
New Contract Signed with Ithaca Energy
On December 1, Subsea7 announced the award of a sizeable1 contract by Ithaca Energy, for the provision of off-station decommissioning services for the Alba Floating Storage Unit and Greater Stella field FPF-1 production facility, approximately 230 kilometres east of Aberdeen. The contract is valued between $50 million and $150 million.
This decommissioning scope includes the flushing of the subsea pipelines, provision of diver support vessel services, and seabed clearance. Project management and engineering will commence immediately at Subsea7’s office in Aberdeen. Offshore activities are scheduled to commence in Q2 2026.
New contract signed with Chevron Australia
On December 16, Subsea7 announced it had signed an offshore services contract with Chevron Australia to provide services for the Gorgon Stage 3 project in Australian waters. The contract is valued between $150 million and $300 million.
Subsea7’s scope of work includes project management, engineering, procurement, fabrication, transportation, installation and pre-commissioning of subsea equipment and associated infrastructure at GS3, at 1,350m water depth.
Project management and engineering work will commence immediately from Subsea7’s office in Perth, Australia with support from colleagues in Kuala Lumpur, Malaysia; and Paris, France. Offshore operations are expected in 2028.
New Contract Signed with ConocoPhillips Skandinavia AS
On December 18, Subsea7 announced it has signed an offshore services contract with ConocoPhillips Skandinavia AS to provide services for the Norwegian offshore Previously Produced Fields (PPF) project. The contract is valued between $300 million and $500 million, with its commencement contingent upon the relevant authorities granting approval for the development and operation plan (PDO).
Subsea7’s scope covers engineering, procurement, construction and installation (EPCI) of subsea structures, umbilicals, risers and flowlines (SURF). It follows the award on 19 May 20252 of a contract for front-end engineering and design that finalised the technical definition of the development.
Engineering and project management will begin immediately at our office in Norway, with the main offshore campaigns scheduled for 2027 and 2028.
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.
New Contract Signed with Equinor
On December 19, Subsea7 announced it had signed a contract with Equinor to extend the existing framework agreement for the “Seven Viking” vessel to provide inspection, maintenance, and repair (IMR) services for subsea assets in Norwegian waters.
This is the latest extension to the frame agreement, first signed in 2018. Under the terms of the extension, to the end of 2027, Seven Viking will carry out inspection, maintenance and repair (IMR) services for subsea operations at Equinor’s oil and gas wells across the Norwegian Continental Shelf.
Project management and engineering work will continue to be managed from Subsea7’s office in Stavanger.
New contract signed with an unnamed client
On December 19, Subsea7 announced the award of a significant offshore contract to procure long-lead items for a project in the Norwegian North Sea, valued between $50 million and $150 million.
Pre-execution project management and engineering work will commence immediately at Subsea7’s office in Stavanger, Norway.
Erik Femsteinevik, VP Subsea7 Norway, said: “This early commitment to long lead items reflects the strong, trust‑based relationship with the operator and enables early engagement and fast-track development.”