Latest news with #Subsea7
Yahoo
21-05-2025
- Business
- Yahoo
ConocoPhillips Awards FEED Study Contract to Subsea7 Offshore Norway
ConocoPhillips COP, a leading global exploration and production company, has hired Subsea7 SUBCY for conducting a front-end engineering and design (FEED) study offshore Norway. The new contract was awarded under a framework agreement between the two companies. ConocoPhillips Skandinavia has awarded the FEED study contract for the Previously Produced Fields (PPF) development project, and the work related to this project is slated to begin immediately. The FEED study will enable COP to determine and finalize the technical specifications for the associated subsea project. Further, the details of the development project will be assessed to make a final investment decision (FID). If an FID is reached and the project obtains the necessary approvals from the authorities, COP can exercise option under its current framework agreement with Subsea7 for a major subsea contract. By exercising the option, ConocoPhillips, the operator of this project, can proceed with the award of the subsea structures, umbilicals, risers, and flowlines (SURF) scope to Subsea7. The value of the contract is estimated to be between $300 million and $500 million. If an FID for the project is reached, then the offshore activities associated with the project will be slated for 2026-2029. The Previously Produced Fields are situated 290 kilometers to the southwest of Stavanger, Norway, in the Greater Ekofisk Area. The development will be tied back to the Ekofisk Complex. Subsea7 mentioned that it is excited to work with ConocoPhillips to deliver incremental value from the Greater Ekofisk Area and contribute to the final investment decision on the project. COP currently carries a Zacks Rank #5 (Strong Sell), while SUBCY sports a Zacks Rank #1 (Strong Buy). Some better-ranked stocks from the energy sector are Diversified Energy Company plc DEC and Expand Energy Corporation EXE, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here. Diversified Energy Company is an independent oil and natural gas producer in the United States. The company is primarily engaged in the production, transportation, and marketing of natural gas and natural gas liquids. The rising demand for natural gas as a cleaner-burning fuel, along with an uptick in the commodity's prices, is expected to positively impact the company's bottom line. Expand Energy is a leading U.S.-based natural gas producer formed through the merger of Chesapeake Energy Corporation and Southwestern Energy Company. Natural gas is expected to play an increasingly important role in the energy transition journey. Expand Energy is poised to benefit from the rising demand for natural gas as a cleaner-burning fuel. The recent rise in natural gas prices is also anticipated to positively impact EXE's profitability. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ConocoPhillips (COP) : Free Stock Analysis Report Diversified Energy Company PLC (DEC) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report Expand Energy Corporation (EXE) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
21-05-2025
- Business
- Yahoo
Subsea7 awarded contract offshore West Africa
Luxembourg – 21 May 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable1 subsea contract in West Africa. Subsea7 will be responsible for transporting and installing flexible pipelines, umbilicals, and associated subsea components for the connection of a floating production, storage and offloading (FPSO) vessel as well as the pre-laying activities for an upcoming drilling campaign. Project management and engineering work will begin immediately at Subsea7's offices in Sutton, UK and Suresnes, France, and offshore activity is expected to start in 2026. Jerome Perrin, Vice President Africa, Middle East, and Türkiye for Subsea7, said: 'Our close and agile collaboration with our clients allows us to make possible cost-effective and reliable offshore solutions for their needs. We are pleased to be able to support this client in executing such a strategically important project in West Africa. ' No further details are disclosed at this time. Subsea7 defines a sizeable contract as being between $50 million and $150 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:Alan GorhamGroup Communications ManagerTel +44 1224 265750 communications@ 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 otherwise. This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 21 May 2025 at 11:15 CET. Attachment SUBC West Africa RedactedSign in to access your portfolio
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
14-05-2025
- Business
- Yahoo
Subsea 7 S.A. – Ex-dividend NOK 6.50 today
Luxembourg – 14 May 2025 Issuer: Subsea 7 S.A. Ex-date: 14 May 2024 Dividend amount: NOK 6.50 Announced currency: Norwegian Krone For details of the two NOK 6.50 dividend payments scheduled in 2025 please refer to the press release of 27 February 2025 here. *******************************************************************************Subsea 7 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. Subsea 7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62. ******************************************************************************* Contact for investment community enquiries:Katherine Tonks Investor Relations Director Tel +44 20 8210 5568 ir@ This information is published in accordance with the requirements of the Continuing Obligations. This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 14 May 2025 at 07:00 CET. Error 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
