Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) has secured a significant contract from Turkish Petroleum Offshore Technology Center AS (TP-OTC) for the Sakarya field development in the Black Sea, offshore Türkiye. This contract extension, announced today, underscores Subsea 7’s pivotal role in advancing Türkiye’s energy sector. The award will be reflected in the company’s backlog in the second quarter of 2024.
Initially awarded in May 2023, the contract encompasses the engineering, procurement, construction, and installation of the second development phase (2a) of the Sakarya gas field, undertaken by a consortium including SLB, Subsea Integration Alliance, and Saipem. The latest award expands Subsea Integration Alliance’s existing contract to encompass the installation of Türkiye’s maiden floating production unit (FPU) as part of Phase 2a development.
Subsea 7’s responsibilities include the installation and integration of risers, umbilicals, hook-ups, and mooring systems with the FPU. Project management and engineering will be coordinated from Subsea 7’s office in Istanbul, Türkiye.
Olivier Blaringhem, CEO of Subsea Integration Alliance, expressed pride in the contract extension, emphasizing the collaboration’s contribution to Türkiye’s energy security objectives. Hulya Ozgur, Senior VP of Subsea7’s Global Project Centre – West, highlighted the significance of this award in Türkiye’s deepwater gas field development, marking another milestone in the country’s energy journey.
This contract falls within Subsea 7’s definition of a large contract, ranging between USD 300 million and USD 500 million. The alliance between OneSubsea and Subsea7, known as Subsea Integration Alliance, brings together expertise in field development planning, project delivery, and innovative contracting models, contributing to a comprehensive solution portfolio for subsea endeavors worldwide.
